Spring is almost here, and with it comes a renewed sense of excitement in the real estate market!
Contract activity jumped 10.7% year-over-year in January, proving buyers are ready to move despite mortgage rates hovering around 7%. The luxury market ($4M and above) remains strong, with sellers strategically pricing and buyers eager to transact. As more inventory hits the market in the coming weeks, we anticipate a busy and competitive season.
Whether you’re thinking about buying, selling, or just staying informed, I’m here to help you navigate the market. Let’s connect and make the most of this spring’s opportunities!
Read on to learn more about:
Who is buying and selling in NYC?
What is my favorite new development?
The Luxury Market and Much More...
Enjoy the March Insider Report!
Nicholas DeLotell
New York and California Real Estate Advisor
Who is buying and selling in NYC?
Billionaire Ken Griffin Pays $45 Million for Upper East Side Co-op
Ken Griffin has purchased a duplex apartment at 740 Park Avenue in Manhattan for $45 million from Julia Koch, widow of David Koch. The Kochs originally acquired the five-bedroom residence in 2004 for approximately $17 million. Julia Koch listed the property for over $60 million in early 2022 before reducing the price to $48 million.
Designed by renowned architect Rosario Candela and completed in 1930, 740 Park Avenue is a 9-story building with 31 units. The building has been home to notable figures such as John D. Rockefeller Jr. and Jacqueline Kennedy Onassis during her childhood. Griffin's new residence spans approximately 8,500 square feet and has recently undergone a full renovation by designer Peter Marino.
What is my favorite new development?
517 WEST 29TH
516 West 29th Street
517 West 29th is a 10-story, 60-unit new development on Hudson Yards. The building features studio to two-bedroom residences. Churchill Real Estate is developing the project and RAND Engineering & Architecture, DPC is completing the design.
Located on 29th Street between 11th and 10th Avenue, residences feature oversized casement windows, custom Italian kitchens, Miele appliances, and marble kitchens and bathrooms. Amenities include a full-time attended lobby, residence lounge, fitness center, landscaped courtyard, roof deck, and garage parking available for purchase.
Crevette, located in the West Village, is the latest seafood-focused restaurant from the team behind Dame and Lord’s. The space features a bright, inviting design with pastel tones and a classic white-tablecloth setting. The menu highlights a raw bar selection, smoky salsa brava-topped mussels, and traditional bouillabaisse. Other standout dishes include skewers, roast chicken with fries, and a rhum cake with butterscotch for dessert.
Cactus Wren
Cactus Wren, located on the Lower East Side, is the latest venture from the team behind Sixty-Three Clinton. The restaurant offers an eclectic American menu featuring inventive small plates and indulgent snacks. Menu highlights include lobster beignets, aged comté pizza, and a seven-layer dip served with buttery flour tortillas and topped with a generous portion of caviar.
The View
The View, located in Times Square, is a revolving restaurant offering panoramic city views. Recently renovated by Union Square Hospitality, the bi-level space features a slowly rotating dining room that completes a full turn every hour. The menu includes classic American fare such as a horseradish-topped burger, a crisp martini with blue cheese-stuffed olives, and a towering slice of devil’s food cake.
Why is "Pattern Drenching" trending?
Pattern Drenching
Pattern drenching is a new home design trend that includes integrating similar prints and patterns across a room to get a dramatic, cohesive impression. This method goes beyond simple paint colors by combining wallpaper, upholstery, and décor in the same or similar patterns to create a cohesive look. It provides depth, character, and a sense of whimsy to interiors. The trend provides a new perspective on conventional design, creating a strong visual impact while keeping a sense of balance.
HOW IS THE LUXURY MARKET?
Residential Properties $4M and Above
Please feel free to reach out for a more in-depth look at neighborhood-specific market trends and data.
Source: Olshan Report
Which of our listings is your favorite?
Upper West Side
107 West 86th Street, #16A
2 BD 1.5 BA $1,295,000 CONTRACT SIGNED
Midtown East
333 East 46th Street, #17E
1 BD 1 BA 610 SF $598,000
Nicholas DeLotell
Associate Real Estate Broker
415.535.2734
nicholas.delotell@compass.com
Office: 646-982-0353
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.