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Manhattan

Wired’s Phallic Take on the High-Rise Boom

March 2, 2015 | 9:27 am |

When first moving to New York City in the mid-1980s I remember seeing this epic quote in New York Magazine:

“You know what this business is all about? Weenie-waving. Everyone does it. I do too.” -real estate developer Bruce Eichner

Fast forward to the latest copy of Wired Magazine with the theme “Sex in the Digital Age.” The real estate angle includes a mandatory SuperTall building graphic with the theme embedded subtitle.

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[Three Cents Worth #278 NY] Murray Hill Has the Most Micro Units in All of Manhattan

February 26, 2015 | 8:00 pm | curbed | Charts |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column on @CurbedNY:

Uptown may have the smallest studios, but which Manhattan neighborhood can claim the most micro units? To find out, I looked at where apartments measuring 300 square feet or less are located and determined what they have in common—besides being small. We’ve appraised many micro apartments over the years, so I was admittedly a little confused at how micro apartments were some sort of new concept…



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My latest Three Cents Worth column on Curbed: Three Cents Worth: Murray Hill Has the Most Micro Units in All of Manhattan [Curbed]

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[Three Cents Worth #277 NY] Which Manhattan Neighborhood Has The Smallest Studios?

February 24, 2015 | 8:00 pm | curbed | Charts |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column on @CurbedNY:

Although I’m often a bit macro in this column, it’s Micro Week at Curbed. So I thought I would rank Manhattan neighborhoods by the average square footage of their studio apartments based on all the closed sales of 2014. The results are in: if you want a plethora of small apartments, look uptown. On both the East and West Sides above 96th Street, from Morningside Heights and the Upper East Side to Harlem and Inwood, the average studio clocks in at under 500 square feet. By contrast, downtown, in areas like Soho, Tribeca, Battery Park City, and the Financial District, studios are larger…



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My latest Three Cents Worth column on Curbed: Three Cents Worth: Which Manhattan Neighborhood Has The Smallest Studios? [Curbed]

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Good and Bad Super-Luxury Condo Buyers Love the LLC

February 9, 2015 | 9:46 am | nytlogo | Favorites |

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One of the great ironies of modern residential real estate has been the expansion in transparency of information, along with greater secrecy of ownership. I think the latter coincides with the much greater wealth that is being put into hard assets like real estate. Privacy and security are indeed very important to many, including the wealthy and especially those near the top of the financial pyramid. There is nothing sinister or unseemly about the desire for privacy. The use of limited liability corporations (LLCs) has been a legal vehicle (and a gift) from lawmakers who created it that allows people to keep certain transactions hidden from view. However the LLC also provides an opportunity for bad actors to shelter their often ill-gotten assets too.

Louise Story and Stephanie Saul of The New York Times have explored this in “Towers of Secrecy: Stream of Foreign Wealth Flows to Elite New York Real Estate,” an epic data visualization along the lines of “Snow Fall: The Avalanche at Tunnel Creek” This article is a must read covering the hypersensitive subject of high end real estate and privacy.

The ongoing debate about the dying middle class versus the booming fortunes of the wealthy, the lack of affordable housing versus the super-luxury residential tower boom and municipal governments grappling to keep construction and development moving forward to keep tax revenue flows coming in, have made this effort long overdue.

Towers of Secrecy” is careful not to stereotype users of LLCs in high end real estate transactions as exclusively foreign buyers. Within the Manhattan market, foreign buyers are not the majority of overall high-end real estate purchasers. However they tend to be concentrated around the Midtown central business district (aka ‘Billionaires’ Row’) whereas domestic purchasers tend to favor markets found to the north and south of Midtown.

UPDATE There’s a great recap over on Curbed NY too:
Scandal-Plagued Foreigners Park Millions in Midtown Condos

Here are a few screenshots of the embedded videos within the “Towers of Secrecy” piece.

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Tallest Chart in the History of Manhattan Real Estate, Continued

January 22, 2015 | 1:32 pm | curbed | Charts |

With the closing and recording of the record $100.47 million penthouse sale at One57, I thought it was time to dust-off the tall chart I created in 2012 when the prior record price of $88M at 15 Central Park West was set.

