First Trade on Yahoo Finance TV – State of Housing

June 5, 2019 | 1:40 pm | | TV, Videos |

Its always fun to join Alexis Christoforous at Yahoo Finance TV – and I met her colleague Brian Sozzi. They’ve got a cool new broadcasting facility and I contend, the best green room in the TV business. If you’re curious where the term “green room” came from…no, it’s not that obvious.

We spent most of the time late last week discussing all the changes occurring in the NYC market this year. Fun.


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[Inside Edition TV] The Fifth Avenue Retail Apocolypse?

May 16, 2019 | 1:47 pm | TV, Videos |

Real estate brokerage firm Cushman & Wakefield wrote a research piece on the prime Fifth Avenue retail corridor from 49th Street to 60th Street that was covered in a widely read Wall Street Journal article called Fifth Avenue Losing Luster as Vacancies Climb, Rents Fall. The following chart was in the WSJ article. Luxury real estate here peaked at about the same time.


Inside Edition reached out and asked me to take a stroll with reporter Les Trent on Fifth Avenue to talk about the state of luxury retail. Les was great to speak with and like a true pro, he had access to sidewalk chalk (see video). I think I am in a lot of tourist pictures as they were snapping my picture as we strolled up and down Fifth Avenue.

If you’ll notice in the video and article, all the vacancies were related to the fashion/clothing industries. The 1 out of 4 storefront vacancies – essentially 1 empty storefront on every block – is not reflective of NYC retail employment patterns, but simply the pullback of clothing/fashion industries from high-end retail locations as they place more resources toward their online presence.


[click to play]

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CNBC TV 4-25-19 Coverage of Elliman Reports on Greenwich and Fairfield County, CT

April 27, 2019 | 7:08 pm | | TV, Videos |

Diana Olick at CNBC reached out to me this week to talk about the Q1-2019 Elliman Report on the Greenwich, CT housing market (as well as Q1-2019 Fairfield County, CT) and the impact of the federal tax law on high-end suburban markets in NYC metro.

We spoke on Greenwich Avenue in Greenwich at 8:30 am and had to keep doing segments over because of the random roars of delivery and garbage trucks. The irony was not lost on me – a busy downtown with not a lot of empty parking spaces so early in the morning – combined with a slow housing market. Anecdotal but this is what we are seeing at the macro level – a robust regional economy with soft housing conditions.

We were set up in front of a Vineyard Vines store while I was wearing a bright Ted Baker tie (Hey, I can be a social media style influencer too). The irony in this product placement “ties” this story altogether (in my own mind). I received more feedback about my tie than I did on my content. Oh well. And for the record, Diana made very clear to me that she commented on my tie first.


Here’s the segment that also includes my friend Jennifer Leahy of Douglas Elliman, their number one agent in Connecticut who just sold the massively oversized home of 50 Cent.

New tax laws take a toll on home sales in Connecticut from CNBC.


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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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Bloomberg TV 2-14-19 & 2-15-19: Amazon Pulls Plug on Queens’ HQ2 (Amazon Gone)

February 18, 2019 | 2:36 pm | | TV, Videos |

On Thursday I was climbing up a ladder in an old Brownstone to access to roof area (hey, I’m an appraiser too) when my iPhone blew up. I got about 20 press calls in the subsequent two hours concerning the impact to the LIC and NYC residential market (see “Amazon HQ2” links at the bottom of these Housing Notes.

Here are two call-ins I did (with my high school graduation-like photo) on Bloomberg (lol) – file photo was taken around 2003:

Thursday afternoon 3:10pm:

Friday morning 6:05am:


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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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Yahoo Finance TV: January 3, 2019, Manhattan & National Housing Trends

January 5, 2019 | 8:53 pm | | TV, Videos |

I had another a fun interview on Adam Shapiro and Julie Hyman on fledgling Yahoo Finance TV. Verizon is going gonzo to get it going with even more original programming. One observation – each time I’ve been invited to talk about the housing market, the stock market plummets at least 600 points. Correlation or Causation?


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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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Yahoo Finance TV 12-4-2018 – Toll Brothers & Banking Conditions in Real Estate

December 5, 2018 | 11:15 am | | TV, Videos |


I was invited by Julie Hyman at Yahoo Finance TV for a discussion on the weakening luxury housing market and some other topics of interest. I’ve known her for years, after a long run at Bloomberg TV, and am excited about her new opportunity at Yahoo.

When I arrived at the studio, the stock market was being battered (down by over 400 points at the time of this broadcast) by the conflicting interpretations of the recent US/China tariff talks and the results Toll Brothers analyst call. It was exciting to be there during the perfect storm. The conversation shifted from what I was invited to cover, to the developing news story.

Yahoo is ramping up live coverage in early 2019 via 100% internet. Judging by their super cool/huge studio and throngs of people working there, Verizon seems very serious about their investment.

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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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Bloomberg Markets TV: September 11, 2018, Looking back at 9/11 and the Financial Crisis

September 11, 2018 | 8:39 pm | | Milestones |


I had a nice reflective discussion with Scarlet Fu and Caroline Hyde, reflecting on two milestones in New York City – 9/11 and the financial crisis.

Miller Samuel CEO Says Credit Conditions Haven’t Normalized Since Lehman
September 11th, 2018, 3:48 PM EDT
Jonathan Miller, president and chief executive officer of Miller Samuel Inc., takes a look at the state of the U.S. housing market 10 years after the financial crisis of 2008. He speaks with Bloomberg’s Caroline Hyde and Scarlet Fu on “Bloomberg Markets: The Close.” (Source: Bloomberg)

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