NYC Restaurant Reviews-One Surprise
7/3/24
Opening Comments
My last piece was entitled, “Sad Day for America,” and was about the awful Presidential Debate. I received a lot of feedback on the piece which is always appreciated. Higher open rates than normal as well. The most opened links were about the armed bandits robbing people in a NYC restaurant and the update on Warren Buffett’s will and where his money will go.
Happy July 4th to all. I hope you spend quality time with family and friends and enjoy a nice BBQ. I am in the Hamptons but will be off to golf near Cape Cod this weekend and am likely going to visit friends in Nantucket next week.
My editor is on holiday, so expect some typos. I am also having comupter issues. Apologies.
Markets
Labor Market
Recent Price Declines on Select Goods
Biden/Debate Ramifications
France Round One
Jason Tatum’s Record Contract in Perspective
Cities With the Highest Cost of Living in the USA
Blue State Tentant Laws
Barney’s Building on Madison Avenue
LA Office Tower Lost 66% of Its Value in 4 Years
Video of the Day-Debate Walk Off
My last note summarized my views about the debate, the ramifications of it and the massive cover up by the liberal media, the Democratic Party and the Biden family to hide the truth about our President. This is a 30-second video of Trump and Biden walking off the stage. Biden needs help navigating a tiny staircase and is holding on to his wife, while Trump walks off fine. If you want more views on the debate, watch the All-In Podcast with 2 Left hosts, 1 Right and 1 Center that I have set to begin at the debate discussion and lasts 35 minutes. Their take is very concerning, especially, the Leftmost hosts. Gretchen Whitmer, governor of Michigan, “I Won’t Run, But Joe Has Lost Michigan After the Debate.”
Restaurant Reviews
I have been out to eat in NYC quite a bit and will quickly outline restaurants to help you decide if it is worth the look. I was disappointed in the highly rated, Zero Bond from a food perspective. Marea always is worth the price of admission.
Bond Street-It has been a popular Japanese restaurant for 25 years. The food is good enough and the presentation is solid. The service is snappy, and they have a downstairs lounge as well as a more formal dining room upstairs. Bond Street is not a top destination for me but a place to go on occasion. I did like the shrimp toast and fried shrimp. The Yuzu Calamansi Vinaigrette dressing on the salad was amazing. Fully priced.
Food is a B.
Zero Bond-I heard great things about this place and my expectations were far too high. The food is weak and pricey. However, the ambiance, vibe, and cool factor are a different story. Go for drinks and the hip setting but eat elsewhere. Not one thing we ordered was good enough for me to have more than a couple bites (steak, pasta, sushi, potatoes…) were all underwhelming. Multi-levels, outdoor roof deck and pretty people all positives, but the food is not.
Food is a C and Scene is an A.
Little Maven-Modern American on 18th between 5th and 6th with something for everyone on the menu. There is a nice bar with solid happy hour specials and fun drinks. The food is better than I expected and will return. I went with my good friend and contributor, Peter Boockvar, and our sons. Peter knows the owner/chef (Josh Capon) who brought us out a ton of food and everyone left happy.
Food is a B+
Malatesta-Local Italian with homemade pasta located in the West Village. It is a cute place with outside seating to watch the beautiful people walking by the restaurant. The prices are reasonable. The food is fine. I would not go to the West Village just for this restaurant but would stop in as I was walking by for lunch or a quick bite. Reasonable prices too.
Food is a B-.
Marea-One of my NYC staples is a personal favorite. I went for lunch and ordered my “go-to” items (Crudi-raw fish) and the best pasta dish in the city (Fusilli with red wine braised octopus, bone marrow and breadcrumbs). I dare you to find a better pasta dish. I have been to this restaurant over 30 times and that pasta dish is the ONLY entree I have ever ordered. The restaurant was closed for a number of months due to a flood and has been restored to its former glory. Beautiful room and amazing bar. I find the restaurant to be a bit fancier and I prefer to wear nicer clothes. No suit or jacket required.
Food is an A.
STK-Despite NYC having a ton of good restaurants, the Bryant Park area has limited choices. STK Steak is an over-rated, over-priced, disappointment despite the snappy service. The steaks are on the verge of inedible. It was the worst $75 steak I ever had, and they charge you a fortune for everything. The small sides were $19. The only edible item was the chocolate chip cookie. NOTHING COULD EVER GET ME TO EAT THERE AGAIN.
Food is a D.
Jazba-I love the Indian restaurant Junoon (high end) and this is a more casual sister-restaurant on the Lower East Side that has some funky selections on the menu. I went once and was blown away, but my second time back was a notch lower. The butter chicken is the MUST have dish and is remarkable. Everything else was good but not amazing. The service was weak, and they messed up our order multiple times. The crowd is young and worth a go but get the butter chicken with garlic naan.
