Covid Effect on Manhattan Condo Prices Last Quarter

Covid Effect on Manhattan Condo Prices Last Quarter

The Covid effect on Manhattan condo prices last quarter, according to a TRD analysis. Blowout earnings from Apple (AAPL), (AMZN) and Facebook (FB) led another charge by the Nasdaq on Friday. All the latests news on Crypto, Blockchain, Bitcoin, Ethereum, Tokens, ICOs, Fintech, and more. Two advocacy groups have accused Tyson Foods of false advertising in a complaint filed Thursday with the Federal Trade Commission. James Murdoch, son of News Corp founder Rupert Murdoch, is resigning from the family-controlled newspaper publisher’s board

Central Park South saw its median sales price for condos nosedive to $1.5 million (iStock, photo by Gary Hershorn/Getty Images)

Central Park South saw its median sales price for condos nosedive to $1.5 million (iStock, photo by Gary Hershorn/Getty Images)

At first glance, Manhattan’s condo market seems to have emerged unscathed from the pandemic.

The borough’s median condo sales price in April, May and June actually increased by 3.4 percent to $1.6 million from the first quarter of the year, according to an analysis by The Real Deal of sales data from listings platform Online Residential. Though that’s down 18 percent from the same quarter a year ago, it’s not as steep a drop as some expected.

But if pricing held on, activity suffered a stark decline.

Only 618 condos were sold in Manhattan last quarter, a 43 percent drop from 1,080 in the first quarter and 67 percent below the year-ago total. As the pandemic shut down city life and Gov. Andrew Cuomo banned in-person property showings, sales that closed tended to be to buyers who had visited the home pre-Covid.

For sales that did happen last quarter, a further breakdown suggests that Covid also had a profound effect on pricing in parts of Manhattan.

Central Park South saw its median sales price for condos nosedive to $1.5 million, a stunning 88 percent drop from the first quarter’s median price of $12.6 million. An outlier was Vornado Realty Trust’s sale of three units at more than $50 million each, but those closings stemmed from contracts signed years ago for unbuilt apartments.

Midtown West saw its median price take a similar dive, falling 70 percent to $960,000 from $3.2 million.

Yet in a few neighborhoods, prices rose — in some cases as dramatically as they fell elsewhere.

Hudson Yards saw its median price shoot up 53 percent to $7 million from $4.6 million a quarter earlier. The rise came in tandem with plummeting sales volume.

Lincoln Square saw its median price rise to $3.1 million from $2.3 million, a 38 percent increase. The gain appears to have been driven by a spate of new development closings at 30 Riverside Blvd.

But those numbers can fluctuate wildly if different sizes of apartments sold in one quarter versus another. They do not necessarily reflect valuation changes in a neighborhood.

When ranking sales by average price per square foot, different neighborhoods come out on the bottom and top in terms of quarter-over-quarter change.

Midtown East saw that figure fall 40 percent, the largest decline in the borough. Central Park West posted the second largest drop, 27.5 percent. Central Park South only saw a 2 percent decline.

The Seaport and Financial District logged 33 percent and 31 percent price increases per foot, respectively. NoMad saw a 25 percent gain, Tribeca 17 percent and Midtown West 8 percent.

In year-over-year comparisons, as in the quarterly ones, Central Park South condos also suffered the borough’s biggest drop in median sale price — 67 percent, to $1.6 million from $4.75 million. Hudson Yards had the largest price growth, up 80 percent to $7 million from $3.9 million last year.

Price per square foot dropped by 57 percent in Central Park West to $1,203 from $2,779 a year earlier, the largest drop in the borough.

The biggest annual gains were in Midtown West, where prices surged 51 percent to $2,638 per square foot from $1,751, and in Central Park South and Lincoln Square, where prices in both grew by 24 percent.

With sales volume down across the borough, buyers who closed on homes in Manhattan last quarter hardly made a dent in the flood of inventory that’s been accumulating in the borough for years. Manhattan’s luxury condo market was struggling long before the outbreak of Covid-19.

At the current pace of sales in 40 neighborhoods, the average time it would take to sell all the listed condos in an area is 9 months, if no new listings were added. That doesn’t count the estimated $33 billion worth of unsold units that are not yet listed.

Write to Erin Hudson at [email protected]


Author: Kevin Rebong

Stock Market Today: Big Tech Roars, Everyone Else Snores

Stock Market Today: Big Tech Roars, Everyone Else Snores

The stock market closed out an up-and-down week with another very clear separation of the haves and have-lesses.

