3Q 2017 Manhattan Residential Market Report

Posted by RossEllis on October 4, 2017

The average price for Manhattan apartments dropped in the third quarter, as new development closings over $10 million fell 42% from a year ago. This decrease in luxury sales brought the overall average new development price down 24% from a year ago to $3,377,275.

The average price for all apartments fell to $1,961,480, which was 4% lower than a year ago and below $2 million for the first time in almost two years. For resales alone, prices averaged $1,619,737; a 6% improvement from the third quarter of 2016. In terms of price gains, co-ops led the way as their average resale price was 12% higher than a year ago.

While the total number of closings was 10% higher than a year ago, we must remember that the market was especially weak in 2016’s third quarter due to concerns about Brexit and the impending presidential election. After a surge earlier this year, the current luxury market has returned to the slower pace of 2016, with buyers once again concerned about inventory levels and events occurring worldwide.

The full report can be found here


NYC Restaurant Week Is Back

Posted by RossEllis on July 20, 2017

NYC Restaurant Week returns on  Monday, July 24th, and runs through Friday, August 18th. During this time, you can enjoy $29 three-course lunch menus and $42 three-course dinner menus at hundreds of venues across the city.
 
Click Here to find a list of participating restaurants and start making your reservations today!

Every year, twice a year, New Yorkers and those visiting Manhattan get the opportunity to dine in some of the "best of the best" restaurants for a three course prix-fixe lunch at these amazing prices.
 
The NY City Go web site includes notable chefsnew restaurant participants,  and features menu previews.
 
And for those of you thinking of making the move to Manhattan, it's not only a great way to try out our incredible restaurants, but it will help you relax over a sumptuous meal after browsing apartments all day with your broker to decide where you want to live.
 
Who knows -- you may want to live next door to one of these sensational Manhattan restaurants!
 
NYC Restaurant Week Tips:

Research - Get recommendations from friends and search the Internet for ratings. Most of the participating restaurants are the best that New York has to offer.
 
Reservations should be made in advance. DO Reserve Early - Normally, getting a reservation at these restaurants is difficult. Plan ahead. Reservations early in the week are usually easier than Thursdays or Fridays. Call to see if there were any cancellations as well.
 
Dress Code - When dining in New York's best restaurants, dress your best.
 
Tip Higher - Tipping more than 20% will get you first-class service that New Yorkers expect from these top restaurants.
 
A few of my fave participating restaurants and dishes:

Tao Downtown, 92 Ninth Avenue, NYC
My Fave Dish: Tuna Parmesan Sashimi with Parmesan, tomato wasabi salsa and crispy sesame stick

Morimoto, 88 Tenth Avenue, NYC
My Fave Dish: Duck, Duck, Duck – House-made croissant, roast duck, foie gras butter, duck egg and red miso sauce

Stanton Social, 99 Stanton Street, NYC
My Fave Dish: Tuna Poke Wonton Tacos, cilantro, avocado, crushed wasabi peas

Rôtisserie Georgette 14 East 60th Street, NYC
My Fave Dish: Watermelon Salad and Roasted Half Chicken Provençal, Herbes de Provence,

Rosa Mexicano – Tribeca, 41 Murray Street, NYC
My Fave Dish: CARNITAS: Slow-braised pork with cilantro, white onion and grilled pineapple. Served in a cast iron skillet with handmade corn tortillas

Felidia’s 243 East 58th Street, NYC
My Fave Dish: Traditional Italian Tasting Dinner! Guests are encouraged to eat the Italian way by experiencing a first course, a tasting of two pastas for the table, a main course, dessert & fruit


2Q17 Manhattan Market Report

Posted by RossEllis on July 6, 2017

Records were set for the average and median apartment prices in the second quarter, as the luxury market rebounded from a sluggish 2016. Closings over $5 million were 41% higher than a year ago, as the pent-up demand for these apartments was released after the presidential election. Overall, the market saw 23% more sales than in 2016’s second quarter, with 2,601 reported closings.

