Archive for Geezer Thoughts
Which Spot In Central Park Was Voted Most Romantic?
Posted by: | Comments
As the snow falls heavily in Manhattan, I received an update from the Central Park Conservancy. Reminding me of Valentines Day (note to self: Send flowers to Les), I did wonder which was the most romantic spot in Central Park.
The answer? Bow Bridge. Check this and see what so many have said about Bow Bridge. Even in the snow of winter! Or read about Central Park’s most romantic stories.
The story behind Bow Bridge…
- Named for its resemblance to a violinist’s or archer’s — or Cupid’s — bow, Bow Bridge’s dreamy setting over the sprawling Lake has inspired many a lovers’ stroll.
- Designed by Central Park co-designer Calvert Vaux and his assistant Jacob Wrey Mould and built in 1862, Bow Bridge is the second-oldest cast-iron bridge in the United States. The Bridge spans 60 feet across the Lake, linking the cultivated and flowering landscape of Cherry Hill with the rustic and sprawling woods of the Ramble.
- Bow Bridge is one of the most photographed spots in the Park and is provides the romantic backdrop for many wedding proposals and classic film shots.
Don’t worry spring is on the way…
Back On The Market
Posted by: | CommentsThanks to the many friends, clients, customers and readers for showing your concern for my apparent absence from posting to the Real Estate Geezer.
As Boomers and DINKs, my wife and I have been fortunate enough to celebrate the holidays this year with my dad 84, my aunt who is 100 and my wife’s mom who is 94 years old.
But some things had changed. In early December 2009 my dad was diagnosed with pancreatic cancer and my aunt, although physically “healthy”, began having more difficulty walking, severe memory problems, and because caring for herself had become impossible she needed around-the-clock assistance.
Becoming a caregiver for our loved ones takes a lot of adjustment. Dealing with their doctors, Medicare, working with the pharmacies and the nurses’ aids is daunting and very time consuming. The emotional strain and the role reversal, if you will, as well as the financial aspects of getting old, made my wife and I look into ourselves, face our mortality and wonder what our lives will be like when we reach their age and have similar medical problems.
All this with the backdrop of the health care reform bill now coursing its way through congress. I must say, from what I understand, the bill does nothing to ease the financial and emotional strain of what millions of Boomers will be facing in the very near future. More on this when I actually get to read what the House/Senate reconciliation committees finally agree on — behind closed doors.
Well I’m back now. Back on the real estate market, so to speak. There is an order to things. My aunt’s nurses and Dad’s chemo therapy are scheduled. I give a wake up call to my father every day, bring him his breakfast, the morning newspaper and arrange his medication. And if he feels good that day perhaps we go for a short walk. I pick up my aunt’s mail give her a hug and hope she remembers who I am that day. Then I head to work.
Things make more sense now. Reading the New York Times blog The New Old Age has been very helpful. I feel less alone now. The support of the neighborhood and city infrastructure can be very reassuring. For example, The Lenox Hill Neighborhood House, only a half block from our apartment and where I was an after-school and day camp member over 50 years ago, was so helpful in assisting my dad and I in getting him Medicare drug coverage. They continue to offer invaluable help with assisted living ideas for my aunt and perhaps the eventual hospice care for both of them. And on good days, when both dad and aunt get out their apartments, they can visit with their friends at the senior center and have some lunch.
We’re lucky to live within four or five blocks of each other. We love our doormen who are an important part of our extended family. They show genuine concern, hold the elevator when dad is walking a bit slow, and even help us get a cab when the wind and snow make it difficult for even the sure footed to get around. They are just really nice! We love New York City because of the convenience, and yes, the small-own feel of the neighborhoods. We’re thankful for Fresh Direct and the convenience of being steps away from almost anything you may ever need or want.
I’ll file this under Boomers and will continue to update this story from time to time. If any of you are having similar experience, or just need some support or someone to speak with, please don’t hesitate to contact me. I’ll be more than happy to help in anyway I can.
