Latest news with #Manhattan
Forbes
2 minutes ago
- Business
- Forbes
Is NYC Real Estate Quietly On Sale For Foreign Investors?
For buyers transacting in select foreign currencies, this could be a strategic opportunity to deploy ... More capital into hard assets, entering a market that is historically resilient, globally respected, and available at a discount. While current NYC headlines paint a picture of rising prices alongside stagnating action in the real estate market, foreign investors might be seeing something else entirely: opportunity. Data from the second quarter of 2025 showed that pricing for Manhattan and Brooklyn condos remained remarkably stable, even flirting with new highs in specific sectors, despite April's macroeconomic fireworks display. However, thanks to the dollar's sharp decline since 2Q 2022, these condos now appear to be significantly cheaper for buyers abroad. This represents a rare alignment between local pricing stability and a material foreign exchange (FX) discount. For international investors, this could be a tactical moment to re-enter the NYC market as some prices have fallen up to 18% due to currency movements alone since April 2022. This analysis focuses on the British Pound (GBP), Euro (EUR), Swiss Franc (CHF), and Swedish Krona (SEK), four eurozone currencies commonly associated with institutional and high-net-worth investors in NYC real estate. Dollar Dip As The New York Times reported in late June, the U.S. dollar has dropped nearly 11% since the beginning of the year, its worst start in over five decades. The global implications can be immediately felt in NYC real estate. For investors transacting in Euros, British pounds, Swiss francs, or Swedish Krona, the dollar's slide acts like a price cut even before negotiations. Moreover, this shift occurs at a time when local buyers remain on the sidelines. Since 2Q 2022, the post-COVID peak for NYC real estate, mortgage rates have risen, and buyer activity has fallen. Today, rates remain elevated, summer seasonality is in full effect, and affordability pressures are keeping local buyers on the sidelines. At the same time, recent quarterly data shows that the median sales price in Manhattan and Brooklyn rose year-over-year. This mismatch between soft sentiment, firm pricing, and currency-driven discounts creates opportunity. Manhattan Despite the slowing market, Manhattan resale condo pricing just hit a new high of $1,461 per square foot, while new development condos currently sit just below their all-time high at $2,077 per square foot. From the local perspective, prices are holding strong. But when FX-adjusted, material discounts are evident, and the opportunity is plainly visible. Manhattan Resale Condo Price Per Square Foot | Q2 2022 to Q2 2025 | USD vs. British Pound, Swiss ... More Franc, Euro, and Swedish Krona Manhattan New Development Condo Price Per Square Foot | Q2 2022 to Q2 2025 | USD vs. British Pound, ... More Swiss Franc, Euro, and Swedish Krona Note that these discounts are not fire-sale prices. Instead, they are a quiet repricing that could favor global buyers who have been patiently waiting for the right entry point. In practice, that means a €2 million condo in 2022 might cost €1.75 million today, because the dollar fell, not prices. Brooklyn Brooklyn, already viewed by many New Yorkers as a value play, is now offering even steeper FX discounts, especially in the new development sector, where costly supply is colliding with slower velocity. Brooklyn Resale Condo Price Per Square Foot | Q2 2022 to Q2 2025 | USD vs. British Pound, Swiss ... More Franc, Euro, and Swedish Krona Brooklyn New Development Condo Price Per Square Foot | Q2 2022 to Q2 2025 | USD vs. British Pound, ... More Swiss Franc, Euro, and Swedish Krona Unlike statistical anomalies, these discounts reflect real-time opportunities. Brooklyn's prices surged post-COVID, but now, with the FX tailwind, foreign investors can acquire condos at levels unseen since the rebound began. As a bonus, thanks to hindsight, today's buyers have better clarity on fundamentals and tenant demand. Why condos? For international buyers, whether they are individuals or institutions, condos represent the path of least resistance to the real estate market in NYC. Condos offer: In short, condos offer the easiest route to gaining exposure to the NYC residential real estate market at scale. And for foreign investors, that entry point may now be more affordable. Why now? As noted earlier, what makes this moment feel more compelling is the contradictions. The local market environment feels uncertain, but pricing remains firm. Volume is down, but values are holding up. Local buyers are interested but fatigued. Manhattan's second quarter showed strength across its core metrics, including higher sales prices, shorter time on market, and lower discounts. The median resale condo price rose 7.3% year-over-year to $1.572M, while the average price jumped 9.2% to $2.639 million, despite global macroeconomic uncertainty. While these stats paint a picture of a resilient market, it's not as simple as 'up and to the right.' These Q2 sales largely