1 00:00:01,000 --> 00:00:07,200 Speaker 1: On seventen w R. He's more of the marks Emosia. Well, 2 00:00:07,280 --> 00:00:09,920 Speaker 1: let's see how New York is actually doing. The great 3 00:00:09,960 --> 00:00:14,319 Speaker 1: columnist Steve Cuso New York Post nobody better on real estate, 4 00:00:14,360 --> 00:00:17,840 Speaker 1: on restaurants. Steve Cuzo's columns are all in the New 5 00:00:17,880 --> 00:00:20,200 Speaker 1: York Post website. You can you can see them all there, 6 00:00:20,360 --> 00:00:21,560 Speaker 1: Steve Cuzo, how you. 7 00:00:21,560 --> 00:00:25,000 Speaker 2: Doing, Hey, good morning, Mark, good thank you. No. 8 00:00:25,120 --> 00:00:27,320 Speaker 1: So every time I turn on somebody's that's it. Everybody's 9 00:00:27,400 --> 00:00:30,520 Speaker 1: leaving New York. Everybody's moving, everybody's what's the. 10 00:00:30,480 --> 00:00:34,440 Speaker 2: Truth, nobody's leaving. I don't know anybody who's leaving. 11 00:00:35,000 --> 00:00:36,840 Speaker 3: All my friends are trying to get back to town. 12 00:00:36,880 --> 00:00:40,479 Speaker 3: They're stuck in Palm Beach, problems with the planes, all 13 00:00:40,520 --> 00:00:41,360 Speaker 3: that kind of stuff. 14 00:00:42,320 --> 00:00:45,839 Speaker 2: So no, nobody's leaving. It's all baloney. 15 00:00:46,320 --> 00:00:50,200 Speaker 3: And in fact, if you look around, there's more real 16 00:00:50,320 --> 00:00:54,720 Speaker 3: estate investment than ever. I read that there's a couple 17 00:00:54,760 --> 00:00:58,840 Speaker 3: of apartments or townhouses on the Upper East Side that 18 00:00:59,000 --> 00:01:04,920 Speaker 3: sold for numbers. So there's almost no office space left 19 00:01:05,000 --> 00:01:11,160 Speaker 3: because the company companies are expanding, signing new leases and there, 20 00:01:11,680 --> 00:01:15,040 Speaker 3: and there's new construction going on, and the big best 21 00:01:15,080 --> 00:01:18,679 Speaker 3: news of all for the city is that American Express 22 00:01:19,120 --> 00:01:23,440 Speaker 3: MS announced last week they're building a new building at 23 00:01:23,440 --> 00:01:25,920 Speaker 3: the World Trade Center to be their headquarters. 24 00:01:26,120 --> 00:01:28,320 Speaker 2: You know, there's a site. 25 00:01:28,080 --> 00:01:31,880 Speaker 3: Called Tower two or two World Trade Center that was 26 00:01:32,000 --> 00:01:34,440 Speaker 3: never developed up to nine to eleven. 27 00:01:34,480 --> 00:01:35,800 Speaker 2: The other buildings went up, but. 28 00:01:36,600 --> 00:01:40,759 Speaker 3: That corner Fulton and the Church Street has been empty. 29 00:01:40,800 --> 00:01:43,840 Speaker 3: It's like it's being used as a beer garden and 30 00:01:43,920 --> 00:01:48,440 Speaker 3: an art installation. And Larry Silverstein, the developer, is going 31 00:01:48,480 --> 00:01:52,520 Speaker 3: to build this new beautiful, twelve hundred foot tall skyscraper 32 00:01:53,040 --> 00:01:57,279 Speaker 3: for MX, which is going to move from where they. 33 00:01:57,160 --> 00:02:00,840 Speaker 2: Currently are right nearby. And extraordinary thing. 34 00:02:01,040 --> 00:02:05,360 Speaker 3: It's confidence in the city and it's also reflects you know, 35 00:02:05,400 --> 00:02:10,280 Speaker 3: it's it finally completes the World Trade Center. A quarter 36 00:02:10,360 --> 00:02:13,680 Speaker 3: century after nine to eleven, we're finally going to get. 37 00:02:13,560 --> 00:02:16,200 Speaker 2: The last piece of the puzzle. It's great news. 38 00:02:16,400 --> 00:02:19,240 Speaker 1: How old is Larry Silverstein got to be in his nineties. 