Your Q3 2022 Manhattan Market Report is Here!

We are excited to announce the release of the Compass Q3 2022 Manhattan Market Insights Report. This report highlights the prevailing trends shaping the market.

Have questions about how Q3 2022 wrapped up, market forecasts, or anything else real estate? We’d love to connect! Don't hesitate to reach out below and we will get back to you.

Statue of Liberty’s Crown Reopens After Over Two years

Photo by Noconatom on Wikimedia

The Statue of Liberty’s crown on Tuesday reopened to the public for the first time since the start of the pandemic. The crown closed in March 2020 when Covid-19 first hit New York City due to concerns about spreading the virus in the statue’s enclosed spaces. Visitors should be prepared to climb the 162 steps to the top as there is no elevator service.

Liberty Island’s grounds opened to the public in July 2020, and the Statue of Liberty’s observation deck reopened at 50 percent capacity on July 1, according to the National Park Service.

Statue City Cruises is the only authorized ferry service for trips to and from both Liberty Island and Ellis Island, according to the parks service. Third-party solicitors should be avoided.

Tickets, which cost $24.30 for adults, $18.30 for seniors, and $12.30 for kids ages 4-12, must be purchased in advance, with boat rides to the statue departing from Battery Park in Manhattan and Liberty State Park in New Jersey.

A maximum of four tickets can be purchased per order, and only one reservation per person is permitted during any six-month period.

Purses, backpacks, fanny packs, camera bags, tripods, keys, writing instruments, umbrellas, shopping bags, food and drink, and any other item that might be an obstacle on the staircase must be put in the nearby lockers before guests climb the steps.


Statue of Liberty’s crown reopens for the first time in over two years

POSTED TODAY, OCTOBER 11, 2022BY AARON GINSBURG

Photo by Noconatom on Wikimedia and via WikiCommons

201 West 70th Street, Unit 34G


201 West 70th Street, Unit 34G

UPPER WEST SIDE, MANHATTAN

$1,200,000

1 Bed  |  1 Bath | Co-op


 

Fall in love with this spacious one bedroom, one bathroom home with a private balcony, spectacular Central Park views and breathtaking sunrises in the heart of the Upper West Side. Located on the 34th floor, this stunning home welcomes you in through an entry foyer to an expansive sun-filled dining and living area with iconic Eastern Central Park and skyline views. The living room leads to an outdoor private balcony to soak in fresh air and the Manhattan skyline while you relax or entertain. This immaculate home includes beautiful herringbone hardwood floors, crown molding and four large closets with home office options. The kitchen is beautifully arranged with cherry wood cabinets, stone countertops, and Bosch stainless steel appliances. The large bedroom can accommodate a King-size bed, room for a sitting area or a desk, with more picturesque views of Central Park and the East facing skyline. The sleek bathroom includes hand-made Italian tile and mirrors. Call today for your private visit of this (approx.) 725 square foot Upper West Side sanctuary or for additional information.

One Sherman Square is a commanding postwar cooperative featuring a welcoming circular driveway and gardens. Residents of the pet-friendly building enjoy a contemporary lobby, 24-hour doorman and concierge service, a live-in superintendent, fitness center, laundry, an onsite parking garage and a glorious landscaped roof deck with spectacular views. Subletting, pieds-à-terre, co-purchasing and gifting are permitted with board approval. Located in prime Lincoln Square, this home is at the epicenter of Upper West Side excitement surrounded by lush outdoor space at Central Park, Riverside Park and the Hudson River waterfront. Foodies will love the easy access to Trader Joe's, Whole Foods, Zabars, Citarella, the original Fairway Market and renowned Café Luxembourg. Enjoy fantastic shopping along Broadway, or take in world-class entertainment at Lincoln Center or the Beacon Theater. The 1, B and C trains, excellent bus service and CitiBikes put the rest of the city within easy reach.

New York’s 2022 Fall Foliage Map Is Here!

New York State has begun its colorful transformation into fall. The first signs of autumn can already be seen in the Adirondacks, with the rest of the state to soon follow suit. To help New Yorkers follow the cycle of foliage, the state released this week its annual Fall Foliage Report. The interactive map is updated weekly using observations and reports from a state-wide group of volunteers known as “leaf peepers,” as 6sqft previously reported.

It takes approximately two weeks for fall foliage to complete its cycle, changing from the vibrant greens of the summer to the darker hues of the fall. Historically, the cycle begins in the Adirondack and Catskill mountains in early September, gradually spreading out across the state.

Peak foliage in New York City and on Long Island takes place in mid-November, with peak brilliance typically lasting three to four days in any given spot.

“From colorful foliage and unparalleled natural landscapes to breathtaking historical sites and one-of-a-kind state parks, there’s nothing like New York in the fall,” Gov. Kathy Hochul said in a statement announcing the start of this year’s fall foliage season.

“During this season, we invite travelers from New York and out-of-state to plan a perfect autumn adventure – whether it’s climbing an Adirondack peak, visiting a Long Island winery, or walking along Buffalo’s waterfront – and see what our great state has to offer.”

The state encourages New Yorkers and visitors alike to explore the state’s natural landscape amid the changing leaves. Whether it be in the Catskills, Finger Lakes, or Long Island, there is no shortage of destinations to enjoy the fall foliage.

The state’s tourism website, I LOVE NY, recommends hiking as the best way to take in the autumn foliage. For more experienced hikers, Mount Haystack in the Adirondacks is a great option. Haystack is the third-highest peak in the entire state and gives an incredible vantage point to take in the surrounding fall scenery.

For New Yorkers who don’t want to venture far from the city, there are plenty of great spots to observe the foliage within the five boroughs and on Long Island.

While New York City may not be filled with the same amount of greenery as the Catskills and Adirondacks, there is still plenty of beauty to be found in its public parks. Central Park’s autumn leaves can be viewed from within the park or from some of the city’s observation decks, including Top of the Rock.

