The market picked up a lot of steam in the 4th quarter, fueled by lower prices, a stronger economy, and more consumer confidence post-election.

Closed sales increased by approximately 3% year over year, but the big jump was with signed contracts (deals that will now close this quarter), which were up a whopping 22%. This was the largest annual increase in contract activity in three years!

The increase in signed contracts also coincided with price declines in the 4th quarter. The median price in Manhattan fell 4% to $1,100,000, the lowest 4th quarter figure in five years. The average price per square foot declined for the seventh straight quarter by 2% to $1,811. The average price per square foot for co-ops rose 5% to $1,247, bolstered by some sales over $2,000 per square foot along prime co-op corridors like CPW, Fifth, and Park Avenues. Meanwhile, the average price per square foot for condos dropped 10% to $1,780, with resales of new and newer developments tapering off this quarter.

Inventory declined year over year by 8% to 5,900 active listings, the lowest number since early 2017. Only 3,200 new listings came on the market in the 4th quarter, a drop of 6% from last year.

If you think a lot can happen in a year, imagine five years! Where were we five years ago? Compass’ Chief Evangelical Officer provided this fascinating list:

• Five years ago in January, we had just started hearing the rumblings of COVID. Many people, myself included, thought that this “won’t affect me.” Boy, was I wrong! While we have mostly recovered, some lingering scars remain.

• The Dow Jones was at 28,868 five years ago. Today, it's over 42,000—up around 55%, or about 8.8% per year compounded, which is about 4x the rate of inflation.

• The S&P 500 was at 3,257. Today, it's nearly 6,000—up around 90%, or 13% per year compounded, which is 6.5x the rate of inflation.

• U.S. GDP was $21.3 trillion. Five years later, it's just over $29 trillion—up about 35%, or 6% per year compounded.

• The U.S. debt was $22.7 trillion. Today, it's over $36 trillion—up 45% in five years.

• GDP per capita was $65,500. Today, it's over $86,000—up over 31%, or 4% per year compounded.

• Oil prices were $63 per barrel. Today, they're slightly over $70—up 11%, or about 2.2% per year compounded, which aligns with the target rate of inflation.

• Notre Dame Cathedral in Paris was a charred wreckage. Today, it's fully rebuilt and magnificent!

• Five years ago, A.I. was barely mentioned. Today, it's everywhere!

The Algonquin Round Table was a famous literary movement, but it was also an actual round table inside midtown’s Algonquin Hotel. Now, after a six-month restoration, the original round table is back at The Algonquin Hotel, Autograph Collection—and you can go visit it.

More than a century ago, the Algonquin played host to literary juggernauts such as Dorothy Parker, Franklin Adams, Robert Benchley, Edna Ferber, Harold Ross, Robert Sherwood, Alexander Woollcott and more. The group, who called themselves "The Vicious Circle," met for lunch at the hotel's round table. Now once again, the newly refurbished table is playing host to the city's tastemakers. 

You can find the round table inside the hotel at The Round Table Restaurant. Look for the table (round, of course) with the tall blue booth that curves around it. You can practically envision the literary greats who packed into the seats around it.

Going back to the Roaring Twenties, the sharp-tongued theater critic Dorothy Parker was one of the round table's members. During her time with the round table crew, her fame grew as daily newspapers published her sharp and witty phrases. She wrote for Vogue, Vanity Fair, and Life Magazine, as well as wrote short stories, poems, and screenplays. Another round table acolyte was Harold Ross. He often played poker at the hotel, and with a winning hand, he used the proceeds to finance The New Yorker magazine, becoming its founder and editor. The hotel shares even more stories of the round table members here.

A new breed of companies in New York City is catering to some of the city’s wealthier dog owners – offering spaces complete with dog trainers, organic pet food and curated experiences for humans.

“It's kind of a magical space because everyone there is a dog person,” said Liam Underwood, co-founder of Dog PPL, a members-only club in Santa Monica that is opening a Williamsburg location this spring.

