LuxuryBlurb
Posts Tagged ‘new york’
Saturday, October 15th, 2011
Posted by Leonard Steinberg on October 15th, 2011
As OCCUPY WALL STREET continues, I feel its connection to the real estate world and how location is everything. Do these demonstrators know nothing about how one block can make all the difference in New York? Firstly, the title is about as accurate as WOODSTOCK, the era-defining music festival that never really happened in the town of Woodstock at all, just close by. These demonstarations are somewhat mis-located: almost like buying an apartment in Gramercy Park, yet being unable to see a single leaf of the park. Or living in Tribeca, but living in a building East of Broadway?
I understand the average salary of all those working on Wall Street currently is around $ 70,000/year, certainly not the fortunes that qualify as the target audience. Of course abongst bankers, that average is closer to $ 340,000.00/year. Frankly, I always thought the real wealth of Manhattan was focused more in Mid-town? Scarier is the fact that this group has LOTS in common with the Tea Party movement, although I do think (joking aside) that many of this group’s grievances (which as yet are badly focused) are somewhat legitimate. Until this great country of ours acknowledges the huge disparity in incomes between the super-rich and everyone else, social unrest will continue. But it had better become intelligent soon. $250k/year in Manhattan is not rich. And if everyone who is rich is removed from Manhattan, the parks will wilt, the public services will be destroyed, and worse: large chunks of real estate transfer taxes will be removed from the State’s coffers, adding further pain to the already struggling state…..remember Manhattan supports the rest of New York State? We cannot forget that while certain super-rich individuals escape the Federal taxation the masses support, but no homeowner in New York escapes real estate taxes. About 30% of Manhattan is owned real estate, and those owners are paying LOTS in real estate taxes. LOTS. A typical 2,000sf apartment pays around $ 24,000 per year….. A 5,000sf apartment could pay 50k per year or more. Townhouses and some apartments do pay lots less (unfairly) which is a disgrace.
OCCUPY WALL STREET should clearly identify what they are for rather than what they are against. It’s easy to complain. It’s really tough to provide solutions. Realistic, workable solutions. Naive dreaming is the last thing we need right now. Maybe we are all learning to adjust to a new terrifying reality: Is man being replaced by machines en masse now? And are those who control the machines automatically reaping the biggest rewards, bigger than anything we have ever seen or known because no-one ever imagined the human consequences of an un-re-educated population in the MASS computer age?
Tuesday, February 1st, 2011
Posted by Leonard Steinberg on February 1st, 2011
After attending the launch to-day of AVENUES, the new private school scheduled to open in September 2012 in West Chelsea on Tenth Avenue at 25th Street, I realized a new breed of global wealthy is emerging: The MEGA-CLASS.
The MEGA CLASS is a group of very wealthy people who are not entirely committed to one city on this earth, but rather exist with a more global eye. They venture from continent to continent wherever the best opportunities exist. AVENUES is a school that will cater to this class, by providing schooling for their kids consistent from Asia to Europe to the USA, located in the MEGA CITIES, New York, Beijing, London, etc. These kids will be educated to become the next generation’s leaders, with a more advanced academic program that insists on all students speaking more than one language, with a second language being either Chinese or Spanish…..preferably both if they want to compete in the new world order approaching. The traditional upper class tradition of learning French is not in the cards for the MEGA CLASS.
The MEGA CLASS are primarily attracted to world centers, and a city like New York qualifies. Did you know that the largest growth demographic in New York is kids under 5 years of age. These kids will need solid educations and more, quality schools to cater to them. AVENUE’s will cater to these kids. As these mega cities develop, so too will these city’s needs for very high end real estate. We see a potential for high end rental buildings too, although the super-wealthy do not like renting as the quality is too mediocre. The consistency of quality in buildings from city to city will be important. Developers take note.
Sunday, January 23rd, 2011
Posted by Leonard Steinberg on January 23, 2011
Mayor Bloomberg we love you: you are the greatest mayor this town has had. BUT, we have a serious problem with the real estate taxes in this City, and you are avoiding the big issue. You recently said in the NEW YORK POST that you feel the pain we are all about to feel with rising real estate taxes on your own townhouse on the Upper East Side.
Currently you pay around $ 95,000/year. Thats a lot. BUT, its a lot less than some of us are paying. You are paying about $ 7,800 per month or roughly $ 0.62 per square foot per month (Your townhouse is about 12,500sf)
Did you know that most condominium owners pay about $ 1.00 or more per square foot for real estate taxes per month? Why do you and a select group of others pay so much less? Why are condo owners a lesser class in the eyes of the government, and why do they have to foot a larger burden of your budget?
