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!

August 2023

Bachelorette 101

It has been a busy summer for me, since both my sister and my cousin are getting married and I have had the privilege of planning 2 different bachelorette parties, 2 different bridal showers, and 2 weddings! 

I have been married for over 7 years and have attended about a dozen bachelorette parties. Therefore planning 2 this summer was a breeze for me, and I thought I would share some tips and tricks in case anyone else needs some help.

My first tip is do your research on Tik Tok. TT is a great place to watch videos and get reviews of the everything from excursions to nightclubs to restaurants. It's the modern Yelp and gives you updated experiences from people who recently went there.

Second, use the app Splitwise for accounting. It's a game changer! It keeps track of who paid for what so when the trip is done getting squared away is easy. 

Few things every itinerary needs:

1.  Group Workout - girls love doing group things and exercise should be one of them!

2. Excursions - boat ride, snorkeling, hike, or visit to some historical site of the location is always a fun activity to do during the day as a group.

3. Dress Code/ Theme - the opportunity to play adult dress up with your friends does not come often, enjoy it! 

Real Estate with Ronnie - Reference Letters

On this episode of Real Estate with Ronnie, we’re talking about getting great reference letters. If you're buying or renting in a coop or condo, the building may require some reference letters for the application. Watch HERE for some things to consider!

Market Report

August has been slow, but it's always slow. The city feels empty as most take their final vacations out of town. 

Only a few more weeks and then we are back to school and waiting for a busier fall market. 

We anticipate an increase in inventory come mid September - October 2023. Our advice is if you have something you are waiting to list- Right after labor day is the time.

Alternatively, you can wait 3 weeks past Labor Day when the existing listings typically reduce and come to market with a competitive edge. We are seeing historic averages regarding inventory most similar to 2018 which was a neutral market.

- contracts signed: 824 

- new inventory: 1,108

- 4.1% listings went into contract in the first 30 days

- Manhattan supply: 6,529

- pending sales: 3,504

- days on market average: 69 days (down 12% year to date)

Property of the Month

1160 Third Avenue 10AB

Off Market - Private Exclusive

Welcome to residence 10AB at the Frost House. Currently configured as a 1 bedroom 2 bathroom, this unit features ample custom storage, West facing views, private outdoor space, and a full home office. This oversized 1 bedroom can be easily converted to a 2 bedroom, please see our alternative floorplan.

The Frost House, located at 1160 Third Avenue between 67th and 68th Street, is a full-service cooperative built in 1965. There is a laundry room in the basement and a live-in Super. The Frost House is less than 10 minutes from Central Park, Bloomingdales, and close to a surplus of restaurants and bars. Located around the corner from the 6 train it is also a short walk to the NRQW, FQ and the nearby FDR.