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Tax Plan Jitters Cause Sudden Collapse In Manhattan Apartment Prices In 4Q

Apparently the combination of a massive flood of excess supply in the form of new luxury developments and a Trump tax plan that penalizes people living in expensive cities by capping SALT, mortgage interest and property tax deductions was simply too much for the Manhattan real estate market to ignore in 4Q 2017.  After reaching […]


Is Amazon Killing NYC Retailers Or Is The ‘Rent Just Too Damn High?’

A few weeks ago, the office of Council Member Helen Rosenthal of New York’s 6th District published the results of a business survey conducted on the Upper West Side that showed, among other things, that some 12% of retail store fronts lay vacant.  Of the 1,332 storefronts that we surveyed, we identified 1,170 active businesses […]


Times Square Terrorist Planned Attack For Years, Told Police “Motive Was Revenge”

Update (12:30 pm ET): Akayed Ullah, the 27-year-old would-be suicide bomber who detonated an explosive device underground near the Port Authority Bus Terminal this morning – an attack that was timed to coincide with morning rush hour foot traffic – told investigators that he carried out the attack to mete out revenge on America, which […]


Suspect In Custody After Pipe Bomb Explodes At New York’s Port Authority, Injuries Reported

Update: all the latest developments: PORT AUTHORITY BUS TERMINAL EXPLOSION CAUSED BY PIPE BOMB. FEW INJURIES, SUSPECT IN CUSTODY: ABC7 FEW INJURIES AFTER THE EXPLOSION TOOK PLACE BELOW GROUND AT PORT AUTHORITY ONE PERSON IS IN CUSTODY PORT AUTHORITY SUSPECT HAD POSSIBLE SECOND DEVICE; IN CUSTODY: PIX11 THE POLICE HAVE VIDEO AND ARE CONFIDENT THE […]


ISIS-Inspired Muslim Suspect In Custody After NYC Pipe Bomb Terrorist Attack: Live Feed

Live feed: * * * Update 3: The New York Post reports, an ISIS-inspired Bangladeshi national set off an homemade explosive device at the Port Authority Bus Terminal subway station Monday morning, law enforcement sources said. The suspected bomber – a 27-year-old who lived in Brooklyn – had wires attached to him and was armed […]


$1 Trillion Norway Wealth Fund Sees “Red Flag” In Real Estate Market

Back in September, we pointed out that assets managed by Norway’s sovereign wealth fund had surged to over $1 trillion after they made the controversial decision to increase their exposure to global equity bubbles (see: Norway Wealth Fund Assets Surge To Over $1 Trillion On Massive 70% Allocation To Equities).  The move has worked out […]


Manhattan Retail: The New Rust Belt

Via Global Macro Monitor, Bleecker Street, said Faith Hope Consolo, the chairwoman of the retail group for the real estate firm Douglas Elliman, “had a real European panache. People associated it with something special, something different.” Ms. Consolo, who has negotiated several deals on the street, added: “We had visitors from all over that said, […]


Times Square Losing Marquee Office Tenants As Wading Through “Desnudas” To Get To Work Grows Old

While wading through a sea of naked, yet creatively painted, panhandling women might be great fun for the millions of tourists that flock to New York’s Times Square each year, as it turns out it’s not ideal for conservative accountants just trying to get to work.  And, as Bloomberg points today, a whole host of […]


Foreclosed $51 Million “Billionaire’s Row” Penthouse Sells At A 30% Discount

Kola Aluko’s posh penthouse apartment in One57, one of Manhattan’s most expensive luxury towers, has finally sold after months of delays in what New York realtors agree is the most expensive residential foreclosure in city history. The sale price – a paltry $36 million – suggests that the stress seen in the ultra-high-end real estate […]


Suspect Identified In NYC Terror Attack That Left 8 Dead; Pled Allegiance To ISIS

Update 10:10 pm: The New York Post is reporting that victims of today's attack included American students and adults who were on the school bus that was rammed, along with 5 Argentinians and one Belgian. Argentina’s Foreign Ministry has confirmed that several “Argentine citizens” were among the dead, though it’s unclear how many.   Didier […]


Manhattan Office Bubble Fizzles Without Big Chinese Buyers

Authored by Wolf Richter via WolfStreet.com, Sales volume in Q3 plunges 67% from a year ago. Manhattan, the biggest most expensive trophy market in the US for commercial real estate, used to be particularly appealing to exuberant foreign investors, such as Chinese conglomerates. But in the third quarter, sales volume of large office properties (minimum […]


Here’s The Latest Sign That Manhattan Residential Real Estate Is Headed For A Crash

Since the late 1990s, Manhattan real estate has become one of the premier destinations for foreigners – particularly wealthy Russian and Chinese businessmen – looking to stash their money offshore, helping to transform once-derelict neighborhoods like Soho into trendy hubs for the global elite, while sending housing prices throughout the city rocketing higher, putting the […]


Owner Of The Plaza Hotel, Once Trump’s Crown Jewel, Hires Broker To Pursue A Sale

Here’s some news that might interest the President. The Indian owners of the Plaza Hotel have hired a broker to tell the New York City landmark, according to the Wall Street Journal. The step is “a sign that a world-wide scramble among investors, celebrities and governments to acquire the property could be nearing an end.” […]