This time of year is typically a quiet time for the Manhattan real estate market as New Yorkers are often preoccupied with preparing their children for camp, spending time at second homes, or taking a vacation. However, this year, the Manhattan real estate market is quite busy, and particularly in the $4mm+ luxury sector. The record streak of 30+ weekly contracts signed continues, the average discount from the asking price is 8%, down from the 11% YTD average, and the YTD average time on the market is down to 503 days from 601 days (a drop of 16.3%). With interest rates still quite low, the city opening up and companies bringing employees back to the office (in many cases mandating it), we expect this trend will continue. On the rental front, Manhattan renters signed almost 10,000 new leases during May, four times the number a year earlier. With each passing week, the last 18 months are starting to look like a memory as renters have taken advantage of historically low rents. If you would like to further discuss the market, or if you may be interested in buying or selling a home, please feel free to reach out to a member of our team. |
Read on to learn more about: |
An exciting New Dev
on the UES! |
Renderings of this Upper East Side new development, 115 East 55th Street, reveal a blend of classic and modern style. Designed by renowned SLCE Architects, the building's warm-colored stone facade, Juliette balconies and canopy overhead the entrance evokes New York’s pre-war era, while the upper floors have a more contemporary sensibility with floor-to-ceiling windows & multiple landscaped set-back terraces, included with some of the upper penthouse units. The 18 story new condominium has been developed by Zeckendorf and will house a total of 62 homes averaging approximately 964 square feet each. The building will include a common 30 foot long yard at the rear of the building. Anticipated completion March 2022.
Please reach out to us for additional information on this or any other NYC new dev you are curious about! |
Go to Waterfront Restaurants this Summer |
Enjoy water views & a sea breeze at these perfect places to have drink and dine, by day or night. |
Grand Banks, Battery Park This unique dining experience on the deck of a historic fishing boat is not to be missed this summer. Enjoy fresh seasonal plates, nautical inspired cocktails and the best view in Manhattan, especially at sunset. |
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Brooklyn Crab, Brooklyn Brooklyn Crab brings some fun in the sun with sandy floors, nautical decor, mini golf, and festive music. This lively indoor/outdoor tri-level beach shack serves up fresh seafood and creative cocktails like the Bloody Breuckelen and the Guavamosa! |
The Fulton, Financial District Some of the best upscale dining and views of the Brooklyn Bridge can be found at The Fulton at Pier 17 in the Financial District. Acclaimed chef Jean-Georges Vongerichten's expansive and unique menu includes dishes such as sashimi with spicy white ponzu and Faroe Island salmon with spiced dashi, baby turnips and sesame. |
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Your Celeb Real Estate Rundown |
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Brady Bunch actress Eve Plum has listed her UES 2 bed, 2 bath condo for $1.8m after purchasing the home in 2016 for $1.58m. The home, with a lofty open floor plan, also boasts a balcony with stunning city views. |
Businessman turned billionaire, Ron Perelman, has listed his almost 16,000 square foot townhouse for $60m. Each room in the UES mansion, which dates back to 1930, has been extensively renovated combining French and Italian finishes in the design. |
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A Fusion Between Furniture and Fashion |
Fashion is a form of art so why not treat it as such? A whole new world of interior decor options open up when you start to consider your best fashion items as part of your home's style and design. |
Tip 1 Frame Your Fabrics The most colorful scarf that you own to typically use for a pop of color for an outfit can also be used as a pop of color on your walls. All you need is a frame!
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Tip 2 Decorative Pieces
Your nicest heels, a chunky bangle, or a statement hat can serve as a unique bookshelf or coffee table accessory. And the best part is that it will spur conversations about the stories behind your treasured items. |
Tip 3 Invest in Fashion - Furniture Crossovers Fendi, Hermes & Missoni, have established their brands in the home decor space. Here, you will see, Gucci has too & can have your living room feeling like the set of an editorial fashion shoot.
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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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