Four Reasons To Buy and Invest In Manhattan Real Estate
Posted by: | Comments1 -The Numbers
- Manhattan residential real estate has performed better than the broader U.S. real estate market.
- Compared with losses of more than 40% for Los Angeles and San Francisco over the past few years, Miller Samuel reports in the third quarter 2009 Manhattan Residential Market Overview that the average price per square foot in Manhattan was $996 vs. $1289 as reported in the first quarter of 2008 , a price reduction of 23% from the peak.
- Third-quarter 2009 data show prices declined at a lower rate while transaction volume surged 46%, a sign that the Manhattan market is starting to find its bottom.
- As Donald Trump once said “It’s a water thing”. Manhattan is a landlocked island. While developers in most cities keep expanding outward, developers in Manhattan do not have this alternative.
- Wall Street firms are expected to pay a record $140 billion in bonuses this year according to The Wall Street Journal. Regardless of whether these bankers deserve their lavish bonuses, their payday will boost Manhattan real estate prices.
2 -Capital of the World
- Manhattan is a global must-see destination. Emerging markets like Brazil and China are creating wealth at a very high rate and churning out millionaires.
- New York is often the first international destination new millionaires from emerging countries want to visit. It’s also one of the first places where they want to buy investment property or a pied-a-terre.
3- Diversity of Industry
- Besides finance, New York has media, hospitality, advertising and professional services like law and accounting firms. These industries will be serving emerging-market economies and will benefit the local New York economy in terms of job creation and housing demand.
- If not for the diversity of the current New York City economy, the unemployment rate would be even higher than 10.3% that was reported in August.
- Sectors like education, health, leisure and hospitality have gained jobs, which partly offset the negative impact of the financial job losses.
4 -Quality of Life
- New York City is one of the safest cities in the US.
- The legal system is established and there is a better work-life balance compared with countries like China.
- Transportation in Manhattan via the Subway system is efficient and reduces commuting time for those living in Manhattan.
- The air in Manhattan is pristine compared to air in other global metropolises like Hong Kong.
Portions excerpted from NuWireInvestor reporting on a story written by Wei Min Tan of TheStreet.com
Boomers, Empty Nesters and Retirees – Welcome Back to Manhattan!
Posted by: | Comments
There’s no grass-mowing or snow-shoveling. No need to endure the aggravation and expense of maintaining a couple of cars (unless you want to). Mediocre restaurant chains are few and far between, and commutes that run an hour or more are unheard-of. What could be better?
One of the city’s fastest-growing groups of residents is Baby Boomers (their clout is evidenced by the fact that their descriptor is usually capitalized, contrary to the basic rules of the English language). Often empty nesters and retirees, many of these folks have been languishing in suburbia after raising their lovely children, missing the City’s vibrant culture.
Manhattan, of course, is arguably the biggest and best cultural center in America. In fact, maybe, the world. We have it all – whatever kind of entertainment you prefer, some of the world’s best museums, great opera, symphonies, jazz clubs, theater and more great restaurants than most of us will ever have the chance to dine in.
People 55 and older make up more than 20% of the borough’s population and they’re on the verge of a major growth spurt. While the elderly population increases across the city, Manhattan’s share is projected to increase 57.9 percent over 2000 to 2030, to 295,000 people 65 and older in 2030 according to the New York City Department For The Aging which published this report.
The figures are great news for anyone who’s a Boomer, empty nester or retiree. It means Manhattan will continue to develop a fabulous array of the amenities you love the most. You also have a great choice of homes, from beautifully-detailed pre-war apartments to new condos and lofts with in-house fitness and business centers.
Yankees And Bronx Real Estate
Posted by: | Comments
Yankees Win! NY Daily News photo
I’m not really a raving baseball fan but as long as Boston doesn’t win, I’m OK with whoever does.
