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FROM THE DESK OF YOUR VEST-DRESSED SALESPERSON |
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When it comes to New York City real estate, it seems like we've been saying "this isn't normal" since the pandemic first arrived over three years ago. Back in 2020, sales stalled initially but bounced back relatively quickly as buyers sought more space and the industry learned to function with practically no in-person contact. Sales continued to roar through a brisk 2021 and 2022 until sharply rising interest rates eventually cooled things down last fall. Last month — what should've been one of the busiest months of the year — bank failures stunned buyers and sellers onto the sidelines, at least momentarily. The good news in this still-not-normal (I'm even boring myself saying this over and over again) market is April's slowdown seems to have been short-lived. On the heels of a smaller-than-expected interest rate hike and some faint optimism from the Fed, May activity has picked up, and sellers and buyers are ready to make some deals. The moral of the story is that even when the New York market is down, it's never out. Or, to paraphrase Mark Twain, if you don't like the state of the current real estate market, just wait a few minutes. Resiliency is the city's defining characteristic. And while I'm optimistic that activity over the next few months will hold steady, I sure look forward to the moment we can all say, now THIS is normal. Coffee? See above I like it and would love to have one with you... talk to me talk to me and let me know when you are available. And read below we got a little market update... we got a little casino in NYC update and we have a little summer music in the city update... We are keeping it short and sweet this month... more time to go out and enjoy that beautiful weather ooh Lala! |
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April Sales Wither After Bank Failures, but Rebound Quickly |
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Historically, April is a strong month for New York City sellers, but last month, sales fell flat after Silicon Valley and Signature banks collapsed. According to the head of Miller Samuel appraisal firm, Jonathan Miller, the story was much the same in markets across the country. While May data is preliminary, Miller also pointed out that he's seen an uptick in signed contracts, suggesting the pullback is already relaxing. "It looks like the seasonal uptick is continuing," he said. "The U.S. market just took a breath in April." In Manhattan, newly signed co-op contracts in April fell 25% month-over-month to 430 after having risen steadily in January, February, and March. Condo contracts also fell for the first time in 2023, down 16% month over month to 304. Brooklyn's results were similar, with new co-op contracts falling 14% and condo contracts down 21% from March. |
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BILLIONAIRES FLOAT BIG CASINO PLANS |
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The competition to nab one of three licenses available for downstate New York casinos is heating up, especially among real estate titans. Joe Sitt (CEO and founder of Thor Equities), Steven Soloviev (son of late developer Sheldon Solow), and real estate companies Related, SL Green, and Vornado are all expected to submit proposals before the yet-unspecified deadline arrives. For a paltry $1 million application fee, applicants must win over a six-member committee offering little direction as to what might impress them. To say the suggested deal "sweeteners" have been creative is an understatement. Eyeing their 6.7-acre vacant site on the East River, The Soloviev Group first floated the idea of a giant Ferris wheel but is now suggesting a massive light installation alongside their casino/hotel/residential development. Meanwhile, Jay-Z's Roc Nation, which has partnered with SL Green and Caesar's to pitch a Times Square casino, has offered to provide $115 million for theater programs and daycare for Broadway workers. One of the more logical (and so far, sedate) bids is likely to come from the Vornado group, which is considering a casino on the former site of the demolished Hotel Pennsylvania, right outside of Penn Station and Madison Square Garden. A casino would certainly have a better economic outlook than the group's previous plan for the lot — a supertall office tower. |
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MY NEW YORK CITY – OUTDOOR MUSIC EDITION |
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Summer.... outdoor concerts... in NYC... is the most deliscious of cocktails I have ever known! Now that the entertainment industry is back in full swing, I'm making the Summer of 2023 all about music in the city, especially outdoor concerts and festivals! Here are just a few of the great places I'll be catching shows this summer: Gothamist has rounded up a solid list of 30 must-see concerts and summer festivals, including several outdoor options. One of the biggest standouts is The Governors Ball which is headed to Flushing Meadows-Corona Park for the first time ever on June 9-11 with artists Lizzo, Kendrick Lamar, Little Nas X, and more. On June 21-22, head to nearby CitiField to catch Dead & Company, featuring frontman Bob Weir along with John Mayer, drummer Jay Lane, and keyboardist Jeff Chimenti. Another outdoor highlight of the summer will be T-Pain at The Rooftop at Pier 17 on July 11.
Lincoln Center Summer for the City will be the place to be all summer long, thanks to hundreds of events scheduled from June 14 through August 12. Outdoor highlights include a salsa-themed opening night on The Dance Floor in the main plaza, a Pride Month tribute to the iconic Sylvester in the adjacent Damrosch Park space on June 15, and a series of 25 Silent Disco with everything from K-pop to hip-hop played through attendees' headphones.
SummerStage is one of my favorite NYC musical institutions. This year, the program will bring 80 performances to Central Park and neighborhood outdoor spaces throughout the city. In Central Park, this year's lineup includes the Indigo Girls, Michael Franti, and Spearhead, Noel Gallagher and Garbage, Regina Spektor, the Charlie Parker Jazz Festival, and Park Jams, a Juneteenth celebration just in time to honor the 50th anniversary of hip-hop.
Check out even more great outdoor summer music at Brooklyn Conservatory of Music's Open Stages, Bryant Park Picnic Performances, Backyard at Hudson Yards, and Forest Hills Stadium, which consistently offers one of the best summer lineups in the city.
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| | 30 East 62nd Street, Unit PHC |
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| | | | 643 East 11th Street, Unit 1B |
| | 2 BD 2 BA 1,504 SF $1,795,000 |
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| | | 421 Hudson Street, Unit 418 |
| 2 BD 2.5 BA 1,688 SF $2,895,000 |
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| | | | 450 West 17th Street, Unit 1112 |
| ALCOVE 1 BA 612 SF $1,095,000 |
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| | | | | 2 BD 1.5 BA 1,700 SF $25,000 |
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| | | | | | 2 BD 2 BA 2,250 SF $18,000 |
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| | | 80 Columbus Circle, Unit 67B |
| | 2 BD 2.5 BA 1,637 SF $19,500 |
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| | | | 400 Park Avenue South, Unit 25B |
| 2 BD 2.5 BA 1,830 SF $13,500 |
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Licensed Real Estate Salesperson Licensed as Edward R Freiberg |
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Office: 212-913-9058 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. |
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