104 Bedford Street, Unit 4AB

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104-106 Bedford Street, Unit 4AB

WEST VILLAGE, NEW YORK

$1,500,000

2 Bed  |  2 Bath | Co-Op

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This convertible two-bedroom, two-bathroom cooperative is a rare West Village gem featuring exquisite updates, historic charm and breathtaking natural light throughout.

A result of two legally combined units at the rear of the building, this home offers mesmerizing treetop views and a wonderful sense of peace and tranquility. A spacious foyer invites you to discover beautiful vintage inlaid hardwood floors, tall ceilings, handsome millwork, and 11 oversized windows across all four exposures. Relax in the living room alongside lush garden vistas, a wall of white bookshelves and a recently restored wood-burning fireplace with an intricately carved mantle with stainless steel liner and fan system. Entertain in the bright and airy dining area, and enjoy a windowed kitchen with glass-front cabinetry, granite counters, a farm sink, an adjacent pantry closet, and stainless steel appliances, including a gas range, dishwasher and a newer refrigerator.

In the primary bedroom, you'll find two closets, including a walk-in, plus lovely built-ins and an en suite bathroom with a shower and in-unit washer-dryer. A full guest bathroom with a soaking tub completes this delightful West Village home.
Designed in 1891, 104-106 Bedford Street is a stately brick and brownstone co-op where residents enjoy an elevator, new roof, updated plumbing, a dedicated superintendent service, central laundry and a bike room. Pieds-à-terre, subletting and pets are permitted with board approval.

Located within the Greenwich Village Historic District, this picturesque tree-lined street is described as "one of the most attractive blocks in Greenwich Village." Here, you're surrounded by the phenomenal architecture, shopping, dining and nightlife that make the West Village one of the most coveted residential neighborhoods in the world. Washington Square Park and sprawling 500-acre Hudson River Park provide abundant outdoor space and recreation. Transportation is effortless with 1, A/C/E, B/D/F/M and PATH trains, excellent bus service and CitiBike stations just minutes from your door.

Wegmans Is Coming to Manhattan!

Earlier this month, the Kmart on Astor Place, a strangely beloved neighborhood fixture, closed abruptly after 25 years. The store at 770 Broadway was one of only two locations in Manhattan; the Penn Station outpost closed in early 2020. Now, landlord Vornado Realty Trust has announced that they will bring in Wegmans grocery store as the new tenant, scheduled to open in the second half of 2023.

Photo of 770 Broadway (cropped) via Wikimedia Commons

Wegmans opened their first New York City store to much fanfare at the Brooklyn Navy Yard in October 2019. The grocer has somewhat of a cult following thanks to its many prepared food options, organic selections, and reasonable prices. Their Brooklyn location totals 74,000 square feet. The Astor Place location will be even larger at 82,000 square feet.

“Wegmans is one of a kind and will be a best-in-class addition to Manhattan, both for the local neighborhoods and as a destination for residents from across the island. We look forward to partnering with Wegmans’ talented team on the opening of this signature location,” said Vornado Chairman and CEO Steve Roth.

According to the press release, “Wegmans signed an agreement with Transformco [Kmart’s parent company] to buy out Kmart’s lease at Astor Place…” They then signed a 30-year lease with Vornado to occupy the space on both the street and lower levels, totaling 82,000 square feet. (The Brooklyn location is 74,000 square feet.)

As The Real Deal explained, up until 2018, Kmart actually occupied 145,000 square feet across three floors in the building, but Vornado paid them $46 million to give up the second floor to may way for office tenant Facebook.

In addition to Facebook, 770 Broadway, is home to several subsidiaries of Verizon Media. Commercial building 51 Astor Place is just across the street and is the headquarters of IBM’s Watson Group. Cooper Union is nearby, as are NYU and the New School, so Wegmans should have no shortage of foot traffic. The Brooklyn Wegmans also offers delivery in New York City through Instacart, a service that’s likely to be provided at their new location, too.

Wegmans was started in 1916 and today has 106 stores across New York, Pennsylvania, New Jersey, Virginia, Maryland, Massachusetts, and North Carolina.

The Monthly Update - August 2021

The hottest real estate market in New York City‘s history is not a “sellers” market!

The hottest real estate market in New York City‘s history is not necessarily a “sellers” market...

We are currently experiencing the most active New York City real estate market ever recorded. More transactions have been signed and closed than at any point in the last 20 years.  

Currently, there are over 5,400 units in contract. The luxury market has been recording 30-plus contracts signed in 26 out of the last 27 weeks. There was a point over the winter holidays and into spring when Manhattan was recording 400 or more contracts signed every week. This is unprecedented! This has never happened before. We discuss this market weekly; the word “ludicrous” has been used on several occasions. 

My team (The Hoffman Team) has sold and closed 91 units so far this year. We have another 54 in contract and we have about 27 accepted offers about to sign, which, like the rest of the market, is unprecedented! 

So, why can’t sellers sell for whatever price they want today?

Buyers have been levelheaded and rational throughout this entire COVID recovery market. They are not going for the properties that are priced too high — plain and simple.  Inventory is trading at 2019 levels. The market has basically made up the 5 percent to 15 percent COVID discount of a year before. The primary difference between now and then is speed.  If you price your property at 2019 pricing, you will sell the property extremely fast. Buyers in 2019 were still hemming and hawing and basically in indecision mode for months. 

So why now? The prices are at the same level as 2019, so why are buyers buying today instead of back then? Interest rates are lower, that is true, but it’s also a psychological play coupled with low inventory. Families want the stability of homeownership. In a world that for the last year has been anything but normal, they want something stable in their life — they want a place to call “home”....If you are in the same boat and want somewhere to call “home” or want to sell your property “quickly”... let’s talk!

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Local Events

Shakespeare in the Park

Come enjoy another one of New York’s exciting re-openings, free Shakespeare in Central Park. Performing in the heart of the city is a fresh and comedic adoption of Shakespeare’s “The Merry Wives of Windsor," directed by Saheem Ali. Let’s celebrate the return of New York and theater and fill The Delacorte with joy and life again! Click here for more details. 

2021 US Tennis Open 

The US Tennis Open is welcoming back fans at 100% capacity in one of New York’s nicest sporting venues, The Billie Jean King National Tennis Center (NTC). Come see players like Djokovich, Federer, Williams, and Halep in action and on the court in what's sure to be the best Open yet. All ticket categories are available, from reserved stadium seating to general admission passes! Click here to review the US Tennis Open Schedule, purchase tickets, view photo galleries, and more.

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Lifestyle Tips & Tricks

The Best Vegetables and Flowers to Plant in August

If the idea of gardening in the summer isn't sitting well with you this year, or if you've just been too busy to actually start your garden, don't worry. The crisp fall season is a great time to grow a slew of vegetables and flowers!

Read More - Courtesy of Good Housekeeping

The Best Places to Travel in August

Is there any month more tailor-made for a vacation than August? The peak of summer is the perfect time to jettison all 9-to-5 obligations and indulge in a trip. If you're hoping to squeeze in a vacation before Labor Day, here are nine of the best places to travel in August.

Read More - Courtesy of Condé Nast Traveler

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NYC will host 5 free concerts as part of ‘Homecoming Week’

New York City will host five huge free concerts in every borough next month to mark the city’s recovery from the pandemic. Earlier this summer, Mayor Bill de Blasio announced plans for a “mega-concert” on Central Park’s Great Lawn in August and later revealed the show’s three major headliners: Bruce Springsteen, Paul Simon, and Jennifer Hudson. On Thursday, the mayor said there will be four additional free concerts, one in each borough, as part of a weeklong celebration dubbed “Homecoming Week.”

