The Monthly Update - July 2020

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A New Chapter in Manhattan Real Estate

As the New York City market tries to normalize, buyers and sellers are wondering what real estate will look like in the coming months. There’s no question that buyers will be looking for discounts — steep discounts — and sellers will want to return to pre-COVID pricing. But what lies ahead in the summer months is truly anyone’s guess. 

Will sellers bow to buyer demands? Will competition between buyers create a frenzy in the marketplace? Or will nervous energy rule the roost and create a stalemate with no activity whatsoever? If anything is certain right now, it’s the uncertainty. 

Yet in uncertainty, lies opportunity. 

Fact: Over 2,500 listings came off the market during the New York City PAUSE period. Now, we are in the midst of many of those properties coming back to life. 

Fact: We completely missed the spring market, when typically more than 5,000 units come online. Those listings never materialized this spring.

Approximately 600 listings went into contract during the COVID crisis, but at what prices did they go into contrat for?  Now that we’re open again and property floods the market, there should be lots of inventory to choose from in the coming months. Supply outweighs demand. If buyers want COVID crisis deals, sellers might hold off until next spring when things cool off and settle down. Then maybe demand would outweigh the supply. 

It’s a market of many “ifs” but few certainties.

If buyers move forward aggressively with purchases ...

If sellers adjust pricing to new market realities ...

If mortgage rates hold ...

If COVID returns ... 

If office buildings never reopen and working from home becomes the standard ... 

Then what?

In many ways, this uncharted territory for the New York City marketplace. Currently, there are strong sellers’ markets surrounding Manhattan, as people reevaluate their shelter-in-place housing needs. The suburbs of New Jersey are seeing bidding wars. In Westchester and even up north into Columbia County, there are strong sellers’ markets. Long Island and the Hamptons — all strong sellers’ markets. Southern Connecticut, Greenwich, Stamford, etc.  Sellers’ markets. The Manhattan flight has taken hold and could be with us for a while.

We’ve seen this all before, haven’t we? After 9/11 and the 2008 financial crisis, the markets were weak for six to 12 months following those catastrophes. So why should this be any different?

It is different.

Which direction the market will go is up to the players involved. Sellers will need to adjust. Buyers will need to adjust. Banks will need to loosen up. Brokers will need to work extra-hard. 

But it will come back. It’s New York City! 

The Hoffman Team put 11 apartments in the contract in June — not bad! But there is an uncertainty in the air, like the market is holding its breath and waiting for the next shoe to drop, But where there is uncertainty lies opportunity. 

Happenings & News

Top Ranked Team

Once again The Hoffman Team has been recognized by The Wall Street Journal and Real Trends as not only one of the top teams in New York State but also as one of the top 1,000 teams in the nation by transactions closed and volume sold! This marks our 10th consecutive year making this prestigious list and we are greatly appreciative. We would like to thank COMPASS and most importantly all of our clients and customers who put their trust in us to represent them when selling, buying, or leasing their properties throughout NYC.

15 Ways to Enjoy Summer 2020

Although so many New York City summer staples have been closed and postponed, there are still plenty of ways to take advantage of the warm weather and blue skies in the city. Peruse this list of 15 ways individuals and families can enjoy summer 2020 in New York City.

Summer on the Hudson 

Summer on the Hudson is NYC Parks' annual outdoor arts and culture festival, which will take place virtually this year! Take advantage of free classes including yoga, pilates, dance, and more. Explore this entirely virtual initiative and learn more here. 

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Lifestyle Tips & Tricks

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9 Summer Color Trends to Inspire you this Season 

With warmer weather finally here, we’re focusing on the summer color trends that are defining the design industry this season. Elle Decor has compiled the full list. 

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23 of the Most Beautiful U.S. National Parks 

You don’t have to leave the country for sights that will take your breath away. In the United States, we are surrounded by so many majestic and awe-inspiring natural wonders. Read Elle Decor's list of top national parks you should visit at least once in your lifetime.

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Create an Indoor Oasis 

As things heat up this summer, it’s hard not to be inspired by the gorgeous greenery that surrounds us in parks, courtyards, and charming community gardens. Bring some of that outdoor magic inside, and create your own indoor oasis! Conde Nast Traveler has outlined the best plants and accessories to green-up your space. 

NYC Reveals Outdoor Dining Plan Ahead Of Monday’s Phase 2 Reopening

New York City is officially entering phase two of reopening on Monday. The news has led to questioning of the de Blasio administration as to their plan for outdoor dining, with Borough President Gale Brewer and others rallying for immediate action yesterday. In his press conference this morning, the mayor obliged and laid out details of the city’s Open Restaurants program that will allow restaurants to set up sidewalk seating and curb lane seating, convert adjacent parking spots into seating, utilize plaza seating through Business Improvement Districts, and, come July, add seating areas on streets currently closed to cars.

Mayor de Blasio said the city’s Open Restaurants program will help an estimated 5,000 restaurants and save roughly 45,000 jobs in the “greatest restaurant city in the world.” Acknowledging that the pandemic has hit the industry hard, he said the city’s main goal is to “make this a simple, fast, easy process.”

For restaurants and any bars/cafes that serve food, there are five outdoor seating options:

  • Curb lane seating (pilot through Labor Day): These are the adjacent parking spots to a restaurant’s curb

  • Sidewalk seating (through October)

  • Backyard and patio seating

  • Open streets seating (nights and weekends beginning in July): More details will be released in the coming days

  • Plaza seating through Business Improvement Districts: The BID would need to reach out to the city and apply

NYC DOT Commissioner Polly Trottenberg joined Mayor de Blasio to lay out the rules for outdoor dining:

  • Sidewalk seating: Must maintain a clear path free from obstructions between the seating and the curb.

  • Curb lane seating: Roadway seating will not exceed length of business frontage, and be separated from the travel lane with a barrier (planters, barricades). “No standing anytime” curbs, bus stops, and curbs within 15 feet of a fire hydrant are not eligible.

  • Open streets: DOT will work with community groups and partner agencies to identify additional seating within full street closures in July.

