Monthly Take - February 2022

All eyes are on supply as we begin 2022. A tight housing market is not only  impacting the suburbs. NYC is also experiencing that same trend, with supply so low it is returning to levels not seen since 2017. Total i nventory on Manhattan's UES is down 32.79%* YTD vs LY, plus pending sales are up 53.7%*. As a result, we have swiftly shifted to a seller’s market with very little negotiability on asking prices.   Furthermore, 102 contracts were signed  in January '22 which is the strongest January since  2006 when the Olshan Report  started tracking  the market. For owners who may be sitting on the fence about selling, this is your time. For longer term buyers (7+years), it may be worth enduring the challenges of this market as prices are still off by  8%* from the high, so there is still a window of opportunity. Unless supply catches up with demand soon, in a meaningful way, that window may be closing quickly. Moreover, mortgage rates are still very low, but will be rising this year, so this could be an excellent opportunity to lock in a low-rate, long term mortgage too.  In short, supply is driving the market right now. We will be sure to keep a close eye on this important metric and report to you regularly. Stay tuned! *Source: Urban Digs Read on to learn more about: New Development: Charlotte of the UWS Restaurant: Valentine's Day Restaurant Picks Celebrity Real Estate Rundown Home Design Trends: Eco-Friendly Fireplaces Enjoy Our Monthly Take! Stacey and Julie Charlotte Of The Upper West Side: 470 Columbus Avenue/82nd This  Upper West Side new development is a sustainable home design built by the Roe Corporation. Designed to the German-derived Passive House standard, known for a reduction in energy usage, and exceptional air quality, each residence has its own individualized ventilation system. The architecture and interiors were done by BKSK Architecture and Alyssa Kapito Interiors. The 7 full-floor homes include a duplex penthouse with multiple terraces and a garden apartment with a central private outdoor space. Each residence  features 4 bedrooms with ensuite baths, a  powder room  and an open kitchen plan,  9’+ ceilings  and museum quality windows. The apartments range in square footage from 3570 to 4042 SF and from $10,740,000 to $17,500,000 in price. Amenities include a luxurious appointed lobby with  full-service doorman, fitness center with Technogym equipment and Peloton bikes, Full Swing interactive  golf and multi-sports simulator, pet washing room, private storage and additional laundry facilities. Available immediately. Valentine's Day  Restaurant Picks One White Street Venture downtown to a historic Tribeca townhouse for a romantic dining experience at One White Street. Enjoy fine cuisine in a welcoming atmosphere that doesn’t take itself too seriously. The exceptional menu of globally inspired cuisine contains organically grown ingredients sourced from Rigor Hill Farm in NY. They are offering two prix-fixe options for the holiday.  Reserve on  Resy. One White Street, NYC. The Lavaux Wine Bar Get cozy in your very own gondola at this charming Swiss inspired cheese & wine bar. Be sure to share a delicious cheese board, indulge in authentic fondue or enjoy their one and only dessert -  Mousse Au Chocolate! Lavaux was founded by three Swiss natives who are devoted to sharing their love of Switzerland. 630 Hudson Street, NYC. The Grand Salon at the Baccarat Hotel New York You can't not feel special while drinking or dining at this decadent spot. Enjoy an inspired all-day dining menu, or their signature Afternoon Tea service. Celebrate your love with the largest champagne list in the country.   