Resort-Style Living: NYC’s Hottest New Trend in Luxury Real Estate
Experience the ultimate in resort-inspired luxury with NYC residences that bring exclusive amenities and a retreat-like atmosphere right to the city.
Read MoreOff the MRKT Q&A with Peter Zaitzeff, Sales Director of New Development at SERHANT.
Off the MRKT spoke with Peter Zaitzeff, New Development Sales Director at SERHANT., to discuss the firm’s innovative real estate marketing strategies, showcased in the Netflix hit Owning Manhattan. Peter offers insights into the unique allure of 200 Amsterdam — a best-selling luxury development on the Upper West Side featured on the show — and shares his perspective on emerging trends and buyer preferences in New York’s evolving luxury market.
Peter Zaitzeff
As New Development Sales Director at SERHANT., you're at the forefront of the company's rapid growth. How would you characterize SERHANT’s approach to real estate? What makes your team so successful?
SERHANT.’s approach leverages cutting-edge technology and a powerful social media presence, enabling us to stand out in today’s market. Ryan Serhant’s vision challenges the status quo and aims to truly disrupt the real estate industry.
Unlike traditional brokerage firms, SERHANT. has redefined how media is integrated into real estate, creating content that's both highly accessible and exceptionally polished. Our ‘Studios’ department illustrates this commitment — it's a dedicated in-house team focused on producing top-tier media content, which isn’t seen at other firms.
SERHANT. has become known for its innovative marketing and media presence, including the success of its Netflix reality show Owning Manhattan. How has the media exposure influenced the way you approach new development sales?
Media exposure is essential in today's real estate market, particularly for new developments — it puts our properties on a global stage, reaching an international audience. The response to Owning Manhattan has been phenomenal – our office has almost become a tourist destination, with people stopping by just to take photos of the building.
Photo Credit Williams New York
A luxury property on the Upper West Side, 200 Amsterdam, was featured in the season finale of Owning Manhattan. How has this type of exposure impacted buyer interest in the building?
Since the show aired, we've seen a significant increase in inquiries across the board. While a TV show alone can’t cement the sale of a luxury property, it has certainly generated considerable interest in 200 Amsterdam’s residences and attracted many prospective buyers following the building’s appearance in the finale.
Tell me a little more about 200 Amsterdam. What sets the building apart from other luxury buildings on the Upper West Side?
200 Amsterdam, one of the tallest buildings on the Upper West Side, is a rare ground-up new development in the neighborhood that seamlessly blends classic New York architecture with modern amenities and conveniences. With floor-to-ceiling glass windows, the tower offers unbeatable views of nearby Central Park and the Hudson River. The 10-foot ceiling heights, meticulously-designed layouts, and expansive living and entertainment spaces elevate each residence, making them truly exceptional.
Which of the building’s features have resonated the most with prospects?
200 Amsterdam’s open views of Central Park and the Hudson River are a major highlight, with some full-floor residences offering 360-degree panoramas so expansive that, on a clear day, you can see the Statue of Liberty. Buyers are also drawn to luxurious amenities like the 75-foot saltwater lap pool, state-of-the-art gym, sports simulator and composers-themed children’s playroom. The exclusive partnership with Lincoln Center, which provides residents with premier access to an array of performances, adds to the building’s unique appeal.
Additionally, the white-glove and concierge services, which can arrange everything from plane tickets to dinner reservations and dry cleaning, are particularly appealing to empty-nesters or those returning to the city after years in the suburbs, eager to experience the best of Manhattan.
We’re halfway through 2024. Looking at the New York City market, what are some of the key trends and buyer preferences we can expect throughout the rest of the year?
As we move into the latter half of 2024, we’re seeing a steady stream of contracts, especially from buyers focused on brand-new properties. Many of these are all-cash buyers from the tri-state area, looking for pied-à-terre units of varying sizes, intent on finalizing their purchases before any market uncertainty following the fall election.
In terms of buyer preferences, there’s a strong demand for residences with comprehensive hotel-style amenities and services, like those I mentioned earlier. Some buyers are opting to downsize or purchase new properties rather than undertake renovations. We’re also seeing a notable transfer of generational wealth, with families investing in properties for the long term.
What is it about these luxury buildings that compels parents to pay all cash for their adult kids? How is this trend impacting the luxury market?