The application for the Open Restaurants program is streamlined through a singular online portal. Moreover, restaurants will not need to do a separate application with the State Liquor Authority.

According to state guidelines, outdoor tables must be spaced six feet apart, staff must wear face coverings, and customers must also wear face coverings when not seated.

Indoor dining is permitted under phase three. Currently, seven of the state’s 10 regions–the North Country, Mohawk Valley, Central New York, Finger Lakes, Southern Tier, Western New York, and the Capital Region–are in phase three. The Mid-Hudson Valley and Long Island are on track to enter phase three next week.

NYC Makes 14th Street Busway Permanent - Adds 5 More Car-Free Routes

The busway on 14th Street in Manhattan will be made permanent, Mayor Bill de Blasio announced on Monday. The car-free strip of the street, which runs between 3rd and 9th Avenues, launched as part of a pilot program last October. The mayor called the busway, which has proven popular with riders, a “success by every measure.” De Blasio also announced the phased-in addition of five new busways and 16.5 miles of bus lanes, which are meant to alleviate crowding for commuters as the city begins the reopening process.

Since the 14th Street M14 busway pilot launched last year, the city has reported faster crosstown commutes and a dramatic increase in ridership. Between 6 a.m. and 10 p.m., only buses and trucks have been allowed to make trips between 9th and 3rd Avenues, with all other vehicles limited to local trips.

On Monday, de Blasio said the city’s 20 new miles of bus lanes and busways will serve nearly 750,000 daily riders total. The five new busways, totaling 3.5 miles, will launch on “an urgent basis” between June and October. “We need the help now, given the crisis we’re in. We have to make it easier for people to get around,” the mayor said.


Starting this month, a busway will open on sections of Main Street in Queens, followed by Jamacia Avenue in Queens and Fifth Avenue in Manhattan in July, Jay Street in Brooklyn sometime in August, and 181st Street in Manhattan in October. Each of the new busways will operate as a one-year trial program and will become permanent if successful.

Designated bus lanes will also be rolled out in phases, with East 14th Street in Manhattan and 149th Street in the Bronx getting the first lanes this month. Additional lanes will be added to Hylan Boulevard in Staten Island and Merrick Boulevard in Queens in July and August, respectively.

The 20 miles of bus lanes and busways falls short of the 60 miles requested by the MTA last week for phase one of the city’s reopening plan. It also doesn’t meet the request by four borough presidents, who asked de Blasio to fast-track the creation of 40 miles of new bus lanes across the city.

Transit advocates said the announcement is still a step in the right direction for improved bus service across the city.

“The 14th Street Busway has been a resounding success. We are pleased to see it made permanent, and that more busways will soon be coming online,” Danny Harris, executive director of Transportation Alternatives, said in a statement.

“New Yorkers deserve a bus commute without being stuck in endless car traffic. Our streets must be a tool toward the city’s recovery, and we look forward to working with the Department of Transportation to bring more bus-only corridors across the five boroughs.”

13 Virtual Pride Events In NYC This Month

Pride Plays
Through June 26; Free
Every Friday in June, Playbill will “present a live-streamed theatrical event from the LGBTQIA+ theatrical canon on its website, as well as features, interviews, and more with the artists.” On Pride Sunday, June 28, the event will culminate in a Pride Spectacular Concert, “featuring community performers sharing messages of pride and singing songs old and new.”

Criminal Queerness Festival
Through Monday, June 29; Free, but some events require reservations
The National Queer Theater and Dixon Place have teamed up with the Mayor’s Office of Immigrant Affairs and NYC Pride to provide “a platform for artists facing censorship, shining a light on critical stories from across the globe.” Bringing together renowned queer playwrights from around the world, the multi-week festival will include readings, panels, workshops, and more.

We’re Still Here: The All-Day Queer Event Celebration
Friday, June 12; Free
Since LGBTQIA+ organizations all over the country have had to cancel their Pride events, this all-day celebration in solidarity will feature “creators from around the world honoring the roots of Pride and the current fight for civil rights.” Events include a queer Latin dance jam, queer trivia, a drag happy hour show, and a living room party from the UK’s Queer House.

ZAP!: A Virtual Tour of Post-Stonewall Gay Activists Alliance (GAA) Actions
Tuesday, June 16, 6:30pm-7:30pm; free
In the immediate aftermath of Stonewall, GAA employed a special “zap” tactic, “a direct, public confrontation with a political figure, institution, or business regarding LGBT liberation, equality, and rights, designed to gain media attention.” The NYC LGBT Sites Project is hosting a virtual tour of these Zap sites, including the April 1970 confrontation of Mayor Lindsay at the Metropolitan Museum and the 1971 engagement party at the New York City Marriage Bureau.

Black Queer Town Hall
Friday, June 19-Sunday, June 21; Free
In partnership with GLAAD, NYC Pride is hosting a three-day virtual event to raise funds for black, queer organizations and LGBTQIA+ performers. The event is replacing Pride 2020 Drag Fest and shifting to center on Black queer voices and focus on “pathways to dismantle racism and white supremacy, and demand an end to police brutality.”

Garden Party
Monday, June 22; 6pm; free, but registration is requested
NYC Pride and the LGBT Community Center of New York City are hosting a virtual garden party to kick off Pride Week. There will be performances, stories, and special guests, and the event page will be updated with everything you need for the at-home party like a curated food and cocktail/mocktail menu and a suggested playlist.

Drawing on Walls: A Story of Keith Haring
Monday, June 22, 6pm; Free but reservations are required
Village Preservation welcomes professor and author Matthew Burgess, who will discuss his new bok “Drawing on Walls: A Story of Keith Haring.” The illustrated book looks at Keith Haring’s devotion to public art and how his work “transformed the New York City underground in the 1980s as an artist and gay activist.”

NYC Pride’s Human Rights Conference
Thursday, June 25, 9:30am-6pm; Free
This one-day conference will bring together activists, artists, educators, journalists, policymakers, students, and others engaged in LGBTQIA+ human rights to participate in panel discussions and workshops focused on mental health, religion/faith, voting rights, youth-driven conversations, and much more. This year’s participants will be announced soon.