Forest Park in Queens and Prospect Park in Brooklyn are two other great options to stroll through and enjoy the breathtaking fall leaves. Long Island offers grand views of the fall both along its coasts and on Fire Island and Montauk Point.


New York’s 2022 fall foliage map has arrived

POSTED ON THU, SEPTEMBER 15, 2022BY AARON GINSBURG via 6sqft.com

Image courtesy of I LOVE NY

The Monthly Update - October 2022

During Macroeconomic Headwinds,

Manhattan is Holding its Own! 

While many predict housing prices will drop 20% to 30% nationwide, Manhattan and the surrounding New York City markets are holding their own. That’s mainly because, during the COVID rebound year – while the rest of that country was seeing increases in prices almost month over month – Manhattan and the surrounding boroughs, particularly prime areas of Brooklyn, were seeing high transaction rates, but pricing really didn’t go much higher than 2018/2019 levels. This could prove to be a lifesaver as the housing market unfolds and the overall real estate markets come down to more realistic pricing levels. 

Manhattan and Brooklyn were in the throes of the COVID rebound in 2021 and half of 2022. Just like the rest of the industry, it all came to a screeching halt in June of this year, due largely to rising interest rates and a downturn in the stock market. Things have somewhat recovered and adjusted since then, and the market continues to be strong when put against prior “normal“ real estate years. For instance, 163 apartments were put into contract the third week in September. That’s pretty much on par with the same week in September 2019. The saving grace for Manhattan and Brooklyn is that sellers weren’t really able to push pricing up in 2021-2022, even though transactions were at a record pace. This means the downturn or recovery months to follow should be relatively easy on prices. Yes, there will be some adjustments, but not the 20% to 30% many pundits are expecting throughout the country. 

Of course, time will tell, but Manhattan and prime Brooklyn have the advantage of a very wealthy clientele, buyers and sellers alike. There are many more cash buyers in New York City: roughly 30% to 40% of all transactions are cash in any given price range and above 50% in prime Manhattan markets. If there is even a slight price adjustment, buyers generally come out of the woodwork to take advantage of that discount. Plus, the real estate market in New York City has a backstop called the rental market. For the most part, these two markets swing back and forth from one another. When the rental market gets too hot, renters tend to return to the sales market and vice versa. Right now, rental prices are 30% higher than pre-COVID levels, which means we are seeing additional buyers in the sales marketplace. These are people who were initially interested in renting but decided that, now that rents have exceeded mortgage plus HOA fees, they’ll dip back into the sales market despite higher interest rates.

Of course, no one has a crystal ball or knows exactly what the three, six or nine months will bring. But Manhattan has been able to weather most major housing market drops in the past. This time should be no different.


THT Listing Spotlight:


Lifestyle Tips & Tricks

NYC Wine & Food Festival

The Food Network New York City Wine & Food Festival celebrates its 15th Anniversary on October 13-16, 2022. With more than 80 events, the NYCWFF is the largest food and wine festival in NYC and is widely recognized for its walk-around tasting events that celebrate America’s favorite foods, intimate dinners with world-renowned chefs, late night parties, hands-on classes, brunches and more. Click HERE to purchase tickets!

Halloween on the Harlem Meer: Pumpkin Flotilla

Thursday, October 28th come dressed in your Halloween costume and watch the Harlem Meer get spooky! Drop off your very own carved pumpkin and find a spot along the edge of the Harlem Meer to watch as the jack-o’-lanterns float by in New York’s largest pumpkin flotilla. Click HERE for more information!

What You Should Be Planting in the Fall

This may be a little known fact, but fall is the key planting time for a beautiful garden. It's also the key time to give your plants one last manicure before winter sets in. Now that summer's heat is cooling off, it's time for you to switch out your summer annuals for fall appropriate annuals and plant spring bulbs before the first frost. Courtesy of Southern Living

Best Places to See Fall Foliage in the U.S.

It's time for sweater weather, hot apple cider, and best of all, seeing the leaves change from the lush greens of summer to the bright golds, oranges, and reds of autumn. Check out the 21 best places to see fall foliage. Courtesy of Travel + Leisure

25 Easy Pumpkin Carving Ideas

Carve your own funny, scary, or beautiful pumpkin carvings this Halloween. Your whole family will find plenty to love about these easy pumpkin carving ideas—from a classic smile to a flame.
Courtesy of Better Homes & Gardens


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Lincoln Center Announces October 8th Opening For David Geffen Hall

David Geffen Hall, the new home of the New York Philharmonic, is set to open to the public on October 8. To celebrate the opening, the hall is hosting a series of events throughout October, beginning with the world premiere of San Juan Hill: A New York Story by composer Etienne Charles. After two celebratory galas, an open house weekend will take place on October 29 and 30, featuring hundreds of artists who will be “animating the hall with performances, participatory activities, and family events,” according to a press release.

Photo courtesy of Michael Moran

In 2004, plans to rebuild the Philharmonic’s hall were announced. After numerous construction delays and trouble with keeping an architect, entertainment mogul David Geffen donated $100 million to revitalize the project.

In March, it was announced that the hall had been completed two years ahead of schedule and on budget, despite logistical constraints created by the Covid-19 pandemic.

Designed by Diamond Schmitt Architects and Tod Williams Billie Tsien Architects, the $550 million state-of-the-art concert hall seats approximately 500 guests and improves upon the sound quality and accessibility issues found in the previous hall.

Photos courtesy of Chris Lee

The new hall “represents a statement of faith in New York and its artistic community,” delivering 6,000 jobs for New Yorkers and supporting $600 million in ongoing economic development, according to a press release.

“A huge community came together around the idea of a bright future at a dark time for our city. Now, we are able to celebrate an economic engine, a vibrant creative hub, and a cultural home for both the New York Philharmonic and all New Yorkers,” Katherine Farley, chair of the board of directors at Lincoln Center, said.

