Monthly Take - February 2023

FEBRUARY 2023 MANHATTAN MONTHLY TAKE

We can see the active real estate season has arrived with a jump in new inventory, up 167.5%, from December 2022. These are the market indicators to watch now: ✦ Mortgage rates continue to drop ✦ Home builder sentiment improved for the first time in 1 year ✦ We may be seeing the bottom for luxury properties ($4M+) as contracts signed are near the low of historical activity* ✦ Brokers are seeing an increase in buyers, open house traffic, and offers *(Source: Urban Digs - luxury contracts signed 2015 - 2019 avg.)

Schedule a call with us to learn more about the market Reach out to chat!

Read on and get our FEBRUARY TAKE: ✦ New Construction: 250 East 83rd Street (@ 2nd Avenue) ✦ Food News: Specialty Grocers ✦ Celeb Real Estate Buzz ✦ Home Ideas: Interior decor shops on the UES Let's talk soon! Stacey and Julie

New Development

250 East 83rd Street @ Second Avenue ✦ Developed by The Torkian Group ✦ SLCE Architects ✦ Interiors by Lemay+Escobar ✦ 370 ft. tall building with 31 Stories ✦ 128 condos ✦ Amenities will include a theater, fitness center, children's playroom, outdoor rooftop lounge and terrace. Expected completion: Fall 2024

Let's Go Food Shopping

Living on the UES means easy access to the best specialty food shops right outside your doorstop.

Madison Fare Carnegie Hill's favorite new addition! This thoughtfully curated gourmet food store offers hand crafted gifts, gourmet sandwiches and pastas, salads, grab-and-go prepared food as well as decadent home-made chocolates. 1225 Madison Avenue (btwn 88th and 89th Streets)

H Mart The Korean specialty grocery is coming to East 86th street. You can expect basics like fresh produce and meats with a focus on asian style cooking. Plus, tons of RAMEN! Expected opening is Summer 2023. 223 East 86th Street (btwn 1st and 2nd Avenues)

A Matter of Health Order before 5pm and you can get all of your organic food staples, produce and yummy snacks delivered on the same day. Or, take a trip there and delight in the abundance of healthy options! 1347 First Avenue (btwn 72nd & 73rd Streets

Celeb Real Estate Rundown

Reed and Delphine Krakoff SELLS 54 East 64th Street for $36M The 12,500 sq. ft., 6 bedroom townhouse was meticulously renovated for years by Krakoff, chief artistic officer at Tiffany & Co., and his wife Delphine, an interior designer.

Bill Gates lists condo at 1212 Fifth Ave. for $4.75M This 2400 sq. ft., 3 bedroom, 3.5 bath apartment where Gates' daughter resided was meticulously updated and boasts dramatic park views.

Succession star Sarah Snook BUYS 42 Devoe Street for $1.83M The 2 bedroom, 2 bath lux condo is located in Williamsburg in a brand new development. Highlights include oversized windows, loft like ceilings and the balcony.

Shop Home Decor on the UES Shopping for home design is most fun when done in person - below find our faves on the UES.

KRB ✦ Curated by owner/retailer Kate Rheinstein Brodsky ✦ Timeless offerings ✦ AD calls it “one of the best home stores in America" ✦ Pottery shown from potter Frances Palmer-upcoming trunk show this month at KRB. 1024 Lexington Avenue (btwn 73rd & 74th Street)

Collette Home NYC ✦ Started in Bridgehampton ✦ Highly curated consignment ✦ Buy or sell luxury home decor ✦ Collette also sells unique accessories from artisans1327 Madison Avenue (btwn 93rd and 94th Streets)

Anthropologie ✦ Great resource for pillows, wall art, vases, candles, lighting, and table top ✦ Colorful, unique and often well-priced ✦ Online or in-store 1230 Third Avenue (between 72nd and 71st Street)

How is the Luxury Market? Residential Properties $4M and Above Contracts Signed YTD Coop 2023 = 16 2022 = 27 Condo 2023 = 47 2022 = 67 Condop 2023 = 0 2022 = 0 Townhouse 2023 = 5 2022 = 7 Total Contracts 2023 = 70 2022 = 99

Key Stats YTD

Avg. Price Reduction 2023 = 4.2% 2022 = 2.7% Avg. Days on Market 2023 = 555 2022 = 552

Want to learn more about neighborhood-specific market trends? Reach out to chat!

Which Kanbar Kopel Team Listing is your Favorite?

Featured Coming Soon

4 East 77th Street Neo-Renaissance Townhouse just off Fifth Avenue 24' Wide | 5 Stories plus Cellar

More Coming Soon..... ✦ 197 West Houston Street | 18' Wide | 3 Story Townhouse ✦ 1623 3rd Avenue, Apt. 39K | 2 Bed | 2 Bath ✦ 440 East 79th Street, Apt. 15E | 2 Bed | 2 Bath | $1,299,000 ✦ 2250 Broadway, Apt. 14R | 2 Bed | 2 Bath | $6,995/mo

Featured Active Listing

422 East 84th Street 4 BD | 3.5 BA | $5,950,000 | Active

16 Sutton Place, Apt 19B 4 BD | 4BA | $1,595,000 | Active 205 East 63rd Street, Apt. 4G 2 BD | 2 BA | $649,000 | Active In Contract

205 East 63rd Street, Apt.7B 3 BD | 2BA | $995,000 | In Contract Featured Transactions

50 Bridge Park Drive, Apt. 8A 4 BD | 4 BA | $4,390,000 | Sold 117 East 57th Street, Apt. 38CD 3 BD | 3 BA | $29,500/mo | Rented

33 East 70th Street, Apt. 10/11D 8 BD | 7 BA | Sold 1175 Park Avenue, Apt. 4A 5 BD | 4 BA | Sold 14 East 90th Street, Apt. 9D 3 BD | 3 BA | $3,547,500 | Sold 401 East 86th Street, Apt. 2HJ/3J 5 BD | 6 BA | $3,403,501 | Sold 330 East 75th Street, Apt. 15BC 4 BD | 4 BA | $3,300,000 | Sold 290 West End Avenue, Apt 8A 3 BD | 3 BA | $3,250,000 | Sold 1000 Park Avenue, Apt. 7B 3 BD | 3 BA | $2,770,000 | Sold 310 West End Avenue, Apt. 7C 3 BD | 4 BA | $2,675,000 | Sold

Interested in seeing more of our recent listings and sales? 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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