“I am issuing a FOMO alert,” de Blasio said during a press briefing on Thursday. “Unless you want to spend the rest of your life saying, ‘oh my god, I missed it,’ you should get to New York City in the month of August.”

The city is partnering with the Universal Hip Hop Museum to produce the four additional concerts. During the press conference with the mayor, Rocky Bucano, the executive director of the museum, said the concerts will feature a variety of musical genres, including Hip Hop, Latin, freestyle, dance, R&B, techno, and funk.

“Just like Hip Hop music triumphantly emerged originally from the tumultuous ’70s, the Universal Hip Hop Museum is proud to produce a part of the NYC Homecoming celebration,” Bucano said in a statement. “Hip Hop culture reflects the mosaic that makes NYC, with its sound coming from all genres and spanning many communities. Working in partnership with the City and others, this is our love letter to music fans from all over NYC.”

Mayor Bill de Blasio speaks at the Global Citizen Festival in Central Park on September 23, 2017. Photo credit: Michael Appleton/Mayoral Photography Office on Flickr

The date and location of the Homecoming Week concerts are as follows:

• Monday, August 16 at Orchard Beach in the Bronx

• Tuesday, August 17 at Richmond County Bank Ballpark on Staten Island

• Thursday, August 19 at the Brooklyn Army Terminal in Brooklyn

• Friday, August 20 at Forest Hills Stadium in Queens

• Saturday, August 21 at Central Park’s Great Lawn in Manhattan

According to the mayor, the four outer-borough events will lead to the grand finale of the Central Park concert, expected to have a capacity of 60,000 people. De Blasio last month tapped legend Clive Davis to produce the Central Park show.

Live Nation will be involved with the concert’s production and ticket sales. There will be vaccinated and unvaccinated viewing sections, with 70 percent of tickets designated for those fully vaccinated, as the mayor’s office told the New York Times. It’s not clear how many people will be able to attend the four additional concerts, or what COVID-related protocols will be in place.

The city’s “Homecoming Week” will serve as a weeklong celebration of New York City, as well as an affirmation of the city’s recovery following an awful year.

“This is going to be an amazing, memorable, once-in-a-lifetime week in New York City,” de Blasio previously noted.

In addition to the five free performances, Homecoming Week will include free movie screenings from Rooftop Films, Summer Streets, NYC Restaurant Week, cultural activities, and other events across the city.

200 East 57th Street, Unit 19A

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200 East 57th Street, Unit 19A

MIDTOWN EAST, NEW YORK

$1,550,000

2 Bed  |  2 Bath | Co-Op

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Step into the grand foyer, and you will immediately be transported into a breathtaking home with a massive open kitchen overlooking a separate dining area and a large living room with oversized windows. The windowed chef's kitchen has mint condition white Imperial Danby marble countertops, imported tile floors, stylish custom designer cabinets with soft-close drawers, a Franke sink and faucet, filtered hot water tap and garbage disposal. The stainless steel appliances include a new range and a refrigerator/freezer by Viking, a Miele dishwasher, Sharp below-counter microwave and a wine cooler. An elevated portion of the leathered Cosmic black granite countertop creates a wonderful separation of space while also serving as a functional seating area with room for three stools. There's an in-unit washer-dryer next to the kitchen. The dining area and living room offer a perfect layout for entertaining and relaxing.

The carpeted primary bedroom is massive with a fully built-out walk-in closet equipped with a built-in ironing station and a large en suite fully renovated bathroom featuring a double vanity with custom mirrors, a makeup mirror, a TV and a frameless glass shower. The second bedroom is spacious and has ample closet space and wonderful views of the city. The renovated second bathroom is directly across the hall and also serves as the guest bathroom. Both bathrooms have radiant heated floors with separate thermostats.

The apartment also features wide-plank custom-colored dark oak flooring, solid three-panel doors with custom hardware, crown molding, recessed LED high-hat lighting, all-new hardware, custom closets, and new wiring, switches and receptacles throughout. There are Hunter Douglass shades in the living room, and the new thermostatically controlled fan coil HVAC units in the living room and bedrooms are oversized for better heating and cooling. Enjoy custom wiring for five TVs with concealed cable boxes centrally located in the front door closet. The apartment can be delivered turnkey with the option to purchase furniture and houseware items.

200 East 57th Street is a full-service, 24-hour doorman building offering a fitness center, planted roof deck, private storage, bike storage, laundry room, and a discounted parking garage. Whole Foods Market is just down the block, and the world-renowned Madison Avenue and 57th Street shopping corridors are minutes away. New York's best restaurants surround the neighborhood, while Rockefeller Center and Radio City Music Hall provide unlimited entertainment options. Subway access is superb with 4/5/6, N/Q/R and E/M service nearby. Utilities and cable are included in the maintenance, and the building permits pets, pieds-à-terre, and washer/dryers can be installed. This is a MUST SEE apartment in a top-notch building!

The Monthly Update - July 2021

Did You Miss The Bus?

As New York City nears the 100 percent fully opened mark, the droves of COVID deserters are flooding back to New York City. We’re seeing the rental market rebound in a matter of weeks. The sales market is hitting unprecedented territory with a record-setting number of transactions and signed contracts each week. For example, the luxury market (homes priced at $4 million and above) just posted 21 straight weeks of 30 or more contracts signed. In fact, 80 percent of the listings that the Hoffman team has put into contract since January — that’s 84 closed transactions — have been for New Yorkers moving back into the city!

So, does that mean you missed the bus on COVID deals? Not necessarily.

Despite all the record-breaking transaction volume in the sale market, prices are stubbornly sticking to 2019 levels. And what is the 2019 level? The last high/sellers’ market was in 2015. The market headed into a steady decline from 2015 to the end of 2019, dipping down about 10 percent from the previous highs. So, if you’re buying something at 2019 levels, you’re still buying it at a good price! 

What’s different between 2019 and 2021? Competition. We're seeing fierce competition for those listings where the sellers were advised smartly and listened to their agents by pricing their properties accordingly. If the seller’s homes are priced at 2019 levels, they will probably put the property into contract in 3 to 14 days. However, if the seller priced at 2019 levels back in 2019, it could still take 30 to 60 days to put the property contract. The difference being demand — there wasn’t the same demand then that there is today.

The trick for catching the COVID bus, if you didn't purchase over the last eight months, is to look for properties that have been on the market for over 250 days. Those sellers might be anxious about selling, and you might get a better deal than on more recent entries to the market that are priced at a competitive 2019 level. In those new listings that are priced correctly, buyers will most likely see bidding wars. Meanwhile, the property that’s been on the market for over half will see little competition, and buyers might be able to secure a good price. Or, it could be that the seller is crazy and wants a higher price than what buyers are willing to pay, and that’s why it’s been on for 250 days! :-) 

Either way, it's a good idea to examine those lingering listings with your agent, as you never know what deal you could uncover. A savvy buyer’s agent like those on the Hoffman Team can help you navigate the “stale listings“ inventory and get the best deal from product that has most likely been forgotten about by the school of hungry piranha-like buyers out there in the bloodbath waters — better known as NYC the real estate sales market!

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Real Estate in the News

Luxury Home Sales Soar, Even Helping Houses That Languished on the Market for Months

Americans looking to buy a home have struggled with bidding wars and a limited number of houses for sale. 

