Despite a total market shutdown for 3 months, the 2020 real estate market finished very strong in Manhattan. Lower prices, lower interest rates and a rebounding stock market brought out more buyers, as reflected in the number of new contracts signed for the Q4 2020. In Q4 2020, 232 contracts were signed vs. Q4 2019 with 229 contracts signed. Total transaction value was also higher in 2020 at $1,872,114,484 vs. $1,784,003,999 in 2019. Moreover, inventory has unexpectedly dipped to below 8,000. We see buyers and sellers coming to the market for a myriad of reasons, including relocation to different neighborhoods, moving to the Big Apple from the suburbs after becoming empty nesters, and taking advantage of the attractive market fundamentals; trading up to a larger space, or converting from renter to owner. With the country on track to be vaccinated by Summer 2021, and the return of our freedoms, which were very easy to take for granted pre-COVID, the thought is there could be a boom much like the roaring 20s after the Spanish Flu in 1918. In addition, there will also be a mayoral election in November with some very compelling candidates emerging. In sum, we are very optimistic about the future of the greatest city in the world! |
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Gramercy North 139 East 23rd Street |
The historic buildings in Gramercy have a new modern neighbor. The Gramercy North is a beautiful fifteen story new development condo located at 139 East 23rd Street. The upscale design with neutral colors and Italian finishes makes for a timeless investment. You can enjoy one of these two bedroom, two bathroom condos on a full floor all to yourself. While the floor to ceiling windows create an airy feel and add lots of natural light, you can also soak up views of the city on the rooftop deck. We love this neighborhood, with both Gramercy Park and Madison Square Park only two blocks away. Contact us for additional information! |
The Elevated Outdoor Dining Experience
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While the city’s streets may lack the hustle and bustle of commuters, there is a new sense of energy brought by New York residents enjoying the incredible outdoor dining structures lining the sidewalks. |
A sophisticated Mediteranean restaurant on 19th and 3rd, Eleni’s, offers fresh cuisine inspired by the various regions of Greece. The outdoor space serves as a seamless extension of Eleni's crisp white interior, also bringing music, heat lamps, and a beautifully set candle lit dinner to your outdoor dining oasis. |
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New York’s famous French restaurant Boucherie does not fall short on their outdoor dining experience at both their Flat Iron and West Village locations. Customers can enjoy the restaurant’s elegant French design while comfortably eating outside in a partially enclosed, antiqued, wooden structure filled with greenery and light. |
Check out @covid.date.spots on instagram for additional photos of the New York City outdoor dining scene. |
Your Celeb Real Estate Rundown |
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Star Scarlett Johansson is looking to sell her pied-a-terre in a quaint building on Sutton Place. The nearly 1,300 square foot 2 bed, 2 bath condo also features a newly renovated kitchen, a large walk-in closet, and an open living area. Our favorite part is the private 500 square foot terrace. Scarlett is asking for $2.3 million to buy or $6.5k in monthly rent for this charming Upper East Side condo. |
Power couple Gisele Bundchen and Tom Brady have sold their exclusive Tribeca penthouse for $40 million. They bought the luxurious penthouse in the spring of 2017 for $30 million. Located in the Robert A.M. Stern designed high-rise on 70 Vestry Street, the penthouse is 5,000 square feet in interior with an additional 2,000 square foot terrace. |
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The Future of Flexible Furniture |
New Yorkers and fellow city dwellers are searching for ways to utilize every square foot of their homes, where they are now spending more time than ever. A cutting-edge robotics furniture company called Ori, is bringing high-end, flexible furniture to the luxury market. Whether it be combining a sliding bed, desk and storage shelf in one, or creating a shelf that splits in two providing both an entertainment area and a home office, the company specializes in making the most out of your constrained living space. We can’t help but wonder if this trend is here to stay. As “home” has a whole new meaning to us moving forward, is this the future of furnishing? |
How is the Luxury Market?
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Residential Properties $4M and Above |
Please feel free to reach out for a more in-depth look at neighborhood-specific market trends and data. |
Which Kanbar Kopel Team Listing is your Favorite? |
2 Bed | 2 Bath | $1,345,000 | In Contract
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3 Bed | 2.5 Bath | In Contract
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1 Bed | 1 Bath | $599,000 | Sold
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© Compass 2021 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a licensed real estate broker. All material is intended for informational
purposes only and is compiled from sources deemed reliable but is subject to
errors, omissions, changes in price, condition, sale, or withdrawal without
notice. No statement is made as to the accuracy of any description or measurements
(including square footage). This is not intended to solicit property already listed.
No financial or legal advice provided. Equal Housing Opportunity.
All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS.
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