September 27, 2023


New Estate

What’s Itemizing And What’s Promoting Proper Now In NYC’s ‘Discerning However Liquid’ Actual Property Market

4 min read

In its July 2023 Market Update, Midtown-based brokerage Elegran described the Manhattan and Brooklyn markets as “impartial, the place neither consumers nor sellers have a big benefit.” Whereas reducing provide and a pointy decline in median itemizing reductions might level towards a vendor’s market, a retreating demand and median value per sq. foot favor consumers.

Slightly below 1,000 contracts had been signed in Manhattan in June, or a large 14% lower from the month earlier than, whereas provide decreased by 3% to 7,300 listings, in keeping with the replace. Regardless of a quieting demand, gross sales above asking value elevated 12% from Q1. In Brooklyn, demand equally shrunk, down 8% with 670 contracts signed, and provide dropped 1% to three,250 listings.

As for the longer term, the report continues, “It stays unsure which path the market will shift and whether or not consumers or sellers will come out on prime. Solely time will reveal the end result as we higher perceive the longer term market trajectory.”

What appears all however sure is that the New York Metropolis luxurious actual property market will proceed to stay energetic with gross sales and distinctive new listings. Right here’s a take a look at a few of the newest $5-million-plus properties hitting or leaving the market

FOR SALE | SoHo ($5.75 Million)

Utterly renovated by 2022 Architectural Digest 100 agency Ike Kligerman Barkley, this 3,000-square-foot apartment places a luxurious spin on the traditional SoHo loft. 10-inch oak flooring runs all through the two-bedroom, two-bathroom residence. Stretching throughout the size of the sizable nice room, a white brick wall is outfitted with glossy wooden shelving.

Huge wooden beams run the width of towering ceilings. Some parts lean heavier on the luxurious than the standard loft house, like a main suite with a walk-in closet, soaking tub and heated flooring. Different highlights embrace a mirrored moist bar, service elevator and open-concept kitchen full with customized blue cabinetry, a seated island and top-of-the-line home equipment.

Kirk Eckenrode and Trevor Connolly maintain the itemizing.

SOLD | Park Slope ($7.2 Million)

The Park Slope space of Brooklyn has one the best resale values within the metropolis, in keeping with Jules Garcia, founding father of Waterview Advisory Group at Elegran. That is partially as a result of neighborhood’s assortment of enormous, historic properties, such because the not too long ago offered property.

Garcia not too long ago represented the consumers of a Park Slope townhome that offered for $7.2 million. Constructed simply earlier than the flip of the twentieth century, the Romanesque Revival townhome blends fashionable comforts with old-world glamour. This merging of types is finest showcased within the eating space, with its unique dado paneling and cabinetry, coffered ceiling and painted by hand wallpaper and the ultramodern kitchen, with glossy white cabinetry, stainless-steel home equipment and minimalist lighting. Protecting 5 flooring together with a basement, the 4,800-square-foot house matches 5 bedrooms and 4 loos. Exterior, the property contains an array of terraces, patios and backyard areas.

FOR SALE | Chelsea ($6.5 Million)

Housed inside Lifesaver Lofts, this 4,000-square-foot loft apartment is situated throughout the road from the Hudson River Greenway and fewer than a block away from the Excessive Line. This premier positioning paired with the house’s measurement and distinctive design make it one of the vital costly listings in Chelsea. An expansive nice room with 11-foot ceilings fronts the four-bedroom residence, centered by a powerful two-sided fire that serves as a delicate partition for an open but intimate flooring plan.

Restored cast-iron columns and brick partitions recall the commercial appeal of artist loft studios whereas high-end finishes like European oak flooring, Carrara Gold marble kitchen counter tops and large trim put the house’s status on show. Luxurious facilities embrace keyed elevator entry, an built-in Sonos sound system and state-of-the-art lighting. Elegran’s Ignacio Cesped holds the itemizing.

SOLD | West Village ($7.45 Million)

After six weeks available on the market and a bidding warfare, this 120-year-old townhome in historic West Village offered for slightly below the unique asking value of $7.5 million. Standing 4 tales tall, the three,500-square-foot house contains a Federal-style brick facade full with a quintessential New York Metropolis hearth escape.

Inside, the house marries turn-of-the-century appeal with up to date updates. Unique oak plank flooring, woodwork and built-in cabinets have been thoughtfully preserved. Two working fireplaces showcase ornate detailing and craftsmanship. A pitched roof, seaside wood-paneled ceiling and triple publicity make for a uncommon Hamptons-inspired retreat in the midst of the massive metropolis. The house’s rarest amenity could be discovered outdoors—an enclosed non-public backyard with a powerful Japanese Maple tree. Jules Garcia represented the consumers within the West Village sale.


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