Monthly Take - June 2023

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JUNE 2023 MANHATTAN MONTHLY TAKE

Rental Update: Manhattan & The Hamptons The Manhattan rental market is red hot while it seems the Hamptons rental market is cooling down. What’s attributing to this? MANHATTAN Pricing & demand: ✦ April Manhattan median monthly rent hit a record high of $4395 and the number of renters signing new leases are up 22% Possible factors fueling increases: ✦ High interest rates have potential buyers renting, and low inventory due to owners not wanting to lose their low mortgage rate, plus an influx of technology executives relocating to Manhattan THE HAMPTONS Pricing & demand: ✦ Historical summer rental highs from the pandemic are over causing inventory to build and some landlords are slashing prices by 50% Possible factors fueling market correction: ✦ Renters are choosing European travel vs. summer rentals and pandemic second home purchases are now looking to be rented Sources: Street easy, Miller Samuels, and Compass

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

Read on and get our JUNE TAKE: ✦ New Development: 300 East 83rd Street ✦ Food News: Best burgers and hot dog's on the UES ✦ Celeb Real Estate Buzz ✦ NYC Home & Lifestyle Trends: Home fragrance diffusers Let's talk soon! Stacey and Julie

New Development

300 East 83rd Street (SE corner @ 83rd & Second Avenue) ✦ Designed by SLCE Architect (also known for The Beckford) ✦ Developed by Lalezarian Group ✦ 22 stories with ground floor retail ✦ 70 condominium apartments ✦ Average apartment is 1203 sq ft ✦ Light hued stone facade ✦ Floor-to-ceiling windows ✦ Expected completion end of 2024

UES Best Burgers & Hot Dogs The UES has some of the best burgers and dogs in the city!

Hamburgers ✦ JG Melon: This UES institution serves a perfectly seared, juicy burger with the right amount of pickles. 1291 Third Ave. @ 74th St. ✦ Match 65: A super tender brasserie style Black Angus burger with pommes frites and spicy mayo. Divine. 29 E. 65th St. @ Madison ✦ BIS: Enjoy a delicious Kosher burger at this new Middle Eastern spot. The Challah bun hits the spot. 1207 Lexington Ave. @ 82nd St. Hot Dogs ✦ The Mark Hotel: Jean-Georges’ hot dog stand serves a gourmet organic grass-fed beef hot dog (or organic chicken too!) $6 with Kimchi relish. Madison Ave. @ 77th St. ✦ Pastrami Queen: A Kosher deli all-beef hot dog. Prefer Knockwurst? They have that too! 1125 Lexington Ave. (btwn 78th & 79th St.) ✦ Schaller's Stube: The all beef hot dog called Steuben's Reuben comes with Swiss cheese, sauerkraut and the secret Stube sauce. Portions are huge! 1652 Second Avenue (btwn 86th & 85th St.)

Celeb Real Estate Rundown

Clive Davis SELLS 108 Leonard Street for $4.6MM The 3 bedroom, 3½ bath full floor home is 2,448 sq ft in a historic landmark building. The home features 12 ft ceilings, lots of windows, wide-plank oak floors, and an open chef’s kitchen.

Julia Fox BUYS Harlem townhouse for $2.9MM Built in 1888 by Charles H. Beer, the property is 4,700 sq ft with an additional 1,200 sq ft cellar. Currently configured as a 2 family home, the house has 4 stories, with 7 bedrooms and 5 bathrooms.

Erica Jong LISTS 150 East 69th St. for $4.25MM The 3,000 sq ft 3 bedroom, 3.5 bath is on the 27th floor at the Imperial House. Highlights include lots of natural light, an enclosed solarium and wall-to-wall custom bookcases.

Home Fragrance Diffusers

Innovative and beautiful enough to display or discrete for even the most minimalistic decor.

Diptyque Hourglass ✦ Can be refilled twice ✦ Variety of 8 scents $70 each ✦ Hourglass $190

Pura Diffuser ✦ Ingredients are safe and clean ✦ Nest & Lafco scents available ✦ Diffuser $45 & Scents $19+

Aera Diffuser ✦ Hypoallergenic & no VOC's ✦ Control remotely with phone ✦ Diffuser $199 & Mini $95

How is the Luxury Market? Residential Properties $4MM and Above Contracts Signed YTD Coop 2023 = 122 2022 = 160 Condo 2023 = 393 2022 = 498 Condop 2023 = 14 2022 = 2 Townhouse 2023 = 61 2022 = 73 Total Contracts 2023 = 590 2022 = 733

Key Stats YTD

Avg. Price Reduction 2023 = 7.3% 2022 = 5.5% Avg. Days on Market 2023 = 604 2022 = 563

Which Kanbar Kopel Team Listing is your Favorite?

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

1100 Park Avenue, Apt. 9C 4 BD | 4 BA | $4,895,000 | Active

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

Featured In Contract 433 East 74th Street, Apt. 3AB/4B 6 BD | 5.5 BA | $5,995,000 | In Contract 145 East 84th Street, Apt. 11DEFG 6 BD | 6 BA | $4,595,000 | In Contract

16 Sutton Place, Apt. 19B 4 BD | 4 BA | $1,595,000 | In Contract 360 East 72nd Street, Apt. B1501 2 BD | 2 BA | $1,575,000 | In Contract

1623 3rd Avenue, Apt. 39K 2 BD | 2 BA | $1,495,000 | In Contract 150 East 77th Street, Apt. 6F 2 BD | 2 BA | $1,375,000 | In Contract

440 East 79th Street, Apt. 15E 2 BD | 2 BA | $1,299,000 | In Contract 440 East 79th Street, Apt. 14K 2 BD | 1 BA | $769,000 | In Contract

130 East 94th Street, Apt. 2D 1 BD | 2 BA | $579,000 | In Contract 301 East 63rd Street, Apt. 7D Studio | 1 BA | $300,000 | In Contract

Featured Transactions

33 East 70th Street, Apt. 10/11D 8 BD | 7 BA | Sold 1175 Park Avenue, Apt. 4A 5 BD | 4 BA | Sold 50 Bridge Park Drive, Apt. 8A 4 BD | 4 BA | $4,390,000 | Sold 14 East 90th Street, Apt. 9D 3 BD | 3 BA | $3,547,500 | 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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