March 2023

Spring Activities in NYC

There is no shortage of fun Spring activities to enjoy in New York City. Check out some of these ideas:

1) Cherry Blossom Festival: The annual Sakura Matsuri festival takes place in the Brooklyn Botanic Garden and celebrates the blooming of the cherry blossoms. There are cultural performances, food, and drink vendors, and opportunities to view the blossoms.

2) Macy's Flower Show: Every year, Macy's transforms its Herald Square store into a beautiful garden with thousands of flowers on display.

3) Central Park: As the weather starts to warm up, Central Park becomes a popular spot for outdoor activities. You can rent a bike, go for a jog, or have a picnic on the Great Lawn.

4) New York International Auto Show: This annual event takes place at the Jacob Javits Convention Center and features the latest cars and trucks from all the major automakers.

5) Brooklyn Brewery: If you're looking for a fun night out, head to the Brooklyn Brewery for a tour and tasting of their locally brewed beers.

Market Report

Although it was less than previous weeks, a healthy amount of new listings were added to the market.

 During the week of March 20 - March 27 there were over 430 new listings to hit the market in Manhattan. The market's overall supply climbed by 2%. 

Based on all traffic at showings and open houses this last weekend, demand fell slightly. We can turn to both 

NYC schools being on Spring break and the nationwide bank issues to explain this pause.

What's Going on With The Banks?

Here's what you need to know and what it means for NYC real estate:

A few large banks that cater to the tech industry have collapsed after a bank run. It’s undeniably reminiscent of the financial meltdown that began with the bursting of the housing bubble 15 years ago. From March 10th-13th the U.S. seized financial institutions after a bank run on Silicon Valley Bank, based in Santa Clara, California. It was the largest bank failure since Washington Mutual went under in 2008. Signature Bank of New York has also been experiencing turmoil- a huge contributor to commercial real estate in New York.

At the same time, the bank industry’s struggles are likely to have a cooling effort on long-term mortgage rates, which had surged back above 7% by some measures as the Federal Reserve teed up more interest rates hikes.

Chen Zhao of Redfin said: “Buyers pounced when rates fell because they’re so volatile right now, which shows that there are plenty of people waiting in the wings for the right time to enter the market.” 

Property of the Month

201 East 66th Street #16C

Welcome to 201 East 66th Street Residence 16C. This two bedroom two bathroom home features excess natural light, modern open layouts, and custom built storage throughout..

Immediately through the front door is a lovely foyer. Upon entry, you are greeted with w closets including a walk-in oversized coat closet on the right. Directly opposite, you have two custom built floor-to-ceiling pantries. The beautifully crafted chef’s kitchen is equipped with the finest appliances; a Viking oven and microwave, Miele dishwasher, and SubZero refrigerator.

Next is the dining room and living space. The area allows for a large 10 person dining table. The living room has an entire wall of windows facing West toward 3rd Avenue.

Through the hallway are your two bedrooms. The first bedroom continues the wall of windows, comfortably fits a king bed, and has custom california closets. The guest bathroom features a soaking tub. And finally, the primary bedroom shares the wall of windows and custom california closets, while also housing an en suite bathroom. The primary bathroom is generous in size with has a North facing exposure allowing for ample light.

201 East 66th Street is a postwar building built in 1961 and converted to coop status in 1981. It is a full service building with a 24 hour doorman and is self managed. There are central air units in the apartments and the building has 2 passenger elevators and 1 service elevator. There is also a 24 hour attended garage. The board allows up to 65% of the purchase price to be financed and there is no flip tax. Small dogs are allowed. Washer/dryer allowed in the apartments with Board Approval. The building is located near shopping, restaurants, the Crosstown bus to Lincoln Center, and the Lexington Avenue subway at 68th Street.

February 2023

Lenox Hill Update
Check out what's new on the Upper East Side for the NYC Ronita Kalra Team!

1. Now Available - 201 East 66th Street, Unit 16C

2. Now Available - 304 East 65th Street, Unit 38AD

3. Offer Accepted - 1160 3rd Avenue, Unit 12B

4. In Contract - 1160 3rd Avenue, Unit 11D

Treat Yourself - Spas in NYC
New York City is known for its restaurants and museums but did you know it also has some of the most lux spas in the world? I recently experienced a massage at the Park Hyatt and did some digging to explore the great options that exist in our town. Here are the top 11 by Conde Nast.

