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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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Meet the underground squad with the lives of countless civilians in their hands

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Meet the underground squad with the lives of countless civilians in their hands

“Follow me and be careful,” says the commander, as he leads us down a narrow path in the dead of night.

The overgrown tract had once been occupied by the Russians, and there are landmines scattered on the side of the path.

But the men with us are more concerned about the threat from above.

Members of a unit in Ukraine’s 3rd Assault Brigade, they run a covert operation from an underground cellar, tucked behind a ruined farmhouse.

And what they are doing in this old vegetable store is pushing the boundaries of war.

“This is the interceptor called Sting,” says the commander, named Betsik, holding up a cylindrical device with four propellers.

“It’s an FPV [first-person view] quad, it’s very fast, it can go up to 280km. There’s 600 grams of explosive packed in the cap.”

The Sting interceptor drone used by the Ukrainians
Image:
The Sting interceptor drone used by the Ukrainians

However, he had not told us the most important thing about this bulbous drone.

“It can easily destroy a Shahed,” he says with determination.

Devastating and indiscriminate drone attacks

Once viewed as a low-cost curiosity, the Iranian-designed Shahed drone has turned into a collective menace.

As Russia’s principal long-range attack weapon, enemy forces have fired 44,228 Shaheds into Ukraine this year, with production expected to rise to 6,000 per month by early next year.

A Shahed-136 drone used by Russia amid its attack on Ukraine, on display in London. Pic: Reuters
Image:
A Shahed-136 drone used by Russia amid its attack on Ukraine, on display in London. Pic: Reuters

The Russians are also changing the way they use them, launching vast, coordinated waves at individual cities.

The damage can be devastating and indiscriminate. This year, more 460 civilians have been killed by these so-called kamikaze weapons.

Russia’s strategy is straightforward. By firing hundreds of Shaheds on a single night, they aim to overload Ukraine’s air defences.

It is something Betsik reluctantly accepts.

Betsik observes the work of the team on in the cellar
Image:
Betsik observes the work of the team on in the cellar

Still, his unit has come up with a groundbreaking way to tackle it.

Perched in the centre of the vegetable store, we watch a youthful drone pilot and a couple of navigators staring at a bank of screens.

“Guys, there’s a Shahed 10km away from us. Can we fly there?” asks one of the navigators, called Kombucha.

He had just spotted a Shahed on the radar, but the enemy projectile was just out of reach.

“Well, actually 18 km – it’s too far,” Kombucha says.

“Do you know where it is going?” I ask.

“Yes, Izyum, the city. Flying over Izyum, I hope it won’t hit the city itself.”

Kombucha takes a deep breath.

“It is driving me nuts when you can see it moving, but you can’t do anything about it.”

The chase

The atmosphere soon changes.

“Let’s go. Help me lift the antenna.”

An engineer runs an interceptor drone up to the unit’s ad-hoc launch pad, located on a pile of flattened brick.

“The bomb is armed.”

The drone pilot, called Ptaha, tightens his grip on the controller and launches the Sting into the night sky.

Now, they hunt the Shahed down.

Their radar screen gives them an idea of where to look – but not a precise location.

“Target dropped altitude.”

“How much?”

“360 metres. You’re at 700.”

Instead, they analyse images produced by the interceptor’s thermal camera. The heat from the Shahed’s engine should generate a white spec, or dot, on the horizon. Still, it is never easy to find.

“Zoom out. Zoom out,” mutters Ptaha.

Then, a navigator code-named Magic thrusts his arm at the right-hand corner of the screen.

“There, there, there, b****!”

“I see it,” replies Ptaha.

The pilot manoeuvres the interceptor behind the Russian drone and works to decrease the distance between the two.

The chase is on. We watch as he steers the interceptor into the back of Shahed.

“We hit it,” he shouts.

“Did you detonate?”

“That was a Shahed, that was a Shahed, not a Gerbera.”

Going in for the kill

The Russians have developed a family of drones based on the Shahed, including a decoy called the Gerbera, which is designed to overwhelm Ukrainian defences.

However, the 3rd Brigade tells us these Gerberas are now routinely packed with explosives.

“I can see you’ve developed a particular technique to take them all down,” I suggest to Ptaha. “You circle around and try to catch them from behind?”

“Yes, because if you fly towards it head-on, due to the fact that the speed of the Shahed…”

The pilot breaks off.

“Guys, target 204 here.”

It’s clear that a major Russian bombardment is under way.

