MANHATTAN & BROOKLYN | JUN 2024
Manhattan Bridge Under Construction, 1907 @L.O.C
Divergence!
Both Manhattan and Brooklyn are experiencing changes in their real estate markets, characterized by declining prices and varied sales trends.
Manhattan's market shows a general cooling, while Brooklyn's market dynamics highlight specific areas of growth (co-op contracts) amidst an overall sales decline. These trends might reflect broader economic factors, changing buyer preferences, or local market conditions.
Be sure to keep an eye out for the next newsletter since I’ve also incorporated weekly scoops.
Unlock your next chapter with a stunning New York City residence tailored to your lifestyle. I’ll handle the details and simplify the process, ensuring a smooth journey to your perfect home.
Beyond The Doorman™
150 RIVINGTON STREET, PHC - $4,299,000
The Penthouse at 150 Rivington Street offers 3 bedrooms, 3 baths, and stunning Manhattan views from two terraces. Features include 13-foot ceilings, custom oak floors, a chef's kitchen, a temperature-controlled wine cellar, and a luxurious primary suite. Amenities: custom closets, Sonos system, multi-zone heating/AC, and private storage.
Join me on a tour of this lower east side penthouse and see why you should call it your new home.
THE CORCORAN REPORT: MAY
MANHATTAN | CONDOS & CO-OPS
In May 2024, signed contracts in Manhattan declined year-over-year for just the second time in 2024, with over 1,100 contracts signed, up 10% from April but down 6% from last year.
Despite moderated sales, average days on market fell 8% due to fewer long-listed apartments, with condo sales down 9%, co-op sales down 3%, and varying contract activity by price range and location.
In May 2024, Manhattan inventory saw no significant changes, with active listings totaling 7,425 units, up 2% from April but down less than 1% from last year.
Average price per square foot fell 4% year-over-year to $1,775, though pricing for condos and co-ops rose due to select high-priced sales, and discounts on contracts signed averaged 2.4% off the last ask, tightening significantly from last year.
How do you perceive the stability of Manhattan's real estate inventory in May 2024?
THE CORCORAN REPORT: MAY
BROOKLYN | CONDOS & CO-OPS
The number of contracts signed reached its highest level since May of last year, with a 21% year-over-year increase in co-op activity, but overall sales declined by 5% due to a 20% drop in condo contracts.
Sales activity for properties priced between $1.5M and $2M saw the largest decrease, while sales between $1M and $1.5M expanded. Only two of Brooklyn's eight submarkets had more sales than a year ago, with South Brooklyn seeing the most significant increase of 25 transactions.
Both condos and co-ops experienced a double-digit annual increase in average days on market, marking the largest overall year-over-year increase since 2020. Inventory increased annually for the first time in 32 months, with a 5% rise to 1,904 listings, and active listings rose 17% month-over-month.
The average price per square foot for condos and co-ops remained nearly unchanged, but a shift in market share towards South Brooklyn and co-ops caused an overall decrease in average price per square foot by 8% annually and 9% monthly. Despite some deals closing above the asking price, 70% of deals occurred at or below the asking price.
How do you perceive the recent increase in the number of contracts signed in the Brooklyn real estate market?
THE CORCORAN REPORT: MAY
MANHATTAN | $5M+ CONDOS & CO-OPS
In May 2024, there were 96 sales over $5M, down 6% from last year's record but 12% above the five-year pre-pandemic average.
Notable gains occurred on the Upper East Side, in Midtown, and in the market over $20M, while listed inventory over $5M rose 4% annually to a ten-year May high of 1,145 apartments, with increases in all submarkets except Upper Manhattan.
Days on market fell year-over-year for the fourth time in five months, down 9% annually to 189 days, the second lowest May average in five years. The decline was attributable to a drop in the share of apartments that spent over six months on the market compared to a year ago.
The average price per square foot fell 2% annually to $2,874, the third consecutive month below $3,000. Despite strong sales along Billionaire's Row, the share of contracts signed asking over $3,000 per square foot nevertheless slid 5% annually, driving the overall average price per square foot downward.
How do you perceive the overall performance of the luxury real estate market ($10M+) in May 2024?
Happening Around the Borough
Outdoor Concerts to See in Summer 2024
New York City offers abundant outdoor music every summer, with concert series like Celebrate Brooklyn and SummerStage, and festivals like Governors Ball. These events feature big names, up-and-coming artists, and cult favorites. This season includes acts like Kim Gordon and Earl Sweatshirt, spanning genres from jazz to soca.
Read More
Free Summer Movies in NYC
Since 1992, free movie screenings have become a summertime tradition in NYC, featuring Hollywood classics, blockbusters, and indie films at outdoor venues with stunning backdrops like the Manhattan skyline. This season's films include Barbie, Raiders of the Lost Ark, Do the Right Thing, and The Little Mermaid. Screenings start at dusk, typically around 8:30pm.
Read More
Where to Celebrate Pride 2024 in NYC
Throughout June, NYC hosts Pride celebrations with parades, concerts, dance parties, marches, and art installations across the five boroughs. These events honor over 50 years since the Stonewall Uprising, reflecting on progress and advocating for change. Start with a tour of notable LGBTQ+ historic sites, then enjoy various popular Pride festivities.
Read More
Open-Air Food Festivals
Now that the warm weather is finally sticking around, everyone seems to be taking advantage and spending more time outside. What better way to do so than at a food festival? Taking place all throughout June and continuing into the summer months, there are numerous opportunities to enjoy some great cuisine. Check out our list below to start planning!
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.