Business

In the latest sign that NYC’s ultra-high end property market is on the verge of imploding after a wave of overly aggressive development, another luxury condo at Manhattan’s One57 tower, a member of “Billionaire’s Row,” a group of high-end towers clustered along the southern edge of Central Park, has gone into foreclosure - the second in the span of a month.

The 6,240-square-foot (580-square-meter) full-floor penthouse in question, One57’s Apartment 79, sold for $50.9 million in December 2014, making it the eighth-priciest in the building.

Authored by Lance Roberts via RealInvestmentAdvice.com,

Beginning in December of last year, following the announcement by OPEC of a cut in oil production, I have discussed the “headwinds” that persist against a sustained rise in oil prices.

Tech investors the last 2 days...

Lots of chatter again this week about shrinking The Fed's balance sheet... it's gonna happen no matter what and it is looming...

With every passing day, the Fed is slowly losing the game, a point made earlier today by SocGen's Albert Edwards who wrotes that "Citizens Will Soon Turn Their Rage Towards Central Bankers."

Authored by Nick Cunningham via OilPrice.com,

The power restructuring in Saudi Arabia this week led to the elevation of 31-year-old Mohammed bin Salman to crown prince, essentially ensuring that he will become the youngest king of Saudi Arabia in the not-too-distant future. The heir apparent has already been effectively running the country for the past few years, so the move was not entirely a shock. Nevertheless, the effects on the oil market could be profound.