“About five to six km,” shouts Magic.

With another target to chase, the unit fires an interceptor into the sky.

Ptaha stares at the interceptor’s thermal camera screen.

The lives of countless Ukrainians depend on this 21-year-old.

“There, I see it. I see it. I see it.”

The team pursues their target before Ptaha goes in for the kill.

“There’s going to be a boom!” says Magic excitedly.

“Closing in.”

On the monitor, the live feed from the drone is replaced by a sea of fuzzy grey.

“Hit confirmed.”

“Motherf*****!”

‘In a few months it will be possible to destroy most of them’

The Russians would launch more than 500 drones that night.

Betsik and his men destroyed five with their Sting interceptors and the commander seemed thrilled with the result.

“I’d rate it five out of five. Nice. Five launches, five targets destroyed. One hundred percent efficiency. I like that.”

Maxim Zaychenko
Image:
Maxim Zaychenko

Nevertheless, 71 long-range projectiles managed to slip through Ukraine’s air defences, despite efforts made to stop them.

The head of the air defence section in 3rd Brigade, Maxim Zaychenko, told us lessons were being learnt in this underground cellar that would have to be shared with the entire Ukrainian army.

“As the number of Shaheds has increased we’ve set ourselves the task of forming combat crews and acquiring the capabilities to intercept them… it’s a question of scaling combat crews with the right personnel and equipment along the whole contact line.”

Betsik speaks to Sky News
Image:
Betsik speaks to Sky News

Buoyed by the night’s successes, Betsik was optimistic.

“In a few months, like three to five, it will be possible to destroy most of them,” he said.

“You really think that?” I replied.

“This is the future, I am not dreaming about it, I know it will be.”

Photography by Katy Scholes.

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Environment

Hydrogen Mafia: Toyota faces $5.7 billion RICO lawsuit

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Hydrogen Mafia: Toyota faces .7 billion RICO lawsuit

A $5.7B lawsuit filed in Federal court alleges that Toyota operated what amounts an organized, fraudulent enterprise that intentionally concealed known, catastrophic safety defects associated with their hydrogen fuel cell-powered Toyota Mirai sedans.

Originally passed as part of the Organized Crime Control Act of 1970, the Racketeer Influenced and Corrupt Organizations (RICO) Act is designed to help prosecutors go after people or companies that commit a pattern of crimes as part of an ongoing organization or enterprise — like the Mafia (which doesn’t exist), or large-scale fraud operations at a corporation.

That RICO statute is now at the center of a new case against Toyota. In it, the plaintiff’s attorneys argue that Toyota knowingly engaged in a decade of fraud surrounding the hydrogen fuel cell-powered MIrai sedan that jeopardized public safety and breached the terms of a previous DOJ settlement.

The case, filed by Jason M. Ingber, lead attorney for the plaintiffs in the US District Court for the Central District of California, is a 142-page RICO complaint alleging that Toyota, its financing arm, and its California dealerships coordinated conspired to market and finance HFCEVs that technicians allegedly referred to as, “ticking hydrogen bombs.”

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“This lawsuit isn’t about a simple defect, it’s about organized fraud,” argues Mr. Ingber. “Toyota engineered, financed, and controlled California’s hydrogen network, then used that control to hide safety failures and financial harm to consumers.”

According to the complaint, Toyota and its hydrogen partner, FirstElement Fuel (True Zero), intentionally concealed evidence of:

  • hydrogen leaks near hot engine components, creating explosion risks
  • sudden power loss, acceleration, and braking failures leading to collisions and injuries
  • a collapsing hydrogen infrastructure, leaving drivers stranded for weeks without access to fuel
  • aggressive financial collection tactics by Toyota Motor Credit Corporation, targeting owners of inoperable vehicles.

The suit further argues that Toyota’s concealment of these facts violates a 2014 Deferred Prosecution Agreement with the US Department of Justice (DOJ), in which the company admitted to concealing safety defects surrounding the highly publicized incidents of unintended-acceleration and agreed to report all (emphasis mine) future safety issues truthfully.

Ingber is seeking treble damages for the class, injunctive relief, and a federal order halting Toyota’s hydrogen enterprise, citing a continuing pattern of mail and wire fraud.

“Toyota built its reputation on trust,” Ingber said, in a statement. “Our case will show how that trust is violated and why consumers deserve accountability now.”

The case is titled Aminah Kamran et al. v. Toyota Motor Corporation et al., and is docketed as Case No. 2:25-cv-09542.