PLEASE EXPLAIN THIS TO ME in light of the US constitution…..are we not all equal?
Sunday, January 9th, 2011
 Posted by Leonard Steinberg on January 10, 2011
INSANE? The photo you above is just a mockup. But even with something just dreamed up in the mind of some crazed super yacht designer, you have to admit that it looks disturbingly appealing, in a Dubai-meets-Donald gawdy kind of way…..
This creation is called “The Streets of Monaco“, and is based off Monaco. Imiagine other versions based on your favourite part of the world: Capri, Manhattan, Rio, St Barth’s….. On the main four decks, you’ll find various pools, a swim-up bar, a jacuzzi, a replica of Casino Square, a courtyard and a large BBQ area. Oh, and a go kart circuit. The main boarding deck features a sauna, spa, manicure, gym, hairdresser, care and a relaxation lounge with indoor bar/pool.
Of course there is a cigar lounge, library, cinema wine cellar, casino, dining room and dance hall. Would Candy Spelling insist on the addition of a gift wrap room?
While it hasn’t been built (or even purchased), chances are someone, somewhere in the world is counting their oil profits (or Facebook over-valuation-profits) and seriously considering where they’d park this 155 meter (close to 500ft!)vessel. Maybe the most appealing aspect of a product like this would be it’s tax-free status? Those savings alone could easily pay for the entire product for the clientele this would appeal to.
Designed by Yacht Island Design in cooproration with BMT Nigel Gee. No price was mentioned but we expect it to be slightly higher than a penthouse at 15 Central Park West….
Friday, December 31st, 2010
 Posted by Leonard Steinberg on December 31, 2010
Of course we are completely biased, as we were actively involved in the creation and marketing of 200 Eleventh Avenue. And while it may not be a huge compliment, we took it as one when CURBED.COM rated 200 Eleventh Avenue the BEST NEW BUILDING OF 2010.
Kudo’s to Annebelle Selldorf who has not yet received the (well deserved) recognition for the architecture of the building, not just the En Suite Sky Garage that made it famous. With it’s gracefully curved terracota-clad base and stainless steel tower, the contextual contemporary architectural style represents a significant departure from the dearth of flat glass buildings constructed in the first decade of the 2000′s.
The building, located at Eleventh Avenue and 24th Street, in West Chelsea, New York, has set record pricing for the area: A recent sale produced pricing in excess of $ 3,700/sf.
We agree with Curbed 100%.
Friday, October 22nd, 2010
 SOMETHING THEY GET RIGHT IN PARIS.... A survey has just been released assessing the satisfaction of New Yorkers with their City…..Manhattan came out on top for some critical parts of the survey. Not only is it perceived to be the friendliest and safest borough, it is also considered to be the best place to live. On the down side, Manhattan was also overwhelmingly voted the least affordable…….
According to the DOT, 54% of all trips in NYC are less than two miles, and from 2006 to 2010 the number of bikes in the city doubled. As a result of increased bicyclists, new protected bike lanes are being added around the city.
“Every time we put down a protected bike lane, we see injuries for everyone go down 50%,” said Ms. Sadik-Khan.
“Bikers are completely out of control in the city,” says Leonard Steinberg publisher of LUXURYLETTER. “If the City is looking to make cyclists a growing mode of transportation AND raise revenues, I strongly suggest a clampdown on the lawlessness of bicyclists. Only yesterday I witnessed a cyclist run a red light and hit the white stick out of the hands of a blind person crossing the street! Why do the cops focus on car parking fines instead of biker violations that are significantly more harmful? Now its time to add secured bicycle parking everywhere and licensing too.”
Today the New York Times reports that a crackdown on cyclist lawlessness is underway, but….“It’s not always easy to do,” said Raymond W. Kelly, the police commissioner, who joined Ms. Sadik-Khan to announce the initiative. “Bicyclists move along at a very good clip. Particularly when a police officer is by himself or herself, it’s difficult to do.”
Thursday, October 14th, 2010
  Have you ever noticed the trash in front of some buildings (a system that appears more in keeping with 19th century technology) while other buildings do not have to succumb to placing large bags of garbage in front of their buildings?
“It is truly amazing that in the 21st Century, with a world full of I-pads, self-parking cars and self-service checkout, that New York still places piles of garbage onto the streets awaiting collection,” says Leonard Steinberg, publisher of LUXURYLETTER and managing director of Prudential Douglas Elliman. “We should look to other international cities that get it right with somewhat elegant containers that house the garbage before pick up, thus taking it off the streets. Surely with the exorbintant real estate taxes we pay in this City, our lovely government could come up with a more sightly and sanitory method for garbage collection?”
