Monthly Take - September 2024

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SEPTEMBER 2024 MANHATTAN MONTHLY TAKE

As Mortgage Rates Fall What's Next for Manhattan Real Estate

✦ Mortgage rates fluctuated significantly in 2023, with the average 30-year fixed rate going as low as 6.09% in February and as high as 7.79% in October ✦ TODAY, as mortgage rates decline to just under 6.5%, Manhattan real estate activity is showing signs that the Fall selling season may be more robust than predicted ✦ August 2024 is on track to overperform the 30-day moving window of signed deals for the first time since May 2023 ✦ Buy-side leverage may be fading before the Fall season begins ✦ The last four weeks of signed contracts have outperformed the same period last summer, 73 vs. 60, putting the total on track for the third-best August in the last decade. Sources: Freddie Mac, Urban Digs, and the Olshan Report

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Read on and get our SEPTEMBER TAKE: ✦ New Development: 813-815 Broadway ✦ Food News: NEW Restaurants to try this fall ✦ Celeb Real Estate Buzz ✦ NYC Home & Lifestyle Trends: How to make small rooms feel big Let's talk soon! Stacey and Julie New Development

813-815 Broadway (btwn 10th and 11th Street)

✦ Developer: Magnum Real Estate Group ✦ Isaac & Stern Architects ✦ Loan from Naftali Credit Partners ✦ 20 luxury 1-3 BD condos, 10' high ceilings and floor-to-ceiling windows ✦ Landscaped rooftop deck ✦ 2389 sqft of commercial space ✦ Prime location diagonally from the Strand bookstore ✦ Demolition timeline and completion date have not been announced NEW AND ANTICIPATED FALL OPENINGS:

✦ Birdbox: Michelin Star spinoff Birdbox is now in midtown. This 'Perfect Crunch' fried chicken is one-of-a-kind. If you can get some (they sell out often), you will be in heaven enjoying every bite and knowing the chickens come from the most human and eco-conscious farms. 245 West 46th Street (btwn Broadway & 8th Ave.) ✦ Rafael: Chef Rafael Hasid, owner of Miriam in Park Slope, is opening Rafael in a historic townhouse on the UES. In this small and intimate setting, you will find a serene dining experience accompanied by timeless Mediterranean cuisine. 973 Lexington Avenue (btwn 70th & 71st) ✦ Santi: Michael White, the Chef restaurateur of Marea, Ai Fiori, and Osteria Morini, is returning to NYC with Santi. This new venture will feature Italian cuisine inspired by his culinary journey throughout Italy. 520 Madison Avenue (btwn 53rd & 54th) Celeb Real Estate Rundown

✦ Jennifer Lopez SELLS 21 E. 26th St. for $23MM: The 6,540 sqft penthouse duplex includes 4 BD, 6½ BA, 3000 sqft of outdoor space, and views of Central Park, the Flatiron Building, and the MetLife Clock Tower. ✦ Judge Judy LISTS 14 Sutton Place South PHA for $9.5MM: The 8-room residence sits at the top of the pre-war Rosario Candela designed building with expansive views and lots of light. ✦ Claire Danes & Hugh Dancy LIST 19 Downing Street for $9.75MM: The 1880s Greek Revival townhouse totals 3890 sqft with interiors by award-winning BKSK Architects. The loft-like home has four floors, 11-foot ceilings, a rooftop terrace, and a finished basement. TOP TIPS TO MAKE YOUR SMALL ROOMS FEEL BIG!

Do: Paint ceilings the same color as the walls Effect: Draws eyes up and gives the illusion of higher ceilings Do: Allow for breathing room to walk easily around all furniture Effect: Room feels more spacious Do: Add floor-to-ceiling built-ins Effect: Reduces visual clutter to create an open, streamlined look Source: Wall Street Journal

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

Co-op 2024: 176 2023: 193 Condo 2024: 561 2023: 578 Condop 2024: 14 2023: 18 Townhouse 2024: 95 2023: 91 Total Contracts 2024: 846 2023: 880 Avg. Price Reduction 2024: 10.1% 2023: 10.8% Avg. Days On Market 2024: 666 2023: 593

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 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

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 | In Contract 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 74 West 68th Street, Apt. 9D 1 BD | 1 BA | $655,000 | 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 205 3rd Avenue, Apt. 16J 1 BD | 1 BA | $685,000 | Sold 300 West 145th Street, Apt. 3J 2 BD | 2 BA | $650,000 | Sold 21 East 61st Street, Apt. 4C 2 BD | 3 BA | $15,100 | Rented

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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