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Podcasts
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I had a nice chat with Vonnie Quinn of Bloomberg Television on Monday concerning the state of the Manhattan housing market, following a highly read Bloomberg article on the terminal covering our Elliman Report results for Q3-2019 as well as a followup on Bloomberg Radio here and here.
Tags: Bloomberg TV, Bloomberg Radio, Vonnie Quinn, Podcast, Elliman Report, Denise Pellegrini
After the publication of the Elliman Report for Q2-2019 Manhattan Sales, I was asked to join Cheddar anchors Kristen Scholer and Tim Stenovec on the floor of the exchange on Wednesday morning.
When I came through security, the guard at NYSE asked me “when was the last time you visited the NYSE?” and I said, “about 10-12 years ago.” He looked it up to confirm and deadpanned, “I’ll bet you remember that I was the guy that took your picture in 2007, right?!?! He and his colleague and I all had a good hard chuckle over that. Moments like this are what I love so much about my job.
Back in 2007, I was interviewed by Erin Burnett (now CNN) and Mark Haines (sadly passed away in 2011) at CNBC on the balcony overlooking the exchange floor. It was a tight fit on the balcony so I got to sit near the president of the Russian natural gas conglomerate Gazprom and his dozen very large bodyguards. It was very crowded. While he was being interviewed I thought to myself, there is no amount of money in the world I would take to live with that kind of personal risk every single day.
No such worries today. Kristen and Tim were terrific to speak with and I appreciated the invite.
Tags: Bloomberg TV, CNBC, Cheddar, NYSE, Kristen Scholer, Tim Stenovec, Erin Burnett
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TV, Videos
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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.
Tags: Yahoo! Finance, Alexis Christoforous, Tax Cut and Jobs Act of 2017, Brian Sozzi, First Trade
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]
Tags: Fifth Avenue, Cushman and Wakefield, Inside Edition, Les Trent
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TV, Videos
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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.
Tags: Diana Olick, CNBC, Greenwich CT, Tax Cut and Jobs Act of 2017, Jennifer Leahy, Squawk Alley
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TV, Videos
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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.’ 😉
Tags: Bloomberg TV, Vonnie Quinn, Barry Ritholtz, The Related Group, Hudson Yards, Bloomberg Markets, Guy Johnson, Time Warner, Deutsche Bank
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.
Tags: 220 Central Park South, Luxury, Ken Griffin, $238 million, CGTN America, Karina Huber, Donna Olshan
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TV, Videos
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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:
Tags: Amazon, HQ2, Escape from New York
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TV, Videos
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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.
Tags: CNBC, Robert Frank, Nightly Business Report, Elliman Report, NBR
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TV, Videos
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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?
Tags: Yahoo! Finance, Elliman Report, Douglas Elliman, Julie Hyman, Adam Shapiro
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TV, Videos
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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.
Tags: Vonnie Quinn, Amazon, HQ2, landlord concessions
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TV, Videos
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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.
Tags: Yahoo! Finance, Luxury, Julie Hyman, Toll Brothers, Adam Shapiro
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Jonathan Miller is President and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm he co-founded in 1986. He is a state-certified real estate appraiser in New York and Connecticut, performing court testimony as an expert witness in various local, state and federal courts. He holds the Counselors of Real Estate (CRE) and Certified Relocation Professional (CRP) designations. He is an Appraiser “A” Member of the Real Estate Board of New York and a member of Relocation Appraisers and Consultants, Inc.
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Forbes ('20-)
Appraisersblogs ('17-)
'Three Cents Worth' column 3CW ('05-'16)
When Curbed was acquired by Vox, my eleven years of 3CW chart art and column links were broken on Curbed NY, Curbed DC, Curbed Miami, Curbed Hamptons, Curbed LA, and Curbed Ski.
Many of my 3CW charts can be found here:
Curbed 3CW Full Chart Archive
Op-ed column ('14-'15)
'Economic Spotlight column ('03-'09)
New York Times experiment ('08-09')
Huffington Post (09')
Favorite "How to Value" Posts
Recent Comments on Matrix