But one area of the cutthroat real estate landscape is improving. It's the luxury segment, where listings are up and homes are selling at a rapid clip. The demand is so great that even "white elephants" – high-end homes that sat on the market for months before the pandemic began – are selling quickly as their owners willingly splurge on remodeling projects to spruce them up.

Read more on USA Today

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Local Events

Macy's 4th of July Fireworks

The 45th annual Macy’s 4th Of July Fireworks will illuminate the Big Apple skyline with an electrifying light show full of bursting colors, jubilant music & a feeling of positivity. 

This year, they’re honoring America’s everyday heroes from communities across the country & the resilient spirit within us all. It’s our way of looking ahead with renewed hope for a brighter tomorrow. More details here.

Bryant Park Picnic Performances

Broadway may still be dark for the summer, but just a few avenues down 42nd Street, live performances are returning in a big way to Bryant Park. The park’s Picnic Performances will be bringing 25 live, in-person events to the park, many featuring performers from the city’s top art institutions including Carnegie Hall, Jazz at Lincoln Center, New York City Opera, All of the outdoor concerts will be free and open to the public. Read more here.

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New York City Weekly Real Estate Update

New York City Weekly Real Estate Update

Luxury Market:

The luxury market ($4M and up) has tracked 21 straight weeks of over 30 contracts signed weekly. Negotiability is tightening up and days on market it is too; Average off asking price is 8% from listings that closed in April. It was 11% a year ago. Average days on market came down as well--from 601 to 503. :-)

Supply:

The Real Estate Board of New York’s RLS system, which is New York City’s “MLS“ system run by the Real Estate Board of New York, is going through a “migration” or system overhaul period. This "migration" has skewed the supply numbers a bit. Last week's overall supply came in at 7188, 6% higher than last week but that is a guesstimate until the RLS has finished its overhaul. However, we do know that there were 375 listings that came on the market last week. A high number especially for this time of year.

Pending Deals:

Grinding higher the total number of pending deals/signed contracts came in at 5541, 1% higher than last week. Weekly numbers show 353 going into contact last week. 6% higher than the week before. Overall contract signed numbers seemed to have been trending down over the last few weeks as the market historically does, but last week numbers were a big surprise, as buyers continue to push the market.

Historically, this time of year, signed contracts tend to trend down especially moving into July and August, which are typically the slower months of the season. 353 units going into last week shows that this market is still transactionally red hot.

With all these transactions happening, it begs the question about pricing. When we analyzed the price per square foot, medium prices and average pricing from the most recent closed data the closed numbers show current closed pricing at about 2019/2018 levels. This may change in a few months as more recent deals start to close and become public record, but for now, closed data shows the market trading at 2019/2018 levels.

All The Information On NYC Pride March 2021

Though it still won’t be entirely back to normal, the NYC Pride March is back for a mostly virtual event on Sunday, June 27th. “The Fight Continues” is the 2021 theme, and there will be many advocates from the LGBTQIA+ community participating in the March and other events. In addition, there will be celebratory performances and fun activities. Ahead, we’ve condensed all the info you need to know about NYC Pride and highlighted a few other great events.

THE THEME

NYC Pride’s 2021 theme is “The Fight Continues.” As the organization explains: “With the coronavirus pandemic still ongoing, issues of police brutality, the alarming murder rate for trans POC, economic hardship, climate disasters, violent efforts to disenfranchise voters, our rights as a community being questioned at the level of the Supreme Court, and more, we are in the midst of many different fights.”

THE MARCH

The famous Pride March will take place on Sunday, June 27. For the fifth consecutive year, there will be a live broadcast on ABC-7 from 12-3pm. (You can also watch on ABC7NY.com and ABC7 New York’s Connected TV Apps.) As of now, the event will be mainly virtual, but the organizers say there will also be “to-be-determined in-person elements.” The broadcast includes live performances, on-air interviews, and exciting street-side marching activity.

Following the broadcast, at 3pm, a virtual experience of the March will stream on NYC Pride’s Facebook and Youtube. The program will feature groups and organizations that would typically take to the streets for the annual NYC Pride March, with each segment highlighting one of this year’s five Grand Marshals.

The grand marshalls are:

Actor Wilson Cruz, who currently stars as Dr. Hugh Culber on the Paramount+ series Star Trek: Discovery. He has also appeared in the Netflix series 13 Reasons Why, in Hulu’s The Bravest Knight, and as Angel in the Broadway tour production of Rent. Wilson was the first openly gay actor playing an openly gay role on series television for his role as Rickie Vasquez on the ABC series My So Called Life. He is also an advocate for LGBTQ youth, especially youth of color.

• Ceyenne Doroshow, a compassionate powerhouse performer, activist, organizer, community-based researcher, and public figure in the trans and sex worker rights’ movements. She is the founder and executive director of G.L.I.T.S., whose mission is to approach the health and rights crises faced by transgender sex workers holistically using harm reduction, human rights principles, economic and social justice.

• Menaka Guruswamy and Arundhati Katju. Guruswamy is a Senior Advocate at the Supreme Court of India. She has defended government legislation that mandates that all private schools admit disadvantaged children and overturned section 377 of the Indian Penal Code that criminalized same-sex relations. Katju is an Indian lawyer who successfully represented the lead petitioners in Navtej Singh Johar and others v. Union of India, where the Court struck down India’s 157-year-old sodomy law.

• Dr. Demetre Daskalakis, who is the Director of the Center for Disease Control’s Division of HIV/AIDS Prevention. He has focused much of his career on the prevention and treatment of HIV and other STIs as an activist physician with a focus on LGBTQIA+ communities. He is also dedicated to improving the health of underserved communities and is passionate about addressing health equity and stigma in HIV by promoting “status neutral” service delivery and programming.

• Antiguan-American model Aaron Rose Philip, who became the first black, transgender, and physically disabled model to ever be represented by a major modeling agency in 2018. She’s actively worked towards an inclusive industry via her editorial features in i-D, Dazed, Vogue, Allure, and W magazines, in addition to campaign features in Moschino, Sephora, Marc Jacobs, and Calvin Klein.

OTHER EVENTS

There are countless virtual and in-person Pride events happening throughout the city, including many put on by NYC Pride. Here are some favorites:

The Rally
Friday, June 25 at 6pm; virtual
Community activists, organizers, artists, and more will come together for a virtual rally to take a stand against violence towards the LGBTQIA+ community and advocate for Black Trans Lives. The event will be hosted by Trans activist and author Hope Giselle and LGBTQ and gun violence activist Brandon Wolf.

Frontrunners Pride Run
Saturday, June 26 at 7am; Central Park
This year’s 40th Annual LGBT Pride Run has been transformed into a hybrid event. Partner NYRR will offer an in-person 6K (capacity is limited), as well as a Virtual 5K.

Youth Pride
Sunday, June 26 at 3pm; virtual
In 2019, during the first Youth Pride event, 10,000+ LGBTQIA+ teens came together for a day of performances, appearances, activations, and dancing at Central Park’s Summerstage. After a hiatus last year, the event is back in virtual format so young people everywhere can celebrate NYC Pride with their friends through musical performances, LGBTQIA+ center spotlights, DJ’s, and a special ballroom segment. The event will be hosted by influencers and activists Amber Whittington, creator of AmbersCloset, and Jorge “Gitoo” Wright. There will be performances and appearances by Brita Filter, Deetranada, Mia Lailani, Tarriona ‘Tank’ Ball, Alvin Ailey Dance Theater, Kate Gil, Citizen Queen, RAYE, Gotham Cheer, Serpentwithfeet, Aaron Rose Philip, Papi Juice, DJ Karaba, Devan Ibiza, and more.

