The Monthly Update - January 2022

The Year in Review for NYC!

2021 was about a bounce-back for NYC.

2021 was the highest transacted market since records have been kept for NYC.

2021 was about the luxury market having its strongest year ever.

It was about deals and more deals, and more deals….(and no days off!) 

It was about many sellers being frustrated and misunderstanding the market (but there are so many transactions, why can’t I list high??)

It was about buyers still taking advantage of historically good pricing, even though it was a hot market with more transactions than ever. While it felt ultra-competitive, buyers still got good deals.

There are so many differences between the New York City market and the rest of the country's real estate activity. While most urban cities achieved record-high price-per-square-foot sales levels, New York City's price per square foot stayed subdued relative to the pricey transactions and high demands of buyers.

If you were a buyer in the lower end of the market – $500,000 and below — there were some really good deals, (and there are still very good deals to be had now and in the near future).

If you were in the $500,000 to $1 million ballpark, again, good times and good deals, but you had some competition. 

Meanwhile, the $1 million to $2.5 million range was the meat and potatoes of market transactions. 

The $2.5 million to $4 million sectors was also robust and still traded at or around 2018/2019 levels. 

Always considered the bellwether of the New York City real estate market, the luxury sector north of $4 million saw incredible growth with many transactions. The overall market goes where luxury goes, and there was an incredible desire to purchase homes in this segment, where buyers got great pricing compared to 2015, the last recorded "seller's market."

Our Team recorded close to 200 transactions (we're still computing the numbers) and over $200 million in total sales — a team record!

We are so happy to have made so many clients' and friends' real estate dreams come true in 2021. Our clients are always our greatest motivation and the most important facet of our business.

Congratulations to everyone, and all the best for 2022!

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Local Events

2022 Winter Jazzfest

Join the infamous music marathon event this winter in downtown Manhattan.
Winter Jazzfest is comprised of over 600 artists on 20 stages over 10 nights. The festival features multiple artists and venues and has become one of New York's most exciting and unique nightlife offerings.

Visit the website HERE to learn more. 

Learn More

NYC Restaurant Week 

Back this winter is restaurant week, which for New Yorkers means enjoying cheap meals all over the city. Several tourists and locals look forward to this event every year because it’s a great opportunity to try new restaurants or simply enjoy top-notch meals at decent prices.

Read more about restaurant week HERE.

Learn More

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City Project Adds 11 Million Oysters to New York Harbor

The Tribeca Habitat Enhancement Project announced it has completed what has been the largest habitat enhancement project to date, and the first large-scale restoration initiative in Hudson River Park’s 400-acre Estuarine Sanctuary between Pier 26 and Pier 34. A key indicator of the project’s success: the installation of 11.2 million juvenile oysters to help support marine life in the Hudson River.

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Photo credit: Max Guliani/Hudson River Park

The state-funded project is among the 200+ individual subtidal habitats that the Hudson River Park Trust has built, which include reef balls, oyster gabions, pile wraps, and textured piles, all aimed at increasing the oyster population. Other environmental partners such as Billion Oyster Project, the Hudson River Foundation, and Riverkeeper have been instrumental in designing the project.

Why are oysters so important? Once installed, they form a reef-like system that adds to the diversity of the river habitat, supporting the local fish populations. The Estuarine Sanctuary is a critical habitat for over 85 species of fish, including lined seahorses, American eels, and striped bass. It is also an important migration corridor for birds and other wildlife.

Oysters also offer key environmental benefits: They’re filter feeders, so they clean pollutants from the water. And when restored at a large scale, they help control storm surge and flood impacts, making them an important part of shoreline resiliency.

Photo credit: Max Guliani/Hudson River Park

For the most recent project, installations began in July; reef balls and gabions seeded with oysters were transported in aquaculture tanks from the Billion Oyster Project. The Trust’s contractor, Reicon Group, installed them in their new underwater homes. 600 adult oysters currently in the project’s oyster wraps hail from New York’s Supporting Oyster Aquaculture and Restoration (SOAR) program, which aids oyster farmers affected by restaurant closures due to COVID.

The Park’s oyster population is contributing to the overall goal of restoring a billion oysters in the New York Harbor. The oysters in their habitat will be monitored by experts to determine how various features perform over time.

As the New York Times reports, the city was once among the world’s top oyster-exporting capitals. The tasty bivalves were sold from street carts and barges and in bars, raw or roasted, fried or pickled. But after filtering a century’s worth of pollution, the New York City oysters were no longer on the menu.

Water quality is steadily improving, though, and oysters like the ones in the Hudson River project have played a significant role in that improvement. And though it may be another century before anyone can safely eat the oysters from these waters, real progress is being made, according to Jim Lodge, senior scientist at the Hudson River Foundation.

“These exciting projects show real progress toward our shared goal to enhance the shallow water habitats of the NY/NJ Harbor Estuary,” Lodge said. “We have come to this point through an extraordinary collaboration of dedicated partners and key organizations and agencies committed to improving habitat and water quality in the Estuary and restoring the legendary New York oyster and its critical ecological functions back to the Hudson River.”

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POSTED ON MON, DECEMBER 13, 2021BY MICHELLE COHEN

Photo credit: Max Guliani/Hudson River Park

First Look Inside The Tallest Tower In Brooklyn

After officially becoming Brooklyn’s tallest building in October, the Brooklyn Tower is now showing off its sumptuous interiors. When the 1,066-foot-tall tower, the first and only supertall in the borough, opens at 9 DeKalb Avenue next year, there will be 550 total residences, with 150 condos for sales and 400 rentals. New images provide a sneak peek of the interiors designed by Gachot Studio, which was able to manipulate the tower’s unique hexagonal shape for sweeping incomparable city views.

