East River Tower
11-24 31st Avenue, Queens, NY 11106
Welcome!
Below you will find a weekly market update I create at the start of each week. Also below is information on myself, my team, and our building. Please feel free to reach out with any questions you might have, I am here to help.
The Weekly Market Report - 01/06/25
The Luxury Sector:
20 contracts were signed last week in Manhattan for properties priced at $4 million and above, a segment commonly recognized as the luxury market. This figure is three fewer than the previous week. Two downtown penthouses led all sales, with condos out performing co-ops, 13 to 4, alongside one condop and two townhouses. Last week's total marks the second-best start to a year since luxury market sales tracking began in 2006. The top year was 2022, with 22 contracts signed. The 10-year average for the first week of January is 14 contracts. The top contract last week was a PHA at 67 Vestry Street, listed at $48 million, up from $43.5 million when the building began marketing in November 2020. The second highest contract was PH10 at 140 Jane Street, listed at $41 million.
City Listing Supply:
Currently, there are 5,119 listings available on the market. We anticipate that the overall real estate supply in the city will continue to decrease for a few more weeks, or possibly just days. However, we expect the inventory of listings to begin increasing by mid to late January, with significant growth anticipated in February and March as we approach the 2025 spring real estate market. Last week, 98 new listings were added, marking a 200% increase compared to the previous week. This low figure is likely due to the market still being in "holiday mode". As we progress further into January, we expect the weekly rate of new listings in Manhattan to rise as we approach the spring market.
Contracts Signed (The 30-Day Pace of Buyer Demand):
In the past 30 days, 748 listings have gone under contract. This represents a decrease of approximately 15% