Monthly Take - August 2024

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AUGUST 2024 MANHATTAN MONTHLY TAKE

The number of Manhattan ALL-CASH deals SOAR while high interest rates remain % OF ALL CASH TRANSACTIONS FIRST QUARTER 2024 64% MANHATTAN 37% US NATIONALLY

Since first quarter 2023, all cash deals in Manhattan have been breaking records.... ✦ 64% of April buyers paid all cash ✦ This trend is across ALL Manhattan neighborhoods in both co-ops and condos Who are these all-cash buyers? ✦ American and often New Yorkers ✦ High Earners ✦ Baby Boomers ✦ Beneficiaries of Generational Wealth Sources: Marketproof, NYTimes, Miller Harris

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Read on and get our AUGUST TAKE: ✦ New Development: 625 Madison Avenue ✦ Food News: Ice Cream for August heat ✦ Celeb Real Estate Buzz ✦ NYC Home & Lifestyle Trends: Cool Wine & Beverage Centers Let's talk soon! Stacey and Julie New Development

625 Madison Avenue (btwn 58th and 59th Street)

✦ Developer: Related Companies ✦ Formerly known as the Revlon Building ✦ Luxury condos, retail and perhaps a hotel ✦ Planning 1,200 foot skyscraper ✦ Property includes neighboring building, former home of Lavo ✦ Demolition is expected to take nine months ✦ Architect has not yet been announced NEW Frozen Treats for the August Heat

✦ Gelateria Gentile: According to Eater, "This may be the best gelato in town." Family owned and founded in Italy, we are not suprised this is the 4th location! COMING SOON: 498 Amsterdam Avenue (@84th Street) ✦ Morelia Gourmet Paletas: Gourmet Mexican Paletas, aka extra large handmade ice pops. Enjoy 16 flavors, four dips and fun toppings. COMING SOON: 1435 First Avenue (btwn 74th and 75th Streets) ✦ Sebastians Cafe and Creamery: Upper East Siders love their ice cream and coffee. Sure to become a neighborhood gem, Sebastian's is a new local cafe with handmade ice cream and vegan options too. 1685 First Avenue (btwn 87th and 88th Streets) Celeb Real Estate Rundown

✦ His Majesty the King in Right of Canada (at first rumored to be King Charles) BUYS at 111 West 57th, Apt. 11A, for $6.63 MM: The home will be used as the Official Residence for the Consulate General of Canada, a nation of the British Commonwealth. This 3,600 lux sq ft home includes 3 BR and 4.5 BA plus extensive building amenities such as the 82-foot two-lane swimming pool with cabanas. ✦ Russian tycoon Vladislav Doronin BUYS PH in Aman Building at 730 Fifth Ave. for $135MM: This purchase now holds the record for the most expensive Manhattan acquisition this year. The five-story PH boasts 13,236 sq ft of interior space and 4,462 sq ft of outdoor space. ✦ Rapper Kendrick Lamar BUYS at 90 Furman Street for $8.6MM: The 4 BR, 3.5 BA triplex penthouse at Pierhouse has 18-foot ceilings and floor-to-ceiling windows. Kendrick will be in good company with Matt Damon and Amy Schumer, who also own there. Undercounter Wine and Beverage Centers

✦ EuroCave Revelation S Wine Cellar : The gold standard in wine cellars. UV-free lighting showcases your collection with an A+ efficiency rating and 5-year warranty. MSRP $4495 ✦ Sub-Zero Designer Panel-Ready Undercounter Beverage Center : Fully-integrated and customizable exterior to match your kitchen cabinetry, available with various functions and configurations. MSRP $2800 ✦ NutriChef Electric Wine Cooler: Look no further for great value! At 18" deep, you can tuck this into just about any free space. Accommodates 15 bottles of various sizes. One downside, the compressor is bit louder than higher-end models. MSRP $371.99

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

Co-op 2024: 164 2023: 180 Condo 2024: 509 2023: 538 Condop 2024: 12 2023: 17 Townhouse 2024: 88 2023: 85 Total Contracts 2024: 773 2023: 820 Avg. Price Reduction 2024: 9.6% 2023: 11.4% Avg. Days On Market 2024: 657 2023: 596

Which Kanbar Kopel Team Listing is your Favorite? Featured Coming Soon Listing

2025 Broadway, Apt. 7AB 2 BD 2 BA

Featured Active Listing

315 West 99th Street, Apt. 1B 3 BD | 2 BA | $1,395,000 | Active Featured In Contract 360 East 89th Street, Apt. 31B 3 BD | 4 BA | $4,750,000 | In Contract 50 Bridge Park Drive, Apt. 8A 4 BD | 4 BA | $4,250,000 | In Contract

211 West 84th Street, Apt. 6E 3 BD | 2 BA | $3,675,000 | In Contract 425 East 58th Street, Apt. 4H 4 BD | 5 BA | $2,495,000 | In Contract

205 3rd Avenue, Apt. 16J 1 BD | 1 BA | $685,000 | In Contract 300 West 145th Street, Apt. 3J 2 BD | 2 BA | $650,000 | In Contract

Featured Transactions 4 East 77th Street 25' Wide | 5 Stories plus Cellar | $16,000,000 | Sold 433 East 74th Street, Apt. 3AB/4B 6 BD | 6 BA | 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 47 East 88th Street, Apt. 15C 2 BD | 3 BA | $1,900,000 | Sold 205 East 63rd Street, Apt. PHA 2 BD | 2 BA | $880,000 | Sold 944 Park Avenue, Apt. 12 3 BD | 5 BA | $30,000 | Rented 1100 Park Avenue, Apt. 9C 4 BD | 4 BA | $4,850,000 | 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 40 East 84th Street, Apt. 16A 1 BD | 2 BA | $1,570,000 | Sold 74 West 68th Street, Apt. 9D 1 BD | 1 BA | $655,000 | Sold 21 East 61st Street, Apt. 4C 2 BD | 3 BA | $15,100 | Rented

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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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