Developed by JDS Development Group and designed by SHoP Architects, the Brooklyn Tower incorporates the landmarked Dime Savings Bank of Brooklyn. The iconic bank building will hold new retail space, as well as an entry to the residential tower through its colonnade. First opened in 1908, the Dime Savings Bank of Brooklyn has a Greco-Roman design, an ode to the Pantheon in Rome, with fluted columns and a domed roof on the exterior and opulent, ornate interiors with seven types of marble and bronze elements.

Photo by Pavel Bendov

Rendering: Binyan

In designing the 93-story building, SHoP drew inspiration from the bank’s hexagonal composition and elements seen throughout the historic structure. AD 100 design firm Gachot Studios worked in collaboration with SHoP on the residential interiors, which translate materials used in the building’s facade (marble, blackened stainless steel, bronze) on a smaller scale for the apartments.

“We were inspired by The Brooklyn Tower’s architecture and the adjoining historic savings bank. It was a priority for us to translate the vast, monumental forms of the exterior architecture down to a livable human scale and honor the iconic and elegant profile of the building,” Christine Gachot, Principal of Gachot Studios, said. “The design of each residence provides a calm, comfortable backdrop from the unmatched New York views.”

Custom features start at the doors, which will be made of wood with a mahogany finish and feature brass hardware, wireless Salto locks, a brass sconce, and a black granite entry portal.

Kitchens will be decked out with bronze metal finishes, bronzed panels, and bronzed mirror details. All residences will feature an integrated suite of Miele appliances, including a refrigerator, cooktop, convection and a speed oven, dishwasher, and a washer and dryer. There’s also a U-Line wine fridge.

Everything is custom-made in the bathrooms, from the hexagonal mosaic shower floors to the marble walls and mirrors. The medicine cabinets feature integrated flutter glass sconces.

The condo units will feature ceilings up to 11 feet and floor-to-ceiling windows.

In addition to retail at the base, the tower offers residents over 100,000 square feet of amenity space designed by Krista Ninivaggi of Woods Bagot, including a health and fitness space and elevated outdoor loggias. As 6sqft previously learned, landscaped outdoor deck with a swimming pool will wrap around the bank’s dome.

The Brooklyn Tower will launch sales early next year and leasing in the middle of 2022. Occupancy is scheduled for late 2022. 

All renderings courtesy of Gabriel Saunders unless otherwise noted.

‘Fearless Girl’ Statue Faces Possible Eviction As Permit Expires

In 2018, 6sqft reported that artist Kristen Visbal’s “Fearless Girl” statue was on the move to her current spot across from the New York Stock Exchange. Now, the diminutive statue is in the news once again, as her time there may be drawing to a close. The statue’s permit with the Landmarks Preservation Commission expired on November 29, and with a city hearing scheduled for December (or even later), the fate of “Fearless Girl” is not a sure thing.

Image via Anthony Quintano’s Flickr

The 250-pound bronze statue is currently on a three-year lease in its location, according to the New York Times. State Street Global Advisors, the statue’s owners, requested a ten-year permit last year, stating their commitment to its upkeep. But a hearing before the Public Design Commission, which oversees the city’s art collection, has been delayed. Although the LPC has said they usually don’t issue violations when an active permit application is in place, Visbal told the Times: “We are being left in limbo.”

The threat of eviction isn’t the only recent controversy surrounding the four-foot-tall icon of defiance. As the copyright owner of the statue, Visbal is championing her right to make and sell versions of it around the globe.

The artist has sold replicas of “Fearless Girl” to buyers around the world. A full-sized, lightweight resin copy traveled to the 2019 Women’s March in Los Angeles and was later exhibited at the West L.A. library. Later that year State Street sued her for breach of contract, and of causing “substantial and irreparable harm to” the New York City statue and the company itself, according to the New Yorker.

Visbal issued a counterclaim, saying the world’s fourth-largest asset management firm was impeding her ability to spread the “Fearless Girl” message of women’s equality and empowerment. Visbal plans to release a set of NFTs inspired by “Fearless Girl,” to help raise money for her three-million-dollar-plus legal fees.

According to a press release from activist and preservationist Todd Fine, Visbal is willing to work with public agencies to make sure the city can own a casting of the sculpture forever. She is also hoping that nonprofits and international organizations will be allowed to use images of it in their efforts to advance women’s equality.

Visbal told 6sqft in an interview:

I would like to see the pieces placed around the world, where women need her most. I would like to see ‘Fearless Girl’ used widely by nonprofits that are aligned with these ideals behind her. I would love to see a copy of ‘Fearless Girl’ go to the United Nations. I think it’s the perfect spot, because she would meet and greet visiting dignitaries.

First and foremost, she is a symbol for empowerment. She can’t be drowned by any single entity’s message. She’s got to stand for the whole gamut of equality ideals behind her, which are: equality, equal pay, supporting women in leadership positions, education of women, education in the workplace for the prevention of prejudice, and the general well-being of women. Unofficially, she stands for diversity and gender collaboration.

“Fearless Girl” was first installed in honor of International Women’s Day in front of the “Charging Bull” statue in Bowling Green on March 7, 2017, and later moved to her current home at the steps of the New York Stock Exchange. As 6sqft has reported, the defiant statue attracted controversy in her early days as well.

