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A record number of New Yorkers are dishing out cash to nab a home in Manhattan, where the average digs run for $2 million.

Cash sales in the Big Apple made up a staggering 67.9% of transactions in the fourth quarter of 2023, according to the latest quarterly survey of Manhattan sales from appraisers Miller Samuel and brokerage giant Douglas Elliman.

The figure, which usually hovers around 50%, “exceeds two-thirds of all sales to reach a record-high market share,” according to the report.

It also represents a stark increase from the 55% of wealthy homebuyers who paid for their pad in cash in December 2022.

Tim Malone, a luxury real estate advisor on the Steven Cohen Team and Douglas Elliman, told The Post that he’s seen this cash trend “all year long.”

“The sky-high mortgage rates have had a direct impact on buying trends, especially in the luxury market,” added Malone, whose current listings go for between $650,000 and $20 million.

“More than half of my buy side deals were all cash last year,” he said.

As of Thursday, the average 30-year fixed home loan is 6.62%, according to mortgage buyer Freddie Mac — double what it was in January 2022, when rates started surging as the Federal Reserve began its aggressive tightening regime, which has lifted the benchmark federal funds rate to a 22-year high.

By paying cash, deep-pocketed homebuyers with ample liquid assets are skirting interest rates altogether.

The housing market has threatened to price out middle- and lower-class buyers over the past year as monthly mortgage rates have risen to cost more than monthly rent payments — so much so that the commercial real estate firm CBRE found that in October, the average monthly mortgage payment was a whopping 52% higher than the average monthly rent on a house or apartment.

Traditionally, monthly mortgage rates cost the same or less than monthly rent payments on an apartment which had been the case from 1996 to mid-2003 since owners tend to put more cash into their homes than tenants because of expenses like repairs and renovations.

In the lead up to the 08 market crash, the mortgage premiums peaked at 33% in the second quarter of 2006.

However, the script was flipped due to the increased cost of debt, high rates on a benchmark 30-year home loan — which peaked at 8% late last year — coupled with low housing supply.

These same factors give homeowners an incentive to stay put, as even downsizing to take advantage of lower sticker prices doesnt make sense given higher mortgage rates.

The higher rates also discourage homeowners who locked in low rates two years ago from selling.

In a bid to combat low housing stock, Wall Street firms are working to create so-called “build-to-rent communities.”

The new homes come equipped with modern flooring and furnishings that are designed to withstand years of wear and tear, thus saving the companies a hefty sum on maintenance costs while also being attractive to tenants.

There are some 900 neighborhoods nationwide with this build-to-rent model in mind, according to the National Association of Home Builders, each boasting an average of between 135 and 150 homes designed for institutional investors to own them and rent them out to single families.

Like most businesses, Wall Street real estate investors are looking at the economies of scale, Ted Jenkin, the founder and CEO of Atlanta-based oXYGen Financial, told The Post  earlier this week.

If you can buy one plot of land, build a similar style house with similar materials it becomes much cheaper and cost efficient for your outcomes.

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Sports

Source: USC flips Ducks’ Topui, No. 3 DT in 2026

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Source: USC flips Ducks' Topui, No. 3 DT in 2026

USC secured the commitment of former Oregon defensive tackle pledge Tomuhini Topui on Tuesday, a source told ESPN, handing the Trojans their latest recruiting victory in the 2026 cycle over the Big Ten rival Ducks.

Topui, ESPN’s No. 3 defensive tackle and No. 72 overall recruit in the 2026 class, spent five and half months committed to Oregon before pulling his pledge from the program on March 27. Topui attended USC’s initial spring camp practice that afternoon, and seven days later the 6-foot-4, 295-pound defender gave the Trojans his pledge to become the sixth ESPN 300 defender in the program’s 2026 class.

Topui’s commitment gives USC its 10th ESPN 300 pledge this cycle — more than any other program nationally — and pulls a fourth top-100 recruit into the impressive defensive class the Trojans are building this spring. Alongside Topui, USC’s defensive class includes in-state cornerbacks R.J. Sermons (No. 26 in ESPN Junior 300) and Brandon Lockhart (No. 77); four-star outside linebacker Xavier Griffin (No. 27) out of Gainesville, Georgia; and two more defensive line pledges between Jaimeon Winfield (No. 143) and Simote Katoanga (No. 174).

The Trojans are working to reestablish their local recruiting presence in the 2026 class under newly hired general manager Chad Bowden. Topui not only gives the Trojans their 11th in-state commit in the cycle, but his pledge represents a potentially important step toward revamping the program’s pipeline to perennial local powerhouse Mater Dei High School, too.

Topui will enter his senior season this fall at Mater Dei, the program that has produced a long line of USC stars including Matt Leinart, Matt Barkley and Amon-Ra St. Brown. However, if Topui ultimately signs with the program later this year, he’ll mark the Trojans’ first Mater Dei signee since the 2022 cycle, when USC pulled three top-300 prospects — Domani Jackson, Raleek Brown and C.J. Williams — from the high school program based in Santa Ana, California.

Topui’s flip to the Trojans also adds another layer to a recruiting rivalry rekindling between USC and Oregon in the 2026 cycle.

