Between the return of our regular day-to-day activities sans masks, the Met Museum with snaking lines, restaurants teeming with customers, and the rebound of the real estate market, it is apparent Manhattan is well on its way to a full recovery. In general, supply is down 14% and contracts signed are up 4% month over month. As a result, residential sales at all price points are back to pre-Covid levels. The improving economy, millennials reaching their prime home-buying years and low interest rates are definitely driving demand. In addition, we believe renters, who took a quarantine hiatus from NYC, are now looking to return with their stock market gains and invest in the city they love and believe in. For the $4m+ properties, demand continues to strengthen month-after-month, with prices and contracts signed rising by almost 4% and 8%, respectively. This continues a 16-week streak of 30 or more weekly contracts signed and further reflected by days on market down by approximately 20%, from 590 to 475 days. With so much time spent at home, space remains a consistent priority that we see among buyers. The average condo that sold at $4m+ in 2020 was 3,011 sf, up from 2,806 sf in 2013. If you would like to discuss the market with any of our team members, with no obligation, please feel reach out to us by phone or email at kanbarkopel@compass.com. We look forward to hearing from you and being of assistance with any of your real estate needs! |
Hotel Wales 1295 Madison Avenue/92nd St
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An exciting New Dev
on the UES! |
Former guests of The Hotel Wales, originally named Hotel Chastaignery when it was built in 1902, can now become owners and call it home! This historic hotel is being converted to a boutique residential condominium by Developer Adellco who purchased the hotel in 2018 for $56.25 million. The 10 story building with 91 rooms will be converted to 20 luxury condos with the help of interior design firm Alberto Pinto. Pinto’s style is marked by various cultural influences where traditional and modern meet in harmony. Plans show limited alterations of the building’s ornate terra cotta and limestone façade. Amenities will include a full-time doorman/concierge and a gym.Apartments will range in size from approximately 1,300 to 3,000 sf. The 2 to 4 bed condos will vary in price from $3.5m to $7.3m. Sweeping city and park views will be enjoyed from the penthouse home on the the 10th floor. While the building is still in the construction phase, floor plans and finishes will be available, and a model inside the building will be ready April 2022; closings are slated for Q4 2022. Please let us know if you would like more information about this new and exclusive project. |
Restaurants with Live Music |
These restaurants will bring music to your ears, literally, as live musicians play while you dine! |
Fine & Rare, Flatiron Enjoy a classic New York night out while listening to live jazz on Friday and Saturday nights (as well as for Sunday Brunch)! This old-New York style spot is known for its creative cocktails, rare spirits, and classic American food. |
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Baby Brasa, West Village You can hear sounds of this restaurant from down the block as Latin music fills this West Village Peruvian spot with tropical vibes and a fun energy. The rotisserie chicken dishes, ceviches and seasonal signature cocktails will certainly not disappoint.
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A La Turka, Upper East Side This Mediterranean restaurant offers 20 different styles of kebabs as well as variety of vegetarian appetizers. The upbeat and lively atmosphere is really felt on Saturday nights when the live music is accompanied by belly dancers. |
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Your Celeb Real Estate Rundown |
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Star comedian Joan Rivers' Upper East Side home of 28 years is back on the market. After a member of a Middle Eastern royal family bought the decadent, Central Park facing home for $28m in 2014, the 5,100 sqft three floor apartment was recently re-listed with a price tag of $38 million. |
Award winning actress Kate Winslet's $5.7m pied-a-terre is under contract after six months on the market. The duplex, located in West Chelsea, features 1,700 sqft of outdoor space and a spacious 48-foot-wide great room with 13-foot-ceilings. |
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The Home Edit's 14 Day Guide to Organizing Your House |
The Home Edit co-founders Clea Shearer and Joanna Teplina have mastered the art of organizing. Their decluttering of celebrity homes, huge social media following and their own Netflix show "Get Organized with The Home Edit" has made their tips and tricks hugely popular. See below for their kitchen organizing guide which is part of their full 14 day plan! |
Day 1 Update Your Fridge Start by clearing out expired items, then wiping down the shelves. Next, create contained categories to organize your food by item type. For example, store your fruit on one side of the fridge and your veggies on the other.
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Day 2 Check Expiration Dates in the Pantry
Tackle the pantry by checking expiration dates and taking inventory of the items you decide to keep. Use clear containers that show what food is inside while making your pantry look clean and streamlined. |
Day 3
Whether it be a desk drawer or a kitchen cabinet, these hidden parts of a home tend to be overlooked. However, you will be surprised how satisfying it will feel to clean them out! For an extra pop, you can color code your items!
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De-Clutter Under the Sink
With Clorox wipes and sanitary sprays being used more than ever, getting organized under the sink will allow you to see the inventory you've collected and give you a sense of when it is time to restock. |
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? |
Studio | 1 Bath | $640,000 | In Contract
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2 Bed | 2 Bath | $1,345,000 | 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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