The Monthly Update - December 2021

Seasonality in Real Estate

(Does it still exist?) 

Over the past three weeks, I’ve had sellers (and buyers) ask me how this real estate market will perform over the holiday period. Historically, the number of listings and transactions slows to a crawl during this time of year, and then the market picks back up after New Year’s for the “spring selling season.” But in the COVID era, the overall real estate market has been performing at a nonstop, blistering pace since October 2020.  While the market isn’t putting 400 units into contract every week like it was in the Spring, there is still plenty of action. Take November, for example. There were over 2,000 listings put into contract that single month — a month with only three full weeks due to Thanksgiving. Past Novembers have typically seen about half that many units going into contract. 

Currently, buyers are still out in droves, putting listings (that are priced right) into contract, and many more are starved for new inventory, which brings me to the seasonality of the listing supply. Instead of the typical seasonality, where supply subsides because demand subsides, this year, we’re seeing demand stay hungry and supply come off anyway. This is happening for two main reasons: either the listing goes into contract or the seller doesn't get their price. This is setting up an interesting dichotomy between prices and inventory and supply and demand. Sellers are taking their property off the market now in the hope that prices and demand will be strong this spring … but the demand is there now! 

There’s no seasonality to the buyers who are out now. They want to take advantage of low interest rates and hedge inflation. Their companies did great last year, and they’re getting incredibly large bonuses and “good” prices. Prices are still relatively low and competitive compared to the peaks of 2015. But sellers think that seasonality will drive prices and interest higher this spring, which could be the case, but it's a gamble. 

The overall listing supply has been diminishing since October 2020, but recently, over the last 30 days really, inventory is taking a particularly hard nosedive. Sellers are not taking their product off for the usual reason of seasonality or because their prices are too high for this market. They are taking them off because they think that prices will rise by this spring. In fact, the current overall inventory is dropping so fast that three out of the last four weeks saw more units being put into contract than are coming onto the market. This is really putting a strong damper on overall supply, but it’s not lowering buyer demand, yet. 

Generally, the industry doesn't like there to be little to no supply. It’s then that buyers as a whole might withdraw and pull back. Although, we haven’t seen that yet. Markets will perform at their peaks when there is a healthy balance of inventory coming on and listings going into contract. Sellers are hoping (praying) that buyers will react by bidding on low inventory and push prices up if demand remains high while inventory drops, but that’s not what we’re experiencing now. We’re seeing low inventory and buyers still attracted to correctly priced homes. 

We will see a market that performs solidly if prices are preserved correctly. A market like this does not see signs of seasonality; it’s just busy all the time. Listings will sell no matter the time of year if the property is listed for the right price. This is why I think seasonality comes into and out of play for sellers, but it’ll boil down to pricing, not the season anymore for the near future. If you list at the right price the day before Christmas, you will still get offers because buyers are starved for listings at the right price, no matter what time of the year it is. 

So, seasonality has become a thing of the past (so far). I believe it will come back at some point when the market balances out. But for now… It’s a 24 hours a day, 7 days a week, 365 days a year market. There’s been no seasonality to this point in 2021, just a strong price-driven, highly transactional, year-round market.

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Local Events

New York Botanical Garden Glow

Come and see the second annual lights show at the New York Botanical Garden this holiday season! This outdoor 1.5-mile walking experience, made for all ages, is filled with gorgeous lights, performances, ice sculptures, and additional seasonal activities. Tickets are on sale now, and you can learn more about the new safety measures on the NYBG website here.

Click Here

The Bryant Park Winter Village

Bryant Park's Winter Village is back in the city with ice skating, shopping, dining, and incredible holiday shops. Come with friends and family to enjoy 

the most wonderful time of the year and take a stroll through the park! For health 

and safety protocols and the kiosk schedule, you can visit the website for more details here.

Click Here

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Everything You Need To Know About The 2021 Macy’s Thanksgiving Day Parade

After a television-only event last year because of the coronavirus pandemic, the iconic Macy’s Thanksgiving Day Parade is returning this year with in-person spectators. On Thursday, November 25, the 95th annual event will feature typical traditions, including the giant helium balloons, floats, and live performances, but with new health and safety protocols in place. Ahead, learn what to expect this year, from the full parade lineup and the best public viewing spots to how you can watch the signature character balloons inflate the night before.

“For more than nine decades, the Macy’s Thanksgiving Day Parade has served to bring joy to millions, who gather with friends and family to experience this one-of-a-kind holiday celebration along the streets of New York City and in homes nationwide,” Will Coss, executive producer of Macy’s Thanksgiving Day Parade, said.

“For our 95th celebration, Macy’s has created a spectacle to remember featuring a dazzling array of high-flying balloons, animated floats, and incredible performers. We can’t wait to help New York City and the nation kick off the holiday season with the return of this cherished tradition.”

Last year, Macy’s hosted a “reimagined” parade, with participant capacity reduced by 75 percent, a two-day staging, and balloons flown by specially rigged anchor vehicles instead of the usual 80 to 100-person teams.

This year, the large team of balloon handlers will return to fly the classic character balloons. The marching band, cheer, and other group performances that were slated for the 2020 parade will perform this year instead.

Balloons
This year, there are 15 giant character helium balloons. New colossal inflatables include the star of Netflix’s Ada Twist, Scientist, Grogu, also known as Baby Yoda from The Mandalorian, Ronald McDonald from McDonald’s, and Pikachu & Eevee from Pokemon. Expect to see returning favorites like Astronaut Snoopy, The Boss Baby, Diary of A Wimpy Kid, Chase from PAW Patrol, the Pillsbury Doughboy, SpongeBob SquarePants & Gary, and more.

