Monthly Take - January 2024

Follow us on social media for your Manhattan real estate, food & lifestyle news

JANUARY 2024 MANHATTAN MONTHLY TAKE

Despite last year's higher rates, two wars and global instability, NYC real estate is still moving! 2023 YEAR END KEY INSIGHTS: ✦ Days on market rose to 615 (mostly from backlog of pricey new condos)   ✦ $10MM+ market had 240 transactions, up 2% from 2022 ✦ Negotiability increased to 9% fueled by higher mortgage rates                                    2024 WHERE IS THE MARKET GOING?: ✦ $/sq ft is down ~8.5% from LY, opportunity knocks for buyers ✦ Data is showing the market is bottoming out ✦ The decline began in June ‘22 when the Fed first increased rates ✦ Rates are now coming down and expect to come down a bit further in 2024 (buyers can refinance) ✦ Buyers have leverage now and we see this continuing into the next two months before peak selling season, March - May Sources: Olshan Report, Urban Digs

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

Read on and get our JANUARY TAKE: ✦ New Development: The Treadwell - 249 East 62nd Street ✦ Food News: Support our favorite Israeli restaurants ✦ Celeb Real Estate Buzz ✦ NYC Home & Lifestyle Trends: Art frame TV solutions Let's talk soon! Stacey and Julie

New Development The Treadwell 249 East 62nd Street (btwn 2nd & 3rd Avenue)

✦ Developed by Zeckendorf ✦ Designed by INC Architecture & Design ✦ Located in the landmarked Treadwell Farm historic district ✦ 28-story Art Deco-inspired building ✦ 66 condominium apartments - Studios to 3 Bedrooms ✦ A connected five-story building contains 4 townhouse-inspired flats each with 3 BD and 3.5 BA ✦ Amenities: outdoor courtyard and garden, club lounge, fitness center, meditation garden, spa and children's playroom. Wellness offering partnership with Omacasa and Sollis Health ✦ Pricing: $1MM - $3.9MM ✦ Anticipated occupancy 2024

Our FAVORITE Israeli Restaurants

There has never been a more important time to support our fave Israeli restaurants! All 3 of these offer up super fresh and flavorful meals with a fun and lively atmosphere.

✦ Malka: The golden Malka Schnitzel is a must from Celebrity Chef, Eyal Shani, of HaSalon. His first U.S. kosher restaurant is on the UWS. The charred broccolini, the Hraime and the rib eye are also delicious! 161 West 72nd Street ✦ Mesiba: This Tel Aviv-inspired restaurant is named after the word “party” in Hebrew. Chef Eli Buli doesn’t disappoint with the high-energy atmosphere, yummy food, and innovative cocktail offering. Go for the Frena pita, fennel salad, and crispy whole fish. 353 Bedford Avenue, Williamsburg ✦ Shoo Shoo: Come with friends to this Nolita gem. Enjoy Israeli staples that feature grass-fed proteins, whole grains, and seasonal vegetables. Vegetarian and gluten-free friendly. 371 Broome Street Celeb Real Estate Rundown

✦ SaraLee brand heiress, BUYS 620 Park Ave. #7 for $10.75MM: The 4 BD, 4.5 BA, renovated by David Kleinbarg, features a private elevator, soaring ceilings, climate control, and gallery-quality lighting. ✦ Derek Jeter SELLING Trump World Tower PH for $16.5MM: The 5,380 sq. ft. home has breathtaking views from every room with floor-to-ceiling windows. The home was completely remodeled to showcase a modern open plan with neutral interiors. ✦ Home Alone 2 Townhouse, 51 W. 95th St, LISTED for $6.7MM: The 4 BD, 4.5 BA is fully renovated while maintaining original moldings, walnut floors, and bay windows.

Art Frame Televisions We explored art frame televisions for a client who was selling an apartment with TV’s in every room. Perhaps one of these options could work for you too!

✦ Samsung The Frame TV: The OG. You will find the largest assortment of sizes, customizable high-end bezel frames and an artwork store that includes art from the world’s finest museums (some add’l fees). Estimated price range: $1500 - $4000 ✦ Amazon Fire TV Omni QLED: For something less pricey, this is your pick. This TV is bezel-free and with free access to 1000+ pieces of art. Estimated price range: $400-$900 ✦ Dreamscreens: For a quick and easy budget option, turn to Dreamscreens. Plug their USB into your existing TV and get access to 500+ pieces of art. The screen quality is as good as your existing TV and a great quick fix. Estimated price: $49.99

How is the Luxury Market? Residential Properties $4MM and above Source: Olshan Report

Co-op 2023: 265 2022: 275 Condo 2023: 769 2022: 850 Condop 2023: 27 2022: 5 Townhouse 2023: 129 2022: 143 Total Contracts 2023: 1190 2022: 1273 Avg. Price Reduction 2023: 10.6% 2022: 6.1% Avg. Days On Market 2023: 619 2022: 547

Which Kanbar Kopel Team Listing is your Favorite?

Featured Active Listings

220 East 54th Street, Apt. 6H Alcove | 1 BA | $359,000 | Active

Featured In Contract

325 West End Avenue, Apt. 4A 4 BD | 4 BA | $3,995,000 | In Contract 91 Central Park West, Apt. 12E 2 BD | 2 BA | $2,425,000 | In Contract

Temporarily Off Market 4 East 77th Street Neo-Renaissance Townhouse (just off Fifth Avenue) 25' Wide | 5 Stories plus Cellar | $20,000,000 | TOM Featured Transactions 145 East 84th Street, Apt. 11DEFG 6 BD | 6 BA | $4,975,000 | Sold 33 East 70th Street, Apt. 10/11D 8 BD | 7 BA | Sold 1175 Park Avenue, Apt. 4A 5 BD | 4 BA | Sold

433 East 74th Street, Apt. 3AB/4B 6 BD | 6 BA | 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 14 East 90th Street, Apt. 9D 3 BD | 3 BA | $3,547,500 | Sold

47 East 88th Street, Apt. 15C 2 BD | 3 BA | $1,995,000 | Sold 40 East 84th Street, Apt. 16A 1 BD | 2 BA | $1,595,000 | 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 184 East 2nd Street, Apt. 4G 2 BD | 1 BA | $995,000 | Sold 440 East 79th Street, Apt. 15E 2 BD | 2 BA | $1,280,000 | Sold 165 West 66th Street, Apt. 14M Studio | 1 BA | $395,000 | 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.

marketingcenter--