39 00:02:19,560 --> 00:02:23,560 Speaker 3: Ninety four and he's going to build discovery spry. He's 40 00:02:23,639 --> 00:02:25,480 Speaker 3: very spry. Well, he's not going to be down on 41 00:02:25,560 --> 00:02:27,760 Speaker 3: his hands and knees. You know, he's not going to 42 00:02:27,760 --> 00:02:30,000 Speaker 3: be wielding a shovel. 43 00:02:30,960 --> 00:02:33,480 Speaker 1: I'm sure when you're the builder you're in there fighting 44 00:02:33,520 --> 00:02:35,240 Speaker 1: with unions and arguing everybody. 45 00:02:36,160 --> 00:02:39,120 Speaker 3: Actually, you know, Silverstein has very good relationships with the 46 00:02:39,160 --> 00:02:44,000 Speaker 3: construction unions. Not all developers use union labor. He does, 47 00:02:44,080 --> 00:02:47,680 Speaker 3: and it's never been a problem. And I suspect that 48 00:02:47,720 --> 00:02:52,000 Speaker 3: whenever they schedule a groundbreaking, likely in the next quite soon, 49 00:02:52,200 --> 00:02:55,520 Speaker 3: within the next few months, you'll see Larry Silverstein there, 50 00:02:55,639 --> 00:02:58,280 Speaker 3: you know, for the photo op with the shovel. 51 00:02:58,680 --> 00:03:03,160 Speaker 1: Yeah, well, good for him. So I also notice there's 52 00:03:03,160 --> 00:03:06,360 Speaker 1: buildings going There's like a huge skyscraper going up at 53 00:03:06,400 --> 00:03:09,360 Speaker 1: fifty eighth and Madison. There's one going up at Park 54 00:03:09,400 --> 00:03:13,359 Speaker 1: Avenue and fifty second. There's dozens of these planned. 55 00:03:13,840 --> 00:03:16,160 Speaker 3: So there are two of them on Madison Avenue. One 56 00:03:16,280 --> 00:03:19,400 Speaker 3: is at like roughly fifty eighth Street. The other is 57 00:03:19,800 --> 00:03:26,160 Speaker 3: two or three blocks north. Developers are Extel and related companies, 58 00:03:26,680 --> 00:03:32,680 Speaker 3: and the ones, you know, the ground has been excavated. 59 00:03:33,040 --> 00:03:36,040 Speaker 3: The other is I think beginning construction and there will 60 00:03:36,080 --> 00:03:43,160 Speaker 3: be new combination condo apartments, some office space, partly hotels, 61 00:03:43,520 --> 00:03:46,760 Speaker 3: and of course a lot of retail because it's Madison Avenue, 62 00:03:47,240 --> 00:03:50,320 Speaker 3: you know, the world's greatest shopping boulevard. 63 00:03:51,840 --> 00:03:54,640 Speaker 1: Yeah, so these are the smartest real estate guys in 64 00:03:54,680 --> 00:03:57,280 Speaker 1: the world. These companies, they wouldn't be building here if 65 00:03:57,280 --> 00:03:59,960 Speaker 1: they had any doubt about New York having a big future, 66 00:04:00,200 --> 00:04:00,920 Speaker 1: even with mumdown. 67 00:04:01,080 --> 00:04:02,520 Speaker 2: It's so true. 68 00:04:02,640 --> 00:04:05,640 Speaker 3: Even with Mum it'll be interesting if he shows up 69 00:04:05,640 --> 00:04:09,800 Speaker 3: for the groundbreaking of the MX Tower. But yes, they 70 00:04:09,840 --> 00:04:12,040 Speaker 3: are among the smartest people in the world. 