Food is a B, but butter chicken is an “A.”
Black Tap-The craft burger and beer joint is known for its amazingly large and expensive milk shakes. I went a few years ago and loved it. I was less impressed the 2nd time around. My Wagyu burger was ok and definitely not a top 5 for me in NYC. They have a couple NYC locations and one in Miami. Sure, take the kids for a burger and a massive shake but don’t delude yourself into thinking it is going to be and amazing dining experience.
Food is a B- & Shakes A
Quick Bites
All non-bolded text below is excerpted from the cited articles. Bold are my thoughts.
Stocks have remained firm but I thought the market breadth charting was compelling that shows we are on pace for a record low percentage of stocks beating the S&P 500. Powell says Fed has made ‘quite a bit of progress’ on inflation but needs more confidence before cutting. Treasury yields fell slightly post Powell’s commentary. Private payrolls grew by just 150,000 in June, less than expected. The 2-Year Treasury yield is 4.71% (-3bps last five days) and the 10-Year Treasury yield is 4.36%.(+11bps last 5 days) Traders in the Treasury market are betting on higher long-term bond yields as Wall Street starts to adjust for Donald Trump’s potential return to the White House (2nd chart). U.S. crude oil rises, tops $82 per barrel ahead of Fourth of July holiday
Good WSJ article concerning the labor market and recessions. The pandemic left the U.S. labor market badly overheated. Reopening businesses panicked at labor shortages, paying big raises to hire. As prices shot higher, fears rose of a wage-price spiral. Recently, though, the labor market has cooled, and indeed, looks like something close to normal. Unemployment has crept up from a half-century low of 3.4% a year ago to 4% in May, consistent with what economists consider full employment. The Labor Department releases June data Friday. The question now is whether the labor market is in a sustainable equilibrium where unemployment settles out around 4% or keeps softening, resulting in recession—as historically has occurred when unemployment rises much more than it already has. Job hiring and quitting rates are back to levels seen 10 and seven years ago, respectively, a sign fewer workers see the opportunity to jump to new, higher-paying jobs. Check out the last chart showing software development job postings crashing.
I thought this CNBC article entitled, “From used cars to airfare: 5 purchases that are cheaper than last year, even as prices rise overall,” was interesting. I am so frustrated with the price of food, hotels, restaurants, insurance, Ubers, Housing…that it is nice to see a handful of things getting more affordable. Prices for commonly purchased items such as groceries and diapers keep going up — or at least it feels that way. But with inflation cooling off over the last year, a few things have actually gotten cheaper. The discounts are a welcome relief for Americans who have weathered the cost of goods and services increasing 17% over the past three years, as measured by the consumer price index. Very good charts in the link.
The betting odds have seen a massive move in favor of Trump. Biden is getting eviscerated. Trump is now at 59 and Biden 23. Pre Debate, it was 55 to 45 in favor of Trump. Biden and Harris are now close on PredictIt as to who will be the Democratic Presidential nominee (2nd chart). However, the markets are moving quickly. Looks like it will be Harris against Trump and she is polling better than Biden now against Trump. Also, 72% of Americans don’t want Biden to run including 46% of Democrats. It is time for Biden to step out of the race and this article suggests 25 House Democrats are preparing to call for Biden to end his re-election effort. In my last note, “A Sad Day for America,” I outlined why I do not feel Biden is fit to finish his term, let alone run again. This article outlines what Biden Administration insiders did to minimize the President’s exposure to situations where he could show his deteriorated state. The inner circle has known the truth yet covered it up to keep the puppet show going. The geo-political risks in the world have not been greater in 50 years and we have a President who needs to be protected from himself. Shame on the insiders, media, and Biden family for perpetrating this fraud. Nancy Pelosi suggested Trump has dementia in an interview post the debate debacle. It sure did not look like it from Thursday’s showdown. I am hardly a Trump fan, but to compare his cognitive condition to Biden’s is a joke. There are still many people who believe Biden is capable and want him to stay in the race. For the life of me, I cannot understand it. CNN’s Jake Tapper called out Chris Coons for writing off “bad night” debate. We are finally seeing Liberal media outlet call out Biden for his cognitive shortcomings. This too is CNN, Carl Bernstein (yes, that one) on his concerning take. In the 2nd Chart, it shows Kamala and Biden are effectively tied as to who will be the Democratic nominee. Event Ex-NYT executives are blasting the press for covering up the Biden mess.