PrideFest
Monday, June 27 at 11am; Greenwich Village
Back for its 27th year, this annual LGBTQIA+ street fair combines exhibitors, entertainers, food, and activities.

The Monthly Update - June 2021

The New York City COVID Market and Subsequent Rebound Shatters Records — Oh, how far we’ve come! 

After COVID ravaged New York last spring, the city entered Phase 2 of the reopening plan on June 26, 2020, which meant brokers could start limited showings again. But by that point, it seemed like no one was left in the city! Listings slowly started to come on to the market and then started growing and adding up (in a big way)! The first record COVID broke was the inventory record — total listings rose to 9,600 properties on-market, tying the last record-setting period in 2008, during the financial crisis. This time around, we were adding listings to the market at a breakneck pace from June 2020 to about October 2020 — but no one was buying! 

Until they were. 

Now, one year later, the tables have turned! Demand outweighs supply. We’re now in a market starved for listings (or at least malnourished). As of May 31, we currently have 7,230 listings on the market, which is on the lower side of historical averages for this time of year. To the U.S.  real estate industry as a whole, inventory shortages are nothing new. Nationwide, there was almost no hiccup for demand in the housing market during the height of the pandemic. In New York City, however, it was a different story, and industry pundits thought that COVID was the Armageddon Manhattan was “due.”

Just before COVID, NYC was coming off an almost four-year buyer market with prices descending about 10 percent from 2015 to the end of 2019. When the pandemic hit, the overall market was finally seeing a stronger buyer demand. Then COVID hit with thud and we saw prices descend even further. 

Or did it? 

After nothing was selling in the “COVID market”, today’s market has seemed to compound buyer demand into one single selling season. Pent-up demand from 2020 and renewed buyer interest in 2021 has created a frenzy I’ve never witnessed in my almost 20-year career. I started seeing buyer demand pick up in October 2020, and it just snowballed from there! 

COVID record-breaker No. 2 — We have over 5,200 listings in contract as of May 30, 2021. A number never recorded before. Other impressive stats include a luxury market with over 30 contracts signed every week for almost five-and-a-half months now! Yet another COVID record-breaker is the rental market. During the pandemic, there was a roughly 30 percent vacancy rate in Manhattan — a market that generally hovers around a 1 percent vacancy rate. And now, the rental industry is signing over 1,000 leases signed per week, which is on par with any robust summer season. 

So, what's to come? 

We all think we know the answer, but we’re all just guessing. I think activity will stay robust and remain in this snapback mode until Spring 2022. There could be a small lull this summer as vaccinated New Yorkers are turned loose and can finally travel! But then things should pick right back up again in the fall. If it continues at this pace, maybe, just maybe, the market will start to see prices begin to rise! 

But for now, we’re happy to see the high transaction rate of buyers purchasing new homes. The Hoffman Team has also set its own record this selling season with over $120 million in pending sales and closed contracts year to date. It’s an incredible, truly remarkable, head-spinning turnaround!

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Local Events

“Futures Ever Arriving”

Head to Chelsea Market for an exhibit featuring works from five emerging Asian American artists in honor of Asian American and Pacific Islander Heritage Month. Visitors can see the entire exhibit through a self-guided tour map with the locations of each piece marked throughout the main concourse. Read more HERE.

Sunset Jazz Cruise 

All aboard for a cruise at sunset set to live jazz, passing beautiful views of the city and the Statue of Liberty. As you sip your drinks, the Boat Band plays jazz standards live. Classic Harbor Line’s Live Jazz City Lights or Sunset Sail in NY Harbor starts Saturday, June 5th. 

See HERE for details and tickets.

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Lifestyle Tips & Tricks

Gardening for a Great Cause

Many people are facing food insecurity due to the economic impacts of the global pandemic. Did you know that many local food banks will take fresh produce donations? If you’re a gardener, consider growing a few extra plants and donating the surplus food - small, pandemic victory gardens can help fight a big problem. 

Use the hashtags #CreateFoodSecurity, #TheFoodSecurityProject as you share your growing gardens on social media! If you don’t have a green thumb, support The Food Security Project started by Compass Boulder Agents, Catherine & Andy Burgess.

30 Outdoor Bars That Will Tempt You to Sit and Sip

From pergola-covered and perched on a hill to open-air and oceanside, these outdoor bars are the ultimate destinations for at-home relaxation.

Courtesy of HGTV

50 Unique Father's Day Gifts for Every Type of Dad

Although your dad may say he doesn't want anything for Father's Day this year, you know that showing up without a present isn't really a possibility. After all, he's the guy you looked up to (quite literally) all these years, and it's only fitting to get him a Father's Day gift that shows just how much you appreciate him and all that he does for your whole family. Courtesy of Good House Keeping

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This New Mexican Restaurant Takes You On a Cruise Along The Hudson While You E.at

A new Mexican restaurant opened in Manhattan this week, but unlike most others, it’s not on land. La Barca Cantina is located on a three-story boat at Pier 81 off West 41st Street, and it will take short cruises throughout the day as guests enjoy Mexican-inspired street food, tequila, mezcal, and cocktails.

All photos courtesy of La Barca Cantina

According to operator New York Cruise Lines, La Barca Cantina is New York’s first and only floating Mexican restaurant. Also at Pier 81 is their sister restaurant, North River Lobster Company, the popular lobster shack also located on a boat.

The agave-based spirits–mezcal, tequila, sotol, and racilla–are the focus of the beverage menu, which includes flights for sampling. As for the food, the heart of the menu is a selection of tacos that includes classics like chicken, shrimp, and al pastor, as well as Tony’s Campechano, a combination of beef, pork, and roasted scallions discovered that Craig Kanarick, New York Cruise Lines’ CEO discovered while on explorations in Mexico City. Most of the rest of the menu is designed for snacking and sharing. For example, the Fiesta Platter is a giant boat filled with finger-foods, including a whole Mexican fried chicken, onion rings, jalapeño poppers, and a wide range of salsas.

All photos courtesy of La Barca Cantina

All photos courtesy of La Barca Cantina

The expansive outdoor top deck is, of course, the main draw, but there’s also a bi-level interior space with two additional bars and seating. Artist Tlisza Jaurique, the first woman of Mexican-American descent to exhibit at the Met, is creating a custom art piece for the restaurant.

La Barca Cantina is open Wednesday through Sunday (see website for exact hours). Guests can purchase a $10 boarding pass that is valid for sailings throughout the day online or in-person at the box office at Pier 81.

An Italian Spa With Outdoor Thermal Pools Will Open on Governors Island This Summer

All renderings courtesy of QC NY

A luxury European day spa will open on Governors Island this summer. From the same group behind Italy’s QC Terme Spa & Resorts, QC NY features outdoor thermal pools facing the Manhattan skyline, relaxation rooms, steam rooms and saunas, and a wellness-focused cafe. An official opening date has not been released but is expected to be announced soon.

The day spa will take up three landmarked buildings that were formerly used as military barracks and have since been renovated and restored. Landscaped grounds and the outdoor pools will surround the three spa buildings, which will take up more than 75,000 square feet.