“We are so grateful to the many people who helped bring us to this moment—chief among them David Geffen for his original generous and catalytic gift and Clara Wu Tsai for her gift that enabled the acceleration of the project by two years.”

San Juan Hill: A New York Story was commissioned by the Lincoln Center for the Performing Arts for the New York Philharmonic. It will be performed by Etienne Charles and Creole Soul accompanied by the orchestra and conducted by music director Jaap van Zweden.

Choose-what-you-pay tickets for San Juan Hill: A New York Story are now on sale. There will be a limited number of free tickets available on October 8 at the hall’s welcome center at 10 a.m.


Lincoln Center announces October 8 opening for David Geffen Hall

POSTED ON TUE, SEPTEMBER 27, 2022BY AARON GINSBURG

Photo courtesy of Chris Lee and also Michael Moran

2 Charlton Street, Unit 15H


2 Charlton Street, Unit 15H

DOWNTOWN, MANHATTAN

$1,200,000

1 Bed  |  1 Bath | Co-op


 

Wake up to huge views that skim across the historic SoHo rooftops in this spacious, convertible two-bedroom, one-bathroom home in a full-service Hudson Square cooperative.

This high-floor residence welcomes you with expansive living spaces featuring hardwood floors, tall ceilings and wide-open eastern views. Stretching nearly 27 feet long, the living room offers a generous footprint for living and dining areas bordered by delightful views. The adjacent dining alcove is ideal for entertaining or conversion to an additional bedroom or home office space. Inside the galley kitchen, enjoy excellent cabinet space and full-size appliances.

Wake up with the morning sun in the extra-large bedroom, where you'll find plenty of room for a king-size bed and additional furniture, a fitness area or desk space. An extra-large walk-in closet here, plus three more closets throughout the home, means storage will never be a concern. The home's full bathroom is finished with a large tub/shower and contemporary vanity, and through-the-wall air-conditioning ensures year-round comfort. Move right into this Hudson Square haven or put your personal stamp on this fantastic sun-splashed Downtown residence.

Welcome to Charlton House, a stunning postwar brick cooperative where residents enjoy 24-hour doorman and live-in superintendent service, laundry, a common garden and a parking garage accessible from the elevator. Pets, co-purchasing, parents buying for employed children, gifting and 75 percent financing are permitted with board approval. Subletting, pieds-à-terre, guarantors, LLCs and diplomats/HB1 visa holders are not allowed.

This wonderful Hudson Square location offers direct access to the city's media and tech hub, with Tribeca, SoHo and Greenwich Village minutes away. Enjoy outstanding shopping, dining, nightlife, galleries and museums, including Trader Joe's, the Film Forum and Children's Museum of the Arts. Hudson River Park offers 500 acres of waterfront outdoor space and recreation, and The High Line, Whitney and Little Island are all within reach. Transportation from this central district is a breeze with 1, A/C/E, B/D/F/M and R/W trains, excellent bus service, CitiBikes and the Holland Tunnel nearby.

Bryant Park’s Winter Village Returns For Its 21st Season

Bryant Park’s famous Bank of America Winter Village is set to return for its 21st season, offering New Yorkers the city’s only free admission ice-skating rink, a renowned open-air holiday market, and the cozy rinkside Lodge with its seasonal cocktails and food. The Winter Village will be open daily starting October 28 through March 5.

At the center of the village is the 17,000-square-foot ice skating rink, which is open daily throughout the holiday season. Skate rental tickets can be reserved online.

The Lodge provides a “rinkside, après skate escape” where visitors can enjoy festive cocktails and food, and watch as ice skaters round the rink.

Urbanspace’s European-inspired holiday market will open to the public through January 2. The open-air market will feature over 170 new and returning vendors. Four NYC minority-owned businesses with yearly revenues of $1 million or less will be given a rent-free booth, as part of Bank of America’s “Small Business Spotlight.”

Over the coming days, the Village will announce a more detailed list of holiday market merchants, dining options, and seasonal programming.


Bryant Park’s Winter Village returns for 21st season next month

POSTED TODAY, SEPTEMBER 28, 2022BY AARON GINSBURG

Photo courtesy of Colin Miller

201 East 17th Street, Unit 20A


201 East 17th Street, Unit 20A

GRAMERCY PARK, MANHATTAN

$925,000

1 Bed  |  1 Bath | Co-op

 

Limitless open-sky views and sleek modern interiors await in this stunning one-bedroom, one-bathroom showplace nestled within a contemporary Gramercy Park co-op.

From the moment you arrive in this 656-square-foot high-floor home, you'll be swept away by magnificent light and unimpeded views to the south and east. A long entry gallery with a convenient coat closet opens to a spacious living room that stretches more than 23 feet long. Enjoy a generous footprint for seating, dining and home office areas featuring wide-plank hardwood floors and massive corner windows finished with Roman shades. Here, postcard vistas of Stuyvesant Square Park and the Williamsburg and Manhattan bridges come into focus, while chic interior glass doors allow natural light to roam throughout. In the chef's kitchen, custom cabinetry and soapstone countertops surround upscale stainless steel appliances, including a six-burner Viking range, Sub-Zero refrigerator and Fisher & Paykel dishwasher drawers. Head to the beautiful bedroom to discover a wall of closets and sleek built-in cabinetry. The adjacent oversized full bathroom completes this move-in ready home with handsome tile, a beautiful vanity and a large frameless glass tub/rain shower with a handheld sprayer.

Park Towers is a high-rise cooperative where residents enjoy full-time doorman service, a live-in superintendent, updated common areas, a fitness center, laundry, storage, bike room, an on-site parking garage and a glorious roof deck with simply breathtaking skyline views. Pets, pieds-à-terre, co-purchases, guarantors, and parents buying for children are permitted with board approval.

