VIDEO: NBC SquawkBox – Impact of New Federal Tax Law on High-Cost Housing Markets

October 31, 2018 | 7:00 pm | TV, Videos |

This interview occurred back on the 18th and was posted on Housing Notes on October 19th in case you missed it.

Robert Frank of CNBC invited me to appear on the show. I’ve been on the show a half dozen times, especially during the housing bubble when I was always interviewed remotely in a dark room with an automated camera. This appearance was the first time on the actual set. The interview with Robert Frank and Andrew Ross Sorkin In keeping with their audience, it was all about the “trade” and focus on pricing which reminded me of the stock market-like thinking of housing from a decade ago. Sorkin asks…

“Should all New Jersey homeowners move to Florida?”

Afterward, I was standing next to Alan Greenspan, former Fed chair, in the makeup room after the interview to take my makeup off. Chatted with Diana Olick as well as I am in now “full name-dropper” mode. Here’s Robert Frank’s intro and then my interview:

Here’s what to watch as real estate drifts into two different markets from CNBC.


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PBS NBR CNBC Video – State of U.S. and Manhattan Luxury Market

August 22, 2018 | 12:31 pm | TV, Videos |

CNBC clip

NYC luxury apartment sales drop from CNBC.

PBS Nightly Business Report clip


[Story with 2 clips begins at 18:20]

CNBC’s Diana Olick reports on luxury home sales dropping in NYC due to tax laws and fewer international buyers.

It is past the middle of August so it was odd to see that the Wall Street Journal ran a story that covered a new “half-year” report by a brokerage firm on the Manhattan luxury market from January 2018 to June 2018. But it was a good story nevertheless.

Almost two months had passed since that reporting period so CNBC reached out to me in response to talk about our already released first and second quarter Elliman Reports, as a segway to the luxury homebuilder Toll Brothers record earnings release.

More importantly, I didn’t wear a tie at the 30Rock studio interview. Hey, it’s summer.

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One57 Flip Analysis From Manhattan’s Peak New Development

November 15, 2017 | 4:47 pm | | Articles |

For those of you that read my weekly Housing Notes, you’ll know I refer to 2014 as “Peak New Development” for the Manhattan housing market. “Peak Luxury” works as a label too.

Bloomberg news broke the story that a $50M+ condo purchased in 2014 just sold at a foreclosure auction for $36,000,0000. There were five bidders. It’s been the fourth resale since the market peaked and the sixth overall – so I created a graphic of all the resales to show how they fared before and after the 2014 “peak.”


The Bloomberg story (that I got to chime in on) lays out the details of the One57 auction sale: One57 Foreclosure Shatters Price Dreams at Billionaires’ Tower

The story reached #1 as the most read on the 350k± Bloomberg Terminals worldwide yesterday.


It is important to remember that there are still a fair amount of units remaining that are priced at 2014 levels. Extell, the developer, has their work cut out for them to compete with current market conditions.

While One57 is a symbolic poster child for the new dev phenomenon, it is not a proxy for the entire new development market. Some projects were priced more reasonably at the peak, hence they haven’t fallen as much. In addition, the quality and design of each project can vary greatly. One thing is clear – since the 2014 peak, investors don’t have the same potential for big and fast returns on flips – their initial strategy was to buy early and realize instant equity as the sponsor increased the offering prices. That scenario no longer applies. Since the market has more choices for buyers now than it did back during peak, One57 is no longer seen as a “new” building like it was back then.

CNBC picked up the story – My firm and I get a shoutout during the conversation on Sqawkbox which was pretty cool.

Luxury condo in One57 tower sold in New York City’s biggest ever foreclosure auction from CNBC.

And here’s the transcript on yesterday’s PBS Nightly Business Report show (owned by CNBC) with the shoutout that is making the rounds.

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