John Massengale an architect and urban planner posted this brief history:
“The boss of the Yankees, George Steinbrenner, complained about parking and a perception of crime, and said he might move his team if the city didn’t build a new stadium for them. The then Mayor of the city, Rudolph Giuliani, proposed building a new stadium over a railyard on the west side of Manhattan, at a cost of $1,000,000,000.00.
The Bronx Borough President, the Honorable Fernando Ferrer, wanted to keep the Yankees in the Bronx by building what he called the Yankee Village.”
The rest is history as they say.
“The Yankees won. The world is right again,” team president Randy Levine said.
I was curious about how housing prices were doing in the Bronx since the construction of the new stadium so I visited Trulia’s Bronx Real Estate Overview
Average price per square foot for Bronx NY was $201, a decrease of 9% compared to the same period last year. The median sales price for homes in Bronx NY for Jul 09 to Sep 09 was $390,000 based on 443 home sales. Compared to the same period one year ago, the median home sales price decreased 11.9%, or $52,500, and the number of home sales decreased 8.8%.
There are currently 3,048 resale and new homes in Bronx on Trulia, including 43 open houses, as well as 1,390 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Bronx NY was $463,916 for the week ending Oct 28, which represents an increase of 0.7%, or $3,009, compared to the prior week. Popular neighborhoods in Bronx include Riverdale and Throgs Neck – Edgewater Park, with average listing prices of $654,112 and $456,530.
Trulia’s Heat Map and neighborhood by neighborhood residential sales details here.
Home Prices Continue to Improve While Consumer Confidence Declines
Posted by: | Comments
All real estate is local.
As I previously discussed here, the S&P/Case-Shiller indices are virtually useless for tracking Manhattan residential sales. Case-Shiller does not include sales of co-op and condo apartments even though those property types account for 99% of what is sold in Manhattan.
The data through August 2009, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices show that the annual rate of decline of the 10-City and 20-City Composites improved compared to last month’s reading. This marks approximately seven months of improved readings in these statistics, beginning in early 2009.
This perceived improvement of real estate prices, if you can call smaller declines an improvement, is as irrelevant now as when I reported the uselessness of the S&P/Case-Shiller doom-and-gloom report back in June .
What I do believe is significant is that the Consumer Confidence Index as reported today by The Conference Board today dropped to 47.7 from a revised 53.4 in September. A measure of employment availability deteriorated to a 26-year low.
Unemployment in New York City (specifically in Manhattan) is very high. This fact, in addition to the seasonal slowdown in residential sales, will cause price reductions on properties where the sellers are motivated to move.
Harry Potter Buys Townhouse In West Village
Posted by: | Comments
Daniel Radcliffe buys Manhattan townhouse in West Village
Daniel Radcliffe, the 20-year-old Wizard in Broadway’s Harry Potter production, has purchased his third New York City property, a five-bedroom, 3,000-square-foot West Village townhouse. The price: $6.4 million.
Celebrity publications report Radcliffe now owns more than $16 million in Manhattan area condos and apartments, plus a luxury condo in his home United Kingdom neighborhood of Fulham in London.
As reported by Real Estate Channel
It’s Halloween, Charlie Brown: A Few Tips for the Night of the Great Pumpkin
Posted by: | Comments
Yes, Halloween is Saturday, so it’s time to finalize your Trick-or-Treat plan if you are old enough to give out candy, under 13 or the parent of same.
Here are some tips for celebrating All Hallows Eve in the city:
- If you welcome visits from all the little superheroes, pirates, witches and bumble bees in the building, make sure you’re apartment number is included on the list that should be posted in the lobby of your building.
- If your building doesn’t have such a list, suggest one to the super. It ensures that those who don’t welcome visitors won’t be disturbed.
- If you really don’t care how cute little Sara is going to be in her princess outfit, leave a supply of candy with your doorman with “Happy Halloween from 11A” taped to the side of the bowl. He’ll hand them out – and enjoy a few of the mini Snickers himself. (Be sure to mention it if you want your bowl back in the morning.)
