November 2023

Thanksgiving

This year marks the 97th annual Macy's Thanksgiving Day Parade. Macy’s first was held in 1924 and they have hosted a parade nearly every year since—the only exception was a brief stretch from 1942 to 1944 wherein the parade was canceled to conserve helium for use during World War II.

We feel forever grateful for the constant love and support given to us by our clients, friends and colleagues. 

We are especially thankful to be able to gather with our family and children when so many are not so fortunate. 

War in the Middle East

The October 7th, 2023 terrorist attack was a horrific event. We feel so much pain thinking about the hostages still captured.

In the same breath we feel terrible about the innocent civilians losing their lives due to the retaliation war. 

Although big world events do influence the real estate market, we are optimistic since rates have fallen and traffic is remaining constant. We understand many in the world are suffering while we are sitting here writing newsletters and we acknowledge the reality many are facing. 

Praying for peace and resolution for everyone soon. 

Market Report

Finally there has been some relief in these higher rates! The interest rate on a 30-year fixed-rate mortgage is 7.125% as of November 20, which is 0.375 percentage points lower than Friday the 17th. Additionally, the interest rate on a 15-year fixed-rate mortgage is 6.250%, which is also one whole percentage point lower than Friday!

Although we're not in 2020 territory, we have seen that this drop has created movement in the real estate market. Our open houses were very busy and buyers are making offers the week of Thanksgiving!

 Remember- the best deals are found  during hard times! 

Deal of The Month

509 West 122nd Street Apartment 22

After a year and a half of looking with my cash buyer we were the winners of a bidding war on a 2 bedroom and 1 bathroom coop in Morningside Heights. This is a testament that supply issues will still lead to bidding wars in a difficult market! Being an academic, my client dreamt of living near Columbia University and finally got the opportunity.

The inventory there is scarce so when this turnkey, South facing, 2 bedroom came to market it was no surprise it got multiple offers.

We were able to secure the property and have been board approved! Check out this unicorn of a listing here. A great reminder, in slow real estate times, there will always be pockets of neighborhoods with bidding wars. 

Pre-war elegance meets sleek modernity in this spacious two-bedroom apartment in the historic Ogontz building in Morningside Heights. The Ogontz was highlighted in Apartment Houses of the Metropolis, a 1908 publication that introduced the ‘new’ concept of select apartment dwellings designed with capacious rooms, ornate interior details, lofty ceilings and luxurious amenities that exceeded urban expectations of the era.

October 2023

Market Update

2023 has not been an award winning year for New York real estate. While sales prices are slightly up, the amount of transactions is down across all price points and sectors. 

This is all clearly a result of rising interest rates and a lack of confidence in the economy as well as the most recent war in the Middle East. 

With that said, one positive note is that unlike in past years, each Quarter of 2023 has outdone the last in sales volume. Q3 saw more trades than Q2 and Q2 performed better than Q1.

Retail with Ronnie - Fall is Here!

With the crisp cool air upon us it is in fact sweater weather! Check out the latest arrivals on Retail With Ronnie to find cute blazers, sweaters, fall dresses and denim for the best dressed season of the year. Check out these weekend jeans I got several compliments on. 

Retail with Ronnie is a clothing rental subscription service where you can get up to 4 items at a time for $50/month. no commitments necessary, cancel anytime.

An Indian Wedding

My sister got married this past weekend and it was nothing short of a fairytale. Indian weddings are so unique and if you haven't been to one, I recommend befriending your nearest Indian immediately! They are multiple days and they are epic - here's the breakdown of events.

My sister got married this past weekend and it was nothing short of a fairytale. Indian weddings are so unique and if you haven't been to one, I recommend befriending your nearest Indian immediately! They are multiple days and they are epic - here's the breakdown of events.

Mehndi - first the woman of both sides of the family apply henna to their hands. This usually happens a few days before the wedding and turns into a party itself. 

Sangeet & Garba - The party before the party. A night of dancing and choreographed performances by the couples families, friends, cousins, and whoever else wanting to join in on the fun. Sangeet's usually celebrated by everyone. Garba is traditional for people from the state of Gujrat in India. 

Haldi - The bride and groom are covered by their family members in a tumeric paste before they get married. This is to purify them and exfoliate their skin so they look amazing.

Wedding - Hindu weddings can be very long but modern days ones are usually 45 minutes. The main focus is the 4 rounds the couple takes around the holy fire and the 7 steps they take together in life. The groom makes the bride wear a mangla sutra - a wedding necklace and they of course exchange wedding rings (we love our jewelry!) 

Cocktail and Reception - This is the same as in American culture. The father/daughter mother/son dances, speeches and lots of fun.

Property of the Month

11 Gramercy Park

For Rent
Welcome to Residence 3 at 11 Gramercy Park South. This beautifully restored 1400+ square foot duplex has three bedrooms and two full bathrooms. The property features original 100 year old hard-wood floors, an active wood-burning fireplace, and includes a key to the private Gramercy Park.

This special home is located in the elite enclave of the Gramercy Park Historic District. Gramercy Park is a privately maintained park in a most distinct section of New York City. This coveted location is also steps away from the finest restaurants, shopping, and convenient public transportation. Storage is available for an additional fee.

September 2023

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

167 East 61st Street 

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!