1. Equinox Spa

2. Bamford Wellness at 1 Hotel BK Bridge

3. The Spa at Four Seasons Downtown

4. Shibui at the Greenwich Hotel

5. AIRE ancient Baths NY

6. Guerlain Spa at the Plaza

7. THE WELL New York

8. The Spa at Mandarin Oriental

9. Remedy Place

10. Spa de La Mer at the Baccaratt

11. Rescue Spa

Market Report
Last week was an impressive week for Mid February. Overall demand and sales volume jumped 6.5% and 12% respectively from the week prior.
The luxury market saw the highest number of contracts signed in over 9 months!
Inventory is still tight. New listings fell 20% week-over-week while overall supply remained flat.

Property of the Month
304 East 65th Street #38AD
FOR SALE and FOR RENT

Welcome to Residence 38AD at The Rio in Manhattan. This gut renovated two bedroom two bathroom home combined two apartments to create a seamless modern space in the sky. Spanning an entire half floor the unit features two private terraces, floor to ceiling windows, and City, River, and Central Park views.

Upon entry to the West is the vast living space with Northwest facing views. Along with two coat closets is a full bathroom, as well as eat-in kitchen. The chef’s designer open kitchen with Porcelanosa stone countertops and backsplash includes a breakfast bar and top of line appliances: Liebherr, Wolf, Viking 6 burner stove, and hidden Miele Washer & Dryer.

Back East are the primary and second bedrooms. The oversized master suite has a custom mill work walk-in closet with East River views, terrace access, and an en-suite bathroom. The second bedroom comfortably fits a king bed and also has terrace access.

Built in 1986, The Rio is an internationally-known condominium at 65th Street just off Second Avenue in NYC. This sophisticated 150-unit building offers residents an attentive uniformed staff, a health club, sauna, spa, steam room, swimming pool, common garden and lovely roof deck with breathtaking panoramic views.

Primary residence will be eligible for an additional tax abatement.

January 2023

Real Estate with Ronnie

My website has been updated! Check it out HERE for our latest New York listings, newsletters, videos, and testimonials. You'll find all things #RealEstatewithRonnie!

Interest Rates

Current rates in New York are at around 6% (lower than last month!) This rate however, can be lowered through negotiation of your property.

Here's how: the seller can buy down your rate. A "buy down" is a way for a borrower to obtain a lower interest rate by paying discount points at closing. Discount points, also referred to as mortgage points or prepaid interest points, are a one-time fee paid upfront. In the case of discount points, the interest rate is lower for the loan term.

In an alternate form of a buy down, the points purchased reduce the interest rate for a given amount of time at the beginning of the loan. This arrangement is typically paid for through funds escrowed by the seller. Since the interest rate is lower during this time, the borrower’s monthly mortgage payments are more affordable. The cost for each discount point depends entirely on the amount you, as the borrower, take out on the loan. Each point that a borrower pays is equivalent to 1% of the loan amount.

For example, a mortgage lender may offer a borrower the ability to reduce their interest rate by 0.25% in exchange for a point. So, if the borrower is obtaining a mortgage for $400,000 and is offered an interest rate of 4%, paying $4,000 would lower their interest rate to 3.75%.

Contact a mortgage broker to learn more.

Market Report

On a personal level, this last weekend we felt a turning point in NYC. We saw HIGH activity at all open houses across the market at all different price points. All of our buyers also agreed that the open houses they visited all had multiple parties.

According to Compass data, OH traffic was up 70%!

Last week we saw the highest sales volume in the luxury market in over 9 months.

There were 145 contracts total signed last week in Manhattan.

All these signs are pointing to a healthy strong recovery. 2023 is off to a great start!

Property of The Month
8 East 63rd Street

Welcome to 8 East 63rd, an exceptional 25’ wide townhouse located on a tree lined street between Fifth Avenue and Madison Avenue- along with the most exquisite real estate in New York City. This 10,000 sq. ft and 9 bedroom home features three private terraces, an elevator, 11’7 ceilings, 6 fireplaces, and so much more. The home encases two duplex apartments which are separate except through the main stairwell.

This one-of-a-kind 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.