71 00:04:12,440 --> 00:04:13,280 Speaker 2: You don't hear. 72 00:04:13,160 --> 00:04:17,880 Speaker 3: About as you read about in Miami sometimes La even 73 00:04:17,920 --> 00:04:23,640 Speaker 3: in London sometimes about excuse me, yeah, developers that over 74 00:04:24,120 --> 00:04:27,920 Speaker 3: they're over leveraged. They borrowed too much money, the demand 75 00:04:28,120 --> 00:04:31,280 Speaker 3: wasn't there for their product, and so their buildings go 76 00:04:31,320 --> 00:04:32,320 Speaker 3: into foreclosure. 77 00:04:32,480 --> 00:04:34,200 Speaker 2: They have to get failed out by the banks. 78 00:04:34,360 --> 00:04:36,640 Speaker 3: I mean, this happens in New York, as it does everywhere, 79 00:04:36,839 --> 00:04:39,960 Speaker 3: but not at the highest level, which is very impressive. 80 00:04:40,360 --> 00:04:43,720 Speaker 1: Wow. Hey, So I remember after nine eleven everybody said, well, 81 00:04:43,760 --> 00:04:46,719 Speaker 1: nobody will ever go downtown again, nobody will ever open downtown. 82 00:04:46,760 --> 00:04:50,000 Speaker 1: Of course, that's nobody. Cities were going to be dead. 83 00:04:50,279 --> 00:04:53,960 Speaker 3: Remember, not just New York, but cities are dead because 84 00:04:54,200 --> 00:04:57,159 Speaker 3: there's too much of a threat to terrorism everywhere, and 85 00:04:57,160 --> 00:05:00,279 Speaker 3: nobody's going to want to be concentrated in a small area. 86 00:05:00,760 --> 00:05:03,120 Speaker 3: And you know, we laughed at that we didn't laugh, 87 00:05:03,160 --> 00:05:04,920 Speaker 3: so it was taken seriously at the time. 88 00:05:04,960 --> 00:05:05,720 Speaker 2: I never believed that. 89 00:05:06,200 --> 00:05:09,800 Speaker 3: And then you have other catastrophes of the lesser order. 90 00:05:10,240 --> 00:05:13,400 Speaker 3: You had Hurricane Sandy, you had the Wall Street crash 91 00:05:14,000 --> 00:05:17,359 Speaker 3: of what is it eight I think, and when you 92 00:05:17,400 --> 00:05:20,760 Speaker 3: had a lot of companies have to contract their space, 93 00:05:20,960 --> 00:05:24,520 Speaker 3: and of course the worst of all, which was the pandemic. 94 00:05:24,760 --> 00:05:26,720 Speaker 1: Yeah, and then they said, nobody will ever go back 95 00:05:26,720 --> 00:05:27,839 Speaker 1: to work in an office. 96 00:05:28,279 --> 00:05:30,839 Speaker 2: Nobody's ever come back to work in the office. Is 97 00:05:30,880 --> 00:05:34,800 Speaker 2: it's over? And even some very smart people believe that. 98 00:05:34,920 --> 00:05:35,520 Speaker 2: I never did. 99 00:05:35,600 --> 00:05:37,600 Speaker 3: Yeah, maybe I'm not one of the smart ones. But 100 00:05:38,839 --> 00:05:42,120 Speaker 3: look what's happened. You can't move in midtown excuse me? 101 00:05:42,279 --> 00:05:47,880 Speaker 3: So full of life, and there's very little, as I mentioned, 102 00:05:47,960 --> 00:05:51,719 Speaker 3: very little office space still available because the demand is 103 00:05:51,760 --> 00:05:53,160 Speaker 3: so high. 104 00:05:53,200 --> 00:05:57,320 Speaker 1: Wow, So what about restaurants? You still got? Every time 105 00:05:57,320 --> 00:06:02,680 Speaker 1: I turn around, this is another big restaurant opening. So obviously, yeah, demand. 106 00:06:02,400 --> 00:06:05,839 Speaker 3: The demand is there. And the funniest thing is that 107 00:06:06,040 --> 00:06:08,760 Speaker 3: if you read the you know, the food media, the 108 00:06:08,800 --> 00:06:11,159 Speaker 3: blogs and all this stuff, all they write. 109 00:06:11,000 --> 00:06:14,359 Speaker 2: About is vegan vegan veganness. 