MANHATTAN & BROOKLYN | MAR 2024
Grand Central Terminal and rail yards in 1908 @nycurbanism
Spring Season!
We all know that NYC residential real estate is most active in the spring and fall. Buyers and sellers are most active at these times. This year, the high seasons are more important due to anticipation that the Fed could lower interest rates and the impact of the presidential contest on the market. As an agent, real estate has been busy, and we are seeing encouraging news across price points. I look forward to providing you with next month’s update.
You know how many high-achieving buyers and sellers in New York City become frustrated by the numerous obstacles to closing a real estate transaction? They are primarily concerned with obtaining either the highest or lowest price at the right time. What I do is assist clients like that by organizing their aspirations and developing a customized plan to achieve the best results with the least amount of effort on their behalf. What steps do you take to close a sale or purchase a NYC home? Let’s discuss.
Beyond The Doorman™
612 3RD STREET - $6,295,000
Imagine a home on one of Park Slope's most spectacular blocks, two minutes from Prospect Park, in New York City's largest historic district, and renovated and refined throughout.
This 20-foot-wide house is stylish and livable with four levels, three outdoor spaces, a rooftop study, and a fully equipped basement. This one of 14 double duplex townhouses from 1909 has been renovated with a single center staircase and abundant light and space.
As you tour the house, you'll find consistency in design elements and materials that lend a serenity and continuity: lacquered walls, scalloped plaster moldings, wood, and stone. Listing courtesy of Corcoran Learn More
THE CORCORAN REPORT: FEB
MANHATTAN | CONDOS & CO-OPS
Nearly 930 contracts were signed this February, up 18% versus last month and 1% year-over-year.
Demand metrics varied by product type, price, and submarket. Co-op sales rose 5% year-over-year, whereas condo sales experienced a 4% annual decline.
By price, contracts signed under $1M rose 6% annually, those asking $2M to $5M increased 16% year-over-year, while activity over $5M fell 3% versus 2023.
By location, three out of six submarkets displayed year-over-year increases in contract activity.
Condos, which are currently experiencing low inventory in key residential submarkets, saw average price per square foot rise 5% year-over-year. Co-op average price per square foot, on the other hand, fell 4% versus a year ago.
Which three submarkets displayed year-over-year increases in contract activity?
THE CORCORAN REPORT: FEB
BROOKLYN | CONDOS & CO-OPS
At nearly 300 sales, the number of signed contracts was the highest since July 2023.
Sales activity under $1M contracted year-over-year, while sales between $1.5M and $3M expanded by an impressive 67%.
Both condo and co-op inventory fell by double-digits annually. Far fewer listings under $1M drove the year-over-year decline, while active listings over $1M increased.
A shrinking share of sales in neighborhoods farther from Manhattan skewed the overall average price per square foot up 2% annually and 13% month-over-month.
THE CORCORAN REPORT: FEB
MANHATTAN | $5M+ CONDOS & CO-OPS
In January 2024, there were 64 sales for more February 2024 had 66 deals above $5M, down 3% from February 2023. The annual decline was driven by a 13% drop in contracts asking between $10M to $20M.
Active listings decreased 3% versus a year ago. While resale condo inventory increased year-over-year, resale co-op and new development active listings fell annually.
Days on market dropped 65% versus February 2023. A very high figure in 2023 was the cause of the significant year-over-year decline.
February luxury sales averaged just over $3,200 per square foot, up 3% year-over-year. This month’s annual increase was the result of a sale asking nearly $9,000 per square foot; without that contract, average price per square foot would be down 4% annually.
Which luxury category saw the greatest improvement in price per square foot, year-over-year?
Happening Around the Borough
The Orchid Show: Florals in Fashion
Right in time for Spring, New York Botanical Garden's annual Orchid Show is back on display through April 21st. With this year's theme, Florals in Fashion, you can expect to see a stunning artistic display of orchids arranged to emulate iconic fashion designs, blending nature with couture. Be sure to grab your tickets in advance at the link below. Read More
Whitney Biennial: Art nerds can’t wait until the Whitney Biennial, which happens every two years. It’s always a gigantic showcase of some of the coolest, newest, and most provocative art at a big New York City museum. It’s the Whitney Museum of American Art’s landmark exhibition series and the longest-running survey of American Art, on view through August 11. Read More
See No Evil Pizza hidden pizzeria: Here’s a lot of good to see at this Manhattan subway stop. Two years after opening the subterranean bar Nothing Really Matters, hospitality professional Adrien Gallo continues building his subway station empire, opening See No Evil Pizza last week on the concourse level of the downtown-bound 1 train station at 50th Street and Broadway—a space that once housed a Dunkin’. It joins his Tiny Dancer Coffee on the same concourse. “I basically transformed a subway station that was super neglected to a destination spot in the middle of Times Square,” Gallo tells Time Out New York. Read More
Best Jazz Clubs Around NYC
In the heart of New York City, jazz clubs pulsate with electrifying rhythms and soulful melodies, offering patrons an immersive journey into the rich history of artistic expression. Here are some of our favorite locations across NYC to enjoy a night of live music at.
All information contained within this document is intended for informational purposes only and is sourced from sources that are considered reliable. Although the information is believed to be accurate, it is presented subject to omissions, errors, modifications, or withdrawal without prior notice. This is not intended to solicit property that has already been listed. Equal Housing Opportunity.