Parents view these luxury buildings as solid, long-term investments for their adult children and future families. In the wake of the pandemic, there's also reassurance in knowing their children are in safe, secure buildings that offer everything they might need. This trend has been steadily growing since 2020, particularly among out-of-town buyers who prioritize full-service properties and proximity to institutions like Juilliard, Columbia and NYU. Even when buyers are purchasing for themselves, we’re seeing a rise in parents willing to pay a premium to be closer to their children attending college.
What advice would you give to someone looking to buy in the New York luxury real estate market today, whether as an investor or a first-time buyer?
My advice is to always aim for A+ properties, even in down markets — anything less is likely to suffer if the market shifts. A+ properties, like 200 Amsterdam, tend to perform well regardless of market conditions. It's important to find the right fit and act within the right time frame. As a broker, my philosophy is to help clients find a home they love that’s also the best possible investment for them.
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Discover NYC's Chic Condos with Upscale Entertaining Spaces
With spring in full swing and warmer weather enticing New Yorkers to gather and socialize, now is the perfect time to explore some of NYC's top developments featuring luxurious entertaining spaces. From chic bars to stylish lounges and elegant dining areas, these condominiums offer residents the perfect settings for hosting memorable gatherings, all within the comfort of their own buildings. High-design condos like Monogram NY, Sutton Tower, and Front & York showcase the importance of providing upscale entertainment options, embracing the concept of layered entertaining where residents can seamlessly move from cocktails to cozy lounges and sophisticated dining areas.
Monogram NY: Elegance in the Heart of Midtown
Photo Credit: Recent Spaces
Designed by Ismael Leyva Architects with interiors by the acclaimed studio Neri&Hu, Monogram NY is a stunning new development situated in the heart of Midtown Manhattan. This elegant condominium effortlessly blends serenity with the vibrant flair of New York City. Residents at Monogram NY can indulge in the top-floor amenity package known as the "Sphere Club." This sophisticated bar and lounge is attended by dedicated staff and offers sweeping panoramic views of the iconic New York City skyline, creating an atmosphere reminiscent of a private club. The Sphere Club also includes a reading room lounge with a fireplace, an intimate bar, and a private dining room with a catering kitchen, all enveloped by expansive city skyline vistas. These luxurious spaces provide residents with the perfect settings to host events and gatherings, ensuring a tailored experience for every occasion.
Sutton Tower: Grand Entertaining on the East Side
Photo Credit: Courtesy of Sutton Tower
Standing as the tallest residential tower along Manhattan's East Side waterfront, Sutton Tower is a defining New York address that boasts unrivaled views and dynamic design by the celebrated designer Thomas Juul-Hansen. The condo building's thoughtful amenity collection, known as The Sutton Club, embodies the Upper East Side’s tradition of grand entertaining. The large private dining room, adorned with warm, elegant finishes and an adjacent chef’s demonstration kitchen, is ideal for hosting and toasting with loved ones on special occasions. Residents also enjoy a secondary dining lounge, providing a more casual, intimate space for gatherings. The entertainment opportunities continue in the building’s skylit club lounge and adjacent terrace, as well as the plush screening room equipped with custom sofas, a wet bar, and a cinema-level audio-visual system. These amenities ensure that Sutton Tower residents have an array of options for hosting any type of event in style.
Front & York: A Luxurious Urban Experience in DUMBO
Photo Credit Colin Miller
Front & York, designed by celebrated architect Morris Adjmi, offers an amenity-driven luxury urban experience in DUMBO with one of NYC's largest and most comprehensive amenity collections, spanning 150,000 square feet. Perfect for residents looking to host intimate gatherings or holiday get-togethers, Front & York features a luxurious wine room connected to a chef's kitchen, creating an ideal suite for custom dining experiences. The development also boasts a dedicated party room with a beautiful dinner table for more formal sit-down dining experiences, as well as a billiards lounge complete with a pool table and bar, making it the perfect customizable suite for any occasion. These thoughtfully designed spaces ensure that residents can entertain in style, whether it’s a casual get-together or a grand celebration.
A Seamless Entertaining Experience
Monogram NY, Sutton Tower, and Front & York exemplify the trend of incorporating upscale, versatile entertaining spaces into residential developments. These condominiums not only provide luxurious living spaces but also create an environment where residents can host memorable events without leaving the comfort of their homes. From intimate lounges to grand dining rooms and everything in between, these developments offer the ultimate entertaining experience, reflecting the sophistication and elegance of New York City living.