110 00:06:13,880 --> 00:06:18,680 Speaker 3: Obscure cuisine combinations, you know, Mexican Malaysia and all these 111 00:06:18,760 --> 00:06:22,360 Speaker 3: kind of crazy things, But what people really want is 112 00:06:22,560 --> 00:06:25,480 Speaker 3: steak and so right now I think there are probably 113 00:06:25,560 --> 00:06:27,960 Speaker 3: more steakhouses in the city than. 114 00:06:27,880 --> 00:06:29,559 Speaker 2: There ever were more new ones. 115 00:06:29,839 --> 00:06:32,560 Speaker 3: I just read in the last I'm so sorry the 116 00:06:32,640 --> 00:06:36,440 Speaker 3: last few days, last few days. There's a new hotel, 117 00:06:36,680 --> 00:06:39,800 Speaker 3: a Kimpton Hotel right near my office on West forty 118 00:06:40,000 --> 00:06:43,680 Speaker 3: eighth Street, which is developed by Extel, and that hotel 119 00:06:43,760 --> 00:06:46,120 Speaker 3: is going to have four restaurants or three restaurants in 120 00:06:46,160 --> 00:06:49,720 Speaker 3: a lounge. And one of the restaurants is Roco de Spirito, 121 00:06:49,960 --> 00:06:52,599 Speaker 3: you know, the great Italian American chef. But the other 122 00:06:52,720 --> 00:06:55,560 Speaker 3: is a big steak a Latin steakhouse. I don't remember 123 00:06:55,560 --> 00:06:58,960 Speaker 3: the name, but there you go, another steakhouse. And then 124 00:06:59,000 --> 00:07:02,159 Speaker 3: I read that there's an another steakhouse, which I can't 125 00:07:02,160 --> 00:07:04,360 Speaker 3: recall the name of. There were just so darn many 126 00:07:05,040 --> 00:07:08,320 Speaker 3: on near eighth Avenue or on eighth Avenue in Midtown. 127 00:07:09,279 --> 00:07:13,400 Speaker 3: The appetite is insatiable for red meat. And it's remarkable 128 00:07:13,440 --> 00:07:18,080 Speaker 3: because the price of beef at the wholesale level has 129 00:07:18,160 --> 00:07:21,520 Speaker 3: gone up enormously over the last ten years. Anyone in 130 00:07:21,560 --> 00:07:26,520 Speaker 3: the business will explain that the herds for various reasons. 131 00:07:27,560 --> 00:07:32,240 Speaker 3: The herds at the large ranches to be reduced in numbers, 132 00:07:32,400 --> 00:07:36,360 Speaker 3: so there was less supply. At the same time, there 133 00:07:36,440 --> 00:07:40,640 Speaker 3: was still this insatiable demand. So prices have gone up. 134 00:07:41,280 --> 00:07:45,560 Speaker 3: Other prices have come down, the price of chicken, the price. 135 00:07:44,800 --> 00:07:45,960 Speaker 2: Of eggs has come down. 136 00:07:46,360 --> 00:07:51,120 Speaker 3: But for people who love meat, red meat, none of 137 00:07:51,120 --> 00:07:51,880 Speaker 3: it seems. 138 00:07:51,560 --> 00:07:52,320 Speaker 2: To make a difference. 139 00:07:52,360 --> 00:07:57,520 Speaker 3: Steakhouses open and they put there like palladinos. I'm happy, 140 00:07:57,680 --> 00:08:02,400 Speaker 3: happy to be going this evening, has great steak, and 141 00:08:02,440 --> 00:08:04,760 Speaker 3: the prices are gone up, but only a little, not 142 00:08:04,920 --> 00:08:05,480 Speaker 3: that much. 143 00:08:06,520 --> 00:08:08,280 Speaker 1: Yeah, when you go to a restaurant in the steakhouse 144 00:08:08,320 --> 00:08:10,560 Speaker 1: and it's eighty dollars for the steak, they're paying like 145 00:08:10,640 --> 00:08:13,040 Speaker 1: seventy eight dollars for the steak. It's not that they're 146 00:08:13,040 --> 00:08:13,680 Speaker 1: trying to gag. 147 00:08:14,080 --> 00:08:15,000 Speaker 2: They're not gouging. 