Bordering the Stuyvesant Square Historic District, this neighborhood encapsulates the best of New York City's past and present. Enjoy immediate access to the city's buzziest neighborhoods, including Union Square, the Flatiron District and the East Village. Iconic parks surround the area, and fantastic restaurants, greenmarkets, entertainment venues and shops, including Trader Joe's and Whole Foods, fill the local streets. Nearby N/Q/R/W, 4/5/6 and L trains, excellent bus service and CitiBike stations put the rest of the city within easy reach.

MTA To rRemove All MetroCard Vending Machines For OMNY By 2023

After 23 years of service, the New York City subway system’s iconic MetroCard vending machines will be replaced. The Metropolitan Transportation Authority will start swapping out the classic machines for OMNY (“One Metro New York”) vending machines during the first half of 2023 after finalizing hardware and software testing, as NY1 reported. The entire MetroCard system is expected to be replaced by the end of 2023.

The city began the gradual replacement of the MetroCard with OMNY in 2019, launching a pilot program of the contactless payment system that allowed riders to tap their credit cards, debit cards, and smartphones to pay fares.

Both OMNY and the MetroCard will remain usable until the entire MetroCard system is officially put to rest. Customers are now able to purchase an OMNY card in preparation for the system’s replacement of the MetroCard at 2,000 locations throughout the city.

Photo by Arun D on Flickr

Riders can tap and pay through a digital wallet on smartphones or watches, with a credit or debit card with microchips, and the reloadable OMNY card. The contactless payment system has been stalled at every subway station and bus.

The MetroCard machine as we know it was first developed in 1996 by industrial designers Masamichi Udagawa and Sigi Moeslinger who were tasked with revamping a vending machine the MTA had already purchased for their new ticketing system.

Designed by Cubic, the same manufactures as the OMNY system, the machines purchased by the MTA ended up being hated by the majority of users due to their confusing interface, according to Curbed. Udagawa, Moeslinger, and a team of interaction designers worked together to revitalize the machine and give it its iconic appearance that all New Yorkers are familiar with today.

The designers implemented a unique coloring system that divided each function of the machine into a distinct color, giving it what Curbed calls a “splashy aesthetic.” They also made the user’s experience as straightforward as possible, displaying one simple question or action per screen in large, easily-readable text.


MTA to replace all MetroCard vending machines with OMNY by end of next year

POSTED ON TUE, SEPTEMBER 6, 2022BY AARON GINSBURG

Photo by Arun D on Flickr & courtesy of Marc A. Hermann / MTA New York City Transit on Flickr

201 West 70th Street, Unit 6G


201 West 70th Street, Unit 6G

UPPER WEST SIDE, MANHATTAN

$985,000

1 Bed  |  1 Bath | Co-op


 

Fall in love with this impeccably renovated one-bedroom, one-bathroom home with private outdoor space overlooking beautiful Sherman Square in the heart of the Upper West Side.

This 725-square-foot home boasts hardwood floors, excellent closet space, custom doors, trim and molding throughout. The entry foyer has two large hall closets and leads to a spacious, open living area and a dining nook featuring custom built-in bench seating with storage. The living room is surrounded by custom HVAC enclosures with storage and added overhead lighting. A double-paned picture window and glass door lets in beautiful morning light and opens to the 71.5-square-foot, east-facing tiled balcony, the perfect spot for morning coffee in the sun or after-dinner drinks overlooking Sherman Square.

Chefs will love the enlarged gourmet kitchen featuring an extended counter, custom glass-front cabinets and soft-close drawers finished with granite countertops and backsplashes. The upscale stainless steel appliances include a Bertazzoni range and microwave, a Samsung French door refrigerator with ice maker and a Bosch quiet dishwasher.

The large bedroom, which can accommodate a King-size bed, features double-paned windows, a roomy walk-in closet and a custom built-in workstation with cabinet storage, shelves, extra electrical outlets, a marble counter, overhead lighting and open views of Broadway. The marble bathroom features a walk-in shower, a custom vanity, Porcelanosa fixtures and double mirrored medicine cabinets.

One Sherman Square is a commanding postwar cooperative featuring a welcoming circular driveway and gardens. Residents of the pet-friendly building enjoy a contemporary lobby, 24-hour doorman and concierge service, a live-in resident manager, fitness center, laundry, an onsite parking garage and a glorious landscaped roof deck with spectacular views. Subletting, pieds-à-terre, co-purchasing and gifting are permitted with board approval.

Located in prime Lincoln Square, this home is at the epicenter of Upper West Side excitement surrounded by lush outdoor space at Central Park, Riverside Park and the Hudson River waterfront. Foodies will love the easy access to Trader Joe's, Whole Foods, Zabar's, Citarella, the original Fairway Market and renowned Café Luxembourg. Enjoy fantastic shopping along Broadway, or take in world-class entertainment at Lincoln Center or the Beacon Theater. The 1, B and C trains, excellent bus service and CitiBikes put the rest of the city within easy reach.

Ride On Vintage NYC Subway Trains This Month

Here’s a rare opportunity to ride on some of New York City’s oldest subway trains spanning over a century of the city’s transportation history. The New York Transit Museum’s Parade of Trains returns this month, offering transit buffs a chance to travel on four historic trains from the museum’s collection of vintage fleets. The rides will run continuously from Brooklyn’s Brighton Beach B and Q express train platforms from 11 a.m. to 4 p.m. on September 17 and September 18. Admission is free with subway fare.

Photo courtesy of Ron Yee

Riders will get to experience what it was like to ride the subway a century ago, witnessing firsthand the drastic differences between the modernized trains of today and those of the past.