Matt Amico discovered the two examples above: the projects in Chelsea with immaculately clean side-walks, while a few doors away….
Any ideas/suggestions for a solution?
Tuesday, September 28th, 2010
In CRAINS, a report on the strength of the New York for hiring…..certainly a good thing for real estate when the strength of the employee pool is best in the country…. Whats good for business, is good for real estate values.
SEEN IN CRAINS: Here’s a bit of good news for New York businesses: The high costs of setting up shop here are more than offset by the low risk of recruiting and hiring.
An Aon Consulting report found New York City had the second-lowest risk levels in the world for recruiting, employing and relocating employees. (Toronto finished first.) Some elements of employer risk that the report measured include the inability to find enough people with the right qualifications and the likelihood of high turnover within the company.
Of the five major criteria in the report, the city finished first in “education” and second in both “demographics” and “talent development.” It ranked 12th in “government support” and 23rd in “employment practices.”
Population size played a major role in New York City’s ranking, said Rick Payne, chief research officer of Aon Consulting’s Global Research Center, based in Singapore. He also noted the presence of elite higher education institutions like Columbia and New York universities.
“New York has a significant advantage over other cities in the United States because of the breadth and depth of the talent it has,” Mr. Payne said. “When employers look at where they should locate, they should not only look at costs…. If the availability of talent isn’t there, you’re taking a high risk.”
Mr. Payne also called New York City a “gateway” to the U.S. and cited immigration as a factor in the quantity of high-quality employees. The report stated that New York City has “a large diverse multilingual workforce, which is increasingly critical in a global work environment.”
Los Angeles, another “gateway” in Aon’s eyes, finished as the second-highest American city, but 10th overall. Chicago was right behind at No. 11, and Boston finished 13th. Detroit fared the worst of all U.S. cities, finishing 40th out of the 90 cities around the world that qualified for the study, based on population and business investment.
Mr. Payne said this report will show employers which cities are most likely to have people with the skills necessary to excel at their companies. Even criteria such as crime are a factor, he said, because it increases costs and has an impact on productivity.
“We look at the fundamental causes of the problems that companies face, and look at the fundamental causes of the supply of labor,” Mr. Payne said.
The wide range of components involved in the study—25 overall—cover a wide spectrum of employment factors, said Jennifer Loftus, national director for Astron Solutions, a New York-based human resource consulting firm.
She noted the importance of education, pointing out that cities rank higher for getting their youth “work force ready.” She also found companies could benefit from developing their employees and giving them skills they did not have coming in.
The city’s wealth of talent and what some might call its dog-eat-dog atmosphere bode well for New York companies. Yet with the unemployment rate still above 9%, there are not enough positions to go around for job hopefuls.
“From the employer’s perspective, [New York City] is a good place to be, because it has a diverse talent pool,” she said. “From the employee’s perspective however, you’re competing against top talent, which makes it harder.”
Friday, September 17th, 2010
The city’s faster-than-expected recovery continued in August: the local economy added 6,500 private sector jobs, continuing to surpass the nation’s growth rate. Jobs were added mostly in the real estate and banking arenas.
New York’s August unemployment rate held steady at 9.4%, according to a report released Thursday by the state Department of Labor. The state unemployment rate rose to 8.3%, from 8.2% in July, while the national jobless rate stands at 9.6%
Thursday, September 2nd, 2010
  Yesterday I visited EATALY for the first time, the new food emporium of Mario Batali…..what an experience! The line at the front door was the reminiscent of Studio 54: who would be chic enough to get past that velvet rope from a line stretched around onto 5th Avenue? I had to negotiate hard, explaining a friend was inside seated at a table waiting for me. That explanation was not good enough. I put on my svelte sunglasses and pretended to be uber-chic….that helped.
Inside was a truly cavernous melange of incredible displays of every imaginable food type….fresh fish, vegetables, ice cream, books, wine….EVERYTHING ITALIAN. The presentation is beautiful, although a bit chaotic with the drones of people everywhere. For anyone on vacation its a dream come true. For anyone wanting a gastronomic escape on a rainy day, its amazing. Real Estate wise it fuels the neighborhood around Madison Square Park to the point where I would estimate values will rise 5%….easily. The service is super-slow, almost bad, but this is to be expected at the very beginning. they had better work on it hard before they lose repeat business though.
Leonard Steinberg, managing director of Prudential Douglas Elliman and author of the LUXURYLETTER says: “Overall it’s a winner!”
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lola gardner 
That’s very clever to reach out to the international community, plus a broader and global education; it is much needed. There are very few institutions in New Yok City with this offering, if any, perhaps the UN school, but that is heavy with children of diplomats.