148 00:08:15,040 --> 00:08:18,160 Speaker 3: They're not gouging at all. And you know, they restaurants 149 00:08:18,160 --> 00:08:22,040 Speaker 3: are very, very creative people. They have to adapt and 150 00:08:22,120 --> 00:08:24,480 Speaker 3: so you know, they can tweak their menus, they can 151 00:08:24,520 --> 00:08:29,120 Speaker 3: tweak their labor costs to an extent, and somehow they 152 00:08:29,240 --> 00:08:30,160 Speaker 3: always come through. 153 00:08:30,320 --> 00:08:32,880 Speaker 2: You know, after the nightmare of the. 154 00:08:32,800 --> 00:08:37,720 Speaker 3: Pandemic, when restaurants literally in New York City had to close, 155 00:08:38,440 --> 00:08:41,120 Speaker 3: and then when they were allowed to reopen, they were 156 00:08:41,720 --> 00:08:45,320 Speaker 3: reopened in this grudging way, you know, only serving on 157 00:08:45,360 --> 00:08:49,360 Speaker 3: the street, limited capacity. Everybody had to wear masks. You 158 00:08:49,360 --> 00:08:51,880 Speaker 3: remember we all had to go to restaurants. You had 159 00:08:51,920 --> 00:08:53,120 Speaker 3: to have your temperature taken. 160 00:08:53,160 --> 00:08:54,960 Speaker 2: Do you remember that temperature? 161 00:08:55,679 --> 00:08:59,280 Speaker 3: And so how if an industry, a business that can 162 00:08:59,360 --> 00:09:05,680 Speaker 3: survive that kind of collective trauma, can survive anything, you know, 163 00:09:05,840 --> 00:09:09,760 Speaker 3: or an incidental increase in the price of steak is 164 00:09:09,800 --> 00:09:10,880 Speaker 3: not going to make a difference. 165 00:09:11,040 --> 00:09:13,160 Speaker 1: Yeah, well, Steve Cuzo, we're out of time. But if 166 00:09:13,160 --> 00:09:15,559 Speaker 1: you want to read some great columns or restaurants about 167 00:09:15,559 --> 00:09:19,080 Speaker 1: real estate, about New York, Steve cuzou New York Post website. 168 00:09:19,080 --> 00:09:22,000 Speaker 1: You can get all his columns there. Steve Cuzo in 169 00:09:22,080 --> 00:09:25,440 Speaker 1: the New York Post. Steve Cuzo, great stuff. Thanks for 170 00:09:25,440 --> 00:09:26,079 Speaker 1: being with us. 171 00:09:26,520 --> 00:09:27,840 Speaker 2: Thank you. Mark always fun. 172 00:09:28,040 --> 00:09:33,040 Speaker 1: I take care. Yeah, so that's true. The steak, if 173 00:09:33,040 --> 00:09:36,160 Speaker 1: it's eighty dollars the restaurant, it's like seventy eight to them. 174 00:09:36,160 --> 00:09:39,520 Speaker 1: They're not even making a profit. In fact, they only 175 00:09:39,559 --> 00:09:41,560 Speaker 1: make the profit on the side dish. If you ordered broccoli, 176 00:09:41,640 --> 00:09:43,880 Speaker 1: it's like fifteen dollars and it cost them twelve cents, 177 00:09:43,920 --> 00:09:47,439 Speaker 1: so if you don't order a side dish, they go crazy. Anyway, 178 00:09:47,840 --> 00:09:50,360 Speaker 1: don't forget Buck and Clay. They'll be here right after 179 00:09:50,400 --> 00:09:53,560 Speaker 1: the news at twelve noon with an excellent show. And 180 00:09:53,600 --> 00:09:57,200 Speaker 1: I don't know if you heard Curtis Sliwa beginning Monday, 181 00:09:57,200 --> 00:09:59,560 Speaker 1: he'll be co hosting the Morning Show with Larry every 182 00:09:59,640 --> 00:10:03,800 Speaker 1: day starting Monday here on seven ten w o R