June 2022

Market Report

Inventory is up and mortgage rates are ascending, and as a result activity in Manhattan and Brooklyn have slowed.

This month was notable for the Manhattan Luxury Market ($5M+). Sales fell annually for the third month in a row. However, average price per square foot and days on market both improved year-over-year.

- Active listings rose 3% year-over-year, which was the first increase in Manhattan in over 11 months.

- Days on market fell below 200 despite the climb in inventory.

- There were a total of 74 sales, which is below average for May. This was a 24% fall from previous years.

Juneteenth

Here at the Ronita Kalra team, we wanted to highlight, Juneteenth- the holiday commemorating the end of slavery in the United States. It is also called Emancipation Day or Juneteenth Independence Day. The name “Juneteenth” references the date of the holiday, combining the words “June” and “nineteenth.”

Organizations like Juneteenth NYC can help you get more involved in honoring an invaluable day.

Father's Day

Father's Day 2022 fell on Sunday, June 19. Our team wouldn't miss a day honoring all of our clients, colleagues and friends who are fathers, grandfathers and father figures.

Cheers to all of you.

My own father and husband are both amazing examples of how each generation is becoming more and more involved in the day-to-day of our children's lives. I love and appreciate you both!

See HERE for some inspiration on where to take 'Dad' next Father's Day!

COMING SOON

333 East 66th Residence 6H
Now Offered at $850,000

Welcome to Residence 6H at the Bryn Mawr in Lenox Hill, Manhattan. This home is a sizable and bright junior-4 featuring South facing exposures, plank wood floors, and ample closet space.

Upon entering is the foyer with three massive closets which leads to the vast illuminated living and dining space. Situated to the West of the living room are the nursery, or second bedroom and kitchen. Separated by sliding doors this configuration allows easy transition from 1 to 2 bedroom. The walk-through kitchen is equipped with a Sub-Zero fridge, Viking stove, and concealed Miele dishwasher.

Further West is the bathroom and linen closets. The bathroom has been tastefully appointed to suit a neutral palate. Finally, the master bedroom is also lit with the highly coveted Southern light and equipped with a walk-in closet.

333 E 66 is a luxury full-service co-op, conveniently located to fine restaurants, shops and public transportation, including the new Second Avenue Subway in Manhattan. Amenities include: Landscaped rooftop deck, indoor pool, fitness area, his & her saunas, laundry room, attached parking garage, storage, 24-hour doorman, on-site super and full staffing. The Bryn Mawr is dog friendly with some restrictions.

May 2022

Market Update

The stock market plunge is affecting real estate traffic and affecting our offers. Anything over 2 million has seen a slow down as most people have seen major losses in the last few weeks. The Dow’s seven-week losing streak is its worst since 2001. The S&P 500 just posted its first six-week losing streak since June 2011.

It's likely going to rebound but for the moment we are seeing buyer hesitancy.

Of course it is important to note every sub-category of pricing is affected differently. The studio and one bedroom market in New York City seems unaffected as buyers have most of their cash sitting in banks waiting to pull the trigger. 

Mothers Day Event!

Our NYC team was excited to host another Mothers Day Event full of fun activities and entertainment for the kids as well as shopping, massages and gifts for the moms. Thanks to everyone for coming out.

For all those without their mom, or having trouble becoming a mom - we acknowledge the holiday could be very hard for you and we send you so much love.

Property of the Month 

635 West 42nd St Apartment 43A

Welcome to Residence 43A at The Atelier, a 6 bedroom and 6 ½ bathroom triplex in the sky in New York City. Currently being used for corporate housing, the possibilities are endless with this one of a kind property.

Upon entry on the 43rd floor, you are immediately greeted by the vast corner living room. With floor to ceiling windows you get spectacular North and West facing views of Upper Manhattan and the Hudson River.

Moving farther East is your kitchen which features tons of storage and then a separate formal dining room. The kitchen is equipped with Bosch appliances and opens to both the living room and dining room. Lastly on the 43rd floor is a powder room with two sets of Washer/Dryers. 

