Monthly Take - November 2023

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NOVEMBER 2023 MANHATTAN MONTHLY TAKE

Even though we need to remind ourselves that the 30-year fixed rate mortgage has averaged about 7.4% over the past 50 years, there are other ways to pay for a new home! ✦ If you don't want to sell assets such as stocks or bonds because that may trigger capital gains taxes, consider a margin loan which is a loan based on the value of your assets/equities. ✦ Accelerate inheritance or gifting: If you are fortunate to be in this situation it might be time to adjust timing. Talk to your accountant about the Federal tax law limits. ✦ Consider a partner: Buy a home WITH a parent, relative or close friend. Share the profits upon resale. We are here to connect clients with trusted attorneys and accountants who can provide expert financial advice.

Want to learn more about the market? Reach out to chat!

Read on and get our NOVEMBER TAKE: ✦ New Development: 439 East 77th Street ✦ Food News: 'Fast Casual' Eats on the UES ✦ Celeb Real Estate Buzz ✦ NYC Home & Lifestyle Trends: The Art of Paper Lighting Let's talk soon! Stacey and Julie

New Development 439 East 77th Street (btwn 1st & York Avenues) ✦ Owner is Urban Spring Capital ✦ Building architect is ARC Architecture + Design Studio ✦ 100-year-old parking garage to become a 75 ft condo ✦ Plans show 7 stories with 16 units each, about 1,800 sq ft ✦ Design documents have two indoor parking spots, a thirty-foot-long yard, and a cellar ✦ City block will lose 96 parking spots ✦ No timeline has been announced

Fast Casual Dining on the UES Opening Soon

✦ Wonder: A new food hall partners with twelve top chefs including Bobby Flay, to bring iconic food to the UES. Eat-in, pick-up or deliver. (120 East 86th Street) ✦ Blénoir Crêpe & Café: Previously in the Plaza Hotel food hall, this Parisian style café serves savory and sweet crêpes. (958 Lexington Avenue) ✦ Soledad: The latest concept from Chef Julian Medina of Toloache, featuring dishes inspired by his grandmother in Mexico City. (1825 Second Avenue)

Celeb Real Estate Rundown

✦ Annie Leibovitz, LISTS 88 CPW for $8.6MM: The duplex spans 3,500 sq ft with 8 BR, 3 BA and breathtaking views of Central Park. ✦ 'Rent" star Anthony Rapp, LISTS 32 E. 1st Street for $3.85MM: The 1500 sq ft 3 BR, 3 BA with interiors designed by AJS Design/s has an open kitchen and soaring ceilings. ✦ Tech entrepreneur, Bijan Tehrani, BUYS 146 E. 65th Street for $47MM: The 12,500 sq ft, 40 foot wide, five story townhouse was renovated by Steven Harris Architects.

Light is Art with Noguchi Inspired Paper Lights

✦ Paper Moon Hanging Shade ($2189): Simple and timeless, from Barbara Barry, perfect for a foyer or above a kitchen island. ✦ Book Paper Lamp ($230): Handmade, recycled book paper, in different languages, was used to create this whimsical lamp. ✦ Nelson Ball Lotus Table Lamp ($595): From Herman Miller, this table lamp is a perfect calming accent to any desk or night stand. How is the Luxury Market? Residential Properties $4MM and above Source: Olshan Report

Co-op 2023: 229 2022: 244 Condo 2023: 679 2022: 766 Condop 2023: 20 2022: 5 Townhouse 2023: 112 2022: 120 Total Contracts 2023: 1040 2022: 1135 Avg. Price Reduction 2023: 10.9% 2022: 5.9% Avg. Days On Market 2023: 615 2022: 545

Which Kanbar Kopel Team Listing is your Favorite?

Featured Active Listings 4 East 77th Street Neo-Renaissance Townhouse (just off Fifth Avenue) 24' Wide | 5 Stories plus Cellar | $25,000,000 | Active

Featured In Contract

47 East 88th Street, Apt. 15C 2 BD | 3 BA | $1,995,000 | In Contract

215 East 79th Street, Apt. 12A 2 BD | 2 BA | $1,300,000 | In Contract 165 West 66th Street, Apt. 14M Studio | 1 BA | $395,000 | In Contract

Featured Transactions

433 East 74th St., Apt. 3AB/4B 6 BD | 5.5 BA | Sold 145 East 84th Street, Apt. 11DEFG 6 BD | 6 BA | $4,975,000 | Sold 40 East 84th Street, Apt. 16A 1 BD | 2 BA | $1,595,000 | Sold 1100 Park Avenue, Apt. 9C 4 BD | 4 BA | $4,850,000 | Sold 50 Bridge Park Drive, Apt. 8A 4 BD | 4 BA | $4,390,000 | Sold 184 East 2nd Street, Apt. 4G 2 BD | 1 BA | $995,000 | Sold 1175 Park Avenue, Apt. 4A 5 BD | 4 BA | Sold 33 East 70th Street, Apt. 10/11D 8 BD | 7 BA | Sold 14 East 90th Street, Apt. 9D 3 BD | 3 BA | $3,547,500 | Sold 360 East 72nd Street, Apt. B1501 2 BD | 2 BA | $1,575,000 | Sold 1623 3rd Avenue, Apt. 39K 2 BD | 2 BA | $1,490,000 | Sold 150 East 77th Street, Apt. 6F 2 BD | 2 BA | $1,425,000 | Sold

440 East 79th Street, Apt. 15E 2 BD | 2 BA | $1,280,000 | Sold 205 East 63rd Street, Apt. 4G 2 BD | 2 BA | $595,000 | Sold

Want to see more listings? View them here!

Office: 212-913-9058 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.

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