reflect deals signed early in the quarter before the market wobbles and political noise had a chance to sink in. Real-time market signals, such as UrbanDigs' Climate Index, which measures the ratio of successful to unsuccessful listings, suggest that the market cooled throughout Q2 and will likely continue to stagnate over the seasonally slower summer season. The market remains transactional, but sellers just have to work a bit harder to get a deal done. For local buyers facing higher mortgage rates and affordability questions, summer's seasonality means there's certainly no urgency to transact. However, for international investors, strong market fundamentals combined with increasingly frustrated summer sellers and an attractive FX discount provide a tactical edge. Conclusion There is no panic in the NYC market or dramatic price collapse. From a domestic perspective, there's no need to rush into an already expensive market when uncertainty still looms large. However, when viewed through an international lens, the math has changed. NYC is quietly on sale. For buyers transacting in select foreign currencies, this could be a strategic opportunity to deploy capital into hard assets, entering a market that is historically resilient, globally respected, and available at a discount. Price Appreciation in Manhattan and Brooklyn Over Time, As Illustrated in Price Per Square Foot From ... More 2008 to 2025 New York real estate rarely offers broad-based, overt discounts, so a double-digit currency-driven discount is as close to a markdown as investors may get. For certain foreign investors, the discount is already priced in. The only question is if it will be recognized in time.
Yahoo
29 minutes ago
- Business
- Yahoo
Treasury Yields Hold Near Month High as Traders Await Producer Price Data
(Bloomberg) -- US Treasuries rose for the first time in a week after lower-than-estimated producer prices data soothed fears that tariff-stoked inflation will push back Federal Reserve interest rate cuts. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say Yields dipped across maturities, led by long-dated bonds with the 30-year's dropping two basis points to around 5%. It crossed that level on Tuesday for the first time since early June. The producer price index for June was unchanged from upwardly revised May levels, adding a new wrinkle to the inflation outlook. Traders slightly added to bets that the Fed will start to cut rates in September, with interest-rate swaps showing the chance of a reduction around 54%. A quarter-point cut by October is fully priced in. 'Right now, any signs of inflation being tame is a welcome relief for the long-end of the curve,' said Jack McIntyre, a portfolio manager at Brandywine Global Investment Management. :The pain trade trade feels like for lower yields in the long-end.' Data released Tuesday had stoked fears that President Donald Trump's trade tariffs were already seeping into some categories of consumer prices. The Treasuries market fell, extending declines that began last week and pushing yields on some tenors to the highest levels in weeks. Tuesday's numbers were 'optically better than expected,' he said, but the details showed 'the tariff effect had started to creep in,' said Mohit Kumar, Jefferies International chief European strategist. Later on Wednesday, the Fed's July Beige Book survey of regional business contacts will offer a snapshot of economic activity. There are signs inflation is reviving in other developed markets. In the UK, traders scaled back wagers on Bank of England interest-rate cuts on Wednesday after headline inflation in June come in hotter than expected. Gilts fell across the curve and the pound rose 0.1% to $1.34, set to snap a eight day losing run. --With assistance from Isabella Ward. Forget DOGE. Musk Is Suddenly All In on AI How Starbucks Is Engineering a Turnaround With Warm Vibes and Cold Foams How Hims Became the King of Knockoff Weight-Loss Drugs Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot The New Third Rail in Silicon Valley: Investing in Chinese AI ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
29 minutes ago
- Business
- Yahoo
Mamdani Talks ‘Intifada', Taxes in Grilling by Business Leaders
(Bloomberg) -- New York City mayoral candidate Zohran Mamdani told business leaders that he would begin to discourage the use of the phrase 'globalize the intifada' after being pressed on his views by Pfizer Inc. Chief Executive Officer Albert Bourla, according to people with knowledge of the matter. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say Mamdani, the 33-year-old democratic socialist who shocked New York City's business and political establishment by beating Andrew Cuomo in last month's Democratic mayoral primary, met Tuesday with about 100 business leaders from the Partnership for New York City. The group is a 350-member coalition of the city's largest banks and media companies as well as investment, real estate and law firms. The meeting, which came at Mamdani's request, is one of several scheduled this week between the Democratic nominee and the business community, which is grappling with the potential impact of Mamdani's leadership on the city. Mamdani campaigned on promises to freeze the rent on affordable housing, and fund free buses and government-run grocery stores with new taxes on corporations and high-earners. JPMorgan Chase & Co. CEO Jamie Dimon last week criticized Mamdani and the Democratic reaction to his election, describing him as 'more of a Marxist than a socialist.' Bourla, whose grandparents perished at Auschwitz, moderated the event. Mamdani, an activist for Palestinian causes, has been criticized for refusing to denounce calls by anti-Israel protesters to 'globalize the intifada,' a reference to the armed Palestinian uprisings against Israel. Bourla in 2020 struck an agreement with Israeli Prime Minister Benjamin Netanyahu to use Israel as a test case for Pfizer's Covid-19 vaccine. In Tuesday's meeting, Mamdani appeared to relent on the matter, the people said, saying he would discourage such language going forward. But on other subjects the Queens assemblyman held firm, reiterating his goals and brushing off concerns about higher taxes by saying wealthy New Yorkers would stay put regardless, the people said. Mamdani also said he'd consider, but wouldn't commit, to keeping Police Commissioner Jessica Tisch, the people said. Her father, Loews Corp. Chairman James Tisch, was at the meeting. Other attendees included Uber Technologies Inc. CEO Dara Khosrowshahi, Hearst Corp. CEO Steve Swartz, Related Cos CEO Jeff Blau, and Centerview Partners' co-founder Blair Effron, the people said. 'Zohran appreciated the meeting today, and felt it was a constructive, honest discussion,' Jeffrey Lerner, a spokesman for Mamdani's campaign, said in a statement. 'We look forward to the opportunity to build on this conversation, even in navigating disagreement on fiscal policy. Zohran continues to believe that working in partnership is the best way to deliver an affordable city for all New Yorkers.' Business leaders who attended the Tuesday event thought Mamdani was 'the most impressive candidate they have seen in generations,' Kathy Wylde, CEO of the coalition, said in an interview on CNBC Wednesday. But Wylde said Mamdani is 'clearly, totally inexperienced' and that she doesn't think the candidate changed the minds of city business leaders. Mamdani also told attendees he would examine the New York City Department of Education for waste and duplication, and that he would look to use the World Cup as an opportunity to build up city infrastructure. Mamdani has been making efforts to consolidate traditional institutions behind his candidacy ahead of November's mayoral race, which could prove unusually competitive in a heavily blue city where the Democratic nominee has been all but assured of victory in recent elections. He will face off against four other candidates: incumbent Mayor Eric Adams, former governor Cuomo, and attorney Jim Walden — all of whom are running as independents — as well as Republican Curtis Sliwa. President Donald Trump, who has described Mamdani as a 'communist lunatic,' said this week that Cuomo should stay in the race, even after losing by more than 12 percentage points to Mamdani in the primary. --With assistance from Aysha Diallo. (Updates with comments by Partnership for New York City CEO in 10th paragraph) Forget DOGE. Musk Is Suddenly All In on AI How Starbucks Is Engineering a Turnaround With Warm Vibes and Cold Foams How Hims Became the King of Knockoff Weight-Loss Drugs Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot The New Third Rail in Silicon Valley: Investing in Chinese AI ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
31 minutes ago
- Business
- CTV News
Wall Street quietly mixed as corporate earnings pour in, offering a respite from tariff anxiety
Pedestrians pass the New York Stock Exchange, May 5, 2022, in the Manhattan borough of New York. (AP Photo/John Minchillo) Early trading on Wall Street was quietly mixed on Wednesday as markets shift their attention toward a deluge of corporate earnings reports while monitoring ever-changing developments on U.S. trade policy. Futures for the S&P 500 were flat before the bell, while futures for the Dow industrials rose 0.2 per cent and Nasdaq futures were down 0.2 per cent. Johnson & Johnson rose 1.8 per cent after the drug and medical device giant beat analysts' sales and profit targets and raised its full-year outlook on both. J&J said it expects 'game-changing approvals and submissions' in the second half of 2025 on an array of products in its pipeline. Bank of America ticked up less than one per cent after it beat Wall Street's second-quarter profit targets. The bank's net interest income grew for the fourth straight quarter, but came in slightly lower than expectations. Goldman Sachs also beat Wall Street's sales and profit targets on a strong performance from its trading division, which took advantage of market volatility triggered by U.S. President Donald Trump's on-again-off-again tariff announcements this spring. Its shares rose about one per cent before markets opened. Netherlands-based ASML, the world's leading supplier of chipmaking gear, said in its latest earnings report Wednesday that the impact of Trump's tariffs on its business was less negative than anticipated, but its shares tumbled more than seven per cent after the company said it couldn't guarantee growth next year. The company makes equipment used in cutting edge semiconductors and one of its key customers is Taiwan Semiconductor Manufacturing Co., or TSMC, a major supplier for Nvidia. 