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Soak Up the Sun: NYC's Best Outdoor Spaces Unveiled for Spring
Step outside and discover New York City's hidden outdoor gems this spring, from serene Zen gardens to lively communal terraces designed for the ultimate urban escape.
Read More
You Only Have One Chance to Make a First Impression
By Lisa K. Lippman, Brown Harris Stevens
The goal when preparing a property for sale is to make sure that it looks as good as it possibly can. Each room should appear as a fresh and bright clean slate in an effort to help buyers imagine themselves living in the space. Whether it is an overlooked collection of products on the bathroom counter or a fuzzy film on the window that muddies the views, it is the little things that make all the difference.
Here, top Manhattan real estate agent Lisa K. Lippman shares four proven tips that will help your home make a great first impression.
Consider staging with fresh furniture.
If you are planning on moving, the furniture will likely need to be removed anyway. Declutter each room as much as possible, pack away collections and picture frames, and keep surfaces curated. Remember, less is always more.
Don’t miss a detail.
Make sure all light bulbs are working, do any needed paint touch-ups, clean rugs and replace dark colors with a lighter option, wash the windows, and regrout bathrooms and kitchens.
You’re best-off pricing close to where you think something’s going to sell.
When you price your home, forget aspirational pricing and everything you knew from a year ago. What is really important is to talk to your broker about where properties are trading now. You want to be the most attractive property, both in your product type and in your price point (5-7% of your price). If you make something very compelling in every way, you may not have to negotiate.
Account for renovations when pricing.
It can cost $700 per square foot and up to renovate these days, and it takes longer than it used to. You will also need to factor the cost of the buyer having to live someplace else while renovating. Those numbers add up and should all be kept in mind when pricing.
Lisa K. Lippman
Lisa has been the number one agent at Brown Harris Stevens for the past eight consecutive years and was most recently named number six in New York City for seller represented sales, preceded only by large teams and actual companies. With over 25 years of leading industry experience, Lisa’s depth of expertise, marketing savvy, and personal attention to every detail is sought out by buyers and sellers of high-end cooperatives, condominiums, and townhomes throughout Manhattan.
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Spring Awakening: Inside New York's Luxury Condos Where Design Meets Seasonal Splendor
Step inside New York's most luxurious condos where spring isn't just in the air—it's in every detail of their stunning seasonal interiors!
Read MoreManhattan Real Estate Resurgence: Insights from Q1 2024 Compass Market Report
Explore the latest trends and expert insights from the Q1 2024 Compass Manhattan Market Report. Discover the resurgence in Manhattan's real estate market, with a focus on buyer behavior, neighborhood growth, and future outlook.
Read MoreLuxe Outdoor Living Spaces for Spring: Embracing the Season in New York's Finest Residences
As winter gives way to the vibrant hues of spring, New Yorkers with a penchant for luxury and outdoor living find themselves in a season of rejuvenation. This year, several exclusive residences in the city are showcasing their private outdoor spaces, perfect for entertaining, relaxation, and enjoying the beauty of nature. Here's a look at some of these exquisite properties, each offering a unique way to welcome the spring season.
The Wales Penthouse in Carnegie Hill
Photo credit David Paler
The Wales, a boutique hotel turned condominium in Carnegie Hill, features a Penthouse that epitomizes luxury outdoor living. Priced at $21.5 million and represented by Adellco, this residence boasts a massive 3,114 square foot terrace over two levels, offering panoramic views of Central Park. The Penthouse's elegant design and expansive outdoor spaces make it an ideal location for springtime enjoyment.
313 West 20th Street, Chelsea
Photo credit Hayley Ellen Day & Joel Pitra of Dreps
In the sophisticated neighborhood of Chelsea, 313 West 20th Street stands as a beacon of grandeur. Listed at $12,500,000 and represented by Vickey Barron, this expansive townhouse features multiple private outdoor spaces, perfect for embracing the spring season in style.
238 Greene Avenue Townhouse, Brooklyn
238 Greene Avenue in Brooklyn’s coveted neighborhood is a single-family townhouse that marries upscale finishes with the joys of outdoor living. Priced at $3.5 million and represented by Bianca D’Alessio of Nest Seekers International, this residence includes a backyard, sun terrace, and rooftop deck, offering a serene escape in the heart of the city.
145 Central Park North, #2A Central Park North
Photo credit Brad Dickson and Jakob Dahlin
Residence 2A at 145 Central Park North, priced at $2,995,000 and represented by Mike Fabbri of Nest Seekers International, features a 500+ sqft landscaped terrace with an outdoor kitchen. This 3-bedroom residence provides a lush, private space for residents to enjoy the spring season amidst the urban landscape.