“The New York Transit Museum is delighted to announce the return of the Parade of Trains! We are extremely fortunate to have some of the oldest rolling stock in the U.S. that still rolls and what better way to ensure that remains the case than to bring our beloved vintage fleet to the rails in Brighton Beach,” a spokesperson for the museum said in a press release.

“The Parade of Trains, one of our favorite events, is such a special opportunity for people from every generation to travel back in time by traveling on one of the museum trains, and all for a swipe of your MetroCard or an OMNY tap!”

The museum’s vintage cars have no air conditioning, bright lighting, or automated voice announcements. Riders will be able to hold onto the vintage straps and handles and read advertisements from a bygone age.

Roundtrip rides will run continuously from Brighton Beach to Kings Highway and back, with each ride taking around 20 minutes and an expected wait time of no more than 15 minutes. Passengers will only be able to board and get off of the trains at the Brighton Beach station.

The Parade of Trains is part of the Nostalgia Train rides, which the Transit Museum has run since 1976. The program launched again this summer after a two-year break because of Covid.


Travel back in time on vintage NYC subway trains this month

POSTED TODAY, SEPTEMBER 9, 2022BY AARON GINSBURG

Photo courtesy of Ron Yee

175 West 73rd Street, Unit 6F


175 West 73rd Street, Unit 6F

UPPER WEST SIDE, MANHATTAN

$899,000

1 Bed  |  1 Bath | Co-op


 

You'll want to move right into this spacious one-bedroom, one-bathroom residence featuring an updated gourmet kitchen, glorious natural light and prewar charm in a desirable Lincoln Square cooperative.


This bright and airy home makes a wonderful first impression with gorgeous herringbone hardwood floors, tall beamed ceilings, picture-frame molding and sunny southern and eastern exposures. From the gracious foyer, you're invited into a large living room with views over 73rd Street. The adjacent open kitchen impresses with abundant floor-to-ceiling cabinetry, crisp white countertops and tile backsplashes. Elevate your culinary experience with stainless steel appliances, including a gas range, French door refrigerator, drawer microwave and dishwasher. Sleep soundly in the corner king-size bedroom and enjoy a spacious windowed bathroom. Excellent closet space completes this elegant Upper West Side haven.


The Verdi is a handsome 1925 cooperative built in the Neo-Renaissance style and situated within the Upper West Side/Central Park West Historic District. Residents enjoy 24-hour doorman service, a live-in superintendent, updated common areas, laundry, storage, bike room and a lovely landscaped roof deck. Pets, pieds-à-terre, parents buying for children and guarantors are permitted.


This prime Lincoln Square neighborhood is surrounded by the Upper West Side's best amenities and lush outdoor space at Central Park, Riverside Park and the Hudson River waterfront. Foodies will love the easy access to Trader Joe's, Whole Foods, Zabar's, Citarella and the original Fairway Market, while Lincoln Center and the Beacon Theater will satisfy those with a thirst for world-class entertainment. Transportation is effortless with 1, B and C trains, excellent bus service and CitiBikes all nearby.

The Monthly Update - September 2022

Snap Back! 

I just returned from an annual Real Estate Summit meeting hosted by TomFerry, held in Dallas and attended by over 5,800 of my fellow agents and Realtors from all over the United States. It was an incredible three days filled with discussions about how to serve our clients better! New platforms, apps and tools to help deliver super guidance! Mindset, knowledge and local real estate data analysis so that we can combat the hyped newsreel “data” from MSNBC and FOX News. In short, we are ready to offer better, trusted service and a renewed sense of purpose. 

But we also talked about the state of real estate right now. I was astounded to see many agents were experiencing the same trends that our Manhattan/Brooklyn market is. And what they all reported was not a dead, crashing or apocalyptic situation but a snapback to what was quite normal just a few years ago. That blew my mind because that’s usually not the case at all! New York City generally goes it alone. We tend to march to our own rhythm and report drastically different numbers than the rest of the good ol’ USA, most of the time. 

We all remember March 2020 and the direction of the real estate market — straight down — followed by the subsequent rebound, which was straight up. And presently, the snapback. Just like a rubber band when you snap it. First, a low, then a high, and now back to the straight line. Many agents from all over the country are reporting the same rebound to a normal market. The type of market we regularly saw back in 2019 and before. A market that just feels slow compared to the high transactional rates we saw a few months ago. 

I reviewed the past four years of closed sales data from The Hoffman Team, from January 1 to September 1. I found that in 2019, we had 51 closed sales. In 2020, the number was 58. In 2021, during the same period, there were 118 closed sales. This year, there were 82. And, I would argue that 20-30 of those closings were actually left over from ultra-hot 2021. 


It’s funny that interest rates in September 2019 were hovering at about 4%. Today, we’re just over 5%. But just a few weeks ago, it was 4.7%. So that’s a bit of a snapback, as well. Yes, the market has changed. Yes, you’re not going to see the increased numbers (both prices and transactions) that we saw nationally or in Manhattan/Brooklyn, but there are buyers out there. Buyers are putting property into contract/escrow at a more normal level. And we welcome that. We welcome the normal. At The Hoffman Team, we’re excited to bring you the new normal! :-)


Local Happenings:

2022 U.S. Open

The U.S. Open—New York’s exhilarating summer sports event—is one of the most exciting things to do each year and finally, it’s back. The 2022 U.S. Open will take place from Monday, August 29 through Sunday, September 11. Tickets are now available to the general public for purchase! 

Click HERE to purchase tickets and learn more about the 2022 U.S. Open.

The Feasts of all Feasts!

The Feast of San Gennaro is back and will be running in Little Italy, NYC from Thursday September 15 through Sunday September 25! The annual event includes the best spots in Little Italy - eat at some of the best Italian restaurants in the city, watch colorful parades, catch free concerts and of course, see the world-famous cannoli eating competition. 

Click HERE to learn more!


