Congestion Pricing
New York City has been cleared to implement congestion pricing, a practice that allows the city to charge drivers entering Lower Manhattan. The toll is formally known as the Central Business District Tolling Program — but it’s commonly called “congestion pricing.”
In practice, it works like any other toll, but because it specifically charges people to drive in the traffic-choked area below 60th street in Manhattan, it would be the first program of its kind in the United States.
Proposals range from charging vehicles $9 to $23 during peak hours.
Back to School
September marks the beginning of the school year here in NYC which means everyone is back in the city.
Sellers have returned from vacations and are ready to list their apartments and buyers are ready to pick up their search again hopeful for new inventory.
It's a transition month where the beginning still feels like summer and by the end we are in jackets ready to bring on Halloween! The month also brings on many religious holidays so it's also the start of celebrations for many New Yorkers.
As the month goes on we have seen an increase in activity in open house attendance, offers going out and contracts being signed. We are staying optimistic amongst lower than expected inventory!
Market Update
Luxury Market Update -
The most expensive home to enter contract last week was Unit PH at 44 Lispenard Street, which last asked $7.5 million. The second most expensive unit to enter contract last week was unit 14AB at 21 East 90th Street, with an asking price of $6.2 million. Of the eight homes to enter contract last week, six were condos, one was a co-op and one was a condop.
Property of the Month
Residence 19A
Welcome to Residence 19A at 167 East 61st Street. This 2 bedroom 2 and a half bathroom apartment was gut renovated with no expense spared. The corner unit features top of the line appliances, pristine finishes such as White Oak floors, high ceilings, and a wrap around private balcony.
Immediately upon entry is a welcoming nook with a large coat closet, as well as the powder room. Following a brief hallway is the massive open chef’s kitchen. The remarkable space is equipped with an in-wall espresso machine, wine cooler, Bosch appliances, Sub-Zero fridge, double hidden drawer dishwashers, and heating drawer attached to the oven. Off the kitchen is the laundry and storage room with plenty of shelving for all your cleaning supplies.
Next is the second bedroom, boasting an en-suite bath with heated floors and a soak-in tub. The additional bedroom also includes custom built-out closets and ample storage space.
Moving East through the dining and living room is the primary bedroom. Prior to entering is an extra walk-in closet with a keypad lock. The spectacular master faces South for the perfect exposure and has an excess of storage space. The en-suite bathroom has a double vanity, heated floors, and Porcelanosa stone shower with Graff furniture.
The seller currently holds 2 storage units in the basement for $2,000 annually ($1,000/unit). Spectrum is included in the maintenance for $70/month. There is currently a monthly assessment for $1,146.95/month until February 2024 for building improvements. 2% flip tax paid by purchaser.
One of Manhattan’s most prestigious buildings, 167 East 61st Street is situated on the coveted Upper East Side. This luxury building has a commanding entrance with a 2 story waterfall, a soaring lobby, 24 hour doorman, concierge, a fitness center, private community garden, garage and storage.
2% flip tax payable by purchaser. Owner financing available!