All renderings courtesy of QC NY

QC NY will feature 20 water-focused “wellness experiences,” including a Vichy shower and a panoramic pool overlooking the New York Harbor. There will be “hanging rattan chairs” in the relaxation rooms, as well as saunas and steam baths.

The QC NY on Governors Island will be the first location outside of Europe. QC Terme Spas and Resorts was founded in 1982 by brothers Saverio and Andrea Quadrio Curzio, who were both inspired by the history of ancient Roman baths.

“QC NYC is the escape and pampering that New Yorkers have been waiting for,” Janine DiGioacchino, CEO of QC US, said in a press release. “After years of planning, restoration, and building, we are so proud to bring this enchanting oasis to the city. We truly believe this opening couldn’t come at a better time. Now, more than ever, we all need and deserve mental and physical self-care and our guests can fully relax and restore.”

The spa is just one part of a decade-long plan to transform Governors Island into a year-round community. When QC NY opens this year, it will become the Island’s first year-round commercial tenant.

Plans to bring a resort to Governors Island were first revealed in 2015, with the Landmarks Preservation Commission approving the application from Quadratec and The Colonnade Group in 2015, as Curbed NY reported at the time.

A rezoning of Governors Island is nearing approval following a vote by the City Council’s land use committee earlier this month. The rezoning calls for about 4 million square feet of development across 33 acres and will likely include a new climate change research center, in addition to mixed-use buildings and office space.

While a federal deed restricts residential development on Governors Island, student dorms and hotels would be permitted. Earned revenue generated through the rezoning will go toward Governors Island maintenance, property management, transit, utilities, and infrastructure, as 6sqft previously reported.

Governors Island reopened for the season on May 1. The 172-acre site is offering a “pre-pandemic season calendar,” with six full months of art exhibitions and programs available through October 31, unlike last year, which had a shortened season because of the pandemic.

All renderings courtesy of QC NY

10 Bleecker Street, Unit 1B - COMING SOON

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- COMING SOON -

10 Bleecker Street, Unit 1B

NOHO, NEW YORK

$3,150,000

3 Bed  |  2 Bath | Co-Op

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Beautifully planned and designed, this stunning three-bedroom, two-bathroom duplex offers maisonette privacy and co-op amenities in the perfect NoHo location.Furnished rental is an option!

Impeccably gut renovated to maximize its historic character, while adding modern conveniences and high style, this expansive loft residence offers airy living spaces under soaring 13-foot ceilings. Arrive on the upper level via your own private entrance — and take in industrial-chic concrete floors and sleek white art walls highlighted by an original column and beam. The great room provides a spacious and sunny space for living and dining, while the gleaming white-on-white kitchen offers top-notch appliances and a massive marble waterfall island. A rustic barn door reveals a luxurious master suite on this level lined with sumptuous wall coverings and clerestory windows. A huge, fitted walk-in closet attends to the wardrobe, and the en suite bathroom boasts floor-to-ceiling marble, with an oversized walk-in shower and a distinctive trough basin.

Downstairs, flawless wide-plank hardwood leads you to the expansive den/playroom. More columns, clerestory windows and barn doors provide architectural appeal, and bedrooms on this level feature large windows and stunning exposed brick. The full bathroom here dazzles with designer stone and an enormous clawfoot soaking tub. There's a massive storage room with in-unit washer-dryer and utility sink, and air conditioning units provide year-round comfort.

Set within the NoHo East Historic District, 10 Bleecker Street is a handsome Renaissance Revival structure built for commercial use in 1893. Its earliest occupants were garment businesses, novelty companies and tool-and-die firms. Converted to cooperative use in 1986, today's residents enjoy newly updated common areas, video intercom and virtual doorman technology, private storage lockers and bike room, laundry, and a large furnished roof deck with barbecue grills.

Located at where Elizabeth Street meets Bleecker, this building is at the intersection of Downtown Manhattan's best neighborhoods: NoHo, SoHo, The Bowery, Greenwich Village, the East Village and the Lower East Side. Famed Washington Square Park, Tompkins Square Park and Roosevelt Park provide ample green space; NYU is a stone's throw away; and the exciting Essex Crossing development is within easy reach. Transportation from this accessible neighborhood is a breeze with 6, B/D/F/M and N/R/W all nearby.

Get Your Own Slice of the Big Apple: Buying a House in Manhattan with Dylan Hoffman

Get Your Own Slice of the Big Apple:

Buying a House in Manhattan

by Lira Samanta
Posted onApril 19, 2021
5 min read

If you’re ready to buy a house in Manhattan, congratulations! Being able to afford a home in this swanky NYC borough means enjoying unparalleled access to the world’s preeminent nexus of culture, cuisine, architecture, and finance. Internationally renowned museums like the Met and MoMA, theater productions on and off-Broadway, and the culturally ubiquitous Central Park are all just a subway ride away for Manhattanites.

But getting to live in such a cultural epicenter means getting ahead of an exceptionally competitive real estate market. It’s no surprise that in a city with more millionaires than any other place in the world, the most desirable properties can go to contract in a matter of days. And if you’ve never experienced home shopping in a world of co-ops before, well, let’s just say it’s not as simple as finding and making an offer on your dream unit.

We interviewed real estate experts with decades of experience to help you win a bid on your own home in Manhattan’s hyper-competitive, fast-paced market.

Source: (Josephine Baran / Unsplash)

Know the price of a slice of a Manhattan apple

Despite the economic impact of the COVID-19 pandemic, the median home price in Manhattan was over $1.1 million in Q3 2020 — one of the highest in the country. Size, location, building type, and proximity to public transportation all factor into home prices.

Dylan Hoffman - COMPASS

Keep in mind that co-ops, which are housing cooperatives collectively owned by the residents, make up over 70% of the marketplace in 2021, while the rest of the housing stock is typically condos and townhouses.

“Condos cost 30% more on average than co-ops,” says Dylan Hoffman, a local agent with over 19 years of experience, who’s sold 37% more properties than the average New York agent. Hoffman notes that small studios in co-ops can start at $265,000 compared to $500,000 in condos. Studio apartments with an alcove for more space start at $650,000 in co-ops compared to $860,000 in condos. One-bedroom apartments in co-ops can start at $700,000 in co-ops compared to $1.2 million in condos.

Closing costs can range from 2.5% to as high as 6% of the sale price, so be sure to leave room in your budget for your attorney and real estate agent, as well as for filing fees and other required deposits.

Prioritize your metropolitan must-haves

Though cosmetic upgrades like fresh paint and new furnishings can be appealing, don’t forget to prioritize your requirements.

“I always tell buyers to look at what you can’t change,” says Hoffman.

“Are you facing an avenue or a street? Do you have a view of a beautifully manicured garden of the townhouse behind or of a brick wall? Are you across the street from a bus station or from a park?”

If you plan to use the subway to get around, make sure you also assess the distance of any homes you’re considering from your most frequently used subway lines.

Painting and refacing cabinets in your new home are doable, but if you’re eager to make bigger home improvements after your purchase, know that many buildings only allow a few units to be renovated at a time. Getting the necessary approvals can take up to four months, so plan for this ahead of time.

Inspections & attorneys

The standard contract for co-ops and condos specifies that the seller must provide a unit in working order, which means that heating and plumbing systems, as well as appliances, must be ready for use as soon as you move in.

Buyers of homes in smaller buildings (with between 5 and 10 units) pay a larger percentage to cover the cost of building upkeep, compared to those who purchase a home in a high-rise. Jean Chou, the principal attorney at JLC & Associates, advises her clients who buy in smaller buildings to schedule their own inspections as part of the homebuying process.

