Monthly Take - April 2023

APRIL 2023 MANHATTAN MONTHLY TAKE

The month of March was quite interesting with the banking drama that ensued and ultimately resulting in large cash withdrawals from some regional banks. Interestingly, it produced lots of signed contracts in NYC and signed contract volume is up notably in almost all price points compared to February. Perhaps people are more interested in investing in hard assets and they are thinking long term? After all, housing is an essential need, renting is not cheap and this market is less competitive with fewer buyers willing to bid, ultimately creating more opportunities. Key data points: ✦ Pending sales at 2731 are below 2021/22 but above earlier years suggesting the market is normalizing ✦ Contracts signed for March at 1162 is slightly above the monthly historical average of 1138 ✦ New supply at 1983 is up 51% from last month and well above the monthly average of 1653 *Source: Urban Digs

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Read on and get our APRIL TAKE: ✦ New Construction: UES Projects to Watch ✦ Food News: UWS NEW Restaurants ✦ Celeb Real Estate Buzz ✦ Home Ideas: Bunk beds! Let's talk soon! Stacey and Julie

New Development

Lots of demo happening. These are the UES Projects to watch. 1357 Second Avenue (72nd and 71st):  ✦ Developed by The Chetrit Group ✦ 21-story residential building ✦ 54 apartments ✦ 5,700 sq ft of commercial space ✦ Includes a four-story affordable housing annex ✦ Architect, renderings, or timeline not yet confirmed 1305-1307 Third Avenue (@75th Street): ✦ Developed by EJS Development ✦ Buildable scope between 75,000 - 90,000 sq ft ✦ Anticipated date of completion of 2024 ✦ Architect, floor count, and unit total not yet confirmed 1491-1493 First Avenue (@78th Street): ✦ Designed By Hill West Architects ✦ Developed by Carmel Partners ✦ 94 condominiums with an average of 1900 sq ft ✦ 7,120 sq ft ground floor retail and cellar level ✦ Completion date Is scheduled for Spring 2026

New Restaurants On the UWS

A new generation of chefs are making an impact on the Upper West Side - reinventing classic cuisine, introducing new flavors and changing the overall dining atmosphere!

Tatiana: 10 Lincoln Center Plaza Located inside Geffen Hall at Lincoln Center, Kwame Onwuachi pays homage to his culinary muse, his sister Tatiana, focusing on a tapestry of NYC inspired cuisines. Small and large plates such as Take-Out Mushrooms and Pastrami Short Ribs are meant to be shared.

Essential by Christophe: 103 West 77th Street Chef Christophe Bellanca has given French cuisine a refresh. The food exceeds expectations in in both taste and design. Go for the 7 course Evolution Menu! Bon appetit!

Wallace Lounge: 246 West 76th Street Catch live music, imaginative cocktails, such as the Baika Martini the UWS Sparks, and small bites in this gorgeous new piano bar/lounge. Sounds like a perfect evening.

Celeb Real Estate Rundown

Broadway Producer Scott Rudin LISTS 22 Bank Street for $26MM The 19th-century townhouse was recently renovated by G.P. Schafer, and features a new elevator and reclaimed pine floors. The 3,850 sq ft home is 19 feet wide, includes 4 bedrooms and 4 bathrooms plus a south-facing garden.

Beastie Boys Mike D LISTS 300 CPW for $14.99MM His childhood home at the Emery Roth designed Eldorado is a 6 bedroom, 8 bathroom penthouse. The duplex spans 6,300 sq ft plus 800 sq ft of wrap around terraces with views of Central Park.

Alexis Stewart 165 Charles Street IN CONTRACT ∼ $30MM The triplex is in the swanky Richard Meier designed condo. Spanning about 9,500 sq ft, the home includes 6 bedrooms and 6 bathrooms plus 600 sq ft of exterior space and Hudson River frontage.

Bunk Beds! Bunk beds are so practical and can really help to maximize a space in NYC whether you have little ones or teens. Plus, they are fun!

PB Treehouse Bunk Bed Treehouses are rare in NYC but that dream can come ‘tree’ with this fun treehouse bunk bed. Yet another example of how Manhattan has it all!

Otis Bunk Murphy Bed Want the ultimate space saver? Go with the modern and minimalist, Otis Bunk Murphy Bed This wall bed has a superior European mechanism that flips the bed open and closed.

Bebble Modern Bunk Bed from South Shore We love this modern Scandinavian inspired design. Also, if you ever tire of having bunk beds, the beds can come apart. Available in 4 colors.

How is the Luxury Market? Residential Properties $4MM and Above Contracts Signed YTD Coop 2023 = 78 2022 = 96 Condo 2023 = 208 2022 = 292 Condop 2023 = 8 2022 = 2 Townhouse 2023 = 26 2022 = 30 Total Contracts 2023 = 320 2022 = 420

Key Stats YTD

Avg. Price Reduction 2023 = 7.8% 2022 = 6.1% Avg. Days on Market 2023 = 346 2022 = 450

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

Which Kanbar Kopel Team Listing is your Favorite?

Featured Active Listings 433 East 74th Street, Apt. 3AB/4B 6 BD | 5.5 BA | ~ 4630 SF | $5,995,000 | Active

145 East 84th Street, Apt. 11DEFG 6 BD | 6 BA | ~ 3285 SF | $4,595,000 | Active

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

1623 3rd Avenue, Apt. 39K 2 BD | 2 BA | $1,495,000 | Active 440 East 79th Street, Apt. 14K 2 BD | 1 BA | $769,000 | Active

205 East 63rd Street, Apt. 4G 2 BD | 2 BA | $595,000 | Active

Featured Coming Soon

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

150 East 77th Street, Apt. 6F 2 BD | 2 BA | Coming Soon 40 East 84th Street, Apt. 16A 1 BD | 1.5 BA | Coming Soon In Contract

440 East 79th Street, Apt. 15E 2 BD | 2 BA | $1,299,000 | In Contract 16 Sutton Place, Apt. 19B 4 BD | 4 BA | $1,595,000 | In Contract

111 Montgomery Street, Apt. 5F 1 BD | 2 BA | $786,000 | In Contract 130 East 94th Street, Apt. 2D 1 BD | 2 BA | $579,000 | 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 2250 Broadway, Apt. 4R 2 BD | 2 BA | $6,995/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 205 East 63rd Street, Apt. 7B 3 BD | 2 BA | $995,000 | 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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