'The level of uncertainty is increasing, mostly due to macroeconomic and geopolitical consideration. And that includes, of course, tariffs,' CEO Christophe Fouquet said. United Airlines posts its most recent quarterly results after the bell Wednesday. Also coming Wednesday is the government's report on producer prices, which measures inflation at the wholesale level. A report on Tuesday showed that consumer inflation in the United States accelerated to 2.7 per cent last month from 2.4 per cent in May. Economists said higher prices for clothes, toys and other imported goods suggest that Trump's stiffer tariffs are fueling inflation. That sticky inflation could mean that the U.S. Federal Reserve will hold its ground on interest rates, which have remained elevated in recent years after red-hot demand and supply chain breakdowns in the wake of the pandemic sent prices for just about everything skyrocketing. Wall Street loves lower interest rates because they juice prices higher for stocks and other investments, and Trump himself has been clamoring for the Federal Reserve to cut rates more quickly. But the Fed has been keeping interest rates on hold this year since lower rates can give inflation more fuel while they boost the economy. Fed Chair Jerome Powell has insisted he wants to see more data about how tariffs affect the economy and inflation. Elsewhere, in Europe at midday Germany's DAX rose 0.4 per cent, while Britain's FTSE 100 gained 0.3 per cent. The CAC 40 in Paris was unchanged. In Asian trading, Tokyo's Nikkei 225 edged less than 0.1 per cent lower, to 39,663.40. Investors are focusing on the potential impact of an election for the Upper House of Parliament on Sunday that is expected to lead to tax cuts and higher spending as lawmakers try to restore the waning popularity of the ruling Liberal Democrats. Worries over a deterioration in Japan's fiscal health have pushed yields of long-term Japanese government bonds to their highest levels in years. 'What's at stake isn't simply which party hands out the biggest bundle of goodies. It's whether the walls holding up Japan's house of debt can withstand another round of fiscal fireworks…' Stephen Innes of SPI Asset Management said in a commentary. Elsewhere in Asia, Hong Kong's Hang Seng shed 0.3 per cent to 24,517.76, while the Shanghai Composite index slipped less than 0.1 per cent to 3,503.78. South Korea's Kospi lost 0.9 per cent to 3,186.38 and in Australia, the S&P/ASX 200 declined 0.8 per cent to 8,561.80. Taiwan's Taiex jumped 0.9 per cent and India's Sensex added 0.2%. Thailand's SET dropped 0.3 per cent. In Jakarta, shares rose 0.7 per cent after President Donald Trump said on Truth Social that he plans to charge imports from Indonesia a tariff of 19 per cent, while American goods sent to the Southeast Asian country will face no tariffs. Trump also said Indonesia committed to buying U.S. energy, agricultural products and aircraft. Indonesia's central bank cut its key interest rate by 0.25 percentage points on Wednesday, to 5.25 per cent. 'We have calculated everything and discussed everything. The most important thing for me is my people, as I must protect the interests of our workers,' Indonesian President Prabowo Subianto told reporters, adding that 'this is our offer, and we are not able to give more (to the U.S.).' In energy trading, U.S. benchmark crude oil shed 79 cents to US$65.73 per barrel. Brent crude, the international standard, slipped 67 cents at $68.04 per barrel. The dollar fell to 148.75 Japanese yen from 148.87 yen. The euro was steady at $1.1601. By Elaine Kurtenbach and Matt Ott
The Herald
an hour ago
- Climate
- The Herald
Severe storms in New York City area kill two in New Jersey floods
Two people were killed in New Jersey during flash flooding as severe storms lashed the New York City area on Monday night into Tuesday, submerging cars and flooding subway stations. The intense rainfall caused widespread travel disruption across the region's airports, highways and railways. More than 5cm of rain were recorded in a single hour in Manhattan's Central Park, the second most for a 60-minute period in history, according to mayor Eric Adams. Videos showed flooding in several subway stations on Monday evening, including a geyser of water spewing into a station on Manhattan's West Side. Officials said the subway system was simply overwhelmed by the amount of rainfall in such a short amount of time. The antiquated sewer system can handle around 4.44cm of rainfall per hour, Rohit Aggarwala, the city's environmental protection commissioner, told reporters on Tuesday, compared with a rate of more than 10cm an hour at the storm's peak. "I probably don't recall seeing that level of rain before," Adams said.