Some of these dog clubs offer amenities like coffee shops and bars; another promises to “foster a deeper connection between you and your dog.” One has a year-long waiting list.

Private spaces for dogs are not new – doggie daycares have been operating in the city for decades – but these clubs offer new luxury amenities (such as triple filtered dog water) in addition to programming geared to help humans socialize.

Dog PPL, for example, hosts a country music festival every spring, DJs on Friday nights, and has organized pottery classes to make your own dog bowl. Happy Tails in Tribeca offers a Cafe, multiple themed rooms for pups, and self-grooming stations (where owners can easily groom their dogs). And at the SoHo Grand, the pioneer of luxury dog clubs in New York City, they offer a fenced outdoor street level park, festooned with hydrangeas, open daily from 7 a.m. to 7 p.m.

“You are not just dropping off your dog and leaving them here, we want to create an experience for the dog and for the human,” says Teddy Tawil, co-founder of Happy Tails in Tribeca.

Local fans of these clubs say they provide safety for their pups, as well as space for their dogs to run. One owner said when she took her Goldendoodle to local dog parks, the pup often came back scratched up. But she found that dogs at Soho Grand were “well-mannered.” Dog owners also said they appreciate the feeling of community fostered at the clubs.

Critics, at least on local Reddit threads, say the prices – which can range from around $60 for a half day at Happy Tails to roughly $1,400/month for full time dog care at some clubs – are laughable in a city with a housing shortage and rising homelessness.

“If you have the disposable income to waste north of $1300 per year for what essentially sounds like a glorified dog park membership, don’t tell me you give a [s***] about dogs. You give a [s***] about being seen as elitist and cool,” wrote Reddit user Few-Horror 1984.

On a recent weekday at Happy Tails in Tribeca, the vibe was akin to a preschool for dogs. The club's 3,000-square-foot play area was brightly lit and covered with bright green astroturf. It was divided into differently themed areas, including one decorated like a jungle. A Goldendoodle stood atop a play structure while a trainer coaxed it to come down a slide.

Dog owner Bree Groff was watching her dog, another Goldendoodle, from behind a one-way mirror.

Murray Hill | CC's: $2,580/m

Offered at: 

Welcome to apartment 12K at 155 East 38th Street. A stylish and renovated three-bedroom and three-bath condominium with a home office and terrace in the heart of the historic section of Murray Hill. This corner residence features an expansive living room with options for multiple seating arrangements and a wall of sunny southern and western windows providing beautiful light all day long.

A separate dining area is spacious enough for the largest of dinner parties and an additional solarium space creates options for bonus living space, a breakfast nook, or a gallery all with stunning southwest exposures and city views including the Empire State Building. The generously sized setback terrace is accessed from the solarium and the primary bedroom.

The recently renovated kitchen has all the bells and whistles including custom white cabinetry, Caesarstone counters, and stainless-steel appliances. The kitchen is open on both ends creating the perfect flow for entertaining.

The large and separate primary bedroom suite features a built-in office, a walk-in California closet, and access to the terrace. The spa-like renovated en-suite bath features a large rain shower, a custom double sink vanity, and the best fixtures and finishes.

There are two well-proportioned additional bedrooms with stunning southern exposures and generous closet space. A separate home office or den features a built-in desk and bookshelves. The two additional full baths have been meticulously renovated.

Other features of this spectacular residence include new wide plank white oak floors, a combination of through-the-wall AC and a split system, and an abundance of storage throughout the apartment with 12 closets and a massive walk-in storage room.

155 East 38th Street is a full-service condominium is located in the heart of Murray Hill and Midtown South and features low carrying costs, a full-time doorman, and a resident manager. The pet-friendly building features an on-site garage bike storage, and a new laundry room. The central location is incredibly convenient and proximate to Grand Central Station, Park, and Fifth Avenues, and surrounded by the best shopping, restaurants, and all modes of transportation.