These residences not only offer luxurious indoor living spaces but also provide an opportunity to indulge in nature's beauty, right in the heart of New York City. As spring unfolds, these outdoor spaces become the ultimate urban sanctuaries, blending the best of both worlds.
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New York's Winter Warmth: Inside the City's Luxurious Residences with Fireplaces
New York City, known for its bustling streets and towering skyscrapers, also harbors cozy sanctuaries for those who relish the winter season.
Read MoreBest Place to Unwind? Reading Rooms in NYC Luxury Buildings
Winter is the perfect time to get some reading in. But are you looking for the perfect spot outside of your home for some quiet reading or to host a book club? We rounded up some of the best luxury buildings offering amenities geared toward book lovers with designated reading rooms and curated libraries.
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After a period of stagnation, the real estate market will see a comeback this Spring
Manhattan is arguably one of the most competitive real estate markets, and it has earned the right to be. From stately prewar to shiny postwar buildings brimming with a thoughtful mix of classic and trendsetting design, there is a property that speaks to everyone.
This Spring season will bring a renewed energy, marked by a wave of interested buyers, competition, and a return to financing. The following proven tips will help buyers prepare for success.
Confident, not cocky. Buyers will approach the Spring market thinking they have the upper hand, however, they will quickly realize that they in fact, do not.
Pressure is building. The pace of the market has quickened in-step with increased competition. To break away from the crowd, buyers will need to ensure that they have their ducks in a row at the onset of their search, and be prepared to react with smarter, more efficient offers.
Appropriate is the new aggressive. Financing is creeping back into the market, high negotiability is a thing of the past and both sides will need to work a little bit harder. This season, buyers should be prepared to make offers closer to 5% within the asking price for the best chance of an accepted offer.
Location, location, location. We’re seeing the perennially popular Soho, West Village, and prime Tribeca maintain rank among the city’s desired areas. Additionally, buyers continue to crave the Upper West Side and Upper East Side’s properties along the Park.
Bonus tip to all sellers. Sellers often do not act quickly enough when a market softens, and much too quickly when it seems the market has a positive outlook. Due to this, we will continue to have a price sensitive market. Sellers need to know the market and take the condition of their property into account. The cost of taking on renovations in New York City is high and the property must be priced rather attractively, otherwise people just won’t act on it.
Lisa K. Lippman
Lisa K. Lippman has been the number one agent at Brown Harris Stevens for the past seven consecutive years. With over 25 years of proven industry experience, her depth of expertise, marketing savvy, and personal attention to every detail is sought out by buyers and sellers of high-end cooperatives, condominiums, and townhomes throughout Manhattan.
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Elegant Contrasts: NYC's Latest Developments Showcase Timeless Black & White Interiors
In the ever-evolving world of interior design, certain trends emerge as timeless classics, transcending fleeting fashions to create spaces of enduring elegance. Among these, the black and white color palette stands out as a perennial favorite, offering a blend of sophistication, simplicity, and versatility. In New York City, a metropolis known for its dynamic and diverse architectural landscape, this classic combination is being embraced with renewed enthusiasm. Iconic developments like One High Line, Maverick Chelsea, 53 West 53, 547 West 47th Street, and The Astor are leading the charge, showcasing how black and white interiors can transform living spaces into works of art. These developments not only reflect the city's architectural heritage but also its forward-thinking design ethos, proving that in the realm of luxury living, sometimes the boldest statement is the simplicity of black and white.
One High Line
Photo Credit: Nicole Franzen
Designed by the world-class Danish architect Bjarke Ingels, One High Line is a luxury condominium project spanning a full city block in Manhattan's West Chelsea neighborhood. One High Line is comprised of two sculptural twisting travertine towers, with interiors of the West Tower by Gabellini Sheppard and the East Tower by Gilles & Boissier. The interiors reflect a sophisticated use of natural materials and refined finishes, each selected to enhance the comfort of everyday life.
Primary baths at One High Line feature a stunning combination of Honed Arabescato Vagli, African St Laurent, and Honed Arabescato Vagli Oro marbles, creating a beautiful contrast in the space. The black and white marbles are complemented with a Kaldewei bathtub, NU-HEAT radiant floor heating, and a dual-sink accentuated with polished nickel fittings by THG. This masterful combination of materials elevates the bathroom's ambiance, and is designed with timelessness and elegance in mind.