Photo courtesy of Macy’s, Inc.

Floats
There are 28 floats participating in this year’s parade, with six new floats joining the iconic lineup. Expect to see exhibits from Sesame Street, Blue’s Clues, The Lego Group, the Hallmark Channel, Entenmann’s, Cracker Barrel, Snoopy’s Doghouse, and more. Of course, the one and only Santa Claus will be making his famed finale appearance on the parade’s largest float (it’s 60 feet long!).

Entertainment and performers
This year, enjoy performances by Ballet Hispánico’s School of Dance, the Broadway Education Alliance Youth Choir, the Fred Astaire Dance Studios, the tributaries of Indigenous Direction, J.U.M.P. (Jumpers United for Macy’s Parade), the St. John’s Dance Team, Spirit of America Cheer and Spirit of America Dance Stars, and the Young People’s Chorus of NYC.

Other highlights include the Radio City Rockettes, which have performed annually since 1959, stars of Broadway musicals like Six, Moulin Rouge, and Wicked,  and Macy’s Singing Christmas Tree.

You’ll also hear songs from musicians and artists like Jimmie Allen, Jon Batiste, Kristin Chenoweth, Darren Criss, Jordan Fisher, Foreigner, the cast of Peacock’s Girls5eva, Andy Grammer, Mickey Guyton, Chris Lane, Miss America 2020 Camille Schrier, the Muppets of Sesame Street, Nelly, Kim Petras, Kelly Rowland, Rob Thomas, Carrie Underwood, Tai Verdes, Zoe Wees, and Tauren Wells.

Where to watch the Giant Balloon Inflation Celebration on Thanksgiving Eve
The Giant Balloon Inflation, where you can watch the balloons inflate the night before the parade, returns this year to the Upper West Side after last year’s public viewing was canceled. The event will be open to the public on Wednesday, November 24 from 12 p.m. to 6 p.m.

This year, guests must provide proof of Covid-19 vaccination and photo ID to view the inflation. Children who are not eligible may enter if accompanied by a vaccinated adult. Entry to the event can be accessed at 72nd Street and Columbus Avenue and guests will be able to view the balloons on 77th and 81st Streets. In 2019, about one million attended the giant balloon inflation celebration.

The Macy’s Thanksgiving Day Parade route and best spots for public viewing
The parade kicks off on Thursday at 9 a.m. at 77th Street and Central Park West, moving down its traditional 2.5-mile route to Columbus Circle, turning onto Central Park South, and then marching down 6th Avenue. Upon hitting 34th Street, the parade makes its final turn onto 7th Avenue and ends in front of Macy’s Herald Square.

For great views, Macy’s recommends arriving at 6 a.m. on the west side of Central Park West, from West 75th Street to West 61st Streets. The public can also watch the parade along 6th Avenue from West 59th to West 38th Streets.

For spectators at home, the parade will be shown on special national broadcasts on NBC and Telemundo from 9 a.m. to 12 p.m., with streams available on Peacock as well. Typically, 50 million people tune in to watch the broadcast.

New health protocols
Health and safety procedures for this year’s event include requiring all volunteer participants and staff to be vaccinated, reducing the overall number of participants by between 10 and 20 percent, and implementing social distancing rules at costuming areas, seating, and check-in.

POSTED ON FRI, NOVEMBER 12, 2021BY DEVIN GANNON

The Monthly Update - November 2021

Is It Crystal Ball Time?

“How’s the market been and what’s next”...

This is the #1 question I get asked.  The answer is;  It's been a phenomenal (rebound) year for New York City real estate. Manhattan and Brooklyn bounced back from the pandemic, breaking all types of real estate records, including: 

• The number of total listings on the market at one time 

• The most properties in contract/escrow in the history of NYC real estate

• Multiple deals signed over $50 million in one week 

• The luxury market's 20-plus weeks with 30 or more signed contracts

• Multiple months with more than 400 units put into contract every week

• The list of broken records goes on and on.. Even for us! 

The Hoffman Team averages about 100 sales annually, but this year, we're closing in almost 200 transactions for the year!  Everybody everywhere is working double- and triple-time to keep up with buyer demand and record-breaking transaction volume. But what does the future hold? (Does anyone have a crystal ball I can borrow??)

Some brokers and pundits are touting the arrival of international buyers and European Union one-percenters after the lifting of the travel ban arrives, as anticipated, on November 6. The National Association of Realtors (NAR), Knight Frank and others predict a tremendous international buyer push in November. That doesn't even include the reinstatement of Chinese, Russian and South American buyers to the mix. Cities like New York, Los Angeles, Miami and other top international destinations, such as Texas and Georgia, could see a second surge of purchase activity with the opening up of the real estate markets to all international purchasers.

Hyperinflation or inflation will likely be additional reasons why buyers will flock back into the real estate market. They'll be seeking to put their money in America's oldest form of investment to protect their nest eggs against inflation. As recently reported by millionacres.com in The Wall Street Journal, investors buying real estate when inflation increases is an excellent way to hedge against the rising cost of goods. 

With the FED pumping over $340 million billion dollars into circulation, we're seeing goods and services rise at about a 5 percent rate since the COVID crisis. It remains to be seen what will transpire, but many, many experts believe that this inflation is not a temporary trend like once reported and that investors will start to surge back to real estate as a protective strategy.