I have been writing about the move Right in Europe in recent years and the ramifications. The first round of elections in France went as expected with Marine le Pen’s National Rally (RN) party winning the 1st round of Parliamentary elections with 33% of the vote. The RN's share of the vote was comfortably ahead of leftist and centrist rivals, including Macron's Together alliance, whose bloc was seen winning 21%. The New Popular Front (NFP), a hastily assembled left-wing coalition, was projected to win 28% of the vote. I am not close enough to French politics, but many articles suggest the RN party has roots of antisemitism and things are so bad in France today that voters are turning to RN over other parties. There has been a consistent theme with the move to the Right in Europe. Voters are complaining about open borders/immigration, inflation and overly burdensome eco-friendly laws that are making business more difficult and expensive. If RN wins, a 28-year-old, Bardella, would become Prime Minister. There are riots in France going on due to the election. The Olympics are three weeks away. What could possibly go wrong?
Boston Celtics star, Jason Tatum, signed the richest deal in NBA history (5-year $315mm). He will average $62.8mm/year and I thought I would put that into perspective. Let’s look at what stars made over the past 45 years, and you can see how much more they get paid today. The NBA has put out amazing product, sold streaming rights all over the world, brought in major sponsors and the owners and players have benefited. In 1980-81, a handful of players made $1mm including J. Irving, K. Jabbar, B. Walton, & M. Malone. All you Caitlin Clark haters should stop talking. She is bringing eyeballs to the games and people in the seats. Sponsors are showing up. The weak pay for the WNBA will INCREASE due to her popularity. Stop complaining and thank her. WNBA sales are +93% over last season and Clark’s team, the Fever (Clark’s team), are 13 times higher than 2023. Average ticket prices are +80% when the Fever play.
Israel/Middle East
We continue to see Jews attacked all over the world and the global hate is mounting. Hamas unleashed a firestorm against Jews that we have not seen since WWII.
Turkey refuses to let Israeli flight evacuate, refuel after emergency landing
Ultra-Orthodox protest against order to enlist in Israeli military turns violent in Jerusalem
Bragg, how about consequence for hate crimes and crime in general?
Masked Activists Violently Attack Jews at North Carolina Public Library
What are the consequences for such action? Immediate deportation to Gaza?
Paris Grand Synagogue Rabbi: ‘There is no future for Jews in France’
“Many Ashkenazi Jewish families here since before World War II couldn’t think to vote for National Rally, yet the Left has been antisemitic in recent times,” said Sebbag. “The Jews are in the middle because they don’t know who hates them more.” Big section in Quick Bites on the French Elections.
Haunting new discovery made under floorboards at Auschwitz concentration camp
Such a disgusting time in history. Disturbing pictures in the link.
Other Headlines
Euro zone inflation eases to 2.5% as core print misses estimate
Citadel, Millennium Extend Run of Returns With First Half Gains
Citadel +8.1% for Wellington. Tactical Trading Fund +2.3% in June + 13.7% YTD. Millennium +6.9% YTD.
U.S. plans to seek guilty plea from Boeing over fatal 737 Max crashes
Tesla shares soar on better-than-expected Q2 deliveries report
TSLA was +9% on news but is -8% YTD and -18% over the past year.
MIT robotics pioneer Rodney Brooks thinks people are vastly overestimating generative AI
The reason why NATO and Europe found Biden’s debate performance so alarming
The concerns that America’s allies have are that the most powerful country on earth cannot provide the one thing they most want: stability.
Trump Raises $331 Million in a Quarter, Topping Biden
Biden raised $264mm. Trump has $285mm in cash and Biden has $240mm.
Supreme Court sends Trump immunity case back to lower court, dimming chance of trial before election
With its immunity ruling on Monday, the Supreme Court granted former President Donald Trump’s wish of all but guaranteeing that his criminal trial for trying to overturn the 2020 presidential election will not go to trial before the 2024 election in November. It also granted presidents in general a definitive “absolute immunity” from prosecution for core official acts and said presidents should be presumed immune for a much more expansive list of acts. Justice Sonia Sotomayor’s dissent is in this article.
Democrats Weigh Mid-July Vote to Formally Tap Biden as Nominee
It is sad that the party is pushing a Weekend At Bernie’s situation and they do not have the faith in other Democratic candidates. The Biden camp is blaming bad debate prep. Seriously?
Border crossings fall to their lowest monthly number of the Biden presidency
The positive note is the data is improving. The negative note is Biden has the most porus borders of our lifetime and Trump ran on walls and tight border controls. The chart below was from US Customs, and I updated the latest data in Red. The Biden Administration has been supportive of open borders for his term despite the fact that 78% of Americans say the large number of migrants crossing the border is a crisis or major problem.
Dozens of migrants who violently stormed El Paso border crossing were released into the US
Why is this good for America?
Brawls, chaos at NYC's Washington Square Park after Pride Parade
Nebraska Man Tells Hispanic Family To ‘Go Back to Their Country’ Before Shooting 7 of Them
Oklahoma schools head Ryan Walters: Teachers who won't teach Bible could lose license
Millennials are ‘very ill-prepared’ to be the richest generation in history, wealth manager says
A vast $90 trillion wealth transfer over the next 20 years will likely make millennials “the richest generation in history,” according to Knight Frank.