28 West 53rd Street, NYC. The Celeb Real Estate Rundown Dan Och - 220 Central Park South $188MM It was one the biggest NYC deals in residential history. The sprawling four-bedroom penthouse has more than 9,800 square feet and comes with stunning views. The buyer is said to be Joe Tsai's family office, Blue Pool Capital, which manages the fortunes of Alibaba Group Holding Ltd.  Justin Timberlake and Jessica Biel - 443 Greenwich Avenue $29MM The 5,375-square-foot home was sold in a off market deal and includes 4 bedrooms, an entertainment room, gas fireplace and an internal staircase that leads to a private terrace with an outdoor kitchen. Timberlake and Biel purchased the penthouse in 2017 for $20.2 million. Harper Lee's NYC apartment for rent - 433 East 82nd Street $3150/month Ms. Lee moved into this one bedroom, one bath, 600-square-foot unit in the late 1960's. The elevator building is on a quiet street in the Yorkville neighborhood. The apartment overlooks a charming courtyard. Home Design Trends:  Eco-Friendly Fireplaces The appeal of the fireplace is timeless. Here is a rundown of eco-friendly options to keep the fireside chat burning. 🔥 Alternative Fuel Fireplaces These f ireplaces are fueled by alcohol (mainly ethanol and isopropyl) instead of wood. Y ou get a real, flickering flame and even a crackling sound if you go with a fireplace that uses fuel that comes in a gel form. Ethanol and isopropyl alcohol are among the cleanest burning fuels. Hearth Cabinet has many options and they are made in NYC. Electric Fireplace There are two types of electric fireplaces, one that uses LED bulbs to give the illusion of a flame and another that relies on a combination of LED and water vapor to simulate flames and smoke. Electric fireplaces can be a budget-friendly option and can be an actual heat source. NYC Fireplaces & Outdoor Kitchens offers a variety of options. Electric Fireplace Logs For the simplest solution, go for an electric fireplace log. This can be a nice option if you have an existing fireplace and are not ready for a full fireplace conversion. Just drop in the logs and turn it on. Dimplex Revillusion 25″ Plug-in Electric Birch Log Set  How is the Luxury Market? 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? Active 1000 Park Avenue, Unit 7B 3 Bed | 3 Bath | $2,750,000 | Active 230 East 50th Street, Unit 10AB 4 Bed | 2.5 Bath | $1,5750,000 | Active 20 Pomander Walk, Unit 1 2 Bed | 1 Bath | $875,000 | Active 55 Wall Street, Unit 705 1 Bed | 1 Bath | $699,000 | Active In Contract 301 East 78th Street, Unit 8A 1 Bed | 1 Bath | $778,000 | In Contract Just Sold 330 East 75th Street, Unit 15BC 4 Bed | 4 Bath | $3,395,000 | Sold 440 East 79th Street, Unit 14C 2 Bed | 1 Bath | $749,000 | Sold 1020 Park, Unit 8A 4 Bed | 3.5 Bath | $ 2,795,000 | Sold 205 East 78th Street, Unit 17J 2 Bed | 2 Bath | $1,499,000 | Sold 215 West 88th Street, Unit 3E 3 Bed | 2.5 Bath | $2,295,000 | Sold 135 East 83rd Street, Unit 7DE 4 Bed | 3 Bath | $3,175,000 | Sold 315 West 106th Street, Unit 14B 3 Bed | 2 Bath | $2,998,000 | Sold 40 West 72nd Street, Unit 71 4 Bed | 3 Bath | $3,195,000 | Sold 983 Park Avenue, Unit 5CD 6 Bed | 8 Bath | 8,090,000 | Sold 21 South End Avenue, Unit 321/421 3 Bed | 3.5 Bath | $2,695,000| Sold 285 Riverside Drive, Unit 7A 3 Bed | 2.5 Bath | $2,695,000 | Sold 16 East 96th Street, Unit 4B 4 Bed | 3.5 Bath | $5,375,000 | Sold 20 West Street, Unit 33E Studio | 1 Bath | $625,000 | Sold 234 East 84th Street, Unit 1 4 Bed | 4 Bath | $4,500,000 | Sold Just Rented 215 West 88th Street, Unit 3E 3 Bed | 2.5 Bath | $9,800 | Rented 715 Park Avenue, Unit 16BD 4 Bed | 4.5 Bath | $28,000 | Rented  250 West 81st Street, Unit 11B 4 Bed | 3.5 Bath | $25,000| Rented  View All Team Listings © Compass 2022 ¦ 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. marketingcenter-newyorkcity-manhattan