Maverick Chelsea
Photo Credit: Maverick Chelsea
Located at the crossroads of New York City’s most vibrant neighbourhoods, where Chelsea meets The Highline and Hudson Yards, Maverick Chelsea presents an exquisite condominium designed inside and out by the New York-based DXA studio. The recently completed luxury development offers 87 distinctive condominium residences, each characterized by its unique charm. Residence 8A is a two-bedroom, two-bath home boasting a primary en-suite bath with a spa-like atmosphere and classic black and white color palette. In addition to the stellar white honed marble floors and chevron mosaic black porcelain accent wall, the bath features a freestanding soaking tub with separate glass-enclosed shower and radiant heated floors.
53 West 53
Photo Credit: Evan Joseph
An impressive and unmistakable addition to the Manhattan skyline, 53 West 53 is the striking condominium tower rising 1,050 feet above the Museum of Modern Art. Designed by Pritzker Prize-winning architect Jean Nouvel with interiors by the legendary Thierry Despont, 53 West 53 features 161 residences, including full-floor homes and duplex penthouses with private elevators. Residence 60B at 53 West 53 is a 3,132-square-foot three-bedroom, three-and-a-half bathroom home offering north-, south-, east-, and west-facing exposures. A standout space of the home is the bold primary bathroom that is elegantly appointed in polished Noir St. Laurent marble, a timeless and classic design. The dark marble adds style and sophistication to the design and the two separate custom carved vanities with custom Thierry Despont-designed polished nickel automated mirrors and the cast iron Lefroy Brooks soaking tub further add to the elegant yet serene atmosphere.
547 West 47th Street
Photo Credit: Donna Dotan
Designed inside and out by the acclaimed Dutch-based firm Concrete, 547 West 47th Street is a transformative, move-in-ready luxury condominium located in the heart of Manhattan's West Side on 47th Street between 10th and 11th Avenues. The building offers 219 studio to two-bedroom residences with professionally-designed turnkey home packages available and features more than 30,000 square feet of massively scaled indoor/outdoor amenities and resort-style services known as "The West Residence Club." Residence 726 is a 1,022-square-foot split two-bedroom, two-bathroom corner residence with north and west exposures. The home's primary en-suite bathroom has an industrial feel while still boasting an elegant and timeless design. The striking custom matte black double-vanity and complementary matte black fixtures by Rohl create a bold focal point within the space that provides a crisp contrast against the more muted elements including the grey terrazzo flooring, pale grey ceramic wall tiles and honed grey marble countertop.
The Astor
Photo Credit: Christian Harder
Originally built by the legendary William Waldorf Astor in 1901, The Astor is now being restored and upgraded for the modern buyer while retaining the pre-war character and charm for which Manhattan's Upper West Side is known.
The baths are decorated with a stunning combination of Calacatta Gold, Tundra Grey, and Nero Gold marbles, each displaying unique veining patterns that add a touch of sophistication to the space. To complement the luxurious marbles, primary baths at The Astor feature statement-making oversized soaking tubs, a dual-sink vanity crafted from white oak stands as a focal point, accentuated with Lefroy Brooks polished nickel fittings. This masterful combination of materials elevates the bathroom's ambiance, are designed with timelessness and elegance in mind.
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Luxury Residences Elevating New Year’s Resolutions: A Wellness Journey at Your Doorstep
As the new year unfolds, many of us embark on a journey of self-improvement and wellness. However, maintaining New Year’s resolutions can be challenging, with a Forbes Health/One Poll survey revealing that the average resolution lasts just under four months. In this landscape, luxury residences in New York City are redefining the concept of living spaces by integrating fitness and wellness amenities that not only inspire but also sustain residents' health and wellness goals throughout the year.
The Harper: A Blend of Fitness and Creativity on the Upper East Side
Credit: The Harper
The Harper, a new 21-story condominium in Manhattan’s Upper East Side, offers more than just luxurious living spaces. It provides a comprehensive wellness experience with a 24-hour fitness center equipped with state-of-the-art equipment and studio mirrors. The Harper also caters to the creative and musical aspirations of its residents with a creative studio by Robofun and a music room courtesy of the School of Rock, making it an ideal place for those looking to balance physical fitness with creative expression.