50 YEARS of PRIDE: Celebrating New York City’s First Pride March
Thursday, June 25, 6:30pm-7:30pm; free, but advanced registration is required
As the NYC LGBT Sites Project tells us, “On June 28, 1970, to mark the one-year anniversary of Stonewall, thousands joined the Christopher Street Liberation Day March, now known as the Pride March. At the time, it was the largest gathering of LGBT people in one place for a common purpose and greatly contributed to solidifying the significance of Stonewall in LGBT history.” This presentation and Q&A will look back at the planning of this event, as well as those whose behind-the-scenes efforts made it a reality.

NYC Pride virtual rally
Friday, June 26, 5pm-8pm; Free, register here“LGBTQIA+ rights and human rights are under attack by the current political environment,” reads the event page, and therefore, NYC Pride is hosting a virtual rally “at a time when conversation, education, and activism is needed most.” It will be hosted by Ashlee Marie Preston (the first trans woman to become Editor in Chief of a national publication and the first openly trans person to run for state office in California) and trans actor and LGBTQIA+ advocate Brian Michael Smith. Speakers include Ceyenne Doroshow, Annie Segarra, Edafe Okporo, and Leandro E. Rodriguez Ramos, and performances will be by Michael Blume and more. The event will stream live on Facebook and YouTube.

Runstreet Virtual Pride 5K Art Run
Saturday, June 20-Sunday, June 29; $10
Runstreet Art Runs are curated runs that take place all over the country and bring participants on paths to see the best murals and street art. This year’s virtual Pride 5K asks people to run solo in their best rainbow gear and share their experiences on social media. A portion of ticket sales will benefit the Callen-Lorde LGBTQ Community Center.

NYC Pride Special Broadcast Event
Sunday, June 28, 12pm-2pm; Free
In partnership with ABC7, NYC Pride is bringing its annual Pride March online. This year is the March’s very special 50th-anniversary celebration, and as NYC Pride says, “though it will be a very different type of celebration, the tradition of commemorating the LGBTQIA+ movement will continue.” In addition to saluting frontline workers, this event will honor several leaders in the community as Grand Marshals: Dan Levy, The Ali Forney Center, Yanzi Peng, and Victoria Cruz. It will feature performaces by Janelle Monáe, Deborah Cox, Billy Porter, Luísa Sonza and appearances by Wilson Cruz, Miss Richfield 1981, Margaret Cho, and more.

Literary Pub Crawl: Pride Edition
Monday, June 29, 6:00pm; Free, but reservations are required 
This event from Village Preservation will host the GV Literary Pub Crawl for a virtual tour of prominent LGBTQ writers, poets, and artists of Greenwich Village’s history, including James Baldwin, Edna St. Vincent Millay, Hart Crane, Walt Whitman, Allan Ginsberg, Willa Cather, and many more.

NYC Reveals Outdoor Dining Plan For Phase Two

Mayor Bill de Blasio on Thursday released a preliminary plan permitting restaurants to use open streets and parking spots for outdoor dining service, allowed during the New York City’s second phase of reopening. The mayor said the “Open Restaurants” program would streamline the process for restaurants to set up sidewalk seating, let restaurants to convert adjacent parking spots into seating, and allow seating areas on streets currently closed to cars. The city, which is preparing to enter phase one of reopening on Monday, could be ready for phase two in early July, according to the mayor.

“New York’s restaurants are part of what makes us the greatest city in the world. They’ve taken a hit in our fight against COVID-19–and there’s no recovery without them,” de Blasio said in a statement to NBC. “Our Open Restaurants plan will help these businesses maximize their customer base while maintaining the social distancing we need to beat this crisis once and for all.”

There are currently a total of 45 miles of open streets, about halfway to the city’s goal of 100 total miles. The Open Restaurants plan allows for restaurants to add seating areas on these streets, many of which sit next to city parks. The mayor on Thursday said new streets will be identified that are in commercial areas “with a high volume of restaurants.”

The program also streamlines the permitting process with the Department of Transportation and the Department of Consumer Affairs for restaurants to create sidewalk seating. For curbside restaurant seating, no permit will be needed if restaurants self-certify.

On Wednesday, Gov. Andrew Cuomo said outdoor dining would now be allowed to open under phase two, instead of phase three as originally expected. According to state guidelines, outdoor tables must be spaced six feet apart, staff must wear face coverings, and customers must also wear face coverings when not seated.

Restaurants in the seven regions that have already entered phase two, including the Capital Region, Central New York, the Finger Lakes, the Mohawk Valley, the North Country, the Southern Tier, and Western New York, can reopen for outdoor dining on Thursday.

While de Blasio said the city will be entering phase two in early July, the governor has been moving regions into the next phase in two-week increments, which would be June 22 for the start of the city’s second phase.

New Jersey Gov. Phil Murphy announced that restaurants in the Garden State would be allowed to open for outdoor dining on June 15. In Connecticut, restaurants and hair salons got the green light from Gov. Ned Lamont to open on May 20.

25 Sutton Place South, Unit 3G

25 Sutton Place South, Unit 3G

SUTTON PLACE, MANHATTAN

3 Bed  |  3 Bath | Co-op

Offered At $3,250,000

 

Make breathtaking East River views your daily backdrop in this impeccable three-bedroom, three-bathroom cooperative in coveted Sutton Place.

Beautifully renovated throughout, this expansive waterfront home boasts wonderful custom closet space, premium finishes and picture-postcard views from nearly every room. A gracious foyer opens to the jaw-dropping great room where walls of windows to the east and south frame the river and 59th Street Bridge. Enjoy open, airy living and dining areas topped with recessed lighting and integrated speakers while gorgeous herringbone hardwood floors run underfoot. The kitchen is a masterwork in modern minimalism thanks to sleek blonde cabinetry, crisp white countertops and an army of stainless steel and integrated appliances, including a six-burner gas range, dishwasher, two wine refrigerators and a built-in microwave.