- No doorman? Want to participate but don’t want to spend the evening traipsing back and forth to the front door? Leave a container of candy outside the door. Remember to replenish the offering as needed as long as your budget allows.
- If you live in a walkup, take pity on the frustration this causes for kids and parents – put a sign on your door to announce whether you are a treater. You might try to post a lobby list and let everyone add themselves at the appropriate spot, but messing with the list may be irresistible for kids between 13 and 30 (possibly 40 in some cases of arrested development – you know who you are).
- Make sure to give kids only store-bought, individually-wrapped candy, since wary parents will toss anything else. Trick-or-Treaters’ faves include chocolate bars, Skittles, and Tootsie Roll Pops. Kids today often are not fond of candy corn – yet another sign that times change. No one but dentists gives sugarless gum. It’s only once a year!
- In the process of shedding pounds or watching your weight? Buy only treats you dislike enough that you really, really won’t eat them, and be sure all extras get dropped off in a child household or taken to work on Monday.
Parents, here is some more information on how to Trick or Treat in New York City.
Happy Halloween!
Boomers and Empty Nesters Cry Foul on New York Daily News
Posted by: | CommentsIn an otherwise interesting article about the trendy set born between 1946 and 1964 flocking back to Manhattan in record numbers, the NY Daily News could have aroused the ire of many members of the Baby Boom generation.
The problem? A casual opening sentence that said those Boomers bring “plenty of gray hairs and wrinkles” to the trendy and sophisticated borough. Even the title is somewhat unfortunate: “Oldie but goodie: Retirees, empty-nesters flock to Manhattan – and thrive.”
Here’s some tongue-in cheek advice I’d give to the NY Daily News which is cluelessly unhip regarding Boomers and the empty nest crowd:
- Don’t even try referring to Boomers as old until you’re sure most of them are at least 80 – that will occur in about 2045. Boomers are Boomers, not oldsters! Being ahead of your time is often good, but not when describing Boomers.”
- 80 may be the new old. Until then, the Boomers may consent to being referred to as middle-aged.
- Female Boomers very rarely have gray hair, and Grecian Formula hasn’t been around since 1961 because nobody uses it.
- Be prepared for the Botox and cosmetic industries to rain scorn upon you. Wrinkles are not the in thing, and a multi-billion dollar industry is not going to take this sitting down. Spending on anti-aging cosmetic products has passed $75 million a year, and has been growing at about $8 million per year since 2004.
- Be careful – plastic surgeons and other specialists involved in anti-aging services will be launching random scalpels your way. Dermatologists and others will do heaven-knows-what – inject you with acne, perhaps? About 60,000 U.S. docs now profit from aging services, and anti-aging medical procedures are on track to surpass $15 billion per year by 2012.
Having assured my readers that I hear you, I’m off to start on an upcoming post about why Manhattan is a Mecca for the forever young. .
Manhattan Homes, Apartments and Amenities – A Glossary
Posted by: | CommentsIs this really a 2 bedroom apartment?
I realized when I did the post of some of the most annoying words in real estate (and real life) that some of the terms used to describe New York City apartments were inaccurate or misleading.
The most common errors can be found in the room count where alcoves are called rooms (a 3.5 room apartment called a 4 see floor plan left), balconies are called terraces, and the number of bedrooms is just plain wrong/inaccurate and should be called half rooms.
Perhaps more than any other U.S. city, Manhattan has its own distinctive types of housing and there are some standard terms used to describe them. Knowing the differences can help you choose the best apartment and neighborhood for your needs and your lifestyle. Let’s define the terms:
Alcove/Alcove Studio
An alcove is an area that’s usually less than 70 square feet adjoining the living room. May be called a half room, often used as a dining room, bedroom or home office. May have a wall added to create a separate room. To be a “legal” bedroom it must be at least 80 to 100 square feet, have a window and a closet.
An Alcove Studio is an apartment with an alcove, often in an L shape.
