Monthly Take - June 2022

JUNE 2022 MANHATTAN MONTHLY TAKE What's the impact of rising interest rates and a recent sell-off in the stock market on NYC real estate?  This is our take… 1. While the strong stock market and low interest rates have helped drive up values in Manhattan real estate, this isn't the suburbs of Texas, Miami, the Hamptons or even Brooklyn. We haven’t seen the same kind of frothiness that those markets have experienced so we don’t expect a large drop off.  2. Mortgage rates remain historically low comparatively; they averaged 6% from 2006 - 2008. 3. So far, there has only been a modest decline in weekly contracts signed. The average number of contracts above $4mm have dropped to between 20-30 per week, down from 40+ but these numbers are still very healthy. 4. Inventory is rising but supply still remains low. 5. Buyers: Times of change equal uncertainty. We have been in a very strong seller’s market, but now is your window of opportunity. Don't wait, step up, be prepared, and make an offer! If you would like to explore buying or selling opportunities, let's talk. Schedule a call here. Read on to get our JUNE TAKE on: ✦ NEW CONSTRUCTION: 323 East 79th Street  ✦ OUR FAVORITE FOOD TRUCKS ✦ CELEB REAL ESTATE ✦ INSIDER TIPS: MAINTAINING YOUR APARTMENT  Let's talk soon! Stacey and Julie 323 East 79th Street (Btwn First & Second Avenues) ✦ Woods Bagot Architects ✦ 15 full-floor condominium units ✦ Three-bedroom and two-bathroom layouts ✦ Direct elevator access to each home ✦ Private outdoor space ✦ Amenities: fitness center, residential storage, bicycle storage, a package room, and a shared rooftop terrace ✦ Completion target Summer 2023  Hit the streets and enjoy the city's FOOD TRUCKS  NYC Food trucks are some of the best in the country. Often featured on The Food Network and Shark Tank, here are a few of our faves: Diso's Italian Sandwich Society: Serving classic Italian Sandwiches. Two trucks travel all over Manhattan. disosnyc.com King Souvlaki NYC: Simply the best authentic Greek street food. Multiple trucks in Queens and Midtown. kingsouvlakinyc.com Wafels and Dinges: The smell of waffles on the grill will draw you in. Sweet or savory - take your pick! All over the city and the country! wafels.com Celeb Real Estate Rundown Amy Schumer - LISTED 190 Riverside Drive $15MM The 4500 SF 5 bedroom home in a landmark Beaux Arts building includes 3000 SF of outdoor space and panoramic views.  Jimmy Fallon sells to Cara Delevingne: 34 Gramercy Park East LISTED at $15MM The home boasts 5000 SF, 6 bedrooms, 5 baths and 3 floors in a historic Gramercy Park co-op. Off market deal in contract. Janet Jackson LISTED 1 Central Park West: $9MM The 2100 SF 3 bedroom on the 34th floor is connected to the Trump International Hotel. Comes with access to the hotel's amenities, including room service from Jean-Georges Vongerichten’s restaurant on the property. Apartment  Maintenance Guide Apartment maintenance is good for you and your investment. Our checklist and guide below will help you stay organized. Start marking your calendar today! For more tips, schedule a time with us to talk here. A/C cleaning: 1x/year Window cleaning: Every 3 - 6 months Fresh paint: Every 3 - 5 years Test all apartment safety alarms: 1x/year Professional grout cleaning: 1 - 2 years Furniture upholstery cleaning: Every 2 years Professional carpet/rug cleaning: 1x/year Professional top to bottom cleaning: 1x/year Clean out closets: 2x/year Hire an organizer & declutter: 1x/year Inspect fire chimney: 1x/year 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 205 East 63rd Street, Apt. 7B 3 Bed | 2.5 Bath | $1,595,000 | Active In Contract 1175 Park Avenue, Apt. 4A 5 Bed | 4 Bath | In Contract 401 East 86th Street, Apt. 2HJ/3J 5 Bed | 6.5 Bath | $3,295,000 | In Contract 310 West End Avenue, Apt. 7C 3 Bed | 4.5 Bath | $2,750,000 | In Contract 400 East 70th Street, Apt. 304/5 2 Bed | 3.5 Bath | $1,799,000 | In Contract 315 Riverside Drive, Apt. 11B 2 Bed | 2.5 Bath | $1,575,000 | In Contract 130 East 94th Street, Apt. 9B 2 Bed | 2.5 Bath | $1,495,000 | In Contract 508 Waverly Avenue, Apt. 6 2 Bed | 2.5 Bath | $1,495,000 | In Contract  49 East 96th Street, Apt. 4A 2 Bed | 2.5 Bath | $1,395,000 | In Contract 301 East 79th Street, Apt. 30R 1 Bed | 1.5 Bath  | $860,000 | In Contract 200 Cabrini Boulevard, Apt. 112 1 Bed | 1 Bath | $799,000 | In Contract Just Sold 290 West End Avenue, Apt. 8A 3 Bed | 3.5 Bath | $3,250,000 | Sold 1000 Park Avenue, Apt. 7B 3 Bed | 3.5 Bath | $2,770,000 | Sold 130 West 79th Street, Apt. 10CD 2 Bed | 2.5 Bath | $1,995,000 | Sold 230 East 50th Street, Apt. 10AB 4 Bed | 3.5 Bath | $1,550,000 | Sold 20 Pomander Walk, Apt. 1 2 Bed | 1 Bath | $855,000 | Sold 301 East 78th Street, Apt. 8A 1 Bed | 1.5 Bath | $778,000 | Sold 178 East 80th Street, Apt. 17D 1 Bed | 1 Bath | $688,511 | Sold 55 Wall Street, Apt. 705 1 Bed | 1.5 Bath | $620,000 | Sold NYC 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. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. marketingcenter-newyorkcity-manhattan