Wake up to tranquil water views in the master suite, designed with two California closets, custom built-ins and an en suite bathroom featuring radiant heat flooring and a walk-in rain shower with a bench and handheld sprayer. Secondary bedrooms offer roomy closets, world-class views and easy access to two well-appointed full baths with radiant heat. Smart home controls operate zoned HVAC, sound, lighting and window treatments in this superb Sutton Place haven.

Cannon Point North is an exceptional postwar co-op offering a live-in resident manager and full-time doorman and concierge service. Residents enjoy a fitness center, laundry, private storage, on-site garage, bike room, free Wi-Fi and a renovated private terrace overlooking the East River and bridge. Maintenance includes utilities. Co-purchasing, gifting and pieds-à-terre allowed. Sorry, no dogs.

Nestled within the sought-after Sutton Place enclave, this home offers the perfect combination of Midtown accessibility and residential serenity. Here, you're just inches from the newly rebuilt Sutton Place Park and the East River Esplanade. Enjoy excellent local shopping and dining and easy access to transportation, including E, M, 4/5/6 and N/Q/R/W trains and the FDR.

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The Monthly Update - June 2020

Buying and Selling in Manhattan: New Methods for Positive Positioning COVID-19 and Beyond

As the proverb says, “necessity is the mother of invention” and the recent pandemic has seen the real estate industry rise to the occasion with creative ways to do business. “Virtual” will likely become a normal term in the days to come as well as adopting these technological strategies for the future in the housing market.

The good news is, despite the shutdown, there are potential buyers out there. These buyers are tech savvy and are letting their fingers do the walking and virtual walk-throughs do the talking. The old face-to-face business model of real estate transactions is going through a change and it looks as if this change is here to stay. 

So how can sellers stand out with listing and buyers find and close in today’s environment?

From Virtual closings to virtual viewings, let’s look at alternative methods for positive positioning in New York for both buyers and sellers during COVID-19 and beyond.

Virtual Showings

New York classified real estate as an essential business at the beginning of April. Guidance under the new ordinance mandates that any real estate transactions take place virtually. Virtual viewings were just taking off before the pandemic and are now replacing the walk-throughs with sales happening sight-unseen. According to HomeLight, a survey taken before the crisis showed only 5% of buyers were making sight-unseen offers whereas today this is the new normal in many areas. 

Video and photography are the current hot home selling tools. Sellers can ask their agents how to create a stunning video using a tripod and smartphone camera. There are even professional processors to help get the best results. Technologies such as Cupix, EyeSpy360, and Matterport are available to relators and sellers to aid in the virtual rendering of listings. 

With your agent’s help, Zoom, Skype or FaceTime allows you to host a virtual open house or walkthrough in real time for potential buyers. Hearing the owner tell their story about a property helps form emotional connections. This flexibility on the seller’s part reaps many rewards, lending an authenticity to the virtual process.

Virtual Closings

New York Governor Cuomo on March 20, 2020 gave an Executive Order allowing ‘Virtual Notarization’. The new notarization process uses tools like Zoom and Skype to help facilitate the process online. 

Banks are joining in the support by accepting desktop appraisals as appraisers and inspectors included in the Order can conduct their work by following certain distancing rules.

With a virtual closing, the gap created by using an escrow agent is closed. Everything is done electronically from the signing of documents to sending funds. Notarization is now performed using video conferencing technology. The document to be notarized gets sent by email, gets notarized, then sent back to the person who signed it. Within 30 days of the electronic transaction, the notary re-notarizes the original signed document and files it along with the electronically notarized copy.

The pandemic is allowing the real estate industry time to catch up to the consumer standards keeping their listings relevant in today’s world. In cities like New York, nimble agents like The Hoffman Group make sales while ensuring the safety of their clients and their families.There may be a learning curve to tackle regarding the new technology but many of the changes being made now will improve the buying and selling process in the future.

Compass in the News

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It's no surprise that the global pandemic has had a deep impact on real estate. The pandemic prompted a dramatic decline in listings going under contract across every major Compass region, followed by an equally dramatic increase in these agreements after the region hit bottom. Read Inman's coverage (here) and our full, detailed report (here) that gives a market-by-market look at the pandemic's effect on real estate.

Lifestyle Tips & Tricks

Simple Summer Decorating Ideas 

Summer is officially here and whether you have a beach house or a city apartment, House Beautiful is sharing 30 easy summer decorating ideas that'll lighten the look of your home for warm-weather months and vacation vibes! 

Home Organization Hacks to Keep Your Space Tidy 

Need a summer project? Get organized! As we continue to social distance, our homes have never been more important. Here, Curbed editors share some of their favorite strategies and hacks for home organization so you can feel calm, cool, and collected. 

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NYC Now Has 45+ Miles of Open Streets, The Most In The U.S.

In his press conference this morning, Mayor Bill de Blasio announced that the city is adding 13 more miles of open streets, bringing the total across the boroughs to 45 miles and exceeding his goal of opening 40 miles by the end of May. After stating that this is the largest amount of protected streets in the nation, he assured New Yorkers that “it won’t stop there.” When the mayor first announced the program, he committed to opening 100 miles of streets throughout the pandemic. The latest batch will open tomorrow and includes tons of park-adjacent streets across Queens and the first open streets in Greenwich Village and Red Hoo

“Now that we have sufficient enforcement capacity,” said de Blasio, referring to the fact that most city agencies including the NYPD are back up to their pre-coronavirus levels of personnel, the city has found “that sweet spot where we can do the open streets, keep them safe, make sure there’s enforcement when needed, and allow people to enjoy it, especially in strategic locations where it’s going to help avoid crowding–parks and other areas.”

The first set of open streets opened in early May. They dealt with 4.5 miles inside parks and 2.7 miles adjacent to parks. The second set, 1.9 miles, was opened in collaboration with Business Improvement Districts (BIDs). The third set, announced last week, includes some streets managed by BIDs (1.3 miles), as well as some overseen by local police precincts (7.6 miles) and more adjacent to parks (2.8 miles). The latest group sees the same combination: 1.8 miles will be managed by BIDs, 2.7 miles will be adjacent to parks, and 8.8 miles by local precincts.