Balcony
Outdoor space of an apartment projecting out from the building’s façade
Brownstone
Built as luxury homes in the 1800s through the 1930s, brownstones usually have four to six floors and are row houses, sharing side walls with adjacent homes. They may be single family town homes or they may have been converted to co-ops or condos. Likely to have features especially desirable to lovers of old homes – spacious rooms, high ceilings, lots of wood floors and ornamental trim, fireplaces, and yards or gardens. The term comes from the brown sandstone used on the building exteriors. Brownstones don’t lend themselves to doormen, and rarely have them.
Classic
Larger apartments, usually pre-war. Indicates the apartment has a formal dining room. Usually used with the number of rooms, like a “Classic Six”, typically a living room, dining room, kitchen, two bedrooms and a maid’s room.
Condo
Condo, short for condominium, is an alternative choice for apartment ownership. When you buy a condo, you own your apartment outright just like you would own a single family house. You don’t have to go through the board approval process. You have more control over your home and usually, you can rent it or sell it to anyone you choose. More
Co-op
Co-op means cooperative ownership. Rather than owning your apartment, you become a member of the corporation which owns the entire building and you own shares in that corporation. Your ability to buy, sell or rent the property is subject to board approval. More
Condop
A condop is a co-op with less restrictive condo-type rules. With condops you own shares in the co-op but the rules are often more relaxed than the standard co-op. Condops, like most condos, may allow you to finance a higher portion of the price, rent out the apartment and sell it to anyone you choose with no board approval. More
Convertible, Junior or Flex (also see Alcove)
An apartment with an alcove off the living room. May be listed as a Junior 4, which would mean a traditional living room, bedroom and kitchen plus a living room alcove that may be converted into a separate room or bedroom. To be a “legal” bedroom it must be at least 80 to 100 square feet, have a window and a closet.
Duplex
In New York, an apartment on two floors.
Elevator Building
Generally don’t have doormen; most provide intercom and security systems as well as elevators.
Flip Tax
A flip “tax” is something of a misnomer. Rather than a tax levied by the government, it is an income generating fee used by some co-op’s and, much less frequently, by condos. As determined by the co-op board or condo association, the fee can be on the profit of the sale, a fixed amount, a percentage of the gross or net sale or a fee per share. The co-op or condo by-laws determine if the buyer or seller has to hand over the check. In reality however who pays the flip tax is determined by market conditions and contract negotiations.
Floor-through
Apartment that occupies an entire floor or half floor of a building. Usually found in low-rise walk-up buildings.
Full Service Building
Built from the 1980s to present modern (but could be pre war as well),, more likely to have facilities such as fitness centers, and both doormen and concierges. Many offer garages.
Half Room (see also Convertible, Junior or Flex)
Usually an alcove, sometimes a large foyer that might be used as a room.
Loft
Usually conversions of former commercial or factory buildings, though some are new construction. Feature very open floor plans, may have period details such as supporting columns. Ceilings are high, up to 20 feet and large windows are common. Utility pipes are often exposed. Doormen unlikely.
Loft Area
In buildings with very high ceilings, similar to a partial second floor accessed by stairs or a ladder. Often used as a bedroom or storage area.
Maisonette
This apartment is usually found in mid and high rise buildings. Has its own entrance to the street like a town house and usually is two stories. Could have access through the lobby of the building as well. A building may have several maisonettes.
Number of Rooms
Other than kitchens, to be counted as a room a space must have at least 100 square feet and a window. Any kitchen except a Pullman is usually considered a room. Baths are not counted as rooms. A three-room apartment is usually a living room, kitchen and bedroom. A four-room would usually have two bedrooms, or one bedroom and a separate dining room.
Penthouse
Apartment on the top floor of a building usually includes an outdoor area (see terrace) on the roof.
Pied-a-terre
Apartment the owner doesn’t use full-time. Typical example would be someone who lives in the apartment when visiting from his/her primary residence.
