Monthly Take - May 2023

MAY 2023 MANHATTAN MONTHLY TAKE

The Best Pricing Strategy

With over 30 years of combined experience, one strategy we never recommend is overpricing. Rather than achieving the wishful higher price, overpricing will, in fact, have the adverse effect. Buyers of New York real estate and their brokers are sophisticated, and they know when a property is priced too high. This generally will translate to low to no traffic, no or low offers, and the property then languishes. While buyers watch and think to themselves, “if no one else wants it, why would I?” or “what is wrong with it?", the value of the property is diminishing. This invariably leads to multiple price cuts and a lower price than would have otherwise been secured had the property been priced correctly from the outset. Moreover, the longer a property is on the market, the more market risk the seller is taking. Pricing as close to where we believe the apartment will sell is a strategy we recommend and ultimately gives the property the greatest chance to achieve the highest possible price. While this may seem counterintuitive, we promise that our countless happy clients can attest to how well this strategy has worked for them.

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

Read on and get our MAY TAKE: ✦ New Construction: 760 Madison Avenue ✦ Food News: Bagels!!! ✦ Celeb Real Estate Buzz ✦ NYC Home & Lifestyle Trends: Pickleball mania continues! Let's talk soon! Stacey and Julie

New Development

760 Madison Avenue (btwn 65th and 66th Streets) ✦ Designed by COOKFOX ✦ Developed by SL Green Realty with Giorgio Armani Corp ✦ GC is Leeding Builders Group ✦ 12 story mixed-use building ✦ 189 feet tall ✦ 10 Condominium apartments ✦ Giorgio Armani flagship boutique on street level ✦ Indiana limestone facade ✦ Floor-to-ceiling windows ✦ Foundation construction is now built up to street level * Expected completion Summer 2024

The NYC Bagel

We love a good bagel and eat our fair share. Try one of our favorites or one of the top ranked faves rated by everything is everything NYC in their bagel survey!

Black Seed Bagel (10 locations in NYC) ✦ Hand-rolled, poached, and finished in a wood-fired oven ("Montreal style"). ✦ House lox is cured with beets. ✦ A little chewier, smaller and less dense than the typical NYC bagel but crispy and delicious!

Bagel Shop 1659 Third Ave @ 93rd Street ✦ Fans rave on Google reviews and the line on a weekend morning is proof they are worth the wait. ✦ Known for unique spreads, their BIG bagels are best when they are still warm, straight from the oven.

BO's Bagels 235 W. 116th Street ✦ The only bagel shop in Harlem is one of the best in the city! ✦ Chewy on the inside and crispy on the outside. ✦ A dozen varieties - hard to find pumpernickel cranberry or za'atar anywhere else!

Celeb Real Estate Rundown

Kendall Roy's Succession PH AVAILABLE 180 East 88th Street $29MM Take the private elevator or climb the spiral staircase to enjoy this 5,500 sq ft triplex. Features 5 bedrooms, 4 bathrooms and 2 powder rooms. Ceilings reach 28 feet in some spots plus floor-to-ceiling windows that overlook Central Park and the city skyline.

Amy Schumer SOLD 190 Riverside Drive PH $13MM The 5 bedroom, 5½- bath home is 4,500 sq ft with 3,000 sq ft of outdoor space spanning two levels. The glass walls, landscaped terrace with panoramic views of the Hudson River, the GW Bridge and the city skyline make this a showstopper.

Mindy Kaling SOLD 210 Lafayette Street for $2.4MM The 1,166 sq ft, 2 bedroom, 2 bath home has high ceilings, and views of the Williamsburg Bridge plus a chic kitchen and lots of storage space.

Pickleball Mania! Pickleball was born in 1965 but its growth in the past few years has been exponential. This easy to learn sport that combines tennis, badminton and ping-pong is for all ages and levels. See below for the latest places to play in NYC.

City Pickle @ Wolman Rink NYC in Central Park ✦ Now - October 9th ✦ 14 Courts ✦ Daily 7am - 9pm Book Now

Carl Shurz Park: East End Avenue and 86th Street ✦ 3 Pickleball courts ✦ A hot topic at recent Community Board meeting ✦ Decision has been made to resurface and move the courts from the middle to the south end of the Park

Court 16: LIC, Brooklyn & FIDI (coming soon) ✦ The first racquet club in the world to use customizable LED-illuminated courts ✦ They have it all - pickleball clinics, open play, court rentals, and a pickleball league

How is the Luxury Market? Residential Properties $4MM and Above Contracts Signed YTD Coop 2023 = 102 2022 = 139 Condo 2023 = 302 2022 = 311 Condop 2023 = 9 2022 = 2 Townhouse 2023 = 48 2022 = 55 Total Contracts 2023 = 461 2022 = 607

Key Stats YTD

Avg. Price Reduction 2023 = 7.7% 2022 = 5.8% Avg. Days on Market 2023 = 595 2022 = 570

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

422 East 84th Street 4 BD | 4 BA | $5,950,000 | Active 40 East 84th Street, Apt. 16A 1 BD | 2 BA | ~1280 SF | $1,595,000 | 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

In Contract

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

1623 3rd Avenue, Apt. 39K 2 BD | 2 BA | $1,495,000 | 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 111 Montgomery Street, Apt. 5F 1 BD | 1 BA | $767,000 | 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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