Here is the full list of open streets; those bolded will open tomorrow.

Manhattan

  • 114th Street: Manhattan Avenue to Frederick Douglass Boulevard (Harlem)

  • 115th Street: Park Avenue to Third Avenue (Harlem)

  • 117th Street (Harlem)

  • 138th Street (Harlem)

  • West End Avenue: 87th Street to 96th Street (Upper West Side)

  • 75th Street: Broadway to Riverside Drive (Upper West Side)

  • 51st Street (Hell’s Kitchen)

  • Broadway (Times Square)

  • Broadway: West 36th Street to West 41st Street

  • Broadway: West 25th Street to West 28th Street

  • Broadway: East 21st Street to East 23rd Street

  • 2nd Avenue Service Road (Kips Bay)

  • Hudson Yards, Hudson Boulevard East & West: 35th Street to 36th Street

  • 17th Street: 8th Avenue to 10th Avenue (Meatpacking District)

  • 13th Street and Little West 12th Street: Ninth Avenue to Washington Street (Meatpacking District)

  • Greenwich Street (Hudson Square)

  • Doyers Street (Chinatown)

  • Ludlow Street: Delancey Street to Houston Street (Lower East Side)

  • Orchard Street: Delancey Street to Houston Street (Lower East Side)

  • Rivington Street: Allen Street to Essex Street (Lower East Side)

  • Stanton Street: Allen Street to Essex Street (Lower East Side)

  • University Place, MacDouglas Street (Greenwich Village)

  • Pearl Street (lower Manhattan)
    Adjacent to Parks

  • Lt. William Tighe Triangle: Dyckman Street from Broadway to Seaman Avenue

  • Stuyvesant Square Park

  • Carl Schurz Park: East End Avenue from East 83rd Street to East 89th Street

  • Highbridge Park: Laurel Hill Terrace from Amsterdam Avenue in Highbridge Park

  • Morningside Park

  • Charles Young Playground

  • Jackie Robinson Park: Edgecombe Avenue from St. Nicholas Place to 145th Street
    Inside Parks

  • Fort Tryon Park: Margaret Corbin Drive from Fort Washington Avenue to Cabrini Boulevard

Brooklyn

  • 1st Place: Smith Street to Henry Street (Carroll Gardens)

  • 2nd Place: Smith Street to Henry Street (Carroll Gardens)

  • 4th Place: Smith Street to Henry Street (Carroll Gardens)

  • 4th Street: 5th Avenue to 4th Avenue (Park Slope)

  • 6th Avenue: 44th Street to 51st Street (Sunset Park)

  • East 7th Street: Caton Avenue to Ditmas Avenue (Kensington)

  • 9th Street (Red Hook)

  • Arlington Place (Bed Stuy)

  • Berry Street: North 12th Street to Broadway (Williamsburg)

  • Grattan Street: Morgan Avenue to Bogart Street (Bushwick)

  • Hall Street: Park Avenue to Myrtle Avenue (Clinton Hill)

  • Joralemon Street: Hicks Street to Furman Street (Brooklyn Heights)

  • Lawrence Street: Fulton Street to Willoughby Street

  • Newkirk Avenue: Coney Island Avenue to East 17th Street (Midwood)

  • South Portland Avenue: South Elliot Street Dekalb Avenue (Fort Greene)

  • St. Marks Place: 3rd Avenue to 4th Avenue (Boerum Hill)

  • Willoughby Street: Pearl Street to Lawrence Street
    Adjacent to Parks

  • Prospect Park: Parkside Avenue from Park Circle to Ocean Avenue

  • Prospect Park: Prospect Park West from 3rd Street to Garfield Place

  • McGolrick Park

  • McCarren Park: Nassau Street

  • Maria Hernandez Park: Suydam Street

  • Cooper Park: Sharon Street

  • Sternberg Park: Leonard Street

  • Korean War Veterans Plaza: Cadman Plaza East

  • Dome Playground: 38th Street

  • Cobble Hill Park: Congress Street

  • Nicholas Naquan Heyward Jr. Park

  • Carroll Park

  • Green Central Knoll Park

  • Betsy Head ParkInside Parks

  • Callahan-Kelly Park: Sackman Street from Truxton Street to Fulton Street

Bronx

  • 140th Street: Brooke Avenue to Willis Avenue (Mott Haven)

  • East 148th Street: Willis Avenue to Bergen Avenue

  • West 238th Street: Tibbett Avenue to Irwin Avenue

  • Creston Avenue: Fordham Road to Kingsbridge Road

  • Pugsley Avenue (Castle Hill)

  • Rhinelander Avenue from Williamsbridge Road to Bronxdale Avenue (Morris Park)

  • Willis Avenue: East 147th Street to East 148th Street
    Adjacent to Parks

  • Williamsbridge Oval: Reservoir Oval East/West at Bainbridge Avenue

  • Quarry Ballfields/Belmont: Oak Tree Place from Hughes Avenue to Quarry Place

  • River Park: Boston Road from 180th Street to Bronx Park South

  • River Park: Bronx Park South from Boston Road to Bryant Avenue

  • St. Mary’s Park: Jackson Avenue from 143rd to 147th Streets

  • Claremont Park: Clay Avenue from 173rd Street to Claremont ParkwayInside Parks

  • Grant Park: Grant Avenue from 170th Street to 169th Street Full Block

Queens

  • 27th Street: Hunter Street to Queens Plaza South (Long Island City)

  • 5th Street: 46th Avenue to 49th Avenue (Long Island City)

  • 34th Avenue: 69th Street to 77th Street (Jackson Heights)

  • 34th Avenue: 78th Street to Junction Boulevard (Jackson Heights)

  • 39th Avenue: Woodside Avenue to Barnett Avenue (Sunnyside)

  • 46th Street: Queens Boulevard to Greenpoint Avenue (Sunnyside)

  • 50th Avenue (Sunnyside)

  • Skillman Avenue: 39th Place to 43rd Street (Sunnyside)

  • 60th Street (Maspeth)

  • 66th Road (Forest Hills)

