Monthly Take - January 2025

Follow us on social media for your Manhattan real estate, food & lifestyle news

JANUARY 2025 MANHATTAN MONTHLY TAKE

UES New Development

Manhattan is experiencing a new development boom, and we are seeing buyers purchasing apartments from floor plans for the first time since the mid-2000s. The Upper East Side alone has seen $1 billion in recent sales volume, with 175 signed contracts across 15 buildings, with a lot more in the pipeline. This new development wave shows no sign of cresting.  Our favorite new UES projects: 1. The Surrey 20 East 76th Street Developed by Corinthia Group and Reuben Brothers Design by BKSK Architects  16 stories | 14 units 2. 255 East 77th Street Developed by Naftali Group Design by Robert A.M. Stern Architects 36 stories | 62 units 3. 200 East 75th Street Developed by EJS Development Design by Beyer Blinder Belle 18 stories | 36 units We look forward to keeping you informed about this new trend in 2025, cheers!

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

Read on and get our January Take: ✦ New Development: 213 East 83rd Street (btwn 2nd & 3rd Ave.) ✦ Food News: NYC NEW Michelin Star Must Try Spots ✦ Celeb Real Estate Buzz ✦ NYC Home & Lifestyle Trends: 2025 Interior Trends Let's talk soon! Stacey and Julie

New Development

213 East 83rd Street (btwn 2nd and 3rd Avenue) ✦ Developer: Robert Saffayeh of AVENU Partners ✦ Architect: DOME Architecture, Design and Engineering ✦ Proposed 75 ft tall building ✦ 9 condominum residences ✦ Building will include a cellar and four enclosed parking spaces ✦ Timing not yet announced

2024 Michelin Stars for NYC ✦ César: César Ramirez, former Bouley and Brooklyn Fare chef, earned two stars for his namesake restaurant, which opened in July 2024. Known for his meticulous tasting menus, César offers a 13-course menu. Watch César work his magic at the counter or choose table seating. (15 West 18th Street and 445 West 35th Street, $365 per person) ✦ JUNGSIK: Chef Jungsik Kim, who honed his skills at Aquavit and Bouley, reimagines traditional Korean cuisine at JUNGSIK, the first Korean three-star Michelin restaurant in the world. Say no more. (2 Harrison Street, between Greenwich and Hudson Street, $295 per person) ✦Sushi Sho: In March, legendary sushi chef Keiji Nakazawa opened Sushi Sho, showcasing traditional Edomae techniques. If you snag a reservation, expect the freshest fish in NYC. (3 East 41st Street, $450 per person)

Celeb Real Estate Rundown

✦ Joanne Woodward and the late Paul Newman LIST their PH at 1120 Fifth Avenue for $9.95MM: The hollywood couple has owned the apartment for over 40 years. This iconic 3000 sq ft, 2 BR, 2.5 BA, has breathtaking Central Park views, a terrace, eat-in kitchen and a private elevator. ✦ Russian Model Irina Shayk LISTS 166 Perry Street for $3.29MM: The corner first-floor duplex spans 2450 sq ft, and includes 3 BD, 2.5 BA. The home features 11-foot ceilings, wide oak floors and floor-to-ceiling windows. ✦ Museum of Natural History SELLS 79 East 79th Street, Apt #2 for $5.5MM: The full-floor 11 room apartment was the home of the museum's President, Ellen Futter for three decades. The traditional home features 5 BD, 5 BA, a wood-burning fireplace, and a private elevator landing.

NYC Interior Design Trends for 2025

✦ Colors: Truffle brown, eggplant, terracotta and earthy green tones ✦ Shapes: Curved lines in furniture and interior architecture ✦ Stone and tile: Warmer colors in kitchens and bathrooms ✦ Metals: Brass hardware and mixing metals

How is the Luxury Market YTD? Residential Properties $4MM and above Source: Olshan Report Co-op 2024: 268 2023: 206 Condo 2024: 886 2023: 769 Condop 2024: 18 2023: 27 Townhouse 2024: 136 2023: 129 Total Contracts 2024: 1308 2023: 1190 Avg. Price Reduction 2024: 10% 2023: 10.6% Avg. Days On Market 2024: 164 2023: 619

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

200 East 79th Street, Apt. 4B 4 BD | 5 BA | $5,395,000 | In Contract 211 West 84th Street, Apt. 6E 3 BD | 2 BA | $3,675,000 | In Contract

315 Riverside Drive, Apt. 11D 3 BD | 3 BA | $2,395,000 | In Contract 1 Wall Street, Apt. 1029 Alcove | 1 BA | $915,000 | In Contract

Featured Transactions

4 East 77th Street 5 Stories | $16,000,000 | Sold

360 East 89th Street, Apt. 31B 3 BD | 4 BA | $4,375,000 | Sold 430 East 58th Street, Apt. 28A 3 BD | 4 BA | $4,300,000 | 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

91 Central Park West, Apt. 12E 2 BD | 2 BA | $2,475,000 | Sold 201 West 70th Street, Apt. 28B 2 BD | 2 BA | $2,245,000 | 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

515 East 79th Street, Apt. 29B 2 BD | 3 BA | $1,325,000 | Sold 315 West 99th Street, Apt. 1B 3 BD | 2 BA | $1,200,000 | 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.

marketingcenter--