Matrix Blog

Charts, Maps, Images, Infographics, Video

Bloomberg TV 3-11-19: The Malling of Hudson Yards

March 11, 2019 | 3:52 pm | | TV, Videos |

For the record, this is the first time I recall using the word “cognizant” on national television. A personal lexicon triumph.

There has been a lot of fanfare about the new Related Companies ‘Hudson Yards‘ mixed-use development being created over the West Side Yard in Manhattan and is connected to ‘The Highline.‘ The centerpiece or “hook” is a $2 billion mall in the middle of the complex. While ‘malls’ are generally a non-starter in Manhattan, there is a successful precedent. The same developer built Time Warner Center at Columbus Circle (southwest corner of Central Park) nearly twenty years ago and it was considered a significant success. I used to live two blocks to the west of Time Warner Center and it was a pretty rough area at the time but that submarket has been significantly upgraded.

Related has pushed out a media blitz on the mall opening this week. It is important to note that NYC gave Hudson Yards more tax breaks than were proposed for Amazon in Long Island City. However, as Barry Ritholtz writes in his excellent comparison between the two deals (LIC v. Hudson Yards) offered by the city. Related seemed to do this deal right and Amazon came across as greedy in the end.

The $3.4 billion dollars committed to parks, subways, etc. in the Hudson Yard project is exactly what the government is supposed to do. You can create incentives for companies to relocate in a way that directly benefits every taxpayer in the region. The incoming company could have burnished their reputation as a good corporate citizen, instead of being perceived as rapacious and greedy.

Here is a rendering of the completed Hudson Yards. I think it looks spectacular. And don’t forget ‘The Vessel.


[Source: DeZeen]

Teachable moment for condo development naming strategies that include a company: Don’t do it.

The Time Warner precedent-setting mall scenario included a condo offering plan circa 2000 named “AOL Time Warner Center” and then the project was renamed “Time Warner Center” after they sold off AOL (Someone named Jonathan Miller took over AOL strangely enough). Deutsche Bank is replacing Warner Media as the anchor tenant in 2021 so the project will be renamed for the new tenant. However, Deutsche Bank has been having its share of financial problems and is considering a merger with Commerzbank. Uh-oh.

Perhaps that’s why Related went with ‘Hudson Yards.’ 😉

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CGTN America TV 2-22-19 Manhattan’s Luxury Market (and that $238M sale)

February 23, 2019 | 3:07 pm | TV, Videos |

I was interviewed for the U.S. version of one of China’s largest TV networks – CGTN America (formerly CCTV) on the state of the Manhattan luxury housing market and that $238 million condo sale that set the U.S. price record at 220 Central Park South.

Yes, it’s the real estate topic that won’t die.



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January 2019 YOY% Change in Manhattan Co-op/Condo Listing Inventory

February 7, 2019 | 1:53 pm | Charts |

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Bloomberg TV 1-17-19: The Northeast to South Florida Housing Market Connection Explored

January 21, 2019 | 1:03 pm | |

Just before I stepped on the set, I got to look at the Bloomberg file photo taken at my office about 15 years ago (I think I’ve aged gracefully) but I was also called out for it.

Was the last time you were on Bloomberg Markets 1995? That headshot…— Hiten Samtani (@hitsamty) January 17, 2019

Here’s the interview along with a cameo by Sam Zell, lol!



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Nightly Business Report/CNBC: January 3, 2019, Manhattan Housing Trends

January 5, 2019 | 9:25 pm | | TV, Videos |

After I finished the Yahoo Finance interview last Thursday, I ran over to 30Rock and taped a segment for Nightly Business Report/CNBC on our Elliman Manhattan report release. Robert Frank, the wealth editor for CNBC, interviewed me remotely. These are pretty fun to do, especially because to get there, I have to walk next to Christmas Tree, Rockefeller Ice Rink and finally “The Tonight Show Starring Jimmy Fallon” set.





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Bloomberg Markets TV: December 18, 2018, Amazon HQ2

December 18, 2018 | 3:08 pm | | TV, Videos |

As always, I had a wonderful conversion with Vonnie Quinn, anchor of Bloomberg TV’s Markets today. It was a long interview where we discussed national and NYC metric trends. The following portion covered the Amazon HQ2 story in Long Island City, NY.

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Elliman Magazine Winter 2019 – Market Update

December 14, 2018 | 3:18 pm | | Charts |

The Winter 2019 Issue of Elliman Magazine was just released. I provided a two-page spread showing various market tidbits on random U.S. markets where Douglas Elliman has a footprint. The magazine is well done and a good aspirational read.



[click to expand]

Here’s the full online version of the magazine:

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Manhattan Residential Vacancy Rate Isn’t Seasonal?

December 13, 2018 | 1:01 am | Charts |

Since housing market trends are all about seasonality, I thought it was interesting that the Manhattan residential vacancy rate seems devoid of such patterns.

What am I missing here?

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Bloomberg Markets Interview: July 10, 2018, Manhattan Housing Market

July 11, 2018 | 9:07 am | | TV, Videos |

I enjoyed my sit down with Vonnie Quinn and Shery Ahn on Bloomberg Markets yesterday. The discussion focused on the release of the Elliman Report: Q2-2018 Manhattan Sales that I have authored since 1994 and the Bloomberg story that covered it.

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Elliman Magazine Spring Edition – 5 Charts

April 15, 2018 | 4:10 pm | | Infographics |

Every seasonal edition, Douglas Elliman Real Estate asks me to provide a visual market update for their magazine in any 5 of the markets they cover nationwide. The following graphic is found in their latest Elliman Magazine.

Click on the following graphic to see my charts in all their majesty.

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The Full Nelson: Tax Reform Impact on Residential and Commercial Real Estate

January 28, 2018 | 9:03 pm | TV, Videos |

James Nelson, a commercial broker powerhouse who just moved from Cushman & Wakefield to Avison Young, came to my office and interviewed me on the new federal tax law and related subjects for his Globe Street blog column called “The Full Nelson“.


[click on image to watch interview]

He provided NYC sales volume data for all NYC boroughs but Staten Island – and I combined it with the residential data we collect to see how the real estate types compare side-by-side.


[click to expand]

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2017: The Year The 2015 Manhattan Market Shift Became Conventional Wisdom

January 1, 2018 | 11:00 am | | Charts |

After controlling the Manhattan housing market for quite a while, sellers and landlords exchanged roles with buyers and tenants circa 2015.

After peaking in 3Q 2015, the market share of bidding wars fell by two thirds. Bidding wars remain more common at lower price points. After bottoming in the 3Q 2015, the market share of rentals with landlord concessions has expanded sharply due to high-end rental development over-building. But like the sales market, the oversupply remains at the upper end.

Aside

Sunday, December 31, 2017, was a trifecta of my New York Times Real Estate market insight goodness before the year ended:

Landlords and Sellers Adjust [New York Times: Calculator column]

Manhattan Prices Stable in 2017, Even as Luxury Takes a Breather [New York Times: Big Ticket column]

Ditching the Tub [New York Times]

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