  • Ascan Avenue (Forest Hills)

  • 99th Street (Rego Park)

  • Peck Avenue: 137th Street to Main Street (Flushing)

  • Roosevelt Avenue: 155th Street to Northern Boulevard (Flushing)

  • 107th Avenue (Jamaica)

  • 108th Avenue (Jamaica)

  • 109th Avenue (Jamaica)

  • 159th Street (Jamaica)
    Adjacent to Parks

  • Astoria Park: Shore Boulevard from Ditmars Boulevard to Astoria Park South

  • Court Square Park: Court Square West from Jackson Avenue to Dead End

  • Hunters Point Park

  • Gorman Playground

  • Painters Playground

  • Plaut Triangle

  • Yellowstone Park

  • Baisley Pond Park
    Inside Parks

  • Forest Park: East Main Drive from Metropolitan Avenue to Overlook Parking Lot

  • Forest Park: Freedom Drive from Park Lane to South Myrtle Avenue

  • Forest Park: West Main Drive from Band Shell Lot to Golf Course Lot

  • Flushing Meadows-Corona Park: Meadow Lake Drive from Model Airplane Field to Meadow Lake Bridge Parking Lot

Staten Island

  • Adjacent to Stapleton Waterfront Park: Front Street from Canal Street to Edgewater Street

  • Inside Silver Lake Park: Silver Lake Park Road from Forest Avenue to Victory Boulevard

  • Adjacent to North Shore Esplanade Park: Bank Street

As the Department of Transportation details on its website:

Open Streets are available daily, 8 am to 8 pm (unless otherwise noted) for pedestrians and cyclists to use the roadbed of the street while maintaining at least six feet of distance from others. Opening hours may vary by location due to NYPD staffing.

You can find out specific details of a given street closure here. If you’d like to have a street considered for the program, you can fill out this survey.

As for the protected bike lanes that will open throughout May, they are as follows:

Manhattan

  • Broadway: Barclay Street to Morris Street (Financial District)

  • 38th and 39th Streets: 1st Avenue to 11th Avenue (Midtown)

Brooklyn

  • 4th Avenue: 1st Street to Flatbush Avenue (Boerum Hill)

  • Ashland Place/Navy Street: Hanson Place to Sands Street (Clinton Hill)

  • Flatbush Avenue: Grand Army Plaza to Ocean Avenue (Prospect Park)

Queens

  • Crescent Street: Queens Plaza North to Hoyt Avenue North (Astoria/Long Island City)

Bill and Melinda Gates Purchase Southern California Mansion for $43 Million

Now that they’ve bought the ultimate beach house, Bill and Melinda Gates are certainly ready for summer.

The billionaire philanthropist couple purchased a jaw-dropping property in Del Mar, California, a beach town just outside of San Diego. The Microsoft cofounder and his wife paid $43 million for the home—surpassing San Diego County’s previous record home purchase record by $8 million—according to Brian D. Guiltinan from the Guiltinan Group. The deal closed on March 27, 2020. [Source: T&C]

The pair purchased the six-bedroom, four-bathroom home from Madeleine Pickens, the former wife of Texas oil tycoon and billionaire T. Boone Pickens. Ms. Pickens put the 5,800 square foot home on the market in early 2019, listing it for $48 million.

According to the San Diego Reader, the home is not your average beach house. It features “a family residence, a health spa, theater, pool, tennis court, greenhouse, and two guest houses.” All of these amenities push the total square footage to over 10,000.

The article also notes the home’s luxe mahogany wood, limestone flooring, sandstone patios, and Getty stone accents. The patio features a 10-person spa, gas fire-pit, and glass-tiled pool. Not to mention the property’s stunning 120 feet of direct oceanfront views.

The property has a sizable, ocean-facing patio, perfect for entertaining.Indeed, this home is yet another addition to the Gates family’s stacked real estate portfolio. While the family is based at their Medina, Washington compound, according to Architectural Digest, the couple also owns an $18 million equestrian estate in Rancho Santa Fe, California, and two properties for their daughter, Jennifer: a $16 million Westchester horse farm and $5 million New York City condo.

Even among the Gates’s other stunning homes, though, this unforgettable property certainly stands out.

NYC Fun Fact - May 1st Was Moving Day

Moving Day 1827

Moving is always hell. Now imagine if a million fellow New Yorkers were also schlepping their stuff to new living quarters on the same day you were. Crazy, right? But this was a tradition in New York since colonial times, lasting until World War II.

1869, a customer asks a cartman: "Can't you take a few things more?" (Harper's Weekly)

On February 1 of every year, landlords let tenants know how much their rent increase would be, to take effect three months later. If they couldn’t afford the new price, tenants had that time to scout new digs within their budget.

With the new rent due May 1, tenants waited until that day to vacate their old premises. Moving van (pulled by horses) companies and warehouse owners jacked prices; getting around the sidewalks was a serious chore.

“Old beds and rickety bedstands, handsome pianos and kitchen furniture, will be chaotically huddled together,” The New York Times reported in 1855.

“Everybody in a hurry, smashing mirrors in his haste, and carefully guarding boot boxes from harm. Sofas that go out sound will go in maimed . . . bedscrews will be lost in the confusion, and many a good piece of furniture badly bruised in consequence.”

The May moving day custom began to die down in the 1920s, as new rent laws gave tenants increased protection, and more Manhattanites decamped for new neighborhoods in the outer boroughs.

NYC Subways Will Shut Down From 1am-5am For Nightly Cleanings

After Governor Cuomo asked the MTA to step up its subway disinfecting schedule from every 72 to 24 hours, the agency came back with what it’s calling the “Essential Connector Program.” This initiative will stop service from 1:00am to 5:00am every night during the pandemic, starting Wednesday, May 6. New York City is one of the few cities in the entire world (and the only one in the U.S.) that has a public transit system that runs 24/7, but the governor has said that it is the city and state’s responsibility to disinfect more frequently in order to keep our essential workers safe and ensure that they feel comfortable riding the subway.