Post-War
Built in the late 1940s through 1980s, with more modern amenities such as larger closets, laundry facilities, and larger spaces in smaller apartments – studios as well as one and two bedrooms. Fewer architectural details, fireplaces, etc., both inside and out. Most have doormen and live-in superintendents. May be co-ops or condos.
Pre-War
Built before the mid-1940s, or World War II, virtually always co-ops. Tend to have high ceilings, large rooms, and features like wood floors, decorative trim and fireplaces. Usually 10 to 20 stories. May have doormen.
Pullman or Petite Kitchen
The kitchen is a strip along the living room wall, rather than a separate room. Most common in hotels converted to apartments.
Studio Apartment
The living and sleeping areas are combined. One rooms have Pullman kitchens, two rooms have separate kitchens.
Terrace
Typically larger than a balcony and is open to the sky. Can be part of the building’s roof as in a penthouse or could occupy a building’s setback.
Town Houses
Self-contained homes. In Manhattan, these are likely to be brownstones, typically row houses sharing side walls. Can be single or multi family home and/or could have been converted to a co-op or a condo.
Triplex
In New York, an apartment on three floors.
Walk-Ups
Usually four to five stories with no elevator, built as pre-war apartments. Overall the least expensive kind of apartments in Manhattan. Unlikely to have doormen.
Manhattan Co-op Board to Madonna: Be Quiet Or Get Out!
Posted by: | Comments
Madonna’s Upper West Side co-op board is threatening to evict the Material Girl. According to a lawsuit filed by her upstairs neighbor Karen George, Madonna is using her Central Park West pied a terre ” as a rehearsal studio, forcing neighbors to endure “blaring music, stomping and shaking walls,” for up to three hours each day.
When a colleague sent me this link reporting the story, I remembered a similar problem that my wife and I had with an upstairs neighbor (not music- but walking both human and canine). Fortunately, carpeting resolved the problem and our “quiet enjoyment” was restored. If you live in New York City you should expect noise from police cars to fire engine sirens, horns and car alarms, garbage trucks and yes from your neighbors as well.
If you are moving from a quiet suburban neighborhood or if you are particularly sensitive to noise here are some suggestions to test your decibel tolerance before you buy an apartment in Manhattan.
- If the apartment is located near an elevator, public laundry room or trash room make sure mechanical noises can’t be heard.
- Check to see if the windows have been upgraded to reduce street noises as well as energy costs.
- Depending on the floor of the apartment, you may want to listen carefully- especially in rear courtyard facing rooms-for fans and other mechanical noise creating devices on adjacent rooftops.
- Ask the seller’s/showing broker to turn off or lower any music playing in the apartment.
- Before signing the contract, visit the apartment at different times of the day. A morning visit will expose the going to work noises, an afternoon visit will let you concentrate on street and traffic sounds and the evening visit may give you some insight into the level of noise you can expect from prospective neighbors are reading or blaring their music or TVs?
- As part of your due diligence, you and/or your attorney should read the co-op or condo meeting minutes and see if there are any noise issues discussed.
Generally speaking, a co-op board will have more jurisdiction and clout over noise matters. Based on their bylaws a co-op board may be able to levy fines until the offending shareholder complies or, as with Madonna, threaten and ultimately have the shareholder evicted. Condos generally do not have this power and, it may be completely up to you to bring any legal pressure on your fellow condo neighbor.
The Most Annoying Words In Real Life & Real Estate
Posted by: | CommentsIn a recent Marist poll, nearly half of Americans – 47% – said they find “whatever” most annoying. The other sayings weren’t quite so loathed. 25% say they find “you know” most grating; 11% can’t stand “it is what it is”; 7% would like to ban “anyway” from all verbal exchanges; and 2% reported that they could do without hearing “at the end of the day.”
After reading thousands of Manhattan apartment descriptions, I have come up with my top list of real estate words and phrases that I find most annoying:
- Boasts
- Oversized (also ample or generous)
- Sun-drenched
- Residence
- Triple mint
Here’s a “finger-nails-on -the-black-board” apartment description:
This triple mint, sun drenched apartment boasts oversized windows and generous maintenance. You must call me for the non-negotiable price, a private showing or whatever. Anyway, if you have to ask the price this residence may not be for you. You know, at the end of the day it is what it is.