Electrek’s Jo’s Take


Company cites “supply complications” in a letter to customers. Is this the beginning of the end of hydrogen?
Mirai at a hydrogen station; via Shell.

Despite the ebb and flow of media chatter about hydrogen fuel, the simple fact is that America’s hydrogen infrastructure isn’t, and what little infrastructure we did have took a hit last January, when Shell abruptly closed its publicly-accessible charging stations. That left precious few open and operational hydrogen stations available for public use – and the ones that are open don’t seem to be reliable, with Car Complaints reporting that Toyota Mirai owners say they can’t find working hydrogen refueling stations while others complained they had to park their cars for weeks because they couldn’t find hydrogen.

As a result, with supply issues impacting the few stations that are still available (see the DOE’s Alternative Fuels Data Center map, below), it’s tough to argue that Mirai buyers may not have gotten what they were expecting – regardless of the killer, 50% off plus $15,000 in free hydrogen fuel deals that were being offered.

Loading alternative fueling station locator…


SOURCE | IMAGES: CBS News, via CarScoops; Car Complaints.


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Technology

Fentanyl, ICE and popcorn: Palantir CEO Alex Karp’s earnings call commentary

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Fentanyl, ICE and popcorn: Palantir CEO Alex Karp's earnings call commentary

Alex Karp, Palantir CEO, joins CNBC’s ‘Squawk on the Street’ on June 5, 2025.

CNBC

Palantir CEO Alex Karp took on a familiar target during the company’s earnings call on Monday: His critics.

“Please turn on the conventional television and see how unhappy those that didn’t invest in us are,” Karp said, after the data analytics company reported better-than-expected third-quarter results. “Enjoy, get some popcorn, they’re crying. We are every day making this company better and we’re doing it for this nation, for allied countries.”

Palantir shares are up 25-fold in the past three years, lifting its market cap to over $490 billion and a forward price-to-earnings ratio of almost 280. The stock slipped in extended trading despite the earnings beat and upbeat guidance.

Karp, who co-founded the company in 2003, said Palantir is “going to go very, very deep on our rightness” because it is “exceedingly good for America.”

The eccentric and outspoken CEO has gained a reputation over the years for his colorful — and oftentimes political — commentary in interviews, shareholder letters and on earnings calls. His essay-like quarterly letters have previously quoted famous philosophers, the New Testament and President Richard Nixon.

In Monday’s letter, Karp quoted 20th-century Irish poet William Butler Yeats and argued for a shared “national experience.” He wrote that rejecting a “shared and defined sense of common culture” poses significant drawbacks.

It’s “that pursuit of something greater, and rejection of a vacant and neutered and hollow pluralism, that will help ensure our continued strength and survival,” he wrote.

On the call, Karp pivoted from a discussion of artificial intelligence adoption to fentanyl overdoses in America, a topic he described as “slightly political.”

“I want people to remember if fentanyl was killing 60,000 Yale grads instead of 60,000 working class people, we would be dropping a nuclear bomb on whoever was sending it from South America,” he said.

Karp also commented on the company’s deals with U.S. Immigration and Customs Enforcement and the Israeli military. Earlier this year, Palantir won a $30 million deal to build ImmigrationOS for ICE, providing data on the identification and deportation of immigrants.

In 2023, Karp had a message for people in the tech industry who have misgivings about his company’s dealings with intelligence agencies and the military.

“You may not agree with that and, bless you, don’t work here,” Karp said at the World Economic Forum in Davos, Switzerland.

Palantir, which gets more than half its U.S. revenue from the government, also provided tools to Israel after the deadly Oct. 7 attack by militant group Hamas. In recent years, both Karp and the company have undertaken a fiercely pro-Israel stance.

Following the Oct. 7 attack, Palantir took out a full-page ad in The New York Times, saying it “stands with Israel” and held its first board meeting in Tel Aviv, Israel, a few months later. Karp has said the company has lost employees due to his staunch Israel stance, and he expects more to leave.

“We’re on the front line of all adversaries, including vis-à-vis China, we’re on ICE and we’ve supported Israel,” he said on the earnings call. “I don’t know why this is all controversial, but many people find that controversial.”

WATCH: Stocks like Palantir and Mag 7 are not ‘unique’ to the market, says Richard Bernstein

Stocks like Palantir and Mag 7 are not 'unique' to the market, says Richard Bernstein

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