As the governor explained, the disruptions are coming at a time when overall subway ridership is down 92 percent. These hours, 1am to 5am, are the lowest ridership times, with about 11,000 riders using the system during that time. For those essential workers who rely on public transportation during these hours, the city will provide buses, for-hire vehicles, and compliant “dollar vans” at no cost.

Trains on MetroNorth and the Long Island Railroad, as well as city buses, will also be disinfected every 24 hours; because of their ridership numbers, this can be done with no disruptions to current service schedules.

In addition to disinfecting each night, the MTA will have time to continue testing innovative cleaning solutions that include UV, antimicrobials, and electrostatic disinfectants.

The entire initiative is a partnership among the city, state, and MTA, as it will require a “robust and sustainable NYPD presence to secure the stations and manage closure of train service.”

Governor Cuomo did admit that this is a task that “nobody had ever imagined before” and explained that we clean trains, but how do you disinfect? “This is a whole new process, these are new chemicals, this is new equipment for workers, it’s new methods.” He added the challenge of needing to disinfect “every place that a hand could touch on a subway car,” such as every rail, pole, door, as well as any place that a droplet could land for sneezing or coughing. “So you have to disinfect that entire interior of the car, and then you have to disinfect the stations, the handrails, everything that people could be touching.”

According to a press release, “The MTA will resume overnight service between the period of 1-5 a.m. when customer demand returns, and innovative and efficient disinfecting techniques have been successfully deployed systemwide.”

The Monthly Update - May 2020

Priority One: Health and Safety, Then Real Estate. 

As New York State prepares to gradually lift the stay-at-home order starting around May 15, there are many pressing questions on the minds of New Yorkers. Specifically, how will reopening affect specific industries and our way of life as a whole? 

 

In real estate, there’s certainly no shortage of questions. How are we going to move forward with the business of buying and selling homes in New York City, which will likely reopen well after less-densely populated areas Upstate.

 

  1. Open Houses & Showings Safety: We’ll definitely be following a host of new rules when it comes to these cornerstones of the real estate process. Masks, gloves and booties will become the standard as buyers have consistently shown during the lockdown that they want to actually see the properties (in-person) before they offer or sign. 

  2. Pricing & Market Activity: When will the industry rebound and/or how will prices be affected? This happens to be the elephant in the room! Frankly, it’s too early to say at this time, but there is sure to be some reduction in price and activity, at least in the short term. How much and for how long? No one really knows. 

  3. Bank Financing/Lending & Rates: The industry will most certainly need interest rates to stay extremely low to help spur the real estate market along. Banks will also need to ease restrictions and ensure a wide range of lending options are available after people return to work.

  4. Board Package & Sales Application: A month ago, some of our team members were buying printers for their home offices. Others were mastering the art of the Adobe PDF or learning to navigate online board package portals and third-party applications, such as BoardPackager. Bottom line: Real estate professionals need to be nimble and adapt to the industry’s evolving best practices. At this point, I’m convinced that digital packages will be more of the norm moving forward. 

  5. Appraisals: Drive-by or desktop appraisals could also be the wave of the future.

  6. The Wet Notary & Closings: A silver lining in all of this is the hope that, just maybe, the notary and closing process will all be done virtually and digitally in the future. The cost savings have the potential to be enormous with little to no downside!

 

All these issues need time to play out before the industry decides on our new normal. The upcoming summer months will most likely see a thinly traded adjustment period in the market. If you are a buyer and expecting a 50 percent reduction in pricing, you will be disappointed. If you’re a seller hoping to pick right up where we left off in February, when the housing market was very strong, you will also be disappointed. The dust needs to settle, and expectations must remain in check. This summer is going to be proving ground for the sellers and buyers who are first to wade into uncharted waters. 

 

But, none of these adjustments will matter until we can contain the virus in New York City. For now, let’s focus on making sure our friends, families, neighbors and co-workers are safe.

Virtual Happenings

Parks@Home

You can enjoy NYC parks from home! While you're socially distancing and/or staying home, explore our city's parks — online. Experience live park tours, meditation, fitness, art classes, fun activities for kids, and more! Learn more here to virtually connect with the parks we know and love. 

Brooklyn Brainery Virtual Courses 

Brooklyn Brainery is accessible education, crowdsourced to our local community.  They host affordable classes on anything and everything! From dumpling and pie-making to watercolors and screenwriting, there is something for everyone. Peruse the course calendar here! 

NYC's Virtual Nightlife 

Dancing is a major part of NYC nightlife, so if you miss hearing a thumping baseline on a Saturday night, don't fret! There is an entire nightlife ecosystem that's still happening through the digital ethers. Read-on here for the best virtual clubs where you can dance off your pent-up quarantine energy. 

News, Tips & Tricks

In April, Compass Welcomed Greg Hart, Our New Chief Product Officer

Hart comes to us from Amazon where over the course of his 23-year tenure he built, launched, and scaled some of Amazon’s most successful ventures. A true entrepreneur, Greg helped build Alexa and Amazon Music, and led both Books and Prime Video. 

Greenify Your Home With These Online Plant Delivery Services 

The benefits of indoor plants are impossible to deny, from scrubbing the air of toxic pollutants to the incredible psychological benefits. As we continue to social distance, you can still turn your home into an oasis thanks to these plant delivery companies! 

50 Small Patio Design Ideas for a Dreamy Outdoor Oasis 

Your new favorite hangout is likely just outside your door. As sunny days and warmer nights approach, Elle Decor lists some tips you can utilize to spruce up your patio. Your patio is an extension of your home, so make sure to give it some love!

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As Seen On TV: The American Dream NYC

The American Dream is the only TV show that goes against the negative sensationalist style of journalism often seen in media. The American Dream’s mission is to Educate, Empower, and Engage its audience across the country with business leaders, accomplished entrepreneurs, finance experts, and top producing realtors. The show is produced by Ignite Now Media in San Diego, California in conjunction with hundreds of partners, videographers, and studios. Featured Guests: Benjamin Dixon, Matthew Mackay, Dylan Hoffman, Matthew Melinger & Michael Shapot

To subscribe to The American Dream TV YouTube Channel please use the following link: http://tinyurl.com/lv33g4h

The Met Opera Will Live-Streamed A Gala With 40+ Artists

The show must go on. The Metropolitan Opera on Monday announced plans to host a virtual “At-Home Gala” this month with over 40 artists participating around the world. On Saturday, April 25 at 1 p.m., leading Met artists will perform live from their homes for a free three-hour concert. The event comes after the venue was forced to cancel the rest of its season because of the coronavirus pandemic.