Hiring an attorney, which is a local convention in New York, eases the burden of buyer due diligence on an entire building’s amenities, including elevator updates and hot water service.

Attorneys also help you understand the scope of future upkeep. “Whenever we look at the building’s financials, we get a sense of whether or not the building has those extra reserves and if there is a significant capital improvement that will be needed,” says Chou.

Source: (Dollar Gill / Unsplash)

Challenges to buying your slice of the apple

Unlike other cities, the standard contract for co-ops and condos usually prevents homebuyers from having to worry about typical challenges like mold, termites, or other issues revealed by an inspection. However, cash offers are not uncommon in Manhattan, and knowing how to compete with these is key.

Sellers appreciate cash offers because of their faster timelines, as there’s no need to wait for a mortgage loan. But working closely with your agent allows you to determine what else matters to the seller, like the timing of the deal, or possibly the opportunity to rent back the unit for a few months while they figure out their own next move. A top agent will help you remain competitive even in a cash market.

Flood zones in the city?

You may be wondering what it means for you if your new home is in a FEMA flood zone.

Most homes sold in Manhattan are part of a larger building, and as the building itself may have flood insurance, you may not need coverage of your own. Your mortgage lender will assess the overall coverage and advise on whether you’ll need to purchase flood insurance, particularly if you’re buying a unit on the ground floor of a building.

How to make an offer

When it comes to making a competitive bid on a Manhattan home, “Price is king,” says Hoffman. He also emphasizes the importance of having a complete offer, including a completed REBNY financial form issued by the Real Estate Board of New York, and a preapproval letter from your bank.

Another step that can give you an edge is to write a personalized letter to the seller describing your dreams for your life in your new home. “Sellers love that,” says Hoffman. “They’re so emotionally engaged in their home — they have so many fond memories!”

A powerful letter outlining how you plan to carry on the traditions in this home that were dear to the seller in their years of life there can even help you win a bid against a buyer with a slightly higher offer.

Chou stresses the importance of assembling a good team early on, even before you make an offer: “Not just the right attorney but the right agent and the right mortgage banker or loan officer, ideally as soon as possible, even as you’re starting the search process.

“Things move really quickly here,” says Chou. “A lot of times, it’s not unusual for a homebuyer to submit an offer, and they’re being asked to wire over 10% within a week” for an earnest money deposit.

Be sure you have members on your team who you can trust on an expedited timeline so you’re not grappling for resources with only days left to spare.

Source: (Steve Strang / Unsplash)

The lay of the land in Manhattan

Where to start looking for a home in a borough that has over 50 historic neighborhoods? Some areas popular with home buyers in recent years are:

Upper East Side

The Upper East Side is known for upscale shops and restaurants, as well as the Museum Mile, a long stretch of museums including the Guggenheim and the Metropolitan Museum of Art.

Upper West Side

Bounded on the east by Central Park, the Upper West Side is a primarily residential area and is quieter than some other neighborhoods.

Gramercy

Gramercy is a quiet neighborhood with fewer tourists and is home to the exclusive Gramercy Park.

West Village

Beautiful brownstones and an abundance of cafés and bookshops characterize West Village, which was also the site of the famous Stonewall Uprising in 1969. The legendary Magnolia Bakery got its start here.

Chelsea

Chelsea boasts a plethora of art galleries. It is also home to High Line Park, a unique public space built on top of a historic, elevated rail line. And if you’re an avid concert-goer, Madison Square Garden is just a short walk away.

Greenwich Village

Film connoisseurs need look no further than the IFC Center, a theater that shows the best independent films from all over the world. Greenwich Village is also where the Washington Square Outdoor Art Exhibit takes place in the spring and fall.

NoHo

NoHo is a residential neighborhood with bohemian vibes, where celebrities like Cher and Britney Spears have had homes. Residents enjoy NoHo’s upscale bars, restaurants, and cafés.

SoHo

SoHo, known for its high-end restaurants and boutiques, is one of Manhattan’s premier shopping destinations. It’s also known as the Cast Iron District for its abundance of historic cast-iron buildings.

TriBeCa

A view of the Hudson River adds to this neighborhood’s appeal, as does the annual Tribeca Film Festival which takes place in the spring.

Source: (XPS / Unsplash)

Tips for buyers in Manhattan

Typically, the market is most active in the spring, followed by the fall after Labor Day. However, buying during off-peak seasons can pay off.

“I’ve sometimes had my busiest months in December,” says Hoffman. “I also don’t leave the city in June, July, and August. There could be a really good opportunity to have less competition because the seller who didn’t sell in the spring needs to move the property, so you might get it for a better price.”

Why use a top agent to buy a house in Manhattan?

Manhattan remains one of the most competitive housing markets in the U.S.; it’s consistently in demand.

A top agent will have the know-how to negotiate concessions in your contract, which in Manhattan apply almost exclusively to new developments. It’s possible to get as much as 25% off of the asking price in the form of HOA fees, transfer taxes, and storage lockers. Top agents help buyers save an average of $23,000 when purchasing a home. (That’s a lot of Broadway tickets you could be buying!)

Ready to begin your search? Find a top real estate agent in Manhattan through HomeLight to stay competitive in your Manhattan home buying search.

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Header Image Source: (Florian Wehde / Unsplash)

Lira Samanta - Contributing Author

Lira Samanta is a freelance writer specializing in creative writing, personal motivation, and technology topics. She spends a lot of her spare time curating her Airbnb wishlist and dreaming about building her own She Shed. Using her economics and data science chops to study trends in real estate prices, she is always excited to find a great deal.

Weekly New York City Real Estate Report

Weekly New York City Real Estate Report

Luxury Market:

37 contracts were signed in the lux-market last week. A slight decline from the previous 4 weeks, but still a strong showing.

Supply:

Last week overall supply came in 3% lower at 7067 total units on the market. 414 units came on the market last week, which was roughly 25% lower than the week before. This might trigger some to think that the active season is winding down, but it’s most likely just a blip and supply should surge again next week. Good press about the vaccine/masks, requirements, press about a "hot" market, better weather and buyer demand will pull sellers to bring inventory on the market.

Pending Sales/Signed Contracts:

The parabolic move of signed contracts continues to astound those of us in the industry. 5124 units are now under contract. 393 contracts were signed last week-- for the first time in over a month signed contracts are under ludacris mode (400+ units signed in a single week) but it’s still extremely strong showing and only down 4% from the previous week. This has to beg the question: how long can this be sustained.

Transaction/Liquid Market:

This is not a price driven REsurgence in the market. We’re not seeing prices jump 30% like we’re seeing with signed contracts. Essentially, the current market has  made up the Covid discount and pricing is at (roughly) 2019 levels. It’s not at 2015/16 levels, which was the height of the last sellers market. In the coming months of summer, when inventory could continue to come on the market but demand lessons, this surge could start to flatline. It will be interesting to see how the supply and demand, tug-of-war, plays out this summer.

Broadway is Coming Back on September 14, Tickets On Sale Now

In a press conference today, Governor Cuomo announced that tickets for future Broadway shows will go on sale on May 6, as performances are expected to resume at 100 percent capacity on September 14. All of New York City’s 41 Broadway theaters closed on March 12, 2020, due to the Covid pandemic. “Broadway is at the core of our New York identity, and a big part of our economy which employs countless performers and show creators, and beginning this September, the show will go on,” the governor said.