Really good quotes. A lot of wisdom in those 102 years. Personally, I look back at my mistakes and harp on them too much.
FDA approves Eli Lilly Alzheimer’s drug, expanding treatment options in the U.S.
US sprinter Quincy Wilson, 16, set to become youngest ever US male track Olympian
Despite finishing 6th in the 400m final, he ran an under 18 world record at 44.59 seconds. He did not make the team as an individual but was named to the relay.
Beryl heads toward Jamaica as a major hurricane after ripping through southeast Caribbean
Real Estate
Interesting CNBC article about the 10 U.S cities with the highest cost of living. The New York borough of Manhattan is the most expensive place to live in the U.S. — and the cost of living in the No. 2 place isn’t even close. The cost of living in Manhattan is more than twice the national average. The second- and third-most expensive places are Honolulu and San Jose, California, but in comparison, they are much more affordable. Manhattan is 24% more expensive than Honolulu and 30% more expensive than San Jose. That’s according to the Council for Community and Economic Research’s Cost of Living Index, which measures regional price differences for everyday goods and services in 271 urban areas in the U.S. The cost of living is expressed as a composite index score, based on six weighted categories: housing, utilities, groceries, transportation, health care and miscellaneous goods or services. A composite score of 100 is the national average, and any score higher than 100 is above average.
I will not own a rental property in a Blue State for many reasons and this article outlines one of them. When Alison Weinsweig, 67, rented her luxury Westwood apartment to a tenant in 2020, she never anticipated it would turn into an almost three-year ordeal, let alone one that would set her back more than $200,000. Horrible laws protect bad actors who rent and don’t pay or squat in homes. I have another reader who has a VERY wealthy tenant in his building in NYC who refuses to pay rent, throws loud parties and the landlord cannot evict him due to ridiculous laws. I keep getting shown deals that look cheap on the surface, but they are in Blue states which means I will pass. Let’s compare these ridiculous Blue State rules with Florida. Governor DeSantis announced a new Florida bill granting state law enforcement officials more power to remove squatters and raising criminal penalties for offenders. I cannot believe this is even a discussion. Many Blue states allow squatters years to live in a house while the owner is forced to pay the mortgage, taxes, and upkeep. It is among the most idiotic policies I have ever seen. One homeowner was arrested in NYC for changing the locks after squatters took her house. This article outlines how the rental laws do not allow landlords to keep up with inflation in NYC.
In a related note, San Francisco was named the “worst-run” city in the U.S. for the second consecutive year. The ranking comes courtesy of WalletHub, a personal finance company that measured the "effectiveness of local leadership" by comparing the quality of city services matched against the city’s total budget to determine its operating efficiency.
If you’re wondering why Ben Ashkenazy’s 660 Madison Avenue, site of the former Barneys New York flagship, remains vacant, you’re not alone. Ashkenazy said. “I’ve chosen to keep it vacant for a reason, because one big retailer is going to buy it.” He believes someone will pay $1bn for the building but my contacts suggest it is worth half that. Way back in 2001, Ashkenazy paid $135 million for the 10-story retail portion of the 22-story, 275,000-square-foot building. Barneys closed its doors in 2020, a year after filing for bankruptcy as Ashkenazy doubled its rent to $30 million a year. Other than a Louis Vuitton pop-up exhibit in late 2022, not much has happened at 660 Madison since.
A downtown Los Angeles office tower has lost a shocking $417M in value in just 3 yrs. The appraised value of the 52 story tower has plunged from $632M in 2021 to $215M. Reports are that the owner is handing the asset over to the lender - there is $465M of debt on the property. Address: 555 West 5th St (Gas Company Tower). Banks have a lot of losses to take in commercial R/E in coming years.
© 2024 The Rosen Report LLC. All rights reserved. Does not constitute investment, financial, legal, or tax advice. Consult with your lawyers and professional financial advisers. Rosen Report™ #696 ©Copyright 2024 Written By Eric Rosen.
Doesn't matter who this weekend could or will replace Biden---you have to for his sake get him out of the race..
-it does matter later, but that isn't first decision-you can't vote for someone who has MCI and is on way to dementia for Pres
stress is greatest accelerator of cognitive decline--a campaign is incredibly stressful
people are doing a disservice for him for rest of his life by exposing him to this stress and not getting reversible treatments --- if parkinson's forced bicycle at 90 plus rpms per minute for 30 min and Rx
speed of processing games and the 39 other choices shown in human studies to slow or reverse MCI and prevent the progression to the disability and heartache of dementia
Mike Roizen MD