Peter Gelb, the general manager for the Met, will be producing the event from his Upper West Side apartment alongside music director Yannick Nézet-Séguin, from his home in Montreal.

“While the Met is famous for its high-definition transmissions into cinemas, this will be a great artistic but low-tech operation, Gelb said in a press release. “We will be providing operatic uplift to our audiences, as well as for our singers, who are eager to connect with their fans.”

With an expected loss of $60 million due to the COVID-19 forced closure, the virtual gala is part of an urgent fundraising campaign, “The Voice Must Be Heard,” that aims to support the company in the future.

The gala will start at 1 p.m., the time of the Met’s regularly scheduled Saturday matinee performances, on the Met website. The program will be available to view until 6:30 p.m. the following day. Featured artists hail everywhere from New York and New Jersey to Latvia and South Africa. See the line-up here.

The Met is also offering free virtual performances every night of the week. Streams go live on its website each night at 7:30 p.m. and remain up until 6:30 p.m. the next day. “We’d like to provide some grand opera solace to opera lovers in these extraordinarily difficult times,” Gelb said. “Every night, we’ll be offering a different complete operatic gem from our collection of HD presentations from the past 14 years.” More details on this week’s screenings can be found here.

Jon Bon Jovi Puts Waterfront NJ Mansion On The Market For $20M

Fifteen acres, an 18,000-square-foot main house designed by Robert A.M. Stern, a dock and boat lift, a pool with two cedar cabanas, a personal pub, a recording studio–and that’s just the beginning of what you’ll find at Jon Bon Jovi’s incredible Central Jersey mansion. First spotted by Mansion Global, the rocker’s property on the Navesink River in Middletown has just hit the market for $20 million, and as Christie’s listing agent Kathleen Coumou told MG, “He’s looking for the right buyer, someone who will appreciate what he’s done to the house.”

The New Jersey native enlisted famed architect Robert A.M. Stern to design this home for his family in 1999. Known as High Point Estate, the stucco and limestone house is an “elegant French-inspired chateau,” writes the listing. It is “rich in architectural symmetry” and boasts a brick courtyard with a double-wide entrance driveway, oversized windows with French balconies, arched alcove windows, wrought iron accents, and a slate roof.

The home comes with 750 feet of river frontage, which can be enjoyed from the large slate patio, complete with an outdoor fireplace. Off the patio is a French-inspired courtyard that leads to the three-car heated garage.

Under another pergola, you’ll find a second patio, this one overlooking the heated in-ground pool. The area around the pool has two full cedar bath cabanas, a separate kitchen, and a laundry room.

In total, there are four outbuildings on the property. One is a 1910, three-bedroom carriage house. The second is called the “Shoe Inn” Pub and comes complete with a pool table, “a period designed imported bar from France,” and a one-car garage. The original stables have been converted to a recording studio above with a seven double-door garage on the first floor. There’s also a separate stable building with a laundry room, workshop, and storage area.

The 15 acres of professionally landscaped grounds include gardens, open lawns, stone walkways. Another major perk of the property is its private dock and boat lift.

Inside, Bon Jovi’s love of French furniture is on full display. He enlisted internationally acclaimed painter Pierre Finkelstein to take on the entire house, adding realistic wood graining, 18th- and 19th-century patinas, gilding, plaster finishes, custom-cut stenciling, architectural trompe l’oeil (a technique that uses realistic imagery to create 3D illusions), and hand-painted Venetian plaster, which is on display in both the first- and second-floor foyers.

The 50-foot living room has 12-foot ceilings, a marble fireplace, and painted woodwork. There is also a custom-designed movie theater.

Off the living room is “the elegant river view bar,” which has a large French mirror reflecting the water and hand-painted carved wood details done by Pierre. The dining room also has beautiful river views and can fit a table of 18.

The kitchen very well might be the home’s true gem. It’s highlighted by handcrafted brick barrel-vaulted ceilings with hand-painted beams. There is an incredible amount of cabinet space, as well as honed alabaster counters, an enormous center island with a prep sink, and multiple ovens and refrigerators.

Off the kitchen is a charming breakfast room with a vaulted brick ceiling.

More hand-painted ceiling beams are in display in the family room. The fireplace here is the inside of the outdoor fireplace.

Up the curving staircase with a wrought-iron rail is the large second floor. Though not pictured, it consists of two wings–the family wing and the guest/staff wing. The former has four bedrooms, all with en-suite bathrooms. This includes the master suite, which has a balcony, his-and-hers walk-in closets, a seating area, a private hallway, and a kitchenette. The other wing has a private entrance, two bedrooms, a full bathroom, and a kitchen. The house also benefits from an elevator that goes from the basement to second floor.

The Monmouth County location is considered quite exclusive (Bruce Springsteen lived nearby in Rumson for many years). It’s just an hour to Manhattan and close to the SeaStreak Ferry.

A little over two years ago, Bon Jovi sold his West Village duplex for $16 million, soon after he purchased a $19 million condo nearby. We’re not sure why he’s selling this gorgeous property, but we can’t imagine he’ll completely leave the NJ area as he and his wife Dorothea run two nearby locations of JBJ Soul Kitchens, non-profit community restaurants that operate on a cash-only donation model.

Q1 2020 Manhattan Market Report

Your Q1 2020 Manhattan 

As we continue to experience these unprecedented times, we are here to provide valuable insights into the real estate market so you can stay educated and informed. We are pleased to share Compass' Q1 2020 Manhattan Market Report, highlighting the prevailing trends shaping the market.

Please remember we are always here to talk and or answer any questions you might think of.

Your new home awaits.