Tuesday’s commitment comes less than two months after coach Lincoln Riley and the Trojans flipped four-star Oregon quarterback pledge Jonas Williams, ESPN’s No. 2 dual-threat quarterback in 2026. USC is expected to continue targeting several Ducks commits this spring, including four-star offensive tackle Kodi Greene, another top prospect out of Mater Dei.

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Environment

SunZia Wind’s massive 2.4 GW project hits a big milestone

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SunZia Wind’s massive 2.4 GW project hits a big milestone

GE Vernova has produced over half the turbines needed for SunZia Wind, which will be the largest wind farm in the Western Hemisphere when it comes online in 2026.

GE Vernova has manufactured enough turbines at its Pensacola, Florida, factory to supply over 1.2 gigawatts (GW) of the turbines needed for the $5 billion, 2.4 GW SunZia Wind, a project milestone. The wind farm will be sited in Lincoln, Torrance, and San Miguel counties in New Mexico.

At a ribbon-cutting event for Pensacola’s new customer experience center, GE Vernova CEO Scott Strazik noted that since 2023, the company has invested around $70 million in the Pensacola factory.

The Pensacola investments are part of the announcement GE Vernova made in January that it will invest nearly $600 million in its US factories and facilities over the next two years to help meet the surging electricity demands globally. GE Vernova says it’s expecting its investments to create more than 1,500 new US jobs.

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Vic Abate, CEO of GE Vernova Wind, said, “Our dedicated employees in Pensacola are working to address increasing energy demands for the US. The workhorse turbines manufactured at this world-class factory are engineered for reliability and scalability, ensuring our customers can meet growing energy demand.”

SunZia Wind and Transmission will create US history’s largest clean energy infrastructure project.

Read more: The largest clean energy project in US history closes $11B, starts full construction


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Environment

Stablecoin issuer Circle files for IPO as public markets open to crypto

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USDC stablecoin issuer Circle files for IPO as public markets open to crypto

Jeremy Allaire, Co-Founder and CEO, Circle 

David A. Grogan | CNBC

Circle, the company behind the USDC stablecoin, has filed for an initial public offering and plans to list on the New York Stock Exchange.

The prospectus, filed with the SEC on Tuesday, lays the groundwork for Circle’s long-anticipated entry into the public markets.

JPMorgan Chase and Citigroup are serving as lead underwriters, and the company is reportedly aiming for a valuation of up to $5 billion. It will trade under ticker symbol CRCL.

It marks Circle’s second attempt at going public. A prior merger with a special purpose acquisition company (SPAC) collapsed in late 2022 amid regulatory challenges. Since then, Circle has made strategic moves to position itself closer to the heart of global finance, including the announcement last year that it would relocate its headquarters from Boston to One World Trade Center in New York.

Circle reported $1.68 billion in revenue and reserve income in 2024, up from $1.45 billion in 2023 and $772 million in 2022. The company reported net income last year of about $156 million., down from $268 million a year earlier.

Read more about tech and crypto from CNBC Pro

A successful IPO would make Circle one of the most prominent pure-play crypto companies to list on a U.S. exchange. Coinbase went public through a direct listing in 2021 and has a market cap of about $44 billion.

Circle will be trying to hit the public markets at a volatile moment for tech stocks, with the Nasdaq having just wrapped up its steepest quarterly drop since 2022. The tech IPO market has been mostly dry for over three years, though there are signs of life. Online lender Klarna, digital health company Hinge Health and ticketing marketplace StubHub have all filed their prospectuses recently. Late last week, artificial intelligence infrastructure provider CoreWeave held the biggest IPO for a U.S. venture-backed tech company since 2021. But the company scaled back the offering and the stock had a disappointing first two days of trading before rebounding on Tuesday.

Circle is best known as the issuer of USD Coin (USDC), the world’s second-largest stablecoin by market capitalization.

Pegged one-to-one to the U.S. dollar and backed by cash and short-term Treasury securities, USDC has roughly $60 billion in circulation and makes up about 26% of the total market cap for stablecoins, behind Tether‘s 67% dominance. Its market cap has grown 36% this year, however, compared with Tether’s 5% growth.

The company’s push into public markets reflects a broader moment for the crypto industry, which is enjoying political favor under a more crypto-friendly U.S. administration. The stablecoin sector specifically has been ramping up as the industry gains confidence that the crypto market will get its first piece of U.S. legislation passed and implemented this year, focusing on stablecoins. President Donald Trump has said he hopes lawmakers will send stablecoin legislation to his desk before Congress’s August recess.

Stablecoins’ growth could have investment implications for crypto exchanges like Robinhood and Coinbase as they become a bigger part of crypto trading and cross-border transfers. Coinbase also has an agreement with Circle to share 50% of the revenue of its USDC stablecoin, and Coinbase CEO Brian Armstrong said on the company’s most recent earnings call that it has a “stretch goal to make USDC the number 1 stablecoin.” 

The stablecoin market has grown about 11% so far this year and about 47% in the past year, and has become a “systemically important” part of the crypto market, according to Bernstein. Historically, digital assets in this sector have been used for trading and as collateral in decentralized finance (DeFi), and crypto investors watch them closely for evidence of demand, liquidity and activity in the market.

WATCH: Circle CEO on launching first stablecoin in Japan

Circle CEO on launching the first stablecoin in Japan

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