Malbec Wine Tasting at Morton’s Restaurant
Posted by: | Comments
We had a wonderful bottle of Malbec while in Argentina a few years ago. I think it was called Luis Borcas. I’ve never tasted a more wonderful wine paired with beef but have been unable to find it here in Manhattan.
So when I was invited to a Malbec tasting at Morton’s Steakhouse on East 45th Street I was excited to taste these Trapiche Malbecs. In addition to the wine we were treated to samplings of food as well.
On the wine list:
Trapiche, Torrontes, 2008
Trapiche, “Oak Cask,” Malbec 2007
Michel Torino, “Don David,” Malbec 2006
Broquel, Malbec 2006
Trapiche, “Adriana Venturin,” Malbec 2006Paired with samplings of:
Sliced Tenderloin with Chimichurri Sauce
Broiled Sea Scallops, Apricot Chutney
Selection of Cheeses
Miniature Morton’s Legendary Hot Chocolate Cake
I dutifully sampled the five selections, but kept coming back to my favorite the Trapiche Single Vineyard “Adriana Venturin.” It was spicy yet soft, and after breathing for about a half hour was wonderful with the sliced tenderloin on crostini.
Not really a fan of deserts-and for some reason I didn’t think the chocolate cake would compliment the wine, took a glass of the Adriana Venturin to the bar and ordered lamb chops.
It was really was excellent.
Statistics show how NYers cope with the recession
Posted by: | CommentsAccording to an article in today’s Crains New York:
Crain’s City Facts report finds that Big Apple denizens are highly productive on the job, and prefer cheap thrills.
New Yorkers are neurotic overachievers who care a lot about how they look and have a penchant for inexpensive entertainment.
So say the statistics, anyway. This year’s City Facts, Crain’s New York’s annual look at New York by the numbers, shows a city and its denizens slowly being transformed by the recession – but perhaps not so fast or so dramatically as some had feared.
Among the facts uncovered by the Crain’s research team:
•New York workers are the most productive in the nation by a wide margin: 37% more productive than the average American worker, as measured by dollars produced in 2007. The margin may narrow as the recession deepens and Wall Street profits fall, but the state bears out one of the fundamental qualities of New Yorkers: their ambition.
•All that work comes with a price. New Yorkers are judged to be the third most neurotic people in the nation, say professors who theorize that particular geographies have particular personalities. Perhaps adding to New Yorkers’ stress level are the taxes and regulations that caused another set of professors to rank our state dead last when it comes to personal freedom.
•Putting their ambition on display, legions of laid-off New Yorkers have been starting their own businesses, but they shouldn’t expect an easy road. Despite the federal government’s efforts to resuscitate the financial market, small business lending is on track to decline again in 2009.
•New Yorkers helped pay for their hometown team, the Yanks, to build a spanking new stadium and then, thumbing their nose at the higher ticket prices, have been skipping the games. The Yankees are selling a lower percentage of their home game seats in their new, smaller stadium this year.
•New York is known as a city of excess, but New Yorkers actually spend less of their income on entertainment than Americans, perhaps because just living here is entertaining enough.
•The recession is likely heightening New Yorkers’ tendency to seek out low or no-cost entertainment: Circulation at the New York City Public Library is up 12% this year to 22 million.
•While fashion-first New Yorkers don’t necessarily pony up for big nights out, they do spend more on clothes and personal care than their national counterparts.
•Despite the aforementioned taxes and regulations, New York City remains the nation’s biggest corporate headquarters city, beating Texas up-and-comer Houston by a wide margin (43 to 25 headquarters of Fortune 500 companies).
•New York remains the nation’s business capital – but that may not be saying much. After years of slow growth, the government, health care and education sectors make up a full third of all the jobs in New York City


