As we enter into 2022, one thing is very clear, the NYC market is in demand! Last week was the strongest finish to the year since a record has been kept (2006) with 22 luxury sales ($4MM+). The previous record was 15
contracts signed in 2017. Here are more 2021 real estate stats you want to know: |
- December 2021 was the busiest Manhattan luxury market in history.
- New listings peaked in 2021 at 18,974 which is the highest number recorded by Urban Digs since 2008 while contracts signed reached 15,132, up 21% from the high in 2013.
- 2021 luxury signed contract volume in Manhattan TRIPLED compared to 2020 and DOUBLED compared to 2019.
- There were more apartment sales in Q3 2021 than at any other time in the past 32 YEARS!
What is driving all of this activity and what does this portend for 2022? |
Luxury Sales ($4MM+): 2021 luxury sales shattered records driven by low interest rates, a surging stock market, millennials coming of age to buy and unwavering confidence in NYC. Supply: According to Urban Digs, in December 2021 supply was down 34% from the same time last year. However, if history is any indication, we expect more inventory to come on in Q1, after the holidays. The question is, will the supply meet the demand or will the rate of properties going to contract continue to outpace inventory?
Co-ops vs. Condos: Co-ops dominated the market for many years. However, with much more condo inventory, due to all of the condo new developments, there have been more condo sales than co-ops. That said, owners of turn key co-ops will be rewarded as post-Covid buyers continue to be concerned about renovation timelines, supply shortages, and coops still have the strategic advantage of prime locations.
Discounts: The low supply has virtually closed the gap between bid and asking prices, erasing the “COVID” discount. The question is, will demand continue to outstrip supply or will we reach an equilibrium? We are watching and will keep you informed.
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Read on to learn more about: New Development: 327 East 84th Street Restaurant: Eating in the Outer Boroughs Celebrity Real Estate Rundown Home Trends: The Best Indoor Plants
Enjoy Our Monthly Take!
Stacey and Julie |
The Wren: 327 East 84th Street
Manhattan Glamour Meets Modern Design |
The Wren, originally built in 1922 as an industrial mechanical shop, has been rebuilt and reimagined as a luxurious boutique five-unit condo new development on the Upper East Side. One of the Wren’s most distinguishing characteristic is that each home includes its own private parking spot. An elevator will take you and your car to the car park where you can then go straight to the building’s passenger elevator and right into your home, offering the ultimate level of security and privacy. The building is comprised of two duplex townhomes with 5 bedrooms, 4.5 bathrooms and private outdoor space plus three full-floor 3 bedrooms with 3.5 bathrooms. The building will have a part-time doorman, a full time superintendent and a full-time virtual service. The top floor has a large shared roof terrace for all residents to enjoy. Prices from $5,900,000 and anticipated closings 1Q 2022. |
Our Restaurant Picks in the Outer Boroughs |
A cozy restaurant-grocery hybrid operated by Gramercy Tavern Alums. Rolo’s, a restaurant, bar and grill, and bakery piled into one, serves insanely delicious wood fire-grill specialties like polenta bread, homemade pasta, and house made desserts. Dine in or grab and go at the cafe/bakery. Arrive early before everything sells out! 853 Onderdonk Ave Ridgewood, NY |
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The Bronx: Charlie's Bar and Kitchen Located in the lobby of the historic landmark building, the Clock Tower, (formerly a piano factory), Charlie's is a local favorite. The menu features New American classics with Latin and Southern influences, using farm-fresh, sustainable ingredients from local purveyors. Charlie's also offers a Boogie Down Brunch every first Saturday of the month and weekly live music. 112 Lincoln Avenue Bronx, NY |
Brooklyn: Fradei Originally opened as a winebar, Fradei has evolved into a 5 course prix fix dinner menu. Sourcing ingredients and wine from local providers they know and trust, each prix fix menu is meticulously created and changes every three weeks. You can reserve 21 days in advance. 99 S. Portland Ave Brooklyn, NY |
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The Celeb Real Estate Rundown |
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Formula One champion Lewis Hamilton just sold his Tribeca penthouse palace at 443 Greenwich for $49.5 million, making it the biggest downtown sale of the year. The penthouse spans three floors, including a glass-walled terrace level and an outdoor plunge pool. At 8,900 sq ft, it features 5 bedrooms, 6 bathrooms and 2 powder rooms. It also boasts 3,400 square feet of prized outdoor space. |
David Benioff, creator of "Game of Thrones" and actress Amanda Peet sold their Tribeca loft for $4.65 million in an off market deal. The unit is on the top floor of a 6-story prewar co-op on Duane Street, which sits in the heart of Tribeca and overlooks Duane Park. |
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Former J.Crew and Gap CEO Mickey Drexler is selling his 22 foot Tribeca townhouse for $29.9M. The 9000 sq. ft. home boasts 7 bedrooms and 6 baths across six levels. Details include 13 foot ceilings, arched windows with mahogany frames, and 6 fireplaces with original marble mantels. |
Home Design Trends: Indoor Greenery |
Indoor plants create a calming environment and, naturally, cleaner air too. Here are a few ideas for those of us without the most green thumb (and who also wish for low maintenance!) |
Pothos – Epipremnum Aureum
This leafy green is ideal for hanging in baskets or on a high book shelf. Its purifying qualities allow it to absorb and strip toxins from household items like carpet and area rugs. Bonus: It can survive in a variety of lighting conditions. |
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Peace Lily – Spathiphyllum Wallisii
This lovely plant grows long dark green leaves and elegant white flowers. The Peace Lily is great for small spaces and requires little sun for survival. It also doesn’t require a lot of watering. However, when it does wish to be watered, it lets you know as it’s leaves begin to droop. |
Snake Plant – Sansevieria TrifasciataSnake plants are some of the hardiest plants you can buy. They can withstand weeks of neglect without losing any visual appeal. They can also thrive in environments with very little light and water. |
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How is the Luxury Market?
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Residential Properties $4M and Above |
Please feel free to reach out for a more in-depth look at neighborhood-specific market trends and data. |
Which Kanbar Kopel Team Listing is your Favorite? |
2 Bed | 1 Bath | $875,000 | Coming Soon
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1 Bed | 1 Bath | Condo | Coming Soon
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4 Bed | 3.5 Bath | $ 2,795,000 | Sold
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Studio | 1 Bath | $625,000 | Sold
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© Compass 2022 ¦ All Rights Reserved by Compass ¦ Made in NYC
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.
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