Monthly Take - June 2024

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JUNE 2024 MANHATTAN MONTHLY TAKE

The REAL STORY behind days on market

CONTRACT SIGNED IN 39 Days! Well, not exactly. You may often read headlines like this but, more likely than not, this is simply not the reality and headlines like this deceive and distort. This gorgeous property was first listed by our team almost a year ago at a much higher price. An extraordinary amount of preparation, discussion, planning, etc. went into getting it listed. After multiple showings, we almost had a signed contract but the deal fell apart. We then staged one floor, extensively advertised the property with new images in print and online publications, and launched a massive public relations campaign. While $25 million seemed like a very fair price for an almost 12,000 sq ft property on the edge of Central Park, the world disagreed as the costs to renovate had soared, and many buyers did not want to go through the 2-3 year renovation process this property required. We cut the price to $20 million but still no real bites. We delisted for the winter months and relaunched in March with a new price just under $18 million. After multiple showings, and several offers, a contract was signed. That is the reality. Yes, the SOLD IN 39 DAYS sounds amazing, and we would have loved for that to be the case, but now you know the truth. We work hard, and unlike what you may see on shows like Million Dollar Listing, deals are not made in 5 minutes over drinks at a trendy restaurant. Don’t be deceived!

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

Read on and get our JUNE TAKE: ✦ New Development: 2505 Broadway ✦ Food News: NEW Restaurants in the HAMPTONS ✦ Celeb Real Estate Buzz ✦ NYC Home & Lifestyle Trends: Your Summer Gift Guide Let's talk soon! Stacey and Julie New Development

2505 Broadway (between 93rd and 94th Street)

✦ Developer Adam America Real Estate ✦ Architecture & Interiors by ODA New York ✦ Landscape Architecture by Steven Yavanian ✦ 20 Stories with 41 residences ✦ 1 to 4 BD apartments from $1.45MM to $15MM ✦ PHA, the entire top floor, spans 4100 sq ft, with 4 BR and 4.5 BA ✦ Amenities: landscaped rooftop with two outdoor kitchens, communal lounge, fitness center, children’s playroom, multipurpose sports court, screening room, pet spa, and 24-hour concierge service ✦ Ready for immediate occupancy NEW Restaurants in the HAMPTONS Reserve now!

✦ The Maidstone Restaurant: The hotel revamp includes a new chef, Jorge Espinoza, (of Scarpetta) who promises to deliver a menu inspired by "an Italian summer in the Hamptons."207 Main St., East Hampton ✦ Sag Harbor Tavern: Bill Durney, owner of Red Hook Tavern and Hometown BBQ, is bringing his famous burgers to Sag Harbor. This one is sure to be a neighborhood fave. 26 Bay Street, Sag Harbor ✦ N’AMO Seafood & Raw Bar: Opening in La Fin's former location, the seafood will be sourced both locally and from pristine waters worldwide. Come via boat and dock and dine on the marina deck.474 West Lake Drive, Montauk Celeb Real Estate Rundown

✦ Yoko Ono LISTS 496 Broome Street for $5.5MM: The 3,800 sq ft, two story building was purchased by Yoko and John Lennon in 1971. This was their first home before moving to The Dakota. The two floor home boasts an open kitchen, 14 foot-high ceilings and an additoinal 4600 sq ft of air rights. ✦ Grace Hightower LISTS 88 Central Park West 4H/5W for $20MM: Exquisitely renovated by architect Alexander Antonelli with interiors by designer Buzz Kelly. The 5,800+ sq ft duplex includes 4 to 5 bedrooms, modern amenities, superb millwork and Central Park views. ✦ Judge Judy LISTS 14 Sutton Place, PHA for $9.5MM: The 8 room, 4BD, 6.5BA duplex features two wood burning fireplaces, floor-to-ceiling French casement doors and a wraparound terrace offering sweeping views across the East River. Your Summer Gift Guide Fun ideas for the host!

✦ Mark & Graham: Our go to for all things monogrammed. Nothing says beach like these Cabana Stripe Beach Totes ($119). ✦ Joanna Buchanan: These Lucky Charms Cocktail Picks ($98), from Designer Joanna Buchanan, will make everyone smile. ✦ Brightland: The Foolproof Salad Dressing Bundle ($70) is a great summer gift for your “foodie friends”.

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

Co-op 2024: 119 2023: 128 Condo 2024: 379 2023: 407 Condop 2024: 7 2023: 14 Townhouse 2024: 68 2023: 60 Total Contracts 2024: 573 2023: 609 Avg. Price Reduction 2024: 9.8% 2023: 12.9% Avg. Days On Market 2024: 687 2023: 588

Which Kanbar Kopel Team Listing is your Favorite?

Featured Active Listings

50 Bridge Park Drive, Apt. 8A 4 BD | 4 BA | $4,250,000 | Active Featured In Contract

4 East 77th Street Neo-Renaissance Townhouse (just off Fifth Avenue) 25' Wide | 5 Stories plus Cellar | $17,995,000 | In Contract 211 West 84th Street, Apt. 6E 3 BD | 2 BA | $3,675,000 | In Contract

11 Hoyt Street, Apt. 53K 2 BD | 2 BA | $2,065,000 | In Contract 205 East 63rd Street, Apt. PHA 2 BD | 2 BA | $895,000 | In Contract 300 West 145th Street, Apt. 3J 2 BD | 2 BA | $650,000 | In Contract 201 West 70th Street, Apt. 28B 2 BD | 2 BA | $2,245,000 | In Contract 74 West 68th Street, Apt. 9D 1 BD | 1 BA | $685,000 | In Contract 11 East 87th Street, Apt. 8A 1 BD | 1 BA | $575,000 | In Contract

Featured Transactions 91 Central Park West, Apt. 12E 2 BD | 2 BA | $2,475,000 | Sold 944 Park Avenue, Apt. 12 3 BD | 5 BA | $30,000 | Rented 145 East 84th Street, Apt. 11DEFG 6 BD | 6 BA | $4,975,000 | Sold 325 West End Avenue, Apt. 4A 4 BD | 4 BA | $3,712,500 | 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

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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