This past weekend, the brain trust that is my running group agreed to a run over the George Washington Bridge into New Jersey, to enjoy Fort Lee Park and a shady run down to the Hudson’s edge. This is a run where few runners go, with cyclists speeding by as you head down the hill
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As of August 28th (2016), all boroughs of NYC will be affected by new guidance by the Financial Crimes Enforcement Network (FINCEN). Here is the link. Will you be affected? Where you are purchasing a co-op or condo, you could be. This year, 35% of co-op purchases and 56% of condo purchases have been made
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Like so many of you, I have become relatively obsessed with the Hamilton soundtrack. And the show, actors and who’s replacing the original cast, ironic t-shirts, biography, etc. I confess! I’m also having trouble letting go of double spaces at the beginning of sentences. I mean, how does one stop that habit after 25-30 years
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Are you sick of this presidential election yet? I am bone weary it. It’s so ugly! Of course, in Manhattan, Trump means a lot more than the TV show and his recent circus act, or at least he used to represent other things. Lots of noise. I have this white noise machine in my 4-month
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I remember fondly back in 2006 or 2007 when the $1000 per square foot barrier was being broken again and again all around Manhattan in the condominium market. Fast forward a decade, we are seeing a range of prices for resale condominiums in the range of $1300, $1400, $1600 per square foot for run-of-the-mill renovated
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Over the last few weeks, I have been asked from time time to sum up my thoughts on the market. One recent morning I responded, “I think we’ve seen the end of aspirational pricing for some time.” Something about that comment seemed to resonate with me. What do I mean? First, I do not intend
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I spent a few weekends this past winter heading out to Bushwick, Bed Stuy, Stuyvesant Heights trying to understand the investment upside. I was seeing townhouses with asking prices of $1-2mm, all renovated, with promised returns of 5-6%. That is, a net return of $50,000-60,000 per year on a purchase price of roughly $1,000,000. I
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Heading for the exits already? As I write this, the stock market is in a bit of freefall. We’re on the other side of a surprising result in the UK (not sure how United it will remain, however), which seems, in my view, to be an excuse for markets to sell off. Global weakness did
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I give a lot of credit to real estate developers. They take on big risks and reap large rewards when enough things go right. 100 Barrow in the West Village In some cases, buildings are designed with the thinking that they will become rental apartments. In that case, it would be no surprise to see
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Jonathan Miller, one of my favorite NYC real estate thinkers (and appraisers) put together a piece showing the end of a “tight market” in NYC with an increase of resale apartments, both condominiums and cooperative units. Given that inventory has come up 15% year over year, this is an accurate call. I’ve been thinking about
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