Big Tech ruled the day thanks to a trio of mega-cap earnings pops. Apple (AAPL, +10.5%) shot to new all-time highs after its Thursday evening report, where it said quarterly sales jumped 11% year-over-year and announced a 4-for-1 stock split effective in August. It did say, however, that it thinks iPhone supply will be delayed a few weeks this fall.

  • SEE MORE Pros’ Picks: The 15 Best Nasdaq Stocks You Can Buy (AMZN, +3.7%) crushed revenue and profit expectations alike, and its grocery sales tripled year-over-year. Several analysts responded by revising their price targets higher, including Canaccord Genuity’s Maria Ripps and Michael Graham. The pair see AMZN shares hitting $3,800 over the next 12 months, up from $3,300 previously.

“With consumer shopping behavior shifting online at an accelerating pace, structural competitive advantages around fulfillment and scale, and a reasonable ~2x multiple on eCommerce GMV driving most of our valuation, we still find AMZN stock very compelling and think much of this strength will persist beyond the current pandemic,” they write.

Facebook (FB, +8.2%), meanwhile, reported Q2 revenues that improved by double digits. Also, active user figures grew more than expected, and average revenue per user was better than the Street forecast.

Other areas of the market didn’t look so strong. Chevron (CVX, -2.7%) and Exxon Mobil (XOM, +0.5%) both reported quarterly losses, and the Dow finished with a muted 0.4% gain to 26,428 after being in the red much of the day. The S&P 500 was a little better at +0.8% to 3,271, and the small-cap Russell 2000 dropped by 1% to 1,480.

But the tech-laden Nasdaq cruised 1.5% higher to 10,745, where it’s flirting yet again with new all-time highs.

“The stock market isn’t the economy,” you’ve likely heard in recent months. It’s certainly true, but the market is indeed starting to show signs of more accurately reflecting what’s going on in the economy, as tech companies positively impacted by COVID-19 continue to climb higher while more economically sensitive stocks sag.

  • SEE MORE 20 Best Stocks to Invest In During This Recession

“There’s people going on about the bubble in big tech, but my own personal take on that, which was only reinforced by last night (when Apple, Amazon and Facebook reported), is that it’s not a bubble in big tech,” says Will Rhind, founder and CEO of ETF provider GraniteShares. “It’s a bubble in the rest of the market that arguably has been propped up way beyond fundamentals due to the financial intervention of the central banks.”

“But these companies at the top, you can argue about whether they should be at the valuations that they are, but these are companies that are making incredible sums of money and been incredible beneficiaries of the coronavirus. I think there’s been a dislocation that’s happened between the virtual economy, where these companies thrive in, versus the real physical economy, where you have airlines, hotels, things that have been decimated.”

If the U.S. recovery is indeed hobbled by extended Washington bickering over a new stimulus package and coronavirus flare-ups, among other headwinds, investors might need to tweak their portfolios to suit.

For instance, more people are clearly favoring gold, which rose another 1% to new highs at $1,985.90 per ounce Friday and extended the 2020 rally in gold-focused funds. Assets under management in larger physical gold funds, such as the SPDR Gold Shares (GLD) and iShares Gold Trust (IAU), have swelled by more than 70% in 2020, according to Ycharts data. Smaller funds, such as the GraniteShares Gold Trust (BAR) and Aberdeen Standard Physical Gold Shares ETF (SGOL), have more than doubled their AUM.

It also might be time to shake loose weaker positions that could sink in a broad-market selloff, such as these 14 vulnerable-looking stocks.

Another way to look for red flags? Short interest. By looking at how heavily Wall Street is betting against a stock, you can get an idea of just how negative the prospects might be for those shares going forward.

  • SEE MORE Kip ETF 20: The Best Cheap ETFs You Can Buy

The bears don’t always get it right, of course, and sometimes their targets are “squeezed” higher on good news, making heavily shorted stocks a playground for opportunistic traders. But if you’re looking to play it safe, consider steering clear of these 18 stocks, which are among the most heavily shorted on Wall Street.


Defi Nears $8 Billion in Market Cap

Defi Nears $8 Billion in Market Cap

Ethereum based decentralized finance is now worth $8 billion according to data from Coingeko, aa crypto markets stats page.

