Your weekly market update has arrived. Brought to you by the Martin Eiden Team at Compass. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Market by Martin

Brought to you by

The Martin Eiden Team

at Compass

New and Noteworthy

New Housing Policy Could Trigger Development Boom In New York City

After years of waiting, New York City finally has a housing policy with the potential to unleash a surge of new development including office-to-residential conversions.

Outlined by Gov. Kathy Hochul in the New York Fiscal Year 2025 Budget, the plan creates tax incentives for new housing. (Full Report)

Dow Closes 400+ pts Higher as April Jobs Report Bolsters Fed Rate Cut Hopes

All the averages capped off a winning week. The Dow and Nasdaq rose 1.14% and 1.43%, respectively, while the S&P 500 added 0.55%. Traders are pricing in a second rate cut by the end of the year. Fed funds futures trading data suggests a nearly 50% likelihood of a a 25 basis point rate cut in September. (Full Story)

How Hudson Yards Went From Ghost Town to Office Success Story

In March 2019, and 13,000 people were on Manhattan’s West Side at a star-studded opening ceremony for the largest private real estate project in US history: Hudson Yards.

A year later, the development was a ghost town. But now, 5 yrs after that grand opening, Hudson Yards has not only survived, but it has emerged as perhaps the most dominant office market in NYC.

(Full Story)

Team News

Miami Hangar Party

Last night, I attended my first (but hopefully not my last) hangar party in Miami. It was filled with private jets, super cars, great music, even better vibes, and some high profile attendees. The event was created and hosted by the amazing Kelly Robinson as a charity vent for Smiles Through Cars charity.

Watch

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Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.