Raising interest rates are also on the minds of every prospective purchaser, and that's why many believe this late fall, winter and spring markets will be just as busy if not busier than earlier this year. Beyond that, it's anyone's guess. But for the remainder of the fall quarter and winter quarters and into Q1 of 2022, people expect the New York City real estate market to continue its historic run and keep the same blistering pace as the last 13 months. I guess only time will tell! (Unless I can borrow that crystal ball…)

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Local Events

New York City Marathon

The world’s largest and most exciting marathon, The NYC Marathon, courses through the five boroughs of New York. Come cheer on neighbors and friends as they run the 26-mile trail, starting in Staten Island and ending in Central Park. Please be sure to map your route on November 7th accordingly, as runners take miles 16-19 along 1st Avenue through the Upper East Side. For more information on the marathon and donation opportunities, please visit the website here.

More Info

Annual Macy’s Thanksgiving Day Parade

November in New York City is a magical time, and the ultimate holiday tradition is marching this way. On Thursday, November 25th, watch the 95th Macy’s Thanksgiving Parade live from the streets of NYC or on NBC 9 AM-Noon. Be one of the millions around the world to enjoy the spectacular balloons, exciting performances, colorful floats, and so much more. For more information on the Parade, go to the website here.

More Info

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Lifestyle Tips & Tricks

Chic and Festive Thanksgiving Decorations

Thanksgiving decorations are all about showing off your style, but that shouldn't equate to stress or going way over your budget. Regardless of your aesthetic, there are a slew of inexpensive DIY decorations you can try to make your Thanksgiving celebration more inviting for family and guests!
Courtesy of Good Housekeeping

The Best Thanksgiving Drink Recipes Loaded with Fall Vibes

Step aside, wine and beer. We're thinking cocktail hour is in order this Thanksgiving! Whether you pair these Thanksgiving drink recipes with your menu or enjoy them before or after the big meal, these Thanksgiving cocktails are sure to get the party started.

Courtesy of Better Homes & Gardens

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309 West 118th Street, THF

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309 West 118th Street, THF

HARLEM, MANHATTAN

$2,600,000

3 Bed  |  3 Bath | 2,990 SqFt. | Condo

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Tremendous townhouse living meets fantastic condominium amenities in this spectacular three-bedroom, three-bathroom triplex featuring grand proportions, premium finishes and a large private yard in spectacular South Harlem.

Spanning more than almost 3,000 square feet, this regal home begins atop a classic high-stoop entry, where double doors invite you inside the expansive south-facing living room. Enjoy a generous footprint for seating and dining areas surrounded by tall, beamed ceilings and gleaming hardwood floors. Ahead, the open kitchen impresses with marble countertops and gorgeous cabinetry with blue hardware that coordinates beautifully with the Greek key tile backsplashes and lovely pendant fixtures. The upscale stainless steel appliances include a gas range, side-by-side refrigerator, dishwasher and built-in microwave. A wall of built-ins makes the adjacent room ideal as a TV lounge, while a powder room flanked by closets completes the level.

Head downstairs to discover a lovely owner's suite with a custom walk-in closet and an en suite bathroom with a frameless glass shower and double vanity. Two large secondary bedrooms include large closets and easy access to a second full bathroom. One bedroom opens to the home's glorious private rear yard, also accessible via an outdoor staircase from the main living level. This outdoor wonderland is finished with handsome fencing and pavers making it ideal for magnificent al fresco dining and entertaining.

Two more closets and an in-unit washer-dryer add convenience to the bedroom level. Below, a 750-square-foot fully finished cellar with roomy closets, 12-foot ceilings, ceiling fans, carpet and a private entry is the perfect rec room, family room, home office, guest suite or all of the above.
Built in 2003, Brownstone Lane is a stunning collection of condominium homes that blend seamlessly with their historic surroundings thanks to their rich brownstone façades and dramatic L-shaped stoops. Residents enjoy doorman service, video intercom entry, a fitness center overlooking an indoor children's playroom, a shared courtyard garden, laundry facilities and onsite parking. Low monthly common charges and tax abatement in effect until 2030.

Located on a tree-lined street in residential South Harlem, this home is surrounded by breathtaking architecture and Harlem's renowned dining and nightlife. The exciting 125th Street retail corridor is within easy reach, and Morningside Park, Marcus Garvey Park and Central Park fill the neighborhood with hundreds of acres of outdoor space. Nearby 2/3, B and C trains, excellent bus service and CitiBike stations put the rest of the city within easy reach.

Q3 2021 Manhattan Market Report is here!

The Hoffman Team is here to provide valuable insights into the real estate market so you can stay educated and informed.
We are pleased to share Compass' Q3 2021 Manhattan Market Report, highlighting the prevailing trends shaping the market.

245 East 24th Street, Unit 14G

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245 East 24th Street, Unit 14G

KIPS BAY, MANHATTAN

$875,000

1 Bed  |  1 Bath | Co-Op

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Sunny open-sky views meet sleek modern finishes in this beautiful convertible two-bedroom, one-bathroom home in a full-service Kips Bay cooperative.

A gracious foyer flanked by four large custom California closets invites you inside this approximately 850-square-foot home. Wide-plank hardwood paves the floors. Tall ceilings rise overhead, and a wall of east-facing windows frames gorgeous sunrise views. The large living room provides plenty of room for seating and home office areas, while the oversized dining alcove is ideal for entertaining or conversion to a second bedroom, as seen in many other G-line units. Head to the recently renovated kitchen to discover glossy Leicht cabinetry and stainless steel appliances, including a gas range with a dual-door oven, a Miele dishwasher and Samsung built-in microwave. Enjoy a roomy custom California closet and stunning eastern and southern outlooks in the spacious primary bedroom. The windowed bathroom offers floor-to-ceiling tile, a tub/rain shower, an oversized vanity mirror and chic contemporary fixtures. Through-the-wall air-conditioning ensures year-round comfort in this bright and airy home.