Defi is now worth about 20% of ethereum’s market cap which itself has reached $40 billion, with defi tokens handling some $1.4 billion in trading volumes for the past 24 hours.

This $8 billion however is just 2.3% of the global crypto market cap and less than 5% of bitcoin’s $206 billion market cap.

Chainlink is more a backend than defi, making it a $5 billion market cap without it.

That’s close to a doubling of the $3 billion it reached on the 5th of July, indicating significant growth with snx for example up 11% in the past 24 hours.

Synthies have options now as pictured in the featured image, including an option for BTC to reach $100,000 by January 1st 2022.

Now that’s a damn good option, but they don’t have a $10,000 one for eth, although presumably anyone can do here what they want because they have a Link option for $1,000 (lmao).

They’re gone get competition soon with UMA coming up on these charts, that basically being Synthetix but presumably they think they can do it better. They say:

“UMA is designed to power the financial innovations made possible by permissionless, public blockchains, like Ethereum.

Using concepts borrowed from fiat financial derivatives, UMA defines an open-source protocol that allows any two counterparties to design and create their own financial contracts.

But unlike traditional derivatives, UMA contracts are secured with economic incentives alone, making them self-enforcing and universally accessible.”

So you can create a market on whether prices for tomatoes will go up or down with this settled automatically based on price feeds and collateralization.

We know what’s gone happen soon right. We’ll have a token to combine these synth and uma markets, and then another one to combine all three of them.

As everything here is open source, with that open source and decentralized part strictly enforced by SEC as otherwise they hand out fines, you can presumably do all sorts of things to play with all these different markets in real time, well block time.

For now however the markets haven’t gotten going yet. There are no stocks, although there are tokenized stock indexes. There are no… South African stocks, exotic stuff, like Norway’s trust fund or Saudi’s Aramco.

But there will be, there will be everything, including for example whether there is gold under what was called West Atlantis, that being the arc of Africa with them very remote but nearby islands there.

You can also pretty much do ETFs here, with the Defi index kind of being one and Balancer is a sort of one, and Melon is a more traditional setup with plenty of experimentation as many are desperate to just give someone their money to bot it.

We haven’t even gotten to the Citizen Assemblies bit where all these token holders debate in their ‘parliaments’ such fine things like what the fees should be or indeed whether to remove a market.

All of it not even began yet but it does look like it is beginning to begin with a digital world market place clearly envisionable here and clearly achievable as these prototypes or still very experimental stage dapps are now showing.


Tyson Foods Accused Of False Advertising In New Federal Trade Commission Complaint

Tyson Foods Accused Of False Advertising In New Federal Trade Commission Complaint

Tyson workers process food at a meat processing plant in Weifang, Shandong province, China. Tyson … [+] has been accused of false advertising by two advocacy groups in a new complaint filed with the Federal Trade Commission.

Food and Water Watch, a food advocacy group, and Venceremos, a poultry workers’ rights organization, together accuse Tyson Foods of making two false claims to consumers. First, that the company works with “independent” family farmers and, second, that it provides plant workers with a “safe work environment.”

Though much of the evidence contained in the FTC complaint predates the pandemic, the groups argue that worker deaths and illness tied to Coronavirus outbreaks at Tyson processing plants make it abundantly clear that the company’s claim that it provides a “safe work environment” is false.

Like many other poultry companies, Tyson Foods contracts with farmers to raise their chickens until they are ready to be shipped to plants for processing. While the contract farmers are not employees of Tyson Foods, Food and Water Watch and Venceremos argue that the characterization of these farmers as “independent” is false and misleading to consumers.

According to a 2018 report cited in the complaint, the Small Business Administration’s inspector general determined that many of these poultry farmers were not truly independent, as they were unable to effectively negotiate contract terms with these large and powerful poultry corporations, including Tyson Foods. In effect, it isn’t a level playing field.  

Typically in these arrangements, Tyson supplies the chickens and feed to their contract farmers, who in turn are responsible for the housing, labor and utilities. But the complaint alleges that Tyson’s contract farmers had to grow the birds according to the very specific requirements set forth Tyson, with no room for true negotiation.

For example, farmers are required to make expensive upgrades to their chicken barns without any added compensation to offset the additional costs. To make matters worse, these farmers feel they have nowhere to go once they’re locked into the contract. 

According to the complaint, “the average sized family farm is now spending over an additional $13,000 for utilities since upgrading their poultry houses to Tyson’s specifications,” without extra compensation from the company.

