November 2024

Giving Thanks

November is the month to reflect and give back. We would like to take this opportunity to thank all of our clients for trusting us this year and reccomending us time and time again to their friends, family and colleagues. Our business runs on referrals and our number one job is to make sure our buyers and sellers are taken care of as if they were our own family. Real estate transactions are emotional, and usually the most expensive asset you own. We are committed to making sure we are there to guide you through smooth transactions and have your back every step of the way. Thank You! We hope you all have a wonderful Thanksgiving with your loved ones.

Inventory Update

Active Listings

• 222 E 80th St, Unit 4AB

• 222 E 80th St, Unit 4A

• 222 E 80th St, Unit 4B

• 77 W 55th St, Unit 16A

• 350 E 82nd St, Unit 14AB

• 1160 3rd Ave, Unit 14A

• 73 5th Ave, Unit 10B * (private exclusive)

• 162 E 80th St, Unit 5C

• 304 E 65th St, Unit 38AD * (private exclusive)

Under Contract

• 969 Park Avenue, 1G

• 167 East 61st st. 29C

• 21-57 33rd St. 3A

• 201 East 79th Street , 16I

• 77 West 55th Street, 5C

• 225 East 73rd, Unit 12A

Market Update

October 2024 was a lively month for Manhattan's luxury real estate, especially in the ultra-luxury condo market. High-end properties were in demand, proving that Manhattan continues to attract wealthy buyers even with challenges like rising interest rates and inflation. This shows that Manhattan's luxury market is still a strong investment, with buyers viewing these properties as stable options in uncertain economic times.

With the stock market and crypto markets at record highs, we are not surprised to see the domino effect occuring in the real estate market.

The number of contracts signed in the luxury market throughout the month varied, with a peak in the first week at 30 contracts. In total, October saw 129 contracts signed. During the second week, almost half of the 28 properties sold (46%) were priced at $10 million and above, the highest weekly total of such high-value properties since December 2021.

Family Recipe

MOIST BANANA BREAD

3/4 cup granulated sugar

3/4 brown sugar

1/2 cup butter or margarine

1/4 teaspoon salt

2 eggs

4 ripe bananas (1 cup) mashed

5 tablespoons sour milk

1 teaspoon soda dissolved in the sour milk

2 cupsflour

1 teaspoon vanilla

Blend sugar, shortening, and salt. Add eggs, then bananas.

Add sour milk alternately with flour. Stir in vanilla.

Pour into 1 large or 2 small greased and floured loaf pans.

Bake at 350 degrees for 1 hour or until done. Let stand 10 minutes before removing from pans. Finish cooling on wire racks. Store in air-tight container. Freezes well.

October 2024

Things to do for Halloween in NYC

Its Spooky Season so we have highlighted some fun NYC activites to do with your family.

Village Halloween Parade

Halloween Pumpkin Flotilla

Comic Con 2024 NYC

Halloween pop-up bar

Great PUPkin Dog Costume Contest

Market Update

In Q3 2024, New York City’s residential real estate market displayed resilience and adjustments amid economic uncertainty and rising mortgage rates. Sales activity dipped slightly due to cautious buyer sentiment, yet prices held steady, especially in areas with limited inventory.

Luxury properties attracted slower but consistent interest, with demand highest in the Upper East Side, Tribeca, and Brooklyn Heights. The rental market stayed robust, particularly in Manhattan and Brooklyn, with fewer concessions and steady demand. Inventory increased slightly but remains below pre-pandemic levels, lengthening co-op market times while condos maintain faster transactions.

In Q4, high mortgage rates may sustain current price and transaction trends, with continued strength in the rental market and possible negotiation opportunities for buyers.

Deal of The Month

181 Hudson Street, Unit 2A

STUDIO BD 1 BA 1710 SF $1,800,000

We closed on this commercial space for our client, who has been looking for a unique opportunity. After searching for two years, she was in no rush to pull the trigger on any old cookie-cutter apartment. We knew it had to be remarkable.

With a blank canvas, she plans to create a stunning three-bed, three-bath home in a prime location in Tribeca. We are so happy we found this project for her, and we can not wait to see the finished product!

Can a commercial space be turned into a residential home? With the right team guiding you, almost anything is possible.

