Monthly Take - August 2022

AUGUST 2022  MANHATTAN  MONTHLY TAKE What are the current trends and how are we advising our clients? ✦ The COVID recovery of 2021, and the first half of 2022, fueled a very strong Manhattan residential real estate market. However, while the weekly sales year over year have dropped, the market has by no means come crashing down. It has simply moved to a more normal pace and closer to a supply-demand equilibrium. In fact, July 2022 signed contract volume in the luxury sector is up over 80% compared to 2019, which was considered a more average year.  ✦ Our advice to our buyers and sellers remains unchanged. Buyers can capture value by concentrating on apartments that have languished for any number of reasons (e.g., they are overpriced and/or do not show well). For sellers, as always, but even more important now, pricing properly right out of the gate is critical. Making a home look its best with staging, among other tools, is also a priority.  We look forward to being of assistance to you with any of your real estate needs. Interested in discussing this market in more detail, schedule a call here.   Read on to get our AUGUST TAKE on: ✦ New Construction: 393 West End Avenue ✦ Our Favorite Ice Cream🍦 ✦ Celeb Real Estate ✦ Travel is hot! Carry-on luggage we LOVE! Let's talk soon! Stacey and Julie 393 West End Avenue (@ 79th Street) ✦ Prewar built in 1927, newly transformed by CetraRuddy Architecture. ✦ Old world charm graciously redesigned to include contemporary comforts. ✦ 75 Condominium residences across 16 floors. ✦ Spacious layouts, luxury finishes and open plan kitchens. ✦ Amenities: fitness room, playroom with porch and backyard, lounge that includes gaming space, hangout area and quiet nooks, club room for private dining, landscaped courtyard, bicycle storage, and pet spa. ✦ Pricing starts at  $3.7MM for a three bedroom. Available Early 2023. Must Try  🍦 Ice Cream  Shoppes🍦 Ice cream is having a moment and its definitely not "Vanilla!" Malai - 268 Smith Street, Brooklyn ✦ Ice cream inspired from South Asian ingredients and aromatic spices. ✦ Eggless, handcrafted, and churned with little air make it the creamiest! ✦ Non-dairy options and sorbets.  Must try: Sweet Roti & Ghee, Tulsi Chocolate Chip & Hibiscus Chaat Masala Sorbet. Venchi Ice Cream - Manhattan Locations ✦ Gelato made daily with  fresh milk, fruit, Piedmont Hazelnut, Green Pistachio from Bronte, Sorrento lemons, Sicilian Almonds, and Venchi chocolate.  ✦ Must try: The monthly new flavor.  Sugar Hill Creamery - Harlem & Brooklyn ✦ Handmade, small batch ice cream, milkshakes, sundaes, floats, ice cream sandwiches and frozen hot chocolate. ✦ Classic and seasonal flavors that rotate daily. ✦ Gluten free and vegan options. Must Try: Brownie Sundae or New Flavor "Hello, New World" (vanilla wafers, Oreo cookies, and caramel swirls). Celeb Real Estate Rundown Estate of Microsoft co-founder Paul Allen: SOLD 4 East 66th Street for $101 million Sale Included two apartments, the penthouse and one on lower floor. When considering the transaction as one property, it is the most expensive co-op sale in NYC history (previous record was $77.5 million).   Nathan Lane BUYS at the Dorilton 171 West 71st Street $4.1 million Seven-room apartment includes floor-to-ceiling windows with Juliet balconies and a landscaped rooftop terrace. "Succession" apartment Pavilion A at Woolworth Tower SOLD for $20 million Features five bedrooms, four bathrooms plus two half bathrooms across 6,700 square feet. Other features include a 2,770 duplex terrace and unobstructed city skyline and East and Hudson Rivers views from almost every vantage point. Carry-on luggage  that can fit it all! With post Covid travel at record highs, its important to pack smart!  STACEY'S FAVE: Away - Carry On Flex Features Stacey LOVES: ✦ Easy to keep everything organized ✦ 360° wheels ✦ Durable and light at the same time ✦ Includes: laundry bag & charger ✦ Away tote fits on top & attaches  JULIE'S FAVE: Briggs & Riley - Essential Carry On Features Julie LOVES: . ✦ Easy one-touch expansion ✦ Lots of pockets inside and outside ✦ Amazing capacity for a carry on ✦ Garment panels minimize wrinkles KK TEAM Fave: Travelpro® Platinum® Elite 21” Expandable Carry-On Spinner Features We LOVE: ✦ Brand trusted by flight crews ✦ USB port to charge devices ✦ Great price ✦ Removable TSA compliant toiletry pocket 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.  You can schedule a call here. Which Kanbar Kopel Team Listing is your Favorite? Active 16 Sutton Place, Apt. 19B 4 Bed | 4 Bath | $1,595,000 | Active 205 East 63rd Street, Apt. 7B 3 Bed | 2 Bath | $995,000 | Active 43 West 64th Street, Apt. PH9D 2 Bed | 2 Bath | $11,995/month | Active In Contract 33 East 70th Street, Apt. 10/11D 8 Bed | 7 Bath | In Contract 250 East 87th Street, Apt. 23J 1 Bed | 1 Bath | $725,000 | In Contract 14 East 90th Street, Apt. 9D 3 Bed | 2.5 Bath | $3,695,000 | In Contract 401 East 86th Street, Apt. 2HJ/3J 5 Bed | 5.5 Bath | $3,295,000 | In Contract 315 Riverside Drive, Apt. 11B 2 Bed | 2 Bath | $1,575,000 | In Contract 49 East 96th Street, Apt. 4A 2 Bed | 2 Bath | $1,395,000 | In Contract 200 Cabrini Boulevard, Apt. 112 1 Bed | 1 Bath | $799,000 | In Contract Just Sold 1175 Park Avenue, Apt. 4A 5 Bed | 4 Bath | Sold 130 East 94th Street, Apt. 9B 2 Bed | 2 Bath | $1,495,000 | Sold 320 West 90th Street, Apt. 1D Studio | 1 Bath | $2650/month | Rented 310 West End Avenue, Apt. 7C 3 Bed | 3.5 Bath | $2,675,000 | Sold 301 East 79th Street, Apt. 30R 1 Bed | 1 Bath  | $845,000 | Sold 400 East 70th Street, Apt. 304/5 2 Bed | 2.5 Bath | $1,660,000 | Sold 508 Waverly Avenue, Apt. 6 2 Bed | 2 Bath | $1,495,000 | Sold 290 West End Avenue, Apt. 8A 3 Bed | 3 Bath | $3,250,000 | Sold 1000 Park Avenue, Apt. 7B 3 Bed | 3 Bath | $2,770,000 | Sold 130 West 79th Street, Apt. 10CD 2 Bed | 2 Bath | $1,995,000 | Sold 230 East 50th Street, Apt. 10AB 4 Bed | 2.5 Bath | $1,550,000 | 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