Listing Spotlight:


Lifestyle Tips & Tricks:

Redefining Luxury Through Countertops

While one might be well advised not to go chasing waterfalls, the design world is all over it; because nothing captures our marble-loving hearts like waterfall countertops. With an edge that cascades seamlessly to the floor, this expanse of stone can be a decadent focal point that links floor design with cabinetry. Courtesy of Elle Decor

30 No-Cook Appetizers for Super-Easy Entertaining

On really warm days spent cooking over a hot grill, it's nice to have a few fuss-free options that skip the heat but keep the flavor. Enter these no-cook appetizers.

Courtesy of Martha Stewart Magazine

Valspar Unveils Its 2023 Colors of the Year

The right paint color brushed on the wall doesn't just change how a room looks, but also how it feels. This year, for its 2023 Colors of the Year, Valspar is tapping into color psychology.

Courtesy of Real Simple

U.S. News Ranks the Best Places to Live in the U.S. in 2022-2023

U.S. News & World Report revealed the 2022-2023 Best Places to Live in the U.S. rankings, which compares the 150 most populous metro areas in the U.S. based on affordability, quality of life, desirability, job market and net migration.

Courtesy of U.S. News


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NYC’s Narrowest House Is Now On The Market For Just Over $4M

Listing photos by Rich Caplan

The townhouse at 75 1/2 Bedford Street has long been known as the narrowest home in all of New York City. The Greenwich Village house is just 9-feet-6-inches wide, and though some accounts say there are actually a couple skinnier buildings, this is the one that’s become famous. It’s also in part because Edna St. Vincent Millay lived here in the 1920s. Now, this truly unique home, which was built in 1873 in the Dutch style, has hit the market for $4,190,000. And despite its slender frame, it offers three bedrooms, two balconies, a rear patio, and a finished basement.

Millay lived at several different Greenwich Village addresses starting in 1917. Though she only lived at 75 1/2 Bedford Street from 1923 to 1924 (along with her husband Eugen Jan Boissevain), it’s the location most closely associated with her, and there’s even a plaque on the facade. Prior to that, the home was leased by a group of actors from the nearby Cherry Lane Theater (of which Millay was a co-founder), which included Cary Grant and John Barrymore. Local history tells us that Margaret Mead and cartoonist William Steig also spent some time here.

According to Village Preservation, the site “was originally an alley where delivery carts and the like passed through often.” In 1873, it “was constructed for Horatio Gomez, trustee of the Hettie Hendricks-Gomez Estate,” which included the 1799 house next door at 77 Bedford Street. The Dutch architectural style is unique for the neighborhood and includes an asymmetrical stepped gable and large casement windows.

Reports have said the interior of the house measures just about eight feet wide, and city records note the total square footage at 999. The first floor has a street-facing living room and a rear kitchen with custom millwork and Italian marble countertops that opens through French doors to the shared backyard.

The second floor is entirely devoted to the primary suite. The bedroom is in the front and has a fireplace and built-in closets. The en-suite bathroom opens to a rear terrace. On the upper two levels, the original ceiling beams are a beautiful addition.

There are two more bedrooms on the third floor, both with fireplaces and built-ins and one that opens to the second rear terrace. A skylight adds extra light to the top level. Not pictured is the finished basement, which has a bathroom and laundry room.

In 2013, the home was purchased for $3.25 million by real estate investor George Gund IV. In a profile in the Wall Street Journal at the time, he said he was intrigued by the house’s history and also noted that his bed took up almost the entire width of the bedroom.

Listing photos by Rich Caplan


NYC’s famous skinny house hits the market for $5M in Greenwich Village

POSTED ON THU, AUGUST 26, 2021BY DANA SCHULZ

Listing photos by Rich Caplan

Hudson Valley’s Storm King Art Center Unveils $45M Redesign

The Storm King Art Center in the Hudson Valley will undergo a $45 million revamp this fall to enhance the visitor experience and better serve its growing community, the 500-acre outdoor museum announced last week. As first reported by The Art Newspaper, the project includes a new welcome area, improved parking and accessibility, and a new facility to support grand-scale works. Construction will begin later this year and the redesign is expected to be completed in 2024.

Rendering of the new South Meadow, to be reclaimed from a former parking lot. ©Storm King Art Center

he museum’s expansion follows rapid growth in its popularity, with the number of visitors a year increasing from 80,000 in 2012 to 222,000 in 2021. The art center is expected to accommodate up to 240,000 visitors this year, according to The Art Newspaper.

“Storm King is unlike anywhere else. Large-scale sculpture, trees, mountains—the combination is stunning. For people seeing it for the first time, that feeling of joy from a new experience can be life-changing,” John Stern, president of Storm King, said.

“This ambitious capital project enriches the absolute best things about Storm King while helping chart our path to a more sustainable future. It allows us to advance all areas of our work and mission; to support our growing community of visitors, artists, and staff; and to preserve our extraordinary site and collection for future generations.”

Rendering of new outdoor lobby and ticketing pavilion. ©Storm King Art Center

Led by heneghan peng architects and WXY architecture + urban design, the project’s first major improvement to the grounds is the 4,700-square-foot outdoor lobby and welcome center, known as the “Welcome Sequence.”

The new entry area will feature a series of accessible pavilions with several amenities, including orientation, restrooms, storage lockers, and covered gathering spaces. Surrounded by natural landscaping, the new entry area will allow for more visitors while consolidating vehicles to a secluded part of the grounds, reducing encounters with cars, according to a press release.

Designed by Gustafson Porter + Bowman and Reed Hilderbrand, the new landscape features will include the welcoming area’s pathways to guide visitors through the park, which will feature native plantings, according to an official press release.

To further consolidate the park’s different regions, more than four acres of former parking space will be converted into landscaped areas for art and related programming. Roughly 330 feet of culverted streams will be removed and a new, connected wetland system will be constructed.

