MANHATTAN & BROOKLYN | JULY 2024
Construction of the Woolworth Building, 1912. @newyorkcity.history
Marketshift
In June 2024, Manhattan's real estate market experienced a 1% increase in signed contracts, while Brooklyn's overall sales dropped 6%, highlighting shifting trends in luxury property transactions.
Be sure to keep an eye out for the next newsletter since I’ve also incorporated weekly scoops.
Discover your next chapter with an amazing New York City home tailored to your desires, or take a moment to explore the ins and outs of your upcoming real estate journey. I am also happy to share my experience on the NYC market, which I have gained as an agent, investor, and homeowner.
- Tarik
Beyond The Doorman™
39 WEST 23RD STREET, TH1 - $5,995,000
TH1, designed by COOKFOX Architects, features 2,908 SF of interior space and 621 SF of outdoor space. This duplex townhouse includes four bedrooms, three and a half bathrooms, and floor-to-ceiling windows. Amenities include a luxury kitchen, a spacious primary suite with a five-fixture bath, and access to a range of building facilities and nearby attractions.
Join me on a tour of this Flatiron duplex and see why you should call it your new home.
THE CORCORAN REPORT: JUN
MANHATTAN | CONDOS & CO-OPS
In June 2024, Manhattan saw a 1% year-over-year increase in signed contracts, with condo sales up 6% and co-op sales down 2%.
Average days on market fell 5% year-over-year, with a 5% decrease for condos and a 7% decrease for co-ops, while listed inventory increased 3% annually.
Average price per square foot dropped 12% to $1,717, with condos declining 15% and co-ops decreasing by 1%, marking the eighth annual decline in twelve months.
Discounts off the last asking price averaged 4.2%, with 77% of apartments selling below the last ask compared to 67% a year ago.
How do you interpret the average discounts off last ask, with condos at 4.5% and co-ops at 3.9%, in June 2024?
THE CORCORAN REPORT: JUN
BROOKLYN | CONDOS & CO-OPS
Co-op activity increased 11% year-over-year in Brooklyn, but a 17% decline in condo sales led to a 6% overall sales decrease.
Sales in the $1M to $2M segment declined significantly, dropping to 23% of market activity, while South Brooklyn saw a 19% surge in sales.
Average days on market increased 20% year-over-year, with inventory nearing the historical monthly average and a significant rise in both condo and co-op listings.
The overall average price per square foot decreased 2% annually, despite a 3% increase for condos, due to a surge in co-op sales and deeper high-end negotiability.
How do you perceive the overall decline in sales driven by a 17% drop in condo sales, despite an 11% increase in co-op activity?
THE CORCORAN REPORT: JUN
MANHATTAN | $5M+ CONDOS & CO-OPS
June 2024 saw 73 sales over $5M, down 13% year-over-year and 14% below the pre-pandemic average.
The first half of 2024 had 447 sales over $5M, a 3% decrease from the same period in 2023, with listed inventory rising 3% annually to 1,078 units.
Days on market increased 11% annually to 250 days, the highest June average in five years, with more apartments spending over a year on the market.
Average price per square foot fell 14% annually to $2,611, marking the fourth consecutive month below $3,000 and the lowest since November 2020.
How do you interpret the 11% annual increase in days on market to 250 days for high-end properties?
Happening Around the Borough
SummerStage
Capital One City Parks Foundation SummerStage is New York's largest free outdoor performing arts festival with nearly 85 free and benefit shows throughout all five boroughs. With performances ranging from American pop, Latin, jazz, theater, and so much more, SummerStage has something for everyone. Check out this summer's lineup at the link below.
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The Whitney Biennial 2024
Experience the cutting-edge of contemporary art at the Whitney Biennial 2024, showcasing diverse artists pushing boundaries and sparking meaningful dialogue. Don't miss this dynamic exhibition at the Whitney Museum – it's a must see for art enthusiasts and cultural explorers alike.
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NYC Restaurant Week
Discover the diverse culinary flavors of NYC's Summer Restaurant Week, where top restaurants across the boroughs invite you to indulge in pre-fixe menus crafted by renowned chefs. From Manhattan's trendy hotspots to hidden gems in Brooklyn and queens, there's something for everyone. Begin booking reservations starting on July 16th at the link below.
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Movies in the park
Grab your blankets and head to one of the many NYC parks to experience the magic of movies under the stars this summer! Enjoy a curated selection of beloved classics and modern favorites, bringing communities together for a memorable evening of entertainment and relaxation. Check out some of our favorite locations across the boroughs below.
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.