Photo by Sudan Ouyang on Unsplash

Earlier this week, the governor announced a near-full reopening of New York on May 19. On this date, restaurants, stores, gyms, salons, amusement parks, and offices can reopen at 100 percent capacity for the first time in 14 months. Two days prior, the subway will resume 24/7 service. As we explained, “The six-foot social distancing guidance from the Centers for Disease Control and Prevention will remain in effect at these places, which could still limit capacity depending on the space available.”

Theaters were included in the state’s earlier announcement, but because of the time it takes to prepare for a Broadway show, it’s long been speculated that these theaters would wait until the fall to reopen. When Broadway shut down 14 months ago, 31 productions were running, including eight new shows in previews and eight in rehearsal.

Charlotte St. Martin, president of the Broadway League, which represents theater owners and show producers, previously said: “With nearly 97,000 workers who rely on Broadway for their livelihood and an annual economic impact of $14.8 billion to the city, our membership is committed to re-opening as soon as conditions permit us to do so.”

In a press release today, the Broadway League said that many Broadway producers will begin to announce anticipated reopening dates this week on a show-by-show basis. “Ticket sales will resume subject to [the] continuing improvement of public health and vaccination rates, as well as the state’s final approval of each theatre operator’s health and safety protocols,” they explain.

When asked how the seating will work and if attendees will have to show proof of vaccination, Governor Cuomo said that is still being worked out. However, he also announced today that starting May 19, both New York City baseball stadiums will be able to increase capacity to 100 percent for vaccinated people and 33 percent with six-foot distancing for unvaccinated people. There will be two separate seating sections, both of which will require fans to wear masks. He did say that he thinks it would be more difficult to have separate sections in a Broadway theater.

Those wishing to learn more and purchase tickets can visit Broadway.org.

$348M Restoration of Riverside Park is Part of Largest Park Investment in 90 Years

The city announced this week plans to provide $348 million in funding for the rehabilitation of major infrastructure in Riverside Park, marking one of the largest investments at the waterfront park since the 1930s. The project restores the “overbuild,” a series of bridge structures built over the Amtrak tunnels between West 72nd and West 123rd Streets. The deteriorated structure has damaged pathways and affected the park’s usability, according to the city.

“A recovery for all of us means investing in our green spaces,” de Blasio said. “Riverside Park is a New York City gem and I’m proud this investment will keep the park going strong for generations to come.”

Underneath the park is a man-made structure built in the 1930s that covers Amtrak train tunnels below ground. The outdated infrastructure and drainage systems have resulted in bad flooding, possibly impacting the tunnel, also known as the Freedom Tunnel, below ground.

The three-mile Freedom Tunnel was first built by Robert Moses 90 years ago to expand park space for Upper West Side residents. It was used for freight trains until 1980 when its operations stopped. As 6sqft previously reported, the tunnel later became a place of shelter for homeless New Yorkers and served as a blank canvas for graffiti artists. The tunnel reopened in 1991 for Amtrak use.

According to the Riverside Park Conservancy, “failures” in the overbuild structure have damaged pathways, limited access for vehicles, and “created a condition of disrepair” in the park. Additional details and a timeline are expected to be released during the design process, but the city expects to need to conduct additional inspections and temporary stabilization work.

The new funding adds to the $300 million already invested by the de Blasio administration for projects at the park, including the reconstruction of the West 79th Street Rotunda and Boat Basin and new pathways and staircases throughout the park. An additional $11.5 million has been invested in updating the park’s drainage systems.

“The City is committing well over half a billion dollars to restoring Riverside Park’s structural core, the largest investment in the park since the 1930s,” Dan Garodnick, President of Riverside Park Conservancy. “This enormous investment in the park’s fundamental infrastructure will ensure it is there for New Yorkers to enjoy for generations to come.”

Constructed between 1937 and 1941, Riverside Park features a unique four-level design and offers several spots for recreational activities. It was designated a scenic landmark by the Landmarks Preservation Commission in 1980.

The Monthly Update: May 2021

Are there still good deals to be had in the New York City post-COVID market?

It’s no secret that the New York City real estate marketplace is back. And back in a big way. The luxury sector is breaking records, and mid-level properties are seeing huge transaction numbers. But there are still facets of the market that are lagging, and that’s where the best deals can be found.

The Rental Market:

The mass exodus of New York City residents took a huge toll on the rental buildings and landlords, who make up almost 60 percent of the city’s total housing market. The rental market was reeling by late June 2020, and vacancy rates soared to a staggering 30-40 percent. With people renegotiating rental rates 25 percent to as high as 50 percent off of their previous rents, nobody thought the rental market would recover – at least anytime soon. But rentals have already begun to bounce back. There were a few weeks last month where the market signed over 1,000 leases in a one-week period. Those are stunning numbers! The kind of numbers usually reserved for a typical summer market. But overall, pricing is still 25 to 30 percent off from pre-pandemic levels, and there are still impressive deals to be had in rentals. It’s a segment of the market that is still clawing its way back, and it probably won’t be at 100 percent again until sometime mid- to late-spring 2022. The rental market needs a full reopening and a return to universities and offices. It needs Broadway, movie theaters, restaurants, bars, nightclubs and everything that makes New York City great. The rental market is reliant on that, so it’s going to take some time yet.

The Sub-$500,000 Market:

The lowest end of the price spectrum is a market segment where buyers can secure significant discounts — if you make a move today! As in, right now! Like renters, the first-time buyers typical in the sub-$500,000 market tend to be very Manhattan-focused. They are rarely found in their small studio or one-bedroom and spend the bulk of their days and nights enjoying New York City to the fullest. Right now, this buyer pool is renting at a 30 percent discount or enjoying huge returns in the stock market on what would’ve been their down payment into a purchase, or they’re lingering on the sidelines for whatever reason. The stock market is delivering 20 percent returns on their would-be down payments, so why pull it out? They may even be paying half as much renting their current space than if they bought it, so why pull the trigger on a mortgage? But, looking at the bigger picture, purchasing that $325,000 studio that sold for $425,000 just last year would be a great way to create equity quickly and make their way up the apartment ladder to their dream unit in record time.

While Manhattan real estate is breaking records weekly – there are still facets of this market that buyers and renters can take big advantage of if and when they return to the city. They are trickling back already and will do so in droves soon as Mayor De Blasio has set his sights on a full reopening of the city by July 1. So act now if you still want to take advantage of a rare and rapidly recovering market.

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Local Events

Macy’s Flower Show 2021

May 2-16, 2021

Macy’s (socially distanced) 2021 Flower Show theme is "Give. Love. Bloom, a Floral Celebration of Fortitude." The two-week exhibition of exotic flowers & plants from around the world returns to transform Macy’s Herald Square in New York City into a breathtaking floral extravaganza. Learn more here.

Governors Island Activities

Governors Island will officially open to the public starting May 1, ringing in the start of the fun outdoor season in NYC. Ferry trips will be free to seniors, public housing residents, children and those with an NYC ID card. All month long the island will be hosting events including  "glamping" and 5K and 10K races. Learn more here.

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Lifestyle Tips & Tricks

Sell your home faster and for a higher price.

Compass Concierge is the hassle-free way to transform your home with zero upfront costs or interest. I'll work with you to determine how we can maximize the value of your home by taking advantage of select Compass Concierge Services. With Concierge, you do not have to pay the initial out-of-pocket costs for home improvement services like painting, staging, flooring, and more.

