Market Update
Q4 Manhattan Market Report
Manhattan finished Q4 2024 strong, as buyers on the sidelines re-entered the market. Despite elevated mortgage rates and ongoing inventory constraints, equity market gains and greater acceptance of current market conditions fueled sales by 10.6% compared to Q4 2023.
The median price reached $2.07 million, reflecting a 2.7% year-over-year rise, a testament to Manhattan’s enduring appeal. Read the full report here.
Deal of The Month
We are pleased to announce that we have closed on 29C at 167 East 61st Street. Our clients live in the building, and after months of looking, they were delighted to see that a three-bedroom apartment had become available in the same building!
With less to do on a board package and a gut renovation in their future - our clients closed on a bigger apartment in their building, allowing them to stay in their current unit while they renovate their new one.
Congestion Pricing
Congestion pricing has been a long time coming, marked by legal battles, public outcry, and even an unexpected temporary halt by the governor earlier this year. Two weeks into its implementation, it appears to be effective. New York City's congestion pricing, which commenced this month, may already rank among the most impactful climate initiatives ever introduced in the United States.
The concept behind congestion pricing is straightforward: imposing a toll to access the city center reduces the number of cars on the road. This alleviates traffic congestion and decreases greenhouse gas emissions and other harmful pollutants while generating revenue for the public transit system.
In the policy's first week, Manhattan saw a 7.5 percent reduction in traffic. Commute times have significantly decreased on major and typically congested routes, such as the Lincoln Tunnel, the Holland Tunnel, the Williamsburg Bridge, and the Queensboro Bridge. This results in reduced congestion and pollution and time savings for drivers who must travel. Meanwhile, ridership of subways, buses, and commuter rails has increased substantially.
Restaurant Week is here....are you ready?
Restaurant week is 19 days this winter, spanning from January 21 until February 9th. The prix fixe menus will start at $30.00, and restaurants can be found throughout the 5 NYC boroughs. This is the perfect opportunity to find a new favorite restaurant, sample a new cuisine, or dine at one of the City’s top restaurants
Some of the notable restaurants from this year's options:
Harlem
Enoteca Harlem: Spanish food that will have you coming back to this restaurant time and time again. They serve tapas to Paella, even a gringo burger. No one will leave without being stuffed and swearing to come back soon.
Upper East Side
La Voglia: A fantastic new addition to the Upper East Side. This gorgeous restaurant is where Italian classics meet contemporary cooking. You will find the classics and some new dishes that will tempt your taste buds.
Astoria
Rivercrest- American food at its finest with a wide variety that will make everyone happy. From the expected buffalo wings to Maple Fried Brussel Sprouts, Traditional burgers to Beer battered fish tacos…
South Street Seaport
The Tin Building by Jean-Georges has two participating restaurants. T. Brasserie is perfect if you prefer French fare, and House of the Red Pearl is an excellent choice if you are looking for unique Chinese dining. Once you have dined, wander the fabulous Tin Building and buy a freshly made baguette and authentic French Butter to take home to savor later.