Tracy Towers is a postwar co-op where residents enjoy full-time doorman service, live-in superintendent, central laundry, a storage room and roof deck. Liberal board policies permit pets, pieds-à-terre, subletting, co-purchasing and parents buying for children.

This Kips Bay home enjoys immediate proximity to NoMad, the Flatiron District, Chelsea, Midtown and Gramercy. The Kips Bay AMC theater, Trader Joe's and Fairway are nearby, and the wonderful outdoor space of Madison Square, Union Square and Stuyvesant Square parks is just minutes away. Transportation is excellent with 6, N/R/W and L trains, excellent bus service and CitiBikes within easy reach.

The Monthly Update - October 2021

October 2019 Vs. October 2020 Vs. October 2021 

I looked back at our team’s October monthly updates for the last three years to see what has changed and what has stayed the same.  I was hoping to (possibly) use the past to create some predictions and road maps for moving forward through this fall, the coming winter and the future spring market in New York City, but when I looked back, It was quite interesting to see where we were and where we are now...

In October 2019, we wrote, "Big money on pause."

In October 2020, we wrote, "Uncertainty is the enemy of many scenarios."

In 2019, big money may have been on pause, but this year, we just broke $11.3 billion in the luxury market, crushing the previous record of $11.2 billion set back in 2014. Big money is definitely not on pause. In fact, the luxury sector set a record in 2021 with over 20 weeks of 30-plus contracts signed at $4 million and above. The townhouse market woke up as buyers desired privacy, safety and autonomy during COVID. 

In 2020, uncertainty may have been commonplace, but not anymore.  Buyers in 2021 are very certain that they want to buy in Manhattan and Brooklyn. They crushed contract signed/pending sales records with over 5,200 units in contract at one point during the summer. Buyers also broke records for weekly contract signings. Last spring, the marketplace was putting 400-plus units into contract for several weeks in a row- but this is also because prices were down.

Even before the pandemic, there was hesitation and languishing urgency among buyers. COVID seemed to compound the issue early in 2020, which is to be expected. But that was not the norm for the rest of the country, which experienced a buyer boom during the pandemic. The unexpected turnaround in the Manhattan and Brooklyn real estate markets was a flat-out surprise to just about every professional in the real estate industry. So what can we expect for the remainder of 2021 and beyond?  That all depends on whom you ask..

Even though it's been the hottest transacted market in the history of Manhattan/Brooklyn real estate one thing that is certain is that buyers still aren't ready to pay "seller's market" pricing —not just yet anyway. We know sellers are hungrily salivating at the thought of raising prices past 2019 levels  but as I've reported time and time again, overall pricing has stagnated, and sellers' prices need to be competitive across most categories to be able to sell and close. However, many (myself included) believe that there will be a time when prices will "pop" but who knows... 

Looking back at the last two years of October newsletters, the only thing certain is the unexpected. The next nine months are anyone's guess However, the main take-away is: 

If you're a buyer: Take advantage of today's market. If you're a seller:Take advantage of today's market, as there's no certainty in today's real estate future.

210 Central Park South, Unit 10D

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210 Central Park South, Unit 10D

CENTRAL PARK SOUTH, NEW YORK

$18,000/mo.

2 Bed  |  2.5 Bath | Co-Op

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Central Park becomes your daily backdrop and personal playground in this breathtaking two-bedroom, two-and-a-half-bathroom Central Park South residence beautifully reimagined by Stuart Parr Design.

A gracious entry gallery lined with custom-built Boffi closets invites you into this designer showplace to discover gleaming chevron hardwood floors and tall ceilings dotted with recessed lighting. Ahead, you'll arrive in the expansive living room where the beauty of Central Park unfolds at your feet. Enjoy a generous footprint for seating areas, or step onto the 26.5-foot-wide terrace for al fresco meals alongside treetop outlooks. Chefs will adore the sleek Boffi kitchen's fleet of Gaggenau appliances, including a vented cooktop, wall oven, dishwasher, microwave drawer and wine refrigerator. The adjacent dining room welcomes lavish entertaining and intimate dinners with equal ease.

Head to the owner's suite, where every day begins with park vistas and coffee on the terrace. A custom-designed bed and night tables add chic designer style, and four custom Boffi closets attend to wardrobe needs. In the en suite bathroom, you'll find swaths of Italian slab marble, radiant heat floors, a double vanity and gorgeous contemporary fixtures. The south-facing secondary bedroom features excellent closet space and custom built-ins of its own, plus another en suite marble bath. An in-unit washer-dryer and zoned HVAC add comfort and convenience. Enjoy an outstanding media experience with a home theater speaker system in the living room, plus built-in speakers in the living room, dining room, and the primary bed and bath. A Savant smart home system controls lights, shades, air conditioning and A/V equipment from your phone, tablet or remote.

210 Central Park South is an illustrious postwar co-op where residents enjoy 24-hour white glove doorman and elevator service, a live-in superintendent, an on-site attended parking garage and a new rooftop deck with an outdoor kitchen.