Learn how you can maximize the value of your home.

Design Ideas to Try Now

From budget hacks to easy updates, these creative home ideas from HGTV Magazine are sure to spiff up your space. Test a few or try 'em all! Your next weekend project is waiting for you. Courtesy of HGTV

DIY Mother's Day Gifts Mom Will Love

Nothing says thoughtful giving like a homemade gift, especially on Mother’s Day. Anyone can buy a card and a fresh bouquet, but why not get a little crafty with these DIY Mother’s Day gifts made just for her. Courtesy of HGTV

10 Delightful and Delicious Things to Plant in May

April showers may bring May flowers, but May planting brings tasty summer crops. Tomatoes, zucchini, eggplant, and peppers are just a few of the delightful veggies we dream of as soon as September rolls around, and May is the perfect time to start planting your favorites for a season full of hyper-local dining alfresco. Courtesy of Veranda

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531 Main Street, Unit 426

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531 Main Street, Unit 426

ROOSEVELT ISLAND, NEW YORK

$1,100,000

2 Bed  |  2 Bath | ~1,364 SqFt.

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Peaceful, waterfront living and gorgeous bridge views await in this sunny two-bedroom, two-bathroom home with private outdoor space in Rivercross, Roosevelt Island's most revered co-op.

Spanning approximately 1,364 square feet, this spacious and bright home drinks in sunlight and gorgeous East River views thanks to walls of south-facing windows. A gracious foyer invites you into the expansive living room, where you'll enjoy a generous footprint for seating and dining areas. Relax and entertain indoors, or step onto the oversized balcony for al fresco dining overlooking the adjacent courtyard, river and 59th Street Bridge. The roomy pass-through kitchen accommodates dinner for one or a dozen with ease thanks to custom cabinetry, a pantry, abundant counter space and stainless steel appliances, including a gas range, dishwasher and built-in microwave.

The sprawling owner's suite boasts plenty of space for a king-size bed and home office area, plus a walk-in closet and an en suite bathroom. The second bedroom delivers balcony views and direct access to the guest bathroom. Three additional closets, including another walk-in, mean storage will never be a problem in this exceptional Roosevelt Island home.

Rivercross is a handsome, well-maintained postwar co-op offering 24-hour doorman and concierge service, live-in superintendent, a playroom, bike room, two large laundry rooms, a two-level state-of-the-art fitness center, saunas, a sun deck and a glorious 60-foot-long atrium swimming pool. Monthly maintenance includes heat and air conditioning, electricity, gas and water.

On serene and secluded Roosevelt Island, you're surrounded by beautiful waterfront recreation and skyline views. Lovely parks sit alongside an array of local shops and services, including a Starbucks, drug and grocery stores, banks, performance spaces, a New York Public Library and the fantastic new Cornell Tech campus. The iconic Roosevelt Island tram, F subway train and the Roosevelt Island Ferry Terminal provide effortless access to the rest of the city and beyond.

307 Clinton Avenue

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307 Clinton Avenue

BROOKLYN, NEW YORK

$2,650,000

7 Bed  |  4 Bath | ~3,000SqFt

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Don't miss this outstanding investment opportunity in centrally located Clinton Hill! The spacious two-family dwelling is currently configured with four income-producing rentals featuring great natural light and prewar architectural detail.

This 25-foot by 60-foot brick building welcomes you with a charming front garden, dormer window and a covered porch flanked by ionic columns. Inside, the first floor features a stunning two-bedroom, one-bathroom residence filled with beautiful wood floors and trim. Formal living and dining rooms flow to a large, windowed kitchen, while a side yard welcomes outdoor lounging and entertaining. Two large bedrooms enjoy backyard views and easy access to a full bathroom. The two-bedroom, one-bathroom second-floor apartment boasts a similar layout with excellent storage. Above, you'll find an attic studio, while the beautifully finished basement features a split two-bedroom floor plan, tile floors and access to the 30-foot by 100-foot lot's expansive backyard.

307 Clinton Avenue is a neo-Georgian style semi-detached house designed in 1922. Located on a stunning tree-lined block in the Clinton Hill Historic District, within easy reach of Fort Greene and Downtown, this building is surrounded by the best of Brooklyn's fantastic dining, shopping and cultural offerings, including the Pratt Institute, BAM, Atlantic Terminal and Barclays Center. Local parks, playgrounds and beloved Fort Greene Park provide wonderful outdoor space minutes away. Transportation options are abundant with G and C trains, excellent bus service and CitiBikes nearby.

The Monthly Update - April 2021

What an Incredible Month for NYC Real Estate!

March and April seemed to indicate New York City real estate is more than ready to come back to life.  Inventory throughout March held steady at just over 7,000 units. Even though a record 1,400 units came onto the market, demand did not let supply inch up much more than one point during any given week last month. We also saw over 300 contracts signed a week leading to over 1,400 completed contracts for the month. 

During that time, the luxury market (properties priced above $4 million) led the charge with more than 30 signed contracts a week stretching back to February!  In Manhattan specifically, there are over 4,000 units currently in-contract.  Another feat never accomplished — or at least not in a long, long time.

Why is the market responding like this now? There are a few theories:

* Pent-up buyer demand. The real estate market was completely shuttered for an entire quarter last year. It then spent the whole third quarter licking its wounds. Q4 started to hear the rumbling of hungry buyers. After all that time off, it's almost like there are two buyer's markets right now, including prospective buyers from 2020 added to the buyers for 2021. With no traditionally bustling spring market last year, many theorize that those homebuyers are back in the market now. 

* Interest rates are still super low. Money is currently very cheap to borrow. 

* People are moving back to the city. Over 1,000 leases were signed in the last week of March, a figure usually reserved for July and August,  the busiest months in the “normal” rental market. Expect this trend to continue as vaccination rates increase. 

* The stock market. The market is creating so much cash and wealth in New York City right now that some say it's overheated. But many people are driven by the confidence it stirs, and they are putting money down on real estate. 

*COVID pricing is still out there. The pandemic's effect on pricing is the primary reason we're currently in one of the hottest market trajectories of all time.

Prices didn't really rise in March or April but transactions have increased. Even though the price delta from the last listing price to closing price shrunk from about 10 percent to about 7 percent, it's lower pricing that has attracted buyers and pushed contract signings to such unprecedented levels. 

Brooklyn is in bidding wars and Manhattan is seeing a huge influx of buyers who are eating up supply...We could be on the cusp of a record-breaking year for Manhattan real estate so get ready!

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In The U.S. 

Compass is honored to announce that we have been named the #1 independent and #2 overall brokerage in the U.S. by sales volume. See the top 500 here.

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Local NYC Events

Take In A New Light And Sound Show At Union Square!

Blindness, a new Off Broadway performance is set to take over the Daryl Roth Theater in Union Square starting April 2. The socially-distanced sound and light experience will feature "state of the art design that unveils the gripping story of a world changed forever, reminding us that from the darkness, we will all emerge stronger."

Buy Tickets Here

Watch Flicks In The Tribeca Film Festival

Robert De Niro and co.’s Tribeca Film Festival has long shown a spotlight on local indie features, documentaries, foreign films, the latest from big-name talent and the greatest from up-and-coming filmmakers. Time Out New York has your complete one-stop-shopping guide to this year’s festival: must-see picks, showtimes, ticket info, a list of nearby bars and restaurants and oh-so-much more.

Buy Tickets Here

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