Hey Friends, This is my season! I mean I am pretty much the color of pumpkin-spiced anything... #gogingers October is such a great month in NYC. People are truly back from their summer plans, the weather is grand and Halloweeeeeen is soon approaching - the most wonderful time of the NYC year! This month I am highlighting the newly released third-quarter real estate market reports where rising rents and booming sales of entry-level homes seem to nod to the return of the city's in- person workforce. I am also looking at what could possibly fill up all of these vacant storefronts we are seeing... Hint hint it rhymes with shmannahbis. Plus plus plus a number of New York's iconic Halloween events — including the beloved Village Halloween Parade — are returning this year! As always if I can help you or your friends, families or colleagues with any of their real estate needs please let me know! Ready, set, boo!
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Q3 Reports Exemplify Strong Consumer Confidence
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Compass has released its third-quarter Market Reports for Manhattan and Brooklyn, and the results are impressive. In the Manhattan data, we see that sales volume for Q3 skyrocketed 215 percent year-over-year, reaching heights not seen since 2013. Homes priced under $1 million accounted for nearly half of all sales, while properties between $1 million and $3 million comprised almost 40 percent. While average sales prices slipped 4 percent from the blazing hot summer figures, overall, results emphatically dismiss the narrative that the city is dead. According to the Brooklyn Market Report, average price per square foot in the borough reached an all- time high of $867, a YOY increase of 20.6 percent. Average sales prices also rose 22.2 percent to just under $1.2 million. With a white-hot luxury market, in-demand townhouses and stunning new developments, Brooklyn proved once again in the third quarter that it is a destination, not an alternative. To learn more about what this data means for your home search or sale or to receive a copy of the reports, please be in touch.
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Could Cannabis Be the Cure for Empty NYC Storefronts?
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Back in June, I mentioned that the legalization of marijuana in New York State was spurring many industry operators on property searches for large-scale cultivation and production facilities. Soon, major players may also be seeking dispensary storefronts in the city, but the timeline is murky. In fact, even though legislators legalized cannabis seven months ago, there's still no way to legally purchase it. Not even the largest purveyors know when doors may open or even how many dispensaries they'll be allowed. Multi-state operator Curaleaf is currently anticipating retail sales to open in New York starting in early 2023, but hoping it'll be sooner given Gov. Kathy Hochul's interest in moving the process forward. It will be very interesting to see how this plays out as I can see future battles between landlords and coops/condos who most likely will not want a dispensary in their building... Although they may be best equipped to pay NYC retail rents.
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MY NEW YORK CITY – HALLOWEEN RETURNS EDITION!
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Halloween is absolutely one of my favorite holidays, and I'm thrilled that so many of the city's most cherished events are returning this year joined by some new and noteworthy activities! Get ready ghouls and goblins! Village Halloween Parade: Thanks to the support of generous benefactors, the Village Halloween Parade will return for its 48th outing on Halloween night with the theme "Let's Play!" The parade will wind up Sixth Avenue, from Spring Street to 16th Street, beginning at 7 p.m. under the auspices of 2021 Grand Marshall, colorful comedian Randy Rainbow. If you'd prefer to watch the antics from the comfort of your couch, the festivities will be televised on NY1 at 8 p.m. T ompkins Square Halloween Dog Parade: One of the season's most delightful scenes returns when the Tompkins Square Halloween Dog Parade once again takes place on Saturday Oct. 23. Held this year at the East River Amphitheater (near the Corlears Hook Ferry Terminal) between noon and 3pm, the event will feature pooches and people competing in categories, including scariest costume, punniest costume, best pop-culture reference and best hound and human team. Halloween Parade and Pumpkin Flotilla: On October 26 – 28, the Central Park Halloween Parade and Pumpkin Flotilla returns to the Harlem Meer for loads of family-friendly fun over three nights. Enjoy ghost stories, a scavenger hunt and more, culminating in the floating parade of jack o-lanterns on Thursday evening. The Witches' Ball at The McKittrick Hotel: If you loved "Sleep No More," then this sexy, spooky event from the same production team is for you! Described as "a descent into darkness, dancing and debauchery," the multi-faceted event runs Oct. 29 – 31 at Chelsea's The McKittrick Hotel. The Great Jack O'Lantern Blaze: Just outside the city, these two great family-friendly events — at Van Cortlandt Manor in Croton-on-Hudson and on Old Bethpage, Long Island — feature displays of thousands of hand-carved, illuminated jack o'lanterns and other immersive experiences. Happening now through Halloween.
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115 Christopher Street, Unit PH
$4,995,000 | 2 Bed | 2 Bath CONTRACT SIGNED
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43 Great Jones Street, Unit Penthouse
$4,595,000 | 3 Bed | 2.5 Bath
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130 Jane Street, Unit 1/2C
$3,250,000 | 3 Bed | 2.5 Bath New Price
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260 Park Avenue South, Unit 4G
$2,500,000 | 2 Bed | 2.5 Bath
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428 West 20th Street, Unit 2
$2,250,000 | 3 Bed | 1 Bath
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$1,495,000 | 4 Bed | 3 Bath CONTRACT SIGNED
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160 Bleecker Street, Unit 10LE
$795,000 | 1 Bed | 1.5 Bath CONTRACT SIGNED
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Compass is a licensed real estate broker. All material is intended for informational
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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.
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