From this commanding Central Park South location, you're just inches from 840 acres of iconic outdoor space and Midtown accessibility. Enjoy front-row access to world-class shopping, five-star dining and spectacular Theater District and Lincoln Center entertainment. Transportation is effortless thanks to F, N/Q/R/W, A/C, B/D, 1 and E, excellent bus service and CitiBike stations all nearby.

Supersized Origami Sculptures Land in NYC’s Garment District

Photos courtesy of Alexandre Ayer / @DiversityPics for the Garment District Alliance

Seven supersized origami-inspired sculptures are now on display in Midtown Manhattan as part of the neighborhood’s latest public art exhibit. Installed by the Garment District Alliance and the Department of Transportation, the exhibition, Hacer: Transformations, features brightly colored steel sculptures of animals that vary in size and resemble the paper-folding art. Created by California-based artist Hacer, the installation will be on display along Broadway between 36th and 39th Streets through November 23.

Fabricated in powder-coated steel, the sculptures include two dark turquoise coyotes, two medium turquoise rabbits, a magenta elephant, a yellow dog, and a green bear cub, as described in a press release. The largest of the works is the 14-foot-long Coyote, Stalking.

“As we head into the fall, we want the Garment District to be a welcoming and enjoyable space for all visitors, whether they are returning to the office, traveling, or just passing through,” Barbara A. Blair, president of the Garment District Alliance, said. “We know these supersized sculptures will bring a smile to everyone’s face, and we encourage all to stop by and snap a picture with their favorite origami-inspired creation!”

Hacer: Transformations is the artist’s first large-scale solo show in New York, brought here by the Fremin Gallery in Chelsea.

Photos courtesy of Alexandre Ayer / @DiversityPics for the Garment District Alliance

Photos courtesy of Alexandre Ayer / @DiversityPics for the Garment District Alliance

“We are delighted to present Hacer: Transformations, in which the whimsical works are transforming Broadway for New Yorkers and visitors alike,” Emmanuel Fremin, owner of Fremin Gallery, said. “Following more than a year of COVID-19 related restrictions, this outdoor show of Hacer’s works brings cheer and optimism to the heart of New York City.”

This latest exhibit is part of the Garment District Alliance’s Art on the Plaza program, which brings art installations to the neighborhood year-round, as well as the Department of Transportation’s Arterventions program.

Photos courtesy of Alexandre Ayer / @DiversityPics for the Garment District Alliance

As Seen On 6sqft.com

As Seen In The NY Post: Live on an off-grid NYC street for $1.79M

8 Sylvan Terrace

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8 Sylvan Terrace

WASHINGTON HEIGHTS, NEW YORK

$1,795,000

2 Bed  |  2 Bath | Historic Townhouse

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A celebrated designer's own sought-after landmark home, masterfully renovated and featured in Dwell magazine, is a rare find indeed. Discover 8 Sylvan Terrace, the glorious reimagining of a unique 1887 Victorian row house in one of New York City's most prized historic enclaves. Currently configured with a single-family layout, 8 Sylvan Terrace is a legal two-family and lends itself to easy conversion back to a two-family.

A high stoop invites you into a classic double vestibule on the parlor level, were meticulously restored original pumpkin pine flooring, carefully recreated ceiling medallions and a stately refinished staircase nod to the home's historical provenance. Two rooms on this floor are separated by restored original pocket doors that had been encased by layers of sheetrock during a less inspired renovation. Traditionally used as reception and dining rooms, these spaces are ideal as bedrooms, living areas or home office space featuring a handsome wood-burning fireplace flanked by custom built-in cabinetry.

The lower level continues the old-meets-new theme with a sleekly minimalist modern staircase that leads to open-plan living space featuring random-width reclaimed pine flooring, swaths of exposed brick and original beams. Enjoy comfortable daily life and lively entertaining alongside the original wood-burning cooking hearth fireplace and salvaged wharf light. The impeccable kitchen combines innovative custom finishes, including cabinetry coated in anodized aluminum and a concrete range hood, with traditional Carrara marble countertops and upscale stainless steel appliances all integrated to masterful effect.

Head to the top-floor to discover the glorious full-floor owner's suite topped in soaring 15-foot-tall beamed ceilings, restored 19th century French chandeliers and remote-controlled venting skylight. Towering twin wood-burning and decorative original brick fireplaces underscore the room's grand proportions. The adjacent windowed bath impresses with 12-foot-tall ceilings, polished concrete floors, floor-to-ceiling quartz tile, a frameless glass shower and a marble sink wrought from a centuries-old water fountain that once stood in a Philadelphia park. A large laundry room/closet attends to wardrobe needs, and mini-split HVAC units and Baxi radiators ensure year-round comfort in this exquisite Uptown home.

Nearly untouched by time, Sylvan Terrace is a serene block lined by 20 two-story wood Victorian row houses with lovely green and yellow siding, cornices and shutters. Located within the Jumel Terrace Historic District, the charming houses were built on a dead-end Belgian-block street featuring beautiful views of Morris Jumel Mansion, Manhattan's oldest residence. In this wonderful lower Washington Heights location, you'll enjoy direct access to Highbridge Park and fantastic shopping, dining and nightlife along Broadway and Amsterdam. The C train is right outside your door, and 1, B and A lines, excellent bus service and CitiBikes put the rest of the city within easy reach.

Weekly Update:

Luxury Market:

23 properties, $4M and up, went into contract last week. Impressive for a pre-holiday week. 16 condos, 3 coops, and 4 townhouses made up the listings. All 16 condos were in new development condos.

