Yesterday, another New York art auction went poorly, with a Christie’s sale bringing in $146.7 million against a “low” estimate of $240.7 million. “Of the 82 works for sale, 36, or more than 40 percent, of the auction went unsold,” the Times reports. The sale, the third poor performance of the week, bodes poorly for New York City’s high-end real-estate market.
Why? Just consider what the Times magazine had to say about a new apartment building in Brooklyn in an article that ran a year and a half ago.
[Developer Mario] Procida is marketing it like a little outpost of Manhattan, importing a voguish sales tool from across the river: the idea of packaging apartments as inhabitable art. … The working theory is that in an uncertain economy, at a moment when the real estate market seems to be cooling, it’s smartest to bet on those who worry about money the least, building for the rich and their high-end tastes.
You may also like
At mid-year, NY still far below most states in pandemic jobs recovery
New York has added private-sector jobs in all but three of the 38 months since the COVID-19 outbreak of March 2020—but the Empire State remains below its pre-pandemic employment level and continues to trail the national recovery.
On a seasonally adju Read More
New York’s pricey hospitals draw pushback from labor
A City Council hearing in Manhattan on Thursday promises a rare scene in New York politics: hospitals playing defense. The council is debating whether to establish a watchdog agency focused on the high price of hospital care in New York, with a goal of helping the city and other employers contain the rapidly rising cost of health benefits for workers. Read More
At end of ’22, NY still near bottom in pandemic recovery
The more time passes since the spring 2020 Covid-19 outbreak, the more New York stands out among all states for the weakness of its post-pandemic employment recovery.
As of December, seasonally adjusted private employment in New York was still nearly 2 Read More
On College Readiness, Comptroller Asks Wrong Question, Delivers Flawed Answer
Graduation rates are rising while standards for graduation are falling. It begs the question: What number of graduating students are college ready? Read More
A Look at Covid Learning Loss in NYC
New York City set an example worthy of approbation and emulation by publishing their grade 3-8 test results in math and English language arts. Read More
Judge, Jury and … CFO?
A state court judge at a hearing this morning will consider whether to interfere with New York City authority over its own budget by ordering a preliminary injunction that ices a portion of Gotham’s recently enacted FY 23 city budget. Read More
NY’s jobs recovery now strongest downstate
The Empire State's private-sector employment gains over the past year have been increasingly concentrated in New York City. Read More
In Albany This Week, First Do No Harm
It's last call in Albany.
T Read More
Enjoying our work? Sign up for email alerts on our latest news and research.