Going upstairs to 44th floor is the primary bedroom, home office (or bedroom #2) , and a third bedroom. Farthest West you enter into the primary suite which includes a home office with a full bathroom including a soaking tub. Dividing the room, is a wall of custom closets. The spacious corner bedroom area displays wall to wall views of the water and city skyline. The en-suite bathroom includes two shower heads and a state-of-the-art toilet. Before exiting the 44th floor is bedroom #3 with an adjacent full bathroom.

Taking the stairs down to the 42nd floor are your final 3 bedrooms and 3 full bathrooms, as well as a butler’s pantry featuring sink and mini fridge. Bedrooms #4 & #5 include en-suite bathrooms and generous sized closets.

The Atelier is a spectacular luxury condominium. The full service building includes amenities such as, 24-hour concierge/valet, free daily breakfast, complimentary fitness center, ice skating rink, tennis court, basketball court, residents’ multi-media lounge and billiards room on the 47th floor, valet services (laundry and dry-cleaning on site), office center, movie theater, fully-landscaped terraces/sundeck, building-wide wireless Internet system for common areas, on-site storage available, bike storage, pet friendly, valet parking available, large indoor and outdoor lap swimming pools (added cost), sauna, free bicycle usage, BBQ, private dog run, indoor and outdoor kid’s playgrounds, and a free cross-town shuttle bus.

April 2022

Doorman Strike in New York City

Fortunately we are able to write that a deal was made! The contract was set to expire Wednesday April 27th, and a strike would have affected more than 3,000 buildings and 555,000 apartments across the city!

The Realty Advisory Board on Labor Relations and 32BJ SEIU, the union which represents 32,000 residential building workers, announced an agreement which includes a 12.6% wage increase for building employees over the next four years. Also, it does not require workers to contribute to their healthcare benefits. The increase brings the total wages for a doorman to $62,000 by the end of the contract. Workers will also receive a one-time $3,000 bonus.

Thankfully, our staff and the important essential workers got what they deserved! Without them, we would not be able to show our listings and volunteers from the building would have to manage building security! From garbage, cleaning, to move-in and move-outs, everything would have been impacted and a domino effect would have caused some chaos. This strike would have greatly impacted the real estate community, and most of us personally as our day to day relies on them so heavily. We are grateful it did not happen, crisis averted!

Spring Activities

Visit The Orchid Show
From February 26th through May 1st you can tour the dazzling floral creations of Jeff Leatham, for the 19th year in New York City. Leatham’s bold and colorful vision will unfold through captivating installations and designs, transforming the historic Enid A. Haupt Conservatory into a different color experience and visual effect, like the turn of a kaleidoscope.

Eataly- SERRA by Birreria
The Flatiron eatery in Manhattan is a destination year-round in Manhattan, but their rooftop that’s basically a blooming greenhouse is one of the most gorgeous places to spend time at during the nice weather. Head over for a spritz, burrata, and sunshine.

Go Yankees/Mets !
Spring marks the official start of baseball season, and Yankee or Mets games are way too fun to miss out on — opening day is officially set for April 7. Make sure you add one to your calendar NYCers!

Market Report- Quick Stats

Total Luxury Sales by Property Type in April
Condo 56.8%
Coop 27%
Townhouse 16.2%

37 Contracts signed last week at $4M or above

Biggest Sale since April 2021; last week's 432 Park Ave asking $79M

3,585 Total Sales in Q1

$1,190,000 Median Sales Price in Q1

6,906 Listing Inventory in Q1, down by 4.4% from this time last year

137 average Days on Market in Q1, down by 0.7% from this time last year

COMING SOON
2 Bedroom 2 Bathroom Condo in Lenox Hill

A 38th Floor combination unit at the Rio, 304 East 65th street in Manhattan; this fully gut renovated with breathtaking city views is coming to the market end of this week.
Offered at $2,750,000.

Email me for your chance to see this property before it hits the market.