Supply:

178 units came onto the marketplace last week. A 6.8% drop from the week before and a much lower number than we're used to seeing during this Covid recovery market. For the first time in a long while new supply dipped under 200 for the week. Although, a conventional trend for a pre-LDW/end of summer week.

Pending Deals:

205 units went to contract last week--very impressive for this time of year and this marks the 3rd week in a row of contracts-signed outpaced supply! Data like this shows the hunger and urgency of buyers to put units into contract. Looking at the rolling 30 days numbers --it shows the overall trend of units going into contract outpacing supply, handley. Just incredible. We'll see in the coming weeks if supply can start to claw back and rise to buck this trend or will price points start to be less of a hurdle for buyers (as they are right now) and start to rise.

Rolling 30 Day #'s:

981 units released to market over the last 30 days.

1071 units went to contact over the last 30 days.

699 units were taken off the market over the last 30 days.

The Monthly Update - September 2021

The Tipping Point 

There comes a time in every real estate market when it tips either in the buyer's favor or the seller's favor. The New York City marketplace has been a buyer's market for the better part of five years. But with the sudden switch in buyer urgency, buyers have been putting property into contract in record numbers since about October 2020. More apartments have gone into escrow/contract than ever before. In early spring, there was a stretch when Manhattan was putting 400 units into contract nearly every week for 20 weeks, which is just incredible given that we just came out of a pandemic. 

Last year, pundits were busy predicting a slow, gradual recovery in Spring 2021 as a best-case scenario, but buyers had other plans. We topped out at almost 9,000 units on the market at the beginning of October 2020, but that number has dwindled every month as the pace of demand outweighed supply week in and week out for months and months. However, even though we were charging ahead at a record pace, buyers still turned their noses up at "overpriced" units. Which begs the question, Where is the tipping point between a buyer's and seller's market?

In the case of Manhattan real estate, the tipping point will be where supply gets so low that buyers will tend not to care (or at least care a lot less) where the listing price is. Then, prices will start to rise gradually. We're certainly not there yet. Today, any listing priced above roughly 2019 levels will be shunned by the buyer community and overlooked by interested prospects. The phone will not ring for sellers who wish to push the envelope of market value without buyer public approval first. 

But we will reach that tipping point soon! It's only a matter of time before prices start to increase. It could be as soon as this fall; it could take as long as next spring. But it most certainly will happen. As long as buyers stay active in the marketplace — and there are no signs of slowing just yet — prices will rise.

So, if you're a buyer, take advantage, NOW. Secure your property as the tipping point is near. 

Sellers: Should you wait? Should you list? A lot will be answered now that it’s after Labor Day. The fall market is underway, and new listings presumably will enter the marketplace. It will be interesting to gauge buyer urgency when there is an abundance of new listings available. Only time will tell in that regard, but as an overall summation of our current marketplace, I would say we're at the precipice of the tipping point into the next seller's market. 

What would you like to hear more about?  Let me know if there are any topics you wish to see featured in our newsletter! 

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Local Events

Tribute in Light- 9/11 Memorial

From dusk to dawn, on the evening of September 11, twin beams are presented annually to honor those killed and celebrate the indestructible spirit of NYC. Tribute in Light is a commemorative and symbolic piece of art created six months after 9/11 and every year after. Click here to learn more about the memorial, donate to the Never Forget Fund, and review museum visiting hours.

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Broadway is BACK!

Broadway shows will begin again, starting in September. Come see some of Broadway’s classics like Chicago, Hamilton, Moulin Rouge, Hadestown, Wicked, Lion King, Aladdin and so much more. Please note the vaccination, mask, and healthcare guidelines for each theater. Playing schedules for each production could vary; check purchase sites for schedules. Click here to learn about more shows coming back this fall! 

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The 2021 US Open

August 30 – September 12

One of NYC's favorite tournaments is back. The 2021 US Open will welcome back fans at 100% capacity for the two-week jammed-packed tournament. More information here.

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Current Hoffman Team Listings

124 West 93rd Street, Unit 2D

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124 West 93rd Street, Unit 2D

UPPER WEST SIDE, NEW YORK

$850,000

2 Bed  |  1 Bath | Condo

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Prewar grandeur and contemporary updates create the perfect urban haven in this converted two-bedroom, one-bathroom condominium just a block from Central Park.

A gracious foyer flanked by closets invites you inside the bright 710-square-foot home. The large living room provides ample space for seating and dining areas surrounded by tall beamed ceilings and mahogany inlaid herringbone hardwood floors. In the adjacent kitchen, you'll find wood cabinetry, beautiful countertops and stainless steel appliances, including a Miele cooktop and GE Profile oven. The expansive primary bedroom offers eastern and southern exposures and a roomy closet. The second bedroom features a bright east-facing window, and the bathroom is finished with floor-to-ceiling tile, a large tub/shower and a pedestal sink.

The Westerly is a handsome prewar condominium where residents enjoy part-time doorman service, a live-in superintendent, porter, storage, bicycle room, card-operated laundry, lounge/play area, and a lovely outdoor garden and patio with a barbecue.

In this fantastic Upper West Side location, Central Park becomes your personal backyard with 842 acres of lush outdoor space and direct access to the Reservoir and tennis center. Trader Joe's and Party City are right next door, and nearby Columbus Square offers Whole Foods, Michael's, TJ Maxx, HomeGoods and more. Enjoy fantastic dining and nightlife venues along the adjacent avenues, while 1/2/3, B and C trains, excellent bus service and CitiBikes put the rest of the city within easy reach.