Don't Bet Against New York
It's been a crazy year:
Wars
Tariffs
A Big Beautiful Bill
The S&P 500 has had some wild fluctuations. It plummeted more than 15% back in April, but is now up 7% for the year, closing at new heights three times last week.
Through it all, interest rates have remained steady.
The rich seem to be getting richer, and my crystal ball tells me that this trend will continue. Manhattan real estate, especially its luxury segment, has thrived. Rents are at all time highs, and we're not yet at the peak rental season.
The Democratic party's nominee in the race for NYC mayor is a socialist. This is sending shock waves through Manhattan. Will there be a migration out of the City if Mamdani is elected? Unlikely. Despite the threats, I'd be surprised if NYers flee City Hall politics. We thrived post 9/11, Hurricane Sandy and COVID, and can and will survive, no matter who wins the upcoming election. NYers are resilient, drawn to the financial, cultural and creative capital of the world, its most diverse and dynamic city. Never bet against New York!
