Monthly Take - December 2024

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DECEMBER 2024 MANHATTAN MONTHLY TAKE

Manhattan Real Estate Post-Election Outlook With the election behind us, the luxury market is surging! Perhaps the following economic factors, upcoming policy positions and recent data are positive indicators of what's to come for Manhattan real estate in 2025? ✦ The stock market has seen a post-election boost. ✦ Trump's stance on two real estate tax positions: 1) Reviving the 1031 exchange and Opportunity Zones and 2) Repealing the $10,000 cap on the SALT deduction (which expires in 2025). ✦ Data reflects pent-up optimism with contracts above $4MM hitting record levels. If we discount 2020, which was disrupted by the pandemic and the post COVID boom of 2021, the average number of contracts signed in this period over the last 8 years is 43. This year, however, we have seen 75, the highest total since 2017! Futhermore, during the short Thanksgiving week, 19 contracts were signed beating the 10 year Thanksgiving week average of 16. ✦ Although days after the election, mortgage rates increased slightly to 7.13%, market experts believe the uncertainty is behind us and we have positive momentum heading into 2025. *Sources: Olshan Report, The Real Deal

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Read on and get our DECEMBER TAKE:

✦ New Development Update: 126 East 57th Street ✦ Food News: Must have Sufganiyot (Israeli Doughnuts) ✦ Celeb Real Estate Buzz ✦ NYC Home & Lifestyle Trends: Local artisan-made home decor Let's talk soon! Stacey and Julie

New Development

126 EAST 57TH STREET (NW corner of East 56th Street and Lexington)

✦ Developed by MRR ✦ Architect and interior designer ODA ✦ 28 floors, 147 homes ✦ Studios to 3 BR; most include a private outdoor terrace ✦ Grand atrium entrance features a six story high ceiling ✦ Amenities: fitness room, sports court, indoor pool, sauna, steam rooms, private lounge with kitchen, outdoor playground, communal greenhouse, outdoor cinema amphitheater, communal roof terrace, and a 3350 sqft party room. ✦ Estimated date of completion: first half of 2025

Must Have Sufganiyot (aka Doughnuts in Hebrew)

✦ Angelina: You can't go wrong with "the best bakery in town," according to Jean Georges. The Bombolone (aka Italian-inspired doughnut) is light with a sophisticated taste. (1649 Third Avenue / 92-93) ✦ Gigi's Doughnuts: Gigi has perfected vegan doughnuts with her 100% plant-based recipe that is also soy-free. "That's My Jam" is light, springy, not too sweet, and made with a three-ingredient jam. (1 East 188th Street / Park) ✦ Dough Donuts: Coming to 1119 Lexington Avenue @ 78th street is this beloved artisanal doughnut maker from Brooklyn. Small batches of light, fluffy brioche doughnuts are made daily with vegan options available. Planning to open by December 25th. (Flatiron and Rockefeller Center locations open now)

Celeb Real Estate Rundown

✦ Annie Leibovitz SELLS 495 Charles Street Loft for $8MM: The full-floor, 2 BD, 2 BA, 3200 sqft loft, set up as a photography studio, has expansive Hudson River views, iconic steel-clad windows and a private elevator. ✦ Claire Danes 19 Downing Street townhouse IN CONTRACT, LAST ASK $9.75MM: The Greek revival townhouse, was redesigned and modernized by BKSK interiors. The 3890 sqft home includes 4 BD, 4.5 BA, and a roof terrace with an outdoor kitchen and pizza oven. ✦ Star wars actor Oscar Isaacs LISTS 509 Pacific Street (The Hendrik) PH for $4.5MM: The Brooklyn condo duplex is 2400 sqft, and includes 4 BD, 3 BA, 12' foot ceilings, floor-to-ceiling windows and a private wrap-around terrace with water views.

New York Based Artisans

Artisan-made furnishings, lighting and more...

✦ Allied Maker: Long Island made luxury lighting. Every item engineered and crafted in-house (showroom: 81 Franklin Street). ✦ OXUM NYC: Bespoke, handmade items for the home which inspire you to celebrate every day (Online or select items @ FLOK & Five Pillars Yoga 1283 Madison Avenue btwn 91st and 92nd Street). ✦ TOKEN: Brooklyn-based furniture studio made-to-order to your personal specifications (design studio: 481 Van Brunt Street, Brooklyn).

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

Co-op 2024: 247 2023: 242 Condo 2024: 819 2023: 732 Condop 2024: 15 2023: 26 Townhouse 2024: 125 2023: 124 Total Contracts 2024: 1206 2023: 1124 Avg. Price Reduction 2024: 10.1% 2023: 10.6% Avg. Days On Market 2024: 634 2023: 615

Which Kanbar Kopel Team Listing is your Favorite?

Featured Active Listing

107 West 86th Street, Apt. 16A 2 BD | 1.5 BA | $1,295,000 | Active

Featured In Contract

211 West 84th Street, Apt. 6E 3 BD | 2 BA | $3,675,000 | In Contract

315 West 99th Street, Apt. 1B 3 BD | 2 BA | $1,395,000 | In Contract 515 East 79th Street, Apt. 29B 2 BD | 3 BA | $1,399,000 | In Contract

Featured Transactions 4 East 77th Street 5 Stories | $16,000,000 | Sold 360 East 89th Street, Apt. 31B 3 BD | 4 BA | $4,750,000 | Sold 430 East 58th Street, Apt. 28A 3 BD | 4 BA | $4,475,000 | Sold

1100 Park Avenue, Apt. 9C 4 BD | 4 BA | $4,850,000 | Sold 433 East 74th Street, Apt. 3AB/4B 6 BD | 6 BA | Sold 50 Bridge Park Drive, Apt. 8A 4 BD | 4 BA | $4,250,000 | 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 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 2025 Broadway, Apt. 7AB 3 BD | 2 BA | $1,400,000 | Sold

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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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