Monthly Take - October 2024

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OCTOBER 2024 MANHATTAN MONTHLY TAKE

Our take on the Fed Rate Cut and Manhattan Real Estate (source: Bank Rate as of 9/30/24)

✦ The Manhattan luxury market has been all-cash for months; the impact of the rate cut on luxury sales is likely minimal. ✦ For sellers, traffic has picked up however the market is still price sensitive. ✦ The Fed's decision to cut its benchmark interest rate has already been partially factored into recent mortgage rates, so we may not see a significant drop in mortgage rates as a result of the recent cut. ✦Many potential sellers are still reluctant to put their homes on the market, unwilling to part with a lower rate on their existing mortgages. ✦As rates continue to fall, more prospective sellers could list their homes, boosting inventory, according to analysts at Oxford Economics. ✦Some banks and mortgage lenders say they are already seeing an uptick in interest among prospective buyers. ✦Stat geek alert: 97 contracts were signed in September ($4MM+), well above the September 10-year average of 71 contracts. Look out for the next Fed rate announcement in early November. (Sources: Olshan report, Urban Digs, Crains NY)

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

Read on and get our OCTOBER TAKE: ✦ New Development Update: 255 E. 77th Street & 211 W. 84th Street ✦ Food News: Cozy Wine Bars Opening this Fall ✦ Celeb Real Estate Buzz ✦ NYC Home & Lifestyle Trends: Celeb Home Collaborations We Love Let's talk soon! Stacey and Julie New Dev UPDATE: Naftali's latest Robert A.M. Stern projects

255 East 77th Street (btwn 2nd and 3rd Avenue) 211 West 84th Street (btwn Amsterdam and Broadway)

✦ 62 condo apartments ✦ 33 parking spaces ✦ 2 bedrooms and up ✦ Amenities include: fitness center, spa, pool, terrace, sports courts, media room, playroom & more ✦ Slated to close Fall 2026 ✦ 45 condo apartments ✦ 17 parking spaces ✦ 3 bedrooms and up ✦ Amenities include: fitness center, spa, terraces, garden, sports court, bowling, cinema, playroom & more ✦ Slated to close Spring 2026 The models are open and finishes are quite impressive. Please be in touch with us if you are curious and would like to schedule a tour! COZY WINE BARS: OPENING THIS FALL

✦ Bar Florine: Downtown cool lands on the Upper East Side with Bar Florine, a stylish natural-and-rare wine bar opening in Carnegie Hill this Fall. Vogue editor-turned-sommelier Julie Bramowitz, formerly of The Carlyle and The Waverly Inn, complements an extensive bottle list with small bites and pop-up events. 163 East 92nd Street (btwn Lexington and Third Avenue) ✦ Bar Vivant: A cozy wine bar with a conscience featuring small, female, and family producers worldwide. The focus will be on producers certified in biodynamic, organic, minimum intervention, and natural wine. 164 East 88th Street (btwn Lexington and Third Avenues) ✦ Keuka Kafe: Coming to the UES, in the former home of Sharz Cafe, is a popular Queens bar and restaurant named after the Keuka Lake in Upstate NY. The wine list features Ukrainian wines (from the owner's homeland) and the NY Finger Lakes region. 435 East 86th Street (btwn 1st and 2nd Avenues) Celeb Real Estate Rundown

✦ Itzhak Perlman LISTS 21 West 70th Street for $11.9MM: The 8,000 sqft home, features 5-6 BR, 5 BA, 4 powder rooms, 6 fireplaces, and 1500 sqft of private outdoor space, including a roof deck, a landscaped terrace, and a garden. ✦Andy Cohen LISTS 2 Horatio Street, 12G-14G for $14MM: The 3500 sqft West Village co-op designed by interior decorator Eric Hughes and architect Gordon Kahn is one-of-a-kind. The sunny home has 25 windows, 2 wood-burning fireplaces, 11 closets, 4 BR, and 4.5 BA. ✦ Estate of Anne Bass IN CONTRACT 960 Fifth Avenue No. 12, LAST ASK $60MM: The home of the late oil heiress and philanthropist, includes 8 BD, 7.5 BA, 13-foot ceilings, 5 fireplaces, Central Park views, 2 staff rooms, and 2 storage rooms. Expected to be the priciest co-op sale since the pandemic began. CELEB HOME COLLABS WE LOVE!

✦ Leanne Ford & semihandmade: The HGTV Star/Interior designer is collaberating with DIY-friendly custom kitchen cabinetry company semihandmade. Practical luxury that's high-quality, affordable, & fun. ✦ le Fleur & Parachute: Tyler, the creator of le Fleur, has launched a limited edition capsule home collection in collaboration with home accessories brand Parachute. ✦ Rove Concepts & John Legend: John Legend’s life & design taste inspired the Journey's Collection. These sofas, occasional chairs, & tables will make your home sing.

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

Co-op 2024: 192 2023: 204 Condo 2024: 630 2023: 613 Condop 2024: 14 2023: 19 Townhouse 2024: 106 2023: 98 Total Contracts 2024: 942 2023: 934 Avg. Price Reduction 2024: 10% 2023: 13.4% Avg. Days On Market 2024: 587 2023: 875

Which Kanbar Kopel Team Listing is your Favorite?

Featured Active Listing

315 West 99th Street, Apt. 1B 3 BD | 2 BA | $1,395,000 | Active Featured In Contract 211 West 84th Street, Apt. 6E 3 BD | 2 BA | $3,675,000 | In Contract

515 East 79th Street, Apt. 29B 2 BD | 3 BA | $1,399,000 | In Contract 2025 Broadway, Apt. 7AB 3 BD | 2 BA | $1,350,000 | In Contract

Featured Transactions 4 East 77th Street 5 Stories | $16,000,000 | 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 360 East 89th Street, Apt. 31B 3 BD | 4 BA | $4,750,000 | Sold 325 West End Avenue, Apt. 4A 4 BD | 4 BA | $3,712,500 | Sold 201 West 70th Street, Apt. 28B 2 BD | 2 BA | $2,245,000 | Sold 50 Bridge Park Drive, Apt. 8A 4 BD | 4 BA | $4,250,000 | Sold 91 Central Park West, Apt. 12E 2 BD | 2 BA | $2,475,000 | Sold 11 Hoyt Street, Apt. 53K 2 BD | 2 BA | $2,060,000 | Sold

Want to see more listings? View them here!

Office: 646-982-0353 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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