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07/11/2008

New York, New York

Crain’s New York Business just came out with its annual look at
all things New York (July 7, 2008 issue) and seeing as the city is
still the financial capital of the world, despite the claims of
London to the contrary, some of the stats from the piece are
noteworthy for a column of this kind. [“The top six global
financial services firms are based in New York.” “$27
trillion the market capitalization on the New York Stock
Exchange, is six times that of the London Stock Exchange.”]

---

“New York is the most diverse city in the world, based on the
size of its foreign-born population and the number of countries
they come from”

“34.8% of the population of NYC is white, 27.6%
Hispanic/Latino, 23.7% African-American/Black, 11.6% Asian”

“40% of Americans can trace their roots through Ellis Island.
Many world cities are immigrant gateways, but New York
embraces that identity like no other”

“19.7 million live in the New York metro region, making it one
of the world’s largest”

“$9.02 amount of every $100 that goes to state and local taxes
– the highest tax burden of any large U.S. city”

“New York, Connecticut and New Jersey are the most-taxed
states in the nation.” [Combining local, state and federal taxes as
a percentage of total income.]

“$67 billion New York City expenditures in 2007, more than
the spending by 46 of the states”

“$14,115 average income of the poorest fifth of New York City
families, 9.5 times lower than the average income of the richest
fifth”

“$33.2 billion .total Wall Street bonuses in 2007”

“25%...amount of the world’s gold bullion stored beneath the
Federal Reserve Bank on Wall Street”

“New York City public school teachers are the lowest-paid in the
area . $53,017 (2006) vs. $81,110 in Westchester County”

“The life expectancy for New Yorkers is longer than that for the
average American: 78.7 years versus 77.8”

“Top five most affluent New Yorkers David Koch (oil,
commodities), $17 billion; Carl Icahn, $14.5 billion; Michael
Bloomberg, $11.5 billion; Ronald Perelman, $10.0 billion;
Rupert Murdoch, $8.8 billion”

“The Empire State Building houses over 1,000 businesses and is
designed as a lightning rod; it’s struck about 100 times a year”

“In the Midtown market, commercial space rent increased 67%
in the past five years” [Leasing activity, though, is now
plummeting. In the case of Downtown space, off 38% in Q1 ’08
vs. Q1 ’07.]

“NYC construction spending (residential, nonresidential) for
2003, $15.1 billion; for 2007, $25.3 billion”

“Foreclosures across all five boroughs rose 12% in 2007 over
2006”

“The Meal Deal: Avg. meal cost at the 20 most expensive
restaurants in NYC in ’08 was $143.06; +109% from ’98 to ’08
at these same restaurants”

“Broadway’s Biggest Hits 2007-08 season ‘Wicked’ avg.
ticket price $100.71 ‘Jersey Boys’ avg. price $121.84”

“Average daily room rate at Manhattan hotels was $190.26 in
2003; $303.99 in ‘07” [Over 86% hotel occupancy rate these
days]

“Hotel tax revenues in NYC are estimated to bring in $371
million in 2008”

“NYC brought in 46 million total tourists in 2007”

“A full 91% of New Yorkers surveyed had visited a cultural
venue or attended a cultural or sporting event in the previous 12
months.” [53% had visited an art or design museum.]

“81% of New Yorkers have seen the 1961 movie version of
‘West Side Story.’”

“Cost of a monthly commute from Princeton, N.J. to Manhattan
is $366; from Syosset, L.I., $211”

“In the past decade, the number of eastbound vehicles using Port
Authority bridges and tunnels has increased only 4.9%”

Wall Street History returns next week with an updated look at the
bull/bear sentiment readings.

Brian Trumbore




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-07/11/2008-      
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Wall Street History

07/11/2008

New York, New York

Crain’s New York Business just came out with its annual look at
all things New York (July 7, 2008 issue) and seeing as the city is
still the financial capital of the world, despite the claims of
London to the contrary, some of the stats from the piece are
noteworthy for a column of this kind. [“The top six global
financial services firms are based in New York.” “$27
trillion the market capitalization on the New York Stock
Exchange, is six times that of the London Stock Exchange.”]

---

“New York is the most diverse city in the world, based on the
size of its foreign-born population and the number of countries
they come from”

“34.8% of the population of NYC is white, 27.6%
Hispanic/Latino, 23.7% African-American/Black, 11.6% Asian”

“40% of Americans can trace their roots through Ellis Island.
Many world cities are immigrant gateways, but New York
embraces that identity like no other”

“19.7 million live in the New York metro region, making it one
of the world’s largest”

“$9.02 amount of every $100 that goes to state and local taxes
– the highest tax burden of any large U.S. city”

“New York, Connecticut and New Jersey are the most-taxed
states in the nation.” [Combining local, state and federal taxes as
a percentage of total income.]

“$67 billion New York City expenditures in 2007, more than
the spending by 46 of the states”

“$14,115 average income of the poorest fifth of New York City
families, 9.5 times lower than the average income of the richest
fifth”

“$33.2 billion .total Wall Street bonuses in 2007”

“25%...amount of the world’s gold bullion stored beneath the
Federal Reserve Bank on Wall Street”

“New York City public school teachers are the lowest-paid in the
area . $53,017 (2006) vs. $81,110 in Westchester County”

“The life expectancy for New Yorkers is longer than that for the
average American: 78.7 years versus 77.8”

“Top five most affluent New Yorkers David Koch (oil,
commodities), $17 billion; Carl Icahn, $14.5 billion; Michael
Bloomberg, $11.5 billion; Ronald Perelman, $10.0 billion;
Rupert Murdoch, $8.8 billion”

“The Empire State Building houses over 1,000 businesses and is
designed as a lightning rod; it’s struck about 100 times a year”

“In the Midtown market, commercial space rent increased 67%
in the past five years” [Leasing activity, though, is now
plummeting. In the case of Downtown space, off 38% in Q1 ’08
vs. Q1 ’07.]

“NYC construction spending (residential, nonresidential) for
2003, $15.1 billion; for 2007, $25.3 billion”

“Foreclosures across all five boroughs rose 12% in 2007 over
2006”

“The Meal Deal: Avg. meal cost at the 20 most expensive
restaurants in NYC in ’08 was $143.06; +109% from ’98 to ’08
at these same restaurants”

“Broadway’s Biggest Hits 2007-08 season ‘Wicked’ avg.
ticket price $100.71 ‘Jersey Boys’ avg. price $121.84”

“Average daily room rate at Manhattan hotels was $190.26 in
2003; $303.99 in ‘07” [Over 86% hotel occupancy rate these
days]

“Hotel tax revenues in NYC are estimated to bring in $371
million in 2008”

“NYC brought in 46 million total tourists in 2007”

“A full 91% of New Yorkers surveyed had visited a cultural
venue or attended a cultural or sporting event in the previous 12
months.” [53% had visited an art or design museum.]

“81% of New Yorkers have seen the 1961 movie version of
‘West Side Story.’”

“Cost of a monthly commute from Princeton, N.J. to Manhattan
is $366; from Syosset, L.I., $211”

“In the past decade, the number of eastbound vehicles using Port
Authority bridges and tunnels has increased only 4.9%”

Wall Street History returns next week with an updated look at the
bull/bear sentiment readings.

Brian Trumbore