FLATIRON

73 Fifth Avenue, 10B

3 BD 2BA 3,100 SF $6,995,000

Experience loft living in this rare, 3,200-square-foot residence on Manhattan's prestigious Fifth Avenue. This authentic loft features three large bedrooms, two bathrooms, and massive walk-in closets, with the third bedroom offering a unique bonus: an oversized closet that functions as a storage unit, complete with three hidden windows that can be uncovered to transform the space into an additional bedroom or office.

Arrive in style via one of two elevators open to a semi-private landing shared with just one neighbor. The building readily welcomes guests using the secure camera intercom system that allows you to call up the elevators.

The heart of the home is the huge chef's kitchen, designed for entertaining, featuring a stunning 17-foot marble island that invites gatherings and culinary creativity. Boasting a double oven and double dishwashers, this kitchen is ready to entertain. The unit is also complete with a washer and dryer for ultimate convenience, and the residence includes a deeded storage unit in the building.

Art enthusiasts will appreciate the generous wall space, which is perfect for displaying a curated collection. This Fifth Avenue loft is truly a masterpiece of luxury and sophistication, offering a unique opportunity for refined living in the heart of Manhattan.

Contact my team today for a private showing.

September 2024

Market Update

Fall is here and the real estate market is presenting unique opportunities. With 30-year interest rates now around 6%—the lowest since early 2023—buyers are highly motivated, and multiple bids are becoming more common due to limited inventory.

For Sellers: Now is the perfect time to prepare your home to attract serious buyers before the year's end. Our team is equipped to position your property to stand out in this competitive market. We provide expert guidance on staging, pricing, and strategic marketing to ensure your home receives the attention it deserves.

For Buyers: This season offers excellent chances to secure a home at a competitive price. We also have access to exclusive, off-market listings that are not yet available on StreetEasy—giving you the opportunity to explore unique properties before they reach the broader market.

Our mission is to navigate you through these evolving market conditions with personalized advice and exclusive access to the best opportunities. Whether you’re buying or selling, we are committed to helping you achieve your real estate goals.

Thank you for choosing us as your trusted real estate partner.

350 East 82nd Street, Unit 14AB

4 BD 4 BA 2903 SF $4,450,000

1 BD 1 BA 850 SF $899,000

Ultimate Outdoor Escape in the Heart of the City

Step into a residence where luxury outdoor living takes center stage. This extraordinary four-bedroom, three-and-a-half-bath home spans over 2,900 square feet of interior living space and features a sprawling 1,600-square-foot landscaped terrace that wraps around the entire length of the apartment, creating a private garden oasis high above the city. Equipped with a wet bar, refrigerator, grill, and multiple seating areas, this expansive outdoor space is the ultimate setting for both grand entertaining and serene relaxation.

Reside in the prestigious Wellington Tower, a full-service condominium offering premier amenities, including a 24-hour doorman and concierge, parking garage, swimming pool, fitness center, and more. With Central Park, the city's finest dining, world-class museums, and the Second Avenue Subway just steps away, 14AB is more than just a home—it’s a lifestyle.

Priced at $4.45 million, this one-of-a-kind property redefines luxury city living. Contact us today for private tour.

The UN GA

The 79th session of the United Nations General Assembly marks a crucial milestone in the global effort to accelerate progress towards the 17 Sustainable Development Goals (SDGs). The highly anticipated Summit of the Future, held during UNGA, underscores the urgent need for enhanced international cooperation to address pressing challenges such as climate change, poverty and inequality, while also tackling the impacts of ongoing conflicts and global health crises.

This week also marks the worst commuting week in NYC, Data shows the average speed in Midtown drops to less than 4 miles per hour during the

General Assembly week, compared to normal averages between 4 and 6 miles per hour.

Drivers should expect delays along 1st Avenue between 34th and 63rd streets, as well as the FDR Drive.

The NYPD says 57th and 42nd streets will be limited to one lane in either direction from 2nd to 5th avenues, and 1st Ave will be what's considered a "frozen zone" from 40th to 49th streets.

The Fed Cut Interest Rates

After almost three years of rising interest rates, the Fed finally announced that they are cutting the rates by fifty basis points last week. So the big question is, what does this mean for the mortgage rates? Are the mortgage rates going to plummet today?.

No, The fed cutting rates does not directly impact the mortgage rates today. The long term bonds, particularly the ten year treasury are what affect the mortgage rates. Now, the Fed cutting the interest rates will affect those long term bonds. So consequently, eventually mortgage rates will be affected by this. At the end of the day, it’s positive news for mortgage rates, and it does look like they will be coming down in the future.

The bottom line is it is positive news for the economy and lower rates are on the way.