This week I ended up writing a piece about tall towers in my Bloomberg View column called Living the High Life, another one on Curbed NY for my Three Cents Worth called Proving New York’s Blockbuster $100M Sale Is An Outlier which provided some needed context for the new record sale in the following scattergraph. Note the $100.47M record sale in the upper right hand corner and then scroll down…a lot.

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[Three Cents Worth #276 NY] Proving New York’s Blockbuster $100M Sale Is An Outlier

January 22, 2015 | 1:08 pm | curbed | Charts |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column on @CurbedNY:

Finally, after nearly two years of referring to the $88 million sale at 15 Central Park West as the “highest Manhattan residential sale on record,” we get a change of scenery. A new record was set with the $100.47 million sale of the penthouse at One57 recorded late last week. Timing is everything, although, in this case timing really wasn’t. I believe this sale went to contract in 2012, which would be shortly after the $88 million sale went to contract in December 2011 and closed in early 2012. While these super luxury sales are more of a circus sideshow and have little, if anything, to do with the vast majority of the Manhattan housing market, I find them surreal to consider…



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My latest Three Cents Worth column on Curbed: Three Cents Worth: Proving New York’s Blockbuster $100M Sale Is An Outlier [Curbed]

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Bloomberg View Column: Living the High Life

January 22, 2015 | 11:24 am | BloombergViewlogoGray | Charts |

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Read my latest Bloomberg View column Living the High Life.

Please join the conversation over at Bloomberg View. Here’s an excerpt…

Never have so many residential buildings had such lofty aspirations. Based on the number of stories in buildings worldwide that are more than 650 feet (200 meters) high, we’re in the midst of an edifice eruption. An even bigger surge is forecast for next year. The interest in what might be called pinnaclenomics has been driven by capital seeking higher returns in hard assets like luxury real estate in the world’s financial centers — especially in developing nations….

[read more]

Some other related content on the tall building phenomenon:


My Bloomberg View Column Directory

My Bloomberg View RSS feed.

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VIDEO: Fox Business Risk & Reward w/ Deirdre Bolton 12-11-14

December 26, 2014 | 2:31 pm | foxbusiness | TV, Videos |

Was nice to join Deirdre again to talk housing, specifically why rents are rising and buyers are falling.

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[Three Cents Worth #275 NY] Why New Developments Are So Darn Pricey

December 26, 2014 | 1:57 pm | curbed | Charts |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column on @CurbedNY:

As 2014 winds down I thought I’d break down the year’s condo market by splitting up resales and new development closings using median sales price. Since early 2012, the new development and resale price trends have parted ways. That’s when the stalled shadow inventory that resulted from the Lehman collapse—a.ka. condos that weren’t formally offered yet and went unsold, because first batches of units didn’t sell in the midst of the financial downturn—was finally bought up or otherwise absorbed…

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My latest Three Cents Worth column on Curbed: Three Cents Worth: Why New Developments Are So Darn Pricey [Curbed]

Three Cents Worth Archive Curbed NY
Three Cents Worth Archive Curbed DC
Three Cents Worth Archive Curbed Miami
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[Three Cents Worth #274 NY] Number of Manhattan Homes Selling for $10M+ Is Way Up

December 26, 2014 | 1:53 pm | curbed | Charts |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column on @CurbedNY:

This week I took a look at the volume of super high end sales that closed each quarter to show how out of whack current activity is when compared to longer term norms. From 2006 through 2013, the average was 21 apartments sales for $10M or higher per quarter. That’s seven per month or nearly two per week for eight years. That’s a lot of sales in this price segment…

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My latest Three Cents Worth column on Curbed: Three Cents Worth: Number of Manhattan Homes Selling for $10M+ Is Way Up [Curbed]

Three Cents Worth Archive Curbed NY
Three Cents Worth Archive Curbed DC
Three Cents Worth Archive Curbed Miami
Three Cents Worth Archive Curbed Hamptons

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