Selene: A Wellness Sanctuary in Midtown East
Credit: Colin Miller
Selene, a landmark by Foster + Partners, stands tall in Midtown East, offering a collection of wellness and spa-inspired amenities. This includes a 60-foot sunlit swimming pool, a variety of fitness rooms for cardio, weight training, pilates, ballet, and yoga, as well as luxurious saunas, steam rooms, and spa treatment facilities. Selene’s holistic approach to wellness ensures that residents have everything they need to stay committed to their health goals.
Front & York: Life Time Athletic Club in Brooklyn
Credit: Life Time DUMBO
Front & York takes wellness to a new level by housing the first-ever Life Time athletic and wellness club in Brooklyn, and the largest in NYC. Residents receive a complimentary six-year membership to Life Time, accessible across the country. The club features a full-court basketball court, a lap pool, a variety of fitness studios, and a LifeSpa, making it a haven for those dedicated to maintaining their fitness resolutions.
77 Greenwich: Sky-High Fitness in Downtown Manhattan
77 Greenwich in Manhattan’s “New Downtown” offers a unique fitness experience with its Cloud Club. The double-height fitness center, located at the penthouse level, provides panoramic views of the city, adding an element of awe to workout routines. The private training studios and terrace access for yoga and open-air training make it an inspiring space for fitness enthusiasts.
Maverick Chelsea: Wellness in the Heart of Vibrant Neighborhoods
Credit: Maverick Chelsea
Maverick Chelsea, located where Chelsea meets The Highline and Hudson Yards, offers a range of amenities to support wellness resolutions. The development features a 60-foot-long indoor pool, a steam room, sauna, and a state-of-the-art fitness studio. For those seeking relaxation, there’s a private massage room and a meditation room with a Himalayan salt wall.
Tribeca Green: Tailored Wellness in Tribeca
Credit Colin Miller
Tribeca Green, designed by Robert A.M. Stern Architects, offers a fitness center with a yoga studio that hosts classes from Equinox and Pure Yoga. The 17th-floor terrace is perfect for summer yoga and meditation, providing a serene environment for residents to pursue their wellness goals.
These luxury residences in New York City are not just providing lavish living spaces; they are creating communities that actively support and promote a healthy lifestyle. With such amenities at their fingertips, residents are well-equipped to maintain their New Year’s resolutions and enjoy a healthier, more balanced life.
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New York Real Estate in 2024: Navigating the Upsurge in Manhattan's Market
As we usher in 2024, the Manhattan real estate market, as detailed in the COMPASS Manhattan Market Report Q4 2023, presents a compelling narrative of resilience and growth amidst challenges. This comprehensive report sheds light on the key trends and expert predictions that are shaping New York's real estate landscape, offering a valuable perspective for buyers, sellers, and investors alike.
The Resilient Manhattan Market
The Manhattan residential real estate market has persisted admirably, with prices for both condos and co-ops rising to the highest levels since Q4 of 2018. Elizabeth Ann Stribling-Kivlan, a respected voice in the industry, notes, "The market has shown significant positive movement going into 2024, with a 7.6% increase in contract activity this quarter." This uptick is a testament to the enduring appeal of Manhattan as a prime real estate destination.
The Stagnation of Resale Inventory
One of the most pressing challenges has been the stagnation of resale inventory, which continues to be the market’s current limiting factor. This has led to a competitive environment, especially in sought-after neighborhoods and property types.
Luxury Market's Remarkable Growth
The luxury segment of the market, particularly properties over $5M, has seen almost 30% year-over-year growth in newly signed contracts. This surge is indicative of Manhattan's status as a hub for high-net-worth individuals and investors seeking premium real estate opportunities.
Agent Insights
Ian Slater, a seasoned real estate agent, highlights the impact of the upcoming Presidential election on the housing market. He predicts, "Falling rates and a rising stock market will continue, as the Fed signals further rate drops in 2024." He also anticipates a growth in inventory due to lower interest rates, which will likely activate both buyers and sellers.
Leonard Steinberg adds, "Co-ops have maintained a strong foothold, often offering more affordable options and price stability compared to condos."
Brian K. Lewis foresees a continued rise in prices in the ultra-luxury market. He explains, "The ultra-high-end of the condo market will continue to attract global wealth, causing prices to climb. New York City, being the heartbeat of the world’s economy, always attracts top-tier investors."
Pamela D’Arc observes a boom in the Upper West Side, particularly in new developments. She predicts, "2024 should transition from a buyer’s market back to a more balanced scenario. With interest rates lowering, more buyers are incentivized to take advantage of the market before prices increase."