The average apartment price of $2,179,172 was 6% higher than a year ago, while the median price rose 10% to $1,205,000. The real strength of the market was resale apartments, as their average price rose to $1,686,224, a 9% improvement from the first quarter of 2017. While down from previous quarter the average new development price remained above $4 million for the fourth straight quarter.

The luxury market stalled last year, as buyers were held back by the uncertainty of Brexit and the U.S. presidential election. But after the election in November, buyers returned to the market leading to a sharp pickup in closings in the second quarter. It appears this bump has now leveled off, as recent contract signed activity has slowed in response to increased global turmoil. 

Click Here To Read The Full Version Of The Report



1Q17 Manhattan Market Report

Posted by RossEllis on April 4, 2017

The Manhattan apartment market rebounded in the first quarter, as both prices and the number of sales rose for resale apartments compared to a year ago. The average resale price rose 5% to $1,561,911—its highest level since the second quarter of 2015. A new record was set for the resale median price, which at $955,000 was 3% higher than 2016’s first quarter. There were 1,795 resale closings reported in the first quarter, which was 5% more than a year ago.

Including new developments, the average price for all apartments reached a new record of $2,174,105. The median price for all apartments of $1,150,000 was also a record, and 8% higher than in the prior quarter. A 17% decline in new development closings brought the number of sales for all types of apartments down 1% from the first quarter of 2016.

After slowing dramatically leading up to the presidential election, the Manhattan apartment market has started to pick up momentum. With much of the uncertainty now gone and sellers adjusting to the realities of the market, first-quarter market data was better than expected. While the data show a decline in new development closings, many of the deals are signed months or years in advance, so they are not always indicative of current market conditions.

The full version of the report can be found here


Just Published: Halstead Annual Report 2003-2016

Posted by RossEllis on March 31, 2017

Over the past 14 years, Halstead has offered the most comprehensive annual report available on the Manhattan apartment market.

Over 200,000 verified sales are included, a number of which were recorded after our quarterly market reports were released.

Also provided is a summary of relevant economic indicators, including data on employment, Wall Street, building permits and interest rates.

Highlights in the report:

• Manhattan apartment prices averaged a record $2,063,252 in 2016, 14% higher than the prior year.
• New developments were solely responsible for the increase in average price, as resale prices declined slightly last year.
• The average new development price of $4,082,292 in 2016 was 34% higher than the year before, and a new record.
• A new record was set in the median apartment price, which crossed $1 million for the first time.
• Market volatility and political uncertainty led to 8% fewer closings than in 2015.The 12,958 reported sales was the lowest annual figure since 2011.
• While Midtown East saw its average price jump 64% last year, this was due to the large number of closings at 432 Park, which inflated 2016’s data.
• Both Downtown markets and Upper Manhattan saw their average apartment prices rise in 2016.
• Midtown West posted the biggest decline in prices last year, due to a reduction in new development closings, particularly at One57.

Click Here to view the complete report


NYC Restaurant Week returns on Monday, January 23, and runs through Friday, February 10. During this period, you can enjoy $29 three-course lunch menus and $42 three-course dinner menus at hundreds of venues across the city. We've added a listing of participating local restaurants to our website; click here and start making your reservations today!

Every year, twice a year, New Yorkers and those visiting Manhattan get the opportunity to dine in some of the "best of the best" restaurants for a three course prix-fixe lunch at these amazing prices.

The NY City Go web site includes notable chefs, new restaurant participants,  and features menu previews.

And if you're thinking of moving to Manhattan, it's not only a great way to try out our incredible restaurants, but it will help you relax over a sumptuous meal after browsing apartments all day with your broker to decide where you want to live.

Who knows -- you may want to live next door to one of these sensational Manhattan restaurants!

NYC Restaurant Week Tips:

Research - Get recommendations from friends and search the Internet for ratings. Most of the participating restaurants are the best that New York has to offer.

Reservations should be made in advance. DO Reserve Early - Normally, getting a reservation at these restaurants is difficult. Plan ahead. Reservations early in the week are usually easier than Thursdays or Fridays. Call to see if there were any cancellations as well.

Dress Code - When dining in New York's best restaurants, dress your best.

Tip Higher - Tipping more than 20% will get you first-class service that New Yorkers expect from these top restaurants.