“Anyone who has visited Storm King understands the importance of the relationship between landscape and art. This project places orientation and the visitor experience at the forefront of Storm King’s ambitions,” Neil Porter, founding partner of Gustafson Porter + Bowman, said.

Rendering of the new Conservation, Fabrication, and Maintenance Building ©Storm King Art Center

“By consolidating the car parks from the meadows to the woodland fringe, we minimize the impact of vehicles on the landscape and vistas. The restored ground will provide opportunities for the reintroduction of plant communities and more space for art in Storm King’s sublime landscape setting.”

The 7,200-square-foot purpose-built Conservation, Fabrication, and Maintenance Building will greatly the facility’s ability to produce new art, providing a larger space for creators to collaborate. The building will feature 22-foot ceilings, a 1,000-square-foot wood shop, an 800-square-foot paint booth, and an “Energy Recovery workspace ventilation system.”

The project will enhance the art center’s sustainability features, including a LEED Gold certification for the new Welcome Sequence, efficient all-electric heating and cooling technology, sustainable and durable materials, mobility options that will reduce carbon and promote staff wellness, and the planting of over 650 new trees.


Hudson Valley’s Storm King Art Center unveils $45M redesign

POSTED ON MON, AUGUST 8, 2022BY AARON GINSBURG

Target Opens New Store in Soho

Target this week will open a new location in Soho, the company’s 95th store in the greater New York City area. The store, which will be tailored for the surrounding community, will offer an assortment of Target’s top-owned and national brands, as well as a contactless pickup order and same-delivery system. Located at 600 Broadway, the new store will open on Sunday, August 14.

All photos courtesy of Target

The Soho store will offer order pickup and same-day delivery through Shipt, a contactless order service with no membership requirement. Customers can expect to find the same assortment of beauty, personal care, food and beverage, home goods, and essential products that the retail chain offers.

“We’re excited to bring the joy of Target to new guests and help them discover a unique shopping experience tailored to the needs of the SoHo community,” Evan Praster, Soho Target store director, said.

“We offer a wide assortment of Target’s top owned and national brands spanning across essentials, beauty, personal care, food and beverage, home goods, and much more. Guests can also shop on their own terms with our easy, contactless and industry-leading Order Pickup and same-day delivery with Shipt services – ready within a couple of hours with no membership required for the easiest shopping experience in retail.”

All photos courtesy of Target

The Soho branch is Target’s 95th store in the New York City area. In March, the retail giant opened a new store on 42nd Street in the heart of Times Square. The new Downtown Manhattan store will create approximately 105 new jobs. Target plans to open nearly 30 more new stores by the end of the year, according to a press release.

The Soho store will be open Sunday through Saturday from 8 a.m. to 9 p.m.


Target opens new store in Soho

POSTED TODAY, AUGUST 10, 2022BY AARON GINSBURG

You Can Now Borrow Vinyl Records at the Brooklyn Public Library

The Brooklyn Public Library is launching a new pilot program this month for music lovers. Starting on August 9, BPL patrons can visit the Central Library branch in Park Slope and browse, listen to, and borrow a diverse collection of nearly 400 records. The vinyl collection and listening stations will be in the New & Noteworthy room on the first floor of the recently-renovated Central Library. Teen and adult cardholders can take out up to three records for three weeks.

Photo of BPL’s Central Library courtesy of Gregg Richards

Holds cannot be placed on any of the vinyl; records must be borrowed and returned in person at the Central Library. When returning the record, drop them off with a staff member at the Returns Desk, not the returns box, which could damage the record.

For those who are interested in taking out records, but don’t know how to operate a record player, there will be user guides available found at the in-library listening stations.

As a pilot project, BPL hopes to grow its vinyl collection and look for ways to improve the program as they get feedback from library patrons.

You can browse through the entire list of available records here, including a featured list that only includes artists from New York City. If you don’t know where to begin, BPL’s music librarian has some suggestions: Jay-Z’s The Black Album, Gustav Mahler’s Symphonie No. 1, The Rolling Stones’ Hot Rocks, Sarah Vaughn sings George Gershwin, and West Side Story: Original Edition.


You can browse and borrow vinyl records at the Brooklyn Public Library

POSTED TODAY, AUGUST 4, 2022BY AARON GINSBURG

Photo of BPL’s Central Library courtesy of Gregg Richards

Photo of BPL’s Central Library courtesy of Gregg Richards

Bike Lane on the West Side Highway?

Manhattan Borough President Mark Levine wants to turn one lane of car traffic on the West Side Highway into a two-way protected bike lane. The proposal aims to reduce pedestrian and cyclist congestion on the Hudson River Greenway, the busiest bikeway in the nation, by repurposing one of the highway lanes into a four-mile bike lane between Chambers Street and 57th Street.

All images courtesy of Manhattan Borough President Mark Levine’s Office unless otherwise noted

In a letter to state and city transportation department heads, Levine requested the agencies study the feasibility of the new bike lane in a two-phased approach. The first would run between 57th Street and Chambers Street and be implemented immediately, followed by the second section north of 57th Street.

“The Hudson River Greenway is one of the most heavily used greenways in the country, but it is overcrowded – bicyclists have to weave around people, pedestrians have to steel themselves for two-way bike traffic, and e-bikes are forced into the highway. It doesn’t have to be this way, and we could do much better,” Levine said.

“Taking a lane of traffic on the highway and turning that into a dedicated, protected space for cyclists and e-bike users, including delivery workers, so that they all have a safer space to get around the city must be a key component of the city’s work to reduce congestion, reduce emissions, and create safer streets for all New Yorkers.”

All images courtesy of Manhattan Borough President Mark Levine’s Office unless otherwise noted

Since the West Side Highway, officially known as Route 9A, is a state highway, the proposal must be approved by the state’s Department of Transportation.

