[Three Cents Worth NY #179] Manhattan’s Bonus-to-Sales Lag

Posted by Jonathan J. Miller -Wednesday, February 29, 2012, 5:25 PM
2 Comments

It’s time to share my Three Cents Worth on Curbed NY, at the intersection of neighborhood and real estate in the capitol of the world. I’m simply here to take measurements.

Read today’s post:

Since the New York State Comptroller announced official Wall Street 2011 compensation numbers today (to be distributed in 2012), I thought I’d compare Wall Street compensation per person against Manhattan sales by year. As an industry, real estate seems to think it lives and dies by Wall Street compensation. No argument that it’s important to the NYC economy, accounting for 25 percent of NYC private sector wages but only 5 percent of private sector jobs…

[Click to read full post on Curbed NY]

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2 Responses to “[Three Cents Worth NY #179] Manhattan’s Bonus-to-Sales Lag”

1. Max Dobens says:

   February 29, 2012 at 5:50 PM

   This is still a bit surprising to me although certainly not a shock. Knowing full well that most Wall Street bonuses, especially as of late, are in restricted stock with very little cash – my theory has been that a good bonus season created an increase in a form of “Wall Street Consumer Confidence” whereby they might feel more compelled to buy a new apartment knowing that they have restricted shares from a few years ago that may now be sold as well as they know that they will have shares in the near future that can be sold to pay down a mortgage.
   • Jonathan J. Miller says:

     February 29, 2012 at 9:01 PM

     Thanks for the insights Max. Actually it sounds like the % cash thing has been widely exaggerated – I am posting about this tomorrow.