September 2022

New York Fashion Week

Alongside Paris, London, and Milan, semi-annually New York hosts one of the four biggest fashion weeks in the world. Held in February and September each year, New York Fashion Week takes over the City. 2022 NYFW was a triumphant return for many after February's shows were impacted by COVID19- with last minute cancellations from many big names.

A first of it's kind event and street fair- Vogue World made headlines celebrating the publications 130th anniversary. A-list figures like Serena Williams and Lil Nas X made debuts on the runway.

Market Report

  • Manhattan NYC Supply is up 6.5% from last month.

  • Inflation at 8.3% and mortgage rates continue to increase. The priority of the Federal Reserve for the past year has been to tame down inflation, slow down the economy and prevent a recession. To do this, the Fed has been increasing interest rates. Rates are expected to increase by another 0.75 percentage points.

  • Any buyers on the fence due to rising mortgage rates should see this chart. Although rates are certainly higher than they were a year ago, they are still significantly lower than almost any time throughout history. Thank you to fellow agent Scott Musmanno for providing this.

Queen Elizabeth II

Queen Elizabeth II, born April 26th, 1926 became the longest reigning Monarch in British history as of 2015. Her Coronation was held on June 2nd, 1953 and unfortunately came to an end September 8th. She was laid to rest on September 20th at Windsor alongside her late husband of more than 70 years- Prince Philip.

Following her passing, there has been a large social media calling for the Koh-i-Noor Diamond (105 karat gem) to be returned to India. The diamond came from India’s alluvial mines thousands of years ago, wove its way through Indian court intrigues before eventually ending up in the British Crown Jewels by the mid-1800s.

To understand where the diamond came from—and whether it could ever go back—requires diving into the murky past, when India was ruled by the Mughals.

To read the whole story- click here

August 2022

It's Getting Hot in Here!

This historic NYC heat wave, defined by a seven day stretch of temperatures in the 90s and above with an exorbitant amount of humidity thrown in, is becoming truly unbearable, drastically impacting the quality of life for New Yorkers around the city.

Around the world, the UK, Italy, France, Spain and some other very popular vacation destinations for New Yorkers are facing similar temperatures providing no relief. Regardless, summer is a good time to take it slow but when it’s hotter than usual, it’s a great reminder to do a little less, rest a bit more, and take your time to enjoy your travels.

Market Report

The Manhattan sales market has slowed down. Why? Rising mortgage rates, increasing inflation, and recessionary fears. Compared to last year, contracts signed in May, June, and July are down an average of 25%.

The result of this has led sellers to come down in price. Over the same period, there were 25% more price cuts, with an additional 7% reduced versus last year.

In terms of the rental market, mid- August showed 28 contracts signed, over 5300 leases signed, and a 2% drop in vacany.

With volume leading prices, today’s price action will likely be evident in upcoming quarterly reports. At this point, it is only a matter of time before the slowdown becomes a part of the permanent sales record. While this seems like a drastic change, it's the market normalizing. The post pandemic market was insane and not sustainable, we are now going back to levels we saw pre pandemic when we were in a buyers market.

One-to-One

The euro made big news in July when it fell to the same value as the US dollar for the first time in twenty years! American news outlets are deeming it's “a good time to be an American in Europe.”

For American tourists, that means European vacations are more affordable in dollars than they've been in the past. So, while airfare and other travel costs are rising, the strong dollar might help offset those increases for lucky Europe-bound Americans.

According to American news outlet, CNBC, the near parity between the euro and the dollar mean that Americans “traveling to one of the 19 European Union countries that accept the euro” will get a “15 percent discount on purchases today relative to a year ago due to the exchange rate.” Go grab those Chanel bags people, and grab me one too!

Property of the Month
FOR RENT AND FOR SALE
8 East 63rd Street 2/3 and 4/5

Welcome to 8 East 63rd, an exceptional 25’ wide Manhattan two family townhouse located on a tree lined street between Fifth Avenue and Madison Avenue- along with the most exquisite real estate in New York City.

Residence 2/3 is a spectacular three bedroom, three and a half bathroom home featuring an intercom system on each floor, central A/C, LED lighting, and decorative fireplaces. This unit is approximately 4,900 interior square feet and 500 square feet of terrace space.

Residence 4/5 is a sophisticated NYC four bedroom, four and a half bathroom home with European charm, elaborate details and high ceilings. This unit is approximately 3,300 interior square feet and 600 square feet of terrace space.

This one-of-a-kind New York City property was designed by distinguished architect CPH Gilbert in 1878. Gilbert built the townhouse for his client Joseph Hodges Choate- an acclaimed lawyer and salesman- to mirror an 18th century English townhouse. Erected in the finest location, the brick facade boasts limestone trim and an elegant three-story rounded bay. The city block is famous for its limestone facades in the Beaux-arts and Italian Renaissance palazzo styles. Neighboring homes constructed by the great townhouse architects, CPH Gilbert, John. H Duncan, and D & J Jardine for high-profile residents such as Woolworth, Bloomingdale, Brokaw, and Oscar Hammerstein. Planted in the most coveted area in all of Manhattan, the home offers a world-class Upper East Side lifestyle. A few doors from Central Park, fine private schools, first-rate museums, Madison Avenue shopping, and elite dining.

July 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 in NYC

  • There were a total of 74 sales in NYC, 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 NYC co-op, conveniently located to fine restaurants, shops and public transportation, including the new Second Avenue Subway. 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.