Monthly Take - September 2022

SEPTEMBER 2022  MANHATTAN  MONTHLY TAKE What are the current trends and how are we advising our clients? The market is stabilizing and heading towards neutrality where supply is more in line with demand. The past twelve months of activity was unprecedented and fueled by a 'once-in-a-lifetime global pandemic.  ✦ While demand is trending down, it is still well above 2019 levels, which is the most recent "normal" year. We can't compare today's numbers to 2021, which was unusually busy, and making up for the lack of activity in 2020. ✦ Contract activity has stabilized and appears to be already heading sideways.  ✦Supply is down which is typical for this time of year. However, there is often a seasonal bump up in availability post Labor Day.  ✦ Weekly contracts signed are down from 2021, however, they are slightly higher than 2020 and 2019. This further demonstrates an adjusting, not collapsing, market. Once again, 2021 was an unprecedented year.  The weekly pace is still above average activity.  (Source: Urban Digs) The busy season is coming and the October/November price action data will show us more clearly where this new market is headed. 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 SEPTEMBER TAKE on: ✦ New Construction: Arloparc 126 East 86th St. ✦ Our Favorite Food Halls ✦ Celeb Real Estate ✦ How to Choose Kitchen Countertops Let's talk soon! Stacey and Julie 126 East 86th Street (between Lexington & Third Ave.) ✦ Igor Zaslavskiy of Zproekt Architects ✦ Rybak Development ✦ 20 story condominium ✦ 28 luxury residences including one PH ✦ Amenities include:     -24 hour doorman    -gym    -kids playroom    -recreation room    -lounge    -spa ✦ Completion expected second quarter 2024. Pricing and additional details not available yet.  If you would like to talk more about this property schedule a call here. NYC Food halls for foodies, culture seekers and historians. Check out these food hall finds with innovative chefs, cuisine from around the world, and inside some of NYC's most historic buildings. Tin Building: 96 South Street (btwn Beekman and Fulton) ✦ The Tin Building by Jean-Georges opened this summer in the former location of the Fulton Fish Market.  ✦  6 full service restaurants, wine bar, retail fish market and a curated selection of other food offerings.  ✦ Current Preview Hours: Thursday to Sunday, 12pm–5pm. Official opening is late September. Citizens at Manhattan West: 435 W 31st St. (btwn 9th & 10th ave.)  ✦ Extraordinary fine dining destinations: Katsuya (Japanese cuisine) and Casa Dani (Spanish / Mediterrenean cuisine)  ✦ 12 fast casual & quick bite options including Sam's Crispy Chicken, Plant Nation and Krispy Rice.  Olly Olly: 601 W 26th St. (btwn 11th & 12th ave.). ✦ New food hall on the g round floor of the Starrett-Lehigh Building offering food, beverage and exhibitions. ✦ Vendors include: Joomak Banjum, Bar 314 and Flip Sigi pizza by Noah Sandoval of Oriole and Oren's Coffee.  ✦ Exhibition space will open with the show “Jean-Michel Basquiat: King Pleasure.” ✦ Opening Fall 2022. Celeb Real Estate Rundown Andy Cohen: BUYS 299 W. 12th St., last ask $18.3 million The 3,000 square foot, three bedroom, four bath penthouse is located in a pre-war Bing & Bing building. Outdoor space measures about 2,000 square feet plus a solarium, a wrap around terrace and incredible Village views.  Hugh Jackman: BUYS PH in Jean Nouvel Tower 100 Eleventh Avenue just over $21.1 million The 4,700 square foot penthouse was originally listed for $25 million. The condo features four bedrooms and three and a half baths, terrazzo floors, 14-foot floor-to-ceiling windows and 3,700 square feet of outdoor space.  Ellie Kemper: SOLD 325 West End Avenue $3.3 million Pre-war, renovated three bedroom and three full bathrooms with a semi-private elevator vestibule. Features 10' high ceilings, enlarged bay windows and a fireplace.  Kitchen Counter Conundrums We have so many choices when picking a material for a kitchen counter. Check out our vetted list of options below, along with their respective pros & cons. ⚠️Alert ⚠️ : Nothing is stain proof, heat proof or damage proof.  However, some are more forgiving and easier to maintain than others. Our advice:  Pick what you love, follow the care instructions and don't forget to clean up! MARBLE or GRANITE Pro: Natural stones, many color variations & every slab is unique. Granite is easiest to repair. Con: Both must be sealed to keep the highest resistance to stains & scratches. Marble is softer than granite, can chip more easily & can be hard to match. QUARTZ (aka Corian, Ceasarstone, Silestone) Pro: The most durable, scratch & stain resistant. Plus, there are many color choices & no sealing is needed. Con: Not heat resistant, hard to repair & can be more expensive. It also can chip over time. QUARTZITE Pro: A natural stone that resembles marble but is more durable, heat & stain resistant. Con: Must be sealed & maintained to keep the highest resistance to stains & scratches. Limited color selection. 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? Coming Soon For more information on these  coming soon properties schedule a call here. 440 East 79th Street. Apt. 15E 2 Bed | 2 Bath | Coming Soon - Sale 120 East 87th Street, Apt. R6A 2 Bed | 2 Bath | Coming Soon - Rental Active 16 Sutton Place, Apt. 19B 4 Bed | 4 Bath | $1,595,000 | Active 382 Central Park West, Apt. 14K 1 Bed | 1 Bath | $1,149,000 | Active 205 East 63rd Street, Apt. 7B 3 Bed | 2 Bath | $995,000 | Active In Contract 315 Riverside Drive, Apt. 11B 2 Bed | 2 Bath | $1,575,000 | In Contract 203 East 72nd Street, Unit 11C 1 Bed | 1 Bath | $965,000 | In Contract 250 East 87th Street, Apt. 23J 1 Bed | 1 Bath | $725,000 | In Contract Just Sold 401 East 86th Street, Apt. 2HJ/3J 5 Bed | 5.5 Bath| $3,403,501 | Sold 49 East 96th Street, Apt. 4A 2 Bed | 2 Bath | $1,350,000 | Sold 33 East 70th Street, Apt. 10/11D 8 Bed | 7 Bath | Sold 43 West 64th Street, Apt. PH9D 2 Bed | 2 Bath | $12,500/month | Rented 200 Cabrini Boulevard, Apt. 112 1 Bed | 1 Bath | $850,000 | Sold 14 East 90th Street, Apt. 9D 3 Bed | 2.5 Bath | $3,547,500 | 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 | $1,450,000 | Sold 290 West End Avenue, Apt. 8A 3 Bed | 3 Bath | $3,250,000 | Sold 230 East 50th Street, Apt. 10AB 4 Bed | 2.5 Bath | $1,550,000 | Sold 1000 Park Avenue, Apt. 7B 3 Bed | 3 Bath | $2,770,000 | Sold 130 West 79th Street, Apt. 10CD 2 Bed | 2 Bath | $1,895,000 | 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