Articles 8.31.10

Local Manufacturing Jobs: stick a fork in it, it's done?

Contrary to popular belief manufacturing as an industry is not dead in New York. In fact, as the article "Made in Brooklyn" illustrates certain types of manufacturing jobs are thriving in New York.

Grab your Nuts and Have Sex 700 times a year: The Best Health Advice I've ever received.
Need I say more? Check out "What Works."

New York Uncovered
One of the great things about living in New York City is that it's very difficult to get bored. The city is dynamic, multicultural, and amazingly diverse. I've lived here over 50 years and can always find something new to explore. Two recommendations: Chicago has its famed architectural tour conducted from a tour boat on the river. Now New York has a similar tour. If you're a building nut like my wife and me, I heartily recommend this tour. For more information look at the article "A Singular Perspective on the Urban Mosaic."

For something more pastoral, take a trip to Governors Island. Viewing it from a distance does not do it justice. It needs to be experienced to be truly appreciated. Besides being architecturally interesting and offering great views of the city where many cultural programs that are going on there that should be experienced. Go by yourself or bring the kids. The article "Governors Island as Playground" is aptly named.

How to Seduce a Community
Given the experience of Wal-Mart in unsuccessfully attempting to open its first store in New York City over the past decade it is somewhat surprising to find other big-box retailers who have succeeded where the country's biggest retailer has failed. For a primer on how to accomplish this difficult task take a look at the article "A Decade of Wooing."

How to Push a New Yorker's Buttons
We all have our pet peeves. The article "What drives New Yorkers up a wall" describes New Yorker's top annoyances. Don't expect too many surprises.

Jingle Mail

Those of you who are regular readers of my blog know my fascination with various terms that crop up from time to time that indicate what is going on in the marketplace. The newest entry "jingle mail" refers to a property owner mailing the keys to a property back to their lender. Definitely a sign of the times!

And the winner is!
(And, no it's not "Stairway to Heaven." So what is Rolling Stone's top rock 'n roll song of all time? Take a look.

News and Views, August 13

Stats and the City

For some curious statistics about the City check out this article.

What I found particularly interesting is that while $2 today buys you what $1 got you in 1985 (a 100% inflation rate over 25 years), average apartment prices for a one bedroom co-op/condo in Manhattan have increased 185% (significantly higher than the inflation rate), the average asking rent for commercial space has increased 76% (significantly less than the inflation rate), and the average 30-year fixed rate for New York area co-op mortgages has decreased from 13.28% in 1985 to 5.13% in 2010 (which probably explains why the appreciation in co-op/condo prices has greatly outpaced inflation during this period).

Also interesting is that while the city's population increased by 1.2 million people over the 25-year period, the number of people employed only increased by 200,000 during that time. Yet the unemployment rates were 8.2% in 1985 and 9.4% in 2010. Given the large increase in population relative to the modest increase in number of people employed over the same period together with slightly disparate unemployment figures it's difficult to explain this phenomenon.

My guess is that the number of children and elderly in the city relative to those in the workforce has increased significantly during this time period.

Operating Figures for Rent Regulated Housing

The "Highlights from the first three RGB Reports" provide some very interesting statistics relating to rent regulated housing in New York. The statistics are based on 2008 data and show that the average monthly rent for all rent stabilized units was $1,012 per unit ranging from a high of $1,404 in Manhattan to $743 in the Bronx. Operating and maintenance costs averaged approximate $739 per building.

The most startling number to me, however, was the number of properties that are characterized as "distressed" (buildings that have operating and maintenance costs greater than gross income). At 12.8% (or one in every eight buildings) this is an extremely upsetting number, particularly given that this was data collected based upon 2008 results which, for the most part occurred before the economic downturn fully affected New York.

I would expect that for 2009 and 2010 this statistic will be even worse. Under no set of circumstances is it healthy for 1/8 of the rent regulated housing stock to be in distress. This is bad for landlords, the tenants who have to live in substandard conditions as a result, and the city and the state that stand to lose significant tax revenues as a result and who ultimately may become the landlord of last resort.

Alive and Well!

It's expected that the 2010 census will demonstrate the resilience and strength of our city. New York is the only large city in the Northeast and Midwest, including Philadelphia and Chicago, that has shown substantial population gains since 2000. In fact, New York City has been adding, on average, almost 1000 people a week since 2000. What's even more interesting is the characteristics of these people and what it tells us about how the city has changed during the past decade and what we can expect going forward. For more information check out Crain’s white paper on "what the 2010 census..."

Three Years of Law School and This is What We Get

A recent newspaper article headlined " Alton attorney accidentally sues himself". Can't say that I'm surprised.

Great Idea of the Week

One political candidate’s answer to the proliferation of governmental rules and regulations: Office of the Repealer. He's got my vote.

25 Big Ideas to Change New York

Definitely worth a quick read.

No, It's Not "Stairway to Heaven" (volume 1)

Rolling Stone magazine just published their list of the 500 greatest songs of all time. I've included their list of the second through 10th. Number one will be included in my next blog posting.