The Great 2024 Unlocking
As Brian K. Lewis aptly puts it, "The Great 2024 Unlocking is upon us." With interest rates falling from their peak last fall, the market is set to become more active. Sellers are more inclined to list their homes, and buyers are encouraged to engage with the market. This shift is expected to unlock a plethora of opportunities for both buyers and sellers.
The Upper West Side's New Development Boom: The Upper West Side, particularly north of 91st Street, is witnessing a surge in ground-up new construction. This trend, historically focused more downtown and on the Upper East Side, is reshaping the neighborhood's landscape and fetching high prices per square foot.
A Balanced Market in 2024
The transition from a buyer's market to a more balanced market is on the horizon. As economic uncertainties begin to stabilize and interest rates continue to lower, the market is poised for a rebalance. This shift is expected to bring more buyers off the sidelines, eager to capitalize on the value present in the market.
Conclusion
The Manhattan real estate market in 2024 is a dynamic and evolving landscape. With prices at their highest since 2018, a burgeoning luxury market, and a shift towards a more balanced buyer-seller dynamic, the market is ripe with opportunities. As industry experts predict, the market's resilience and adaptability, coupled with economic factors and new developments, will shape the future of real estate in New York City. As we navigate these changes, one thing remains certain: Manhattan continues to be a beacon of opportunity and progress in the global real estate market.
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Wallpaper Wonders: Transforming Luxury Spaces into Artistic Masterpieces
This holiday season, the art of transformation takes center stage, not just in gift wrapping but in the realm of interior design. Wallpaper, once a backdrop, now becomes the focal point in luxury residences, turning walls into canvases of creativity and style. From the elegant corridors of The Harper to the vibrant spaces of 200 East 59th Street, wallpaper is redefining the aesthetics of luxury living. Join us as we explore how these exquisite properties across New York City are embracing this trend, set to revolutionize interior design in 2024.
The Harper
Credit: Glenn Allsop
A Blend of Tradition and Modernity At The Harper, located on Manhattan’s Upper East Side, wallpaper plays a pivotal role in harmonizing pre-war elegance with contemporary design. The building's amenity spaces and model units showcase a variety of wallpapers, each chosen to enhance the property's visual appeal and create lasting impressions. The use of different color palettes, textures, and designs in wallpapering not only adds depth to each space but also reflects the unique character of The Harper.
96+Broadway
Credit: Evan Joseph
Accentuating Tones with Patterns Nestled between Riverside Park and Central Park, 96+Broadway incorporates wallpaper to elevate its tonal palette. In one of the homes, design firm Urban Casa has skillfully used patterned wallpaper to add personality and softness to a pink bedroom, demonstrating how wallpaper can be both a subtle and striking design element.
547 West 47th Street
Credit: Donna Dotan
Connecting with Nature At 547 West 47th Street, wallpaper is used to create a serene and natural ambiance. The geometric design and earthy hues of the wallpaper in Residence 903’s bedroom offer a calming focal point, connecting residents with nature while they enjoy the Midtown skyline views.
200 East 59th Street
Credit: Courtesy of 200 East 59th Street
Bold Statements with Wallpaper 200 East 59th Street takes a daring approach, integrating bold wallpaper throughout its model residences. Designed by CetraRuddy, the use of animal print and blue denim textures in bedrooms creates vibrant, layered spaces, showcasing how wallpaper can be used to make a bold statement.
265 State St, 701, Boerum Hill
Credit: Travis Mark
Upscale and Refined Atmosphere In Boerum Hill, Brooklyn, the residence at 265 State Street uses wallpaper in multiple rooms to transform walls into captivating focal points. The upscale and refined atmosphere created by the wallpaper adds an extra layer of sophistication to this sprawling sanctuary.
1 Hanson Pl, 9GH, Fort Greene
Credit: Travis Mark
Sun-Splashed Elegance Residence 9GH at One Hanson Place in Fort Greene, Brooklyn, features wallpaper that enhances its sun-splashed interiors. The use of wallpaper in this four-bedroom residence adds depth and character, complementing the wide-open views and exceptional location.
As we look towards 2024, wallpaper emerges as a key trend in luxury interior design, offering endless possibilities for personalization and artistic expression. These luxury listings across New York City exemplify how wallpaper can transform any space into a work of art, making it an essential element for those looking to infuse their homes with individuality and style.
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