In 2020, several community boards and a group of local elected officials penned a letter to the state’s transportation department asking for one lane of traffic, which was significantly reduced during the pandemic, to be converted into a bike lane. The letter was ignored by DOT and former Gov. Andrew Cuomo, Streetsblog reported.

Turning a vehicular lane of traffic into a bike lane has been a success in New York City already. Last September, a two-way protected bike lane opened on Brooklyn Bridge, where a boom in foot and bike traffic in recent years led to overcrowding and dangerous conditions. The bridge’s new path replaced the innermost car lane of the Manhattan-bound lane side and leaves the existing elevated promenade for pedestrians.

Levine also believes that the bike lane’s opening could coincide with the start of congestion pricing–a plan to charge drivers entering certain parts of Manhattan–making it easier to choose to ride a bike to work instead of driving.

“We are timing this with the implementation of Congestion Pricing and the need to begin to create the infrastructure that can support and encourage the increased use of non-vehicular modes of travel by New Yorkers,” Levine said. “We expect the decrease in traffic to Manhattan to make this project feasible, and it would be a huge win for everyone traveling on foot and bikes.”


Manhattan pol wants to turn lane of traffic on West Side Highway into a two-way bike lane

POSTED ON TUE, AUGUST 2, 2022BY DEVIN GANNON

All images courtesy of Manhattan Borough President Mark Levine’s Office unless otherwise noted

The Monthly Update - August 2022

How to Attack the Current Market

There are different ways to get the most out of today’s adjusting market, depending on whether you are a buyer or a seller. The Fed just raised the interest rate another 0.75 percentage points last week. That means a reduction in purchasing power, so sellers need to acclimate … and so do buyers. 

Here are three great tips for both buyers and sellers to attack today’s real estate market.

Buyers:

1) Get Pre-approved: Call great bankers and mortgage brokers and find out how much purchasing power you have and what rates they can give you! The increased interbank rate doesn’t mean you can’t cut a good deal with your local bank, mortgage broker or national lender. One way to get your rate reduced is through the favorable rates lenders give buyers who move money to their institutions. Ask what kind of rate they offer “private client“ buyers, and see if they can’t buy down your rate for you. Don’t forget to negotiate those buydown terms. If they’re stubborn, tell them that XYZ bank is doing it. They might match what other banks are pledging to you. Shop the banks! Banks that want to increase market share will be aggressive with their lending terms and cut great deals! 

2) Look for property far and wide: Working with a great real estate broker will help you cover every listing out there. Be sure to look closely at “stale listings.” Sellers who’ve been on the market for 200 or more days can either have their heels dug in or are now desperate to cut deals! Doing a reverse search to see older listings is a great way to change it up and find a bargain.

3) Negotiate points other than price: Yes, you can now get a better closing price than 6-12 months ago, but there are other items you can negotiate that many people don’t think of. Closing costs, mansion tax, and even furniture and closing credits for small renovations/updates, such as a paint or appliance credit, are all on the table now!

Sellers:

1) Price it right: Even though the housing market is adjusting, there are buyers out there ready to purchase your home! The correct market listing price is the No. 1 strategy to get buyers into your home in big numbers. Because there is still relatively high demand and relatively low/housing supply, buyers will react strongly and aggressively to smartly priced properties. If you get more than one or two buyers interested in your home and making offers, go with the flow and let them set market value. Many times it will be higher than your asking price, even today! 

2) Get your house ready: Staging, cleaning, painting and decluttering are all important now. Remember, it’s not your house anymore. You’re shifting your mindset to that of a SELLER, so put in a few thousand dollars to make it look as attractive as possible. If you don’t have the funds to do so, Compass Concierge has you covered (see link below). Think of it as a Broadway show: You want to get ready for your big opening night, and everything has to be perfect! Buyers will give you a standing ovation in the way of offers. 

3) Timing: Listing at the right time of the year is key. I like to list during the right season and even the right day of the week. So, for example, a week before Labor Day? Not a good time to list. Between Christmas and New Year’s? Generally not a good time to list. Think strategically about when you’re going to list your home. There are generally two strong markets: the autumn market and the spring market. Choose one. The spring market is the busiest and is considered the high season for selling real estate in New York City, but you can still get deals done in fall and early summer, too. 


These points can help buyers and sellers in any market, but in a shifting or adjusting market, these suggestions should be followed to a T. It’s not always easy to buy or sell real estate in a market like the one we’re in now, and these steps will ensure you get your deal done! If you have any further questions or want to learn more about how to sell or buy in an adjusting market and – how to attack his current market – feel free to reach out to us anytime at HoffmanTeam@compass.com


NYC Local Happenings

Sun Sets at The Met

The Metropolitan Museum of Art is hosting a weekly music series that celebrates a diversity of rhythms, perspectives, and countries of origin. Free with Museum admission and no reservations required, the Sun Set series will run this summer on Friday and Saturday evenings through September 3. 

Click HERE for event details and artist lineup!

Portside at Brookfield Place

Portside, Brookfield Place's second seasonal waterfront pop-up, is officially open for business now through September and its on-site schedule of activities and programs looks incredibly fun! 

From 9am - 9pm daily, the free and open-to-the-public outpost will look like a nautical-inspired oasis complete with beautiful views of the New York Harbor.

Click HERE for the full roster of events!


100 Best Grilling Recipes You Have to Try

Looking for new grilling recipes to try this summer? Check out 100 reasons for you to light the grill and enjoy the great outdoors this summer

Courtesy of Taste of Home

28 Creative Ways to Grow a Garden, Even When You're Short On Space

Flowers and plants bring so much beauty to every space, big or small, inside or outside. Given the benefits of gardening, the practice shouldn't be limited to wide-open outdoor spaces and large greenhouses. Get your green thumbs ready for window-box flowers, hanging plants, tiny veggie gardens, and more.

Courtesy of House Beautiful


THT Listing Spotlight


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