The advocacy groups also allege that Tyson’s claim that it provides a safe work environment is demonstrably false.

Tyson was forced to close multiple processing plants due to coronavirus outbreaks in its workforce. The complaint alleges that “more than 8,500 Tyson employees at 37 poultry, pork, and beef plants in seven states have been confirmed to have tested positive for COVID-19, an infection count more than double that of any other meatpacker.”

Twenty-five Tyson employees have died from the Coronavirus, the complaint also alleges. According to reporting by Leah Douglas for the Food and Environment Network, there have been more than ten thousand Coronavirus cases in the Tyson Foods workforce, thousands more than at competitors Cargill and JBS.

On Thursday, Tyson launched a new initiative for combatting the spread of COVID-19 in its workforce, with increased testing and the appointment of a chief medical officer, as well as increased nursing staff.

In addition to the new initiative from Tyson, the company published an open letter to its team members on May 1 regarding the safety measures put into place at its processing plants, including regular deep cleaning and access to onsite testing, which has now been expanded.

The FTC defines false and unlawful advertising claims as a representation or omission that is “material to a consumer’s decision making” and “likely to mislead.” 

Proving that consumers could be misled at the supermarket based on advertising about family farms or safe working conditions may be difficult, as most consumers are still making choices based on price, taste and convenience above all else. 

Yet the perceived meat shortages at the grocery store have definitely made an impact, leading at least some consumers to pay closer attention to where their meat comes from, both how it is raised and how it is produced. Whether that’s enough to meet the FTC legal standard, however, remains to be seen.

A representative from Tyson Foods provided the following statement:

“At Tyson, our top priority is the health and safety of our team members, their families and our communities. We take this responsibility very seriously and are doing everything we can to keep them safe and healthy. Our team members are committed to feeding the world, and that begins with the relationships we have with our independent livestock and poultry farmers and ranchers who provide us with high-quality protein. They are helping us supply safe, affordable, high quality beef, pork and chicken to our customers and consumers during this exceptionally unprecedented and trying time.”

The company also referred to its 2018 Contract Poultry Farmers Bill of Rights and poultry farmer advisory council.

This story has been updated.


Author: Jenny Splitter

James Murdoch resigns from news publisher News Corp's board

James Murdoch resigns from news publisher News Corp’s board

James Murdoch
In this April 19, 2017 file photo, James Murdoch attends the National Geographic 2017 “Further Front” network upfront at Jazz at Lincoln Center’s Frederick P. Rose Hall in New York. Murdoch, son of News Corp founder Rupert Murdoch, is resigning from the family-controlled newspaper publisher’s board. He cites disagreements over editorial content published by the company’s news outlets and other, unspecified strategic decisions. James is known as the more liberal brother. (Photo by Andy Kropa/Invision/AP, File)

News Corp founder Rupert Murdoch’s son James is resigning from the family-controlled publisher’s board over content appearing in its newspapers, which include the Wall Street Journal and the New York Post.

“My resignation is due to disagreements over certain editorial content published by the Company’s news outlets and certain other strategic decisions,” James Murdoch wrote Friday in a brief letter to News Corp’s board that the company made public. The resignation was effective Friday.

James is known as the more liberal Murdoch brother. His more conservative sibling, Lachlan, is the heir apparent to New Corp Executive Chairman Rupert and is co-chairman of News Corp. Lachlan is also executive chairman and CEO of Fox Corp, home to conservative news network Fox News, the Fox broadcast and sports networks and local TV stations.

New York-based News Corp also publishes major papers in Australia and the U.K. and owns the HarperCollins book publisher.

In a statement provided by a News Corp spokesman, Rupert and Lachlan said, “We’re grateful to James for his many years of service to the company. We wish him the very best in his future endeavors.”

James has previously criticized News Corp’s editorial decisions and said he disagreed with Fox News coverage. In January, he and his wife, through a spokesperson, said they were disappointed with the denial of the link to climate change in coverage of Australia’s destructive wildfires in News Corp-owned papers in Australia.

More than 280 Wall Street Journal journalists and other staffers also recently sent a letter to the paper’s publisher criticizing the Opinion section, saying it published inaccuracies and undermined the paper with readers and sources.

James and Lachlan had shared power at 21st Century Fox, but the sale of much of the Fox entertainment business to Disney in 2019 saw James depart as CEO.


Covid Effect on Manhattan Condo Prices Last Quarter

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