Monthly Take - March 2024

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MARCH 2024 MANHATTAN MONTHLY TAKE

The age old real estate adage: Buy low and sell high. In 2023, interest rates reached the highest levels we’ve seen in over two decades. The effects were widespread, and the real estate market slowed. The classic investing question…do falling prices mean it is it time to bail (continue to sit on the sidelines) or is it time to buy? Properties that require a renovation are on ‘serious’ sale at steep discounts. For those who need to move, or who are willing to put a little work into an apartment, true opportunities abound!

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

Read on and get our MARCH TAKE: ✦ New Development: 215 West 84th Street ✦ Food News: Museum Cafés ✦ Celeb Real Estate Buzz ✦ NYC Home & Lifestyle Trends: Auction Houses Let's talk soon! Stacey and Julie New Development

215 West 84th Street (Between Broadway and Amsterdam)

✦ Developed by Naftali Group ✦ Designed by Hill West Architects ✦ 18 stories, 45 condominiums ✦ Sales commence Fall/Winter 2024 ✦ Anticipated completion early 2025

Museum Cafés We Love

✦ Leo Café @ The Asia Society: The Leo Café features Asian cuisine, drawing from Japan, Indonesia, Vietnam, Thailand, and more. The menu includes salads, noodle & rice bowls, sandwiches, & sweets. 725 Park Avenue @ 70th Street ✦ The SisterYard @ The Frick: Come here to try the signature SisterYard coconut cold brew. Pair it with a pastry and just relax. 945 Madison Avenue @ 75th Street ✦ Café Sabarsky @ Neue Gallery: A modern take on the Viennese café. You can dine for breakfast, lunch, or dinner. The menu is expansive but all you need to feel transported is a Bavarian Sausage with a warm pretzel, sweet mustard, and a linzertorte. 1048 Fifth Avenue @ 86th Street Celeb Real Estate Rundown

✦ Gregg Zehr (Kindle creator), and Kim Cooper (gen. counsel Apple) BUY Annie Leibovitz's home at 88 CPW for $10.7MM (20% over ask): The 3,500 sq. ft. duplex on the 5th and 6th floors includes 4 BD and 3 BA. ✦ The late Barbara Walters home at 944 Fifth Avenue is BACK ON THE MARKET for $16.99MM (down from $17.75MM): The buyer walked away from a contract signed in November 2023. The expansive full-floor home has 5 BR, 5 BA, 10 ft. ceilings and sprawling Central Park views. ✦ The late architect Thierry Despont IN CONTRACT: 182 Franklin Street last ask $19.5MM: The home spans 10,000 sq. ft. and includes 4 BD, 4 BA, 2 wine cellars and 3 gas fireplaces.

Auction Houses Great finds can be had at NYC auction houses- Furniture, artwork, jewelry, and more!

✦ FREEMAN HINDMAN AUCTIONS : One of America’s oldest auction houses, has opened their first NYC location. Upcoming auction dates are yet to be announced. Next online auction featuring fashion and accessories is on 3/12. 32 East 67th Street ✦ HAYLOFT AUCTIONS BY DOYLE: Opened in 2016, Hayloft offers an easy, affordable entry point for first-time buyers. Upcoming fine furniture auction is on 3/11. Viewing 2/26-3/11. 719 East 134th Street ✦ SHOWPLACE AUCTIONS: Head down to the Flatiron and check out their contemporary finds. Upcoming fine and decorative arts auction is on 3/3. Viewing 2/21-3/3. 40 West 25th Street

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

Co-op 2024: 40 2023: 42 Condo 2024: 118 2023: 115 Condop 2024: 1 2023: 6 Townhouse 2024: 21 2023: 17 Total Contracts 2024: 180 2023: 180 Avg. Price Reduction 2024: 8.8% 2023: 6.3% Avg. Days On Market 2024: 613 2023: 631

Which Kanbar Kopel Team Listing is your Favorite?

Featured Active Listings 4 East 77th Street Neo-Renaissance Townhouse (just off Fifth Avenue) 25' Wide | 5 Stories plus Cellar | $20,000,000 | TOM

Coming Soon

50 Bridge Park Drive, Apt. 8A 4 BD | 3.5 BA

Featured In Contract 91 Central Park West, Apt. 12E 2 BD | 2 BA | $2,425,000 | In Contract

220 East 54th Street, Apt. 6H Alcove | 1 BA | $359,000 | In Contract 205 East 63rd Street, Apt. 4E 1 BD | 1 BA | $299,000 | In Contract

Featured Transactions 325 West End Avenue, Apt. 4A 4 BD | 4 BA | $3,712,500 | Sold 215-217 East 96th Street, Apt. 28K Alcove | 1 BA | $3,495/Mo. | Rented 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 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 14 East 90th Street, Apt. 9D 3 BD | 3 BA | $3,547,500 | Sold

47 East 88th Street, Apt. 15C 2 BD | 3 BA | $1,900,000 | Sold 40 East 84th Street, Apt. 16A 1 BD | 2 BA | $1,570,000 | Sold

360 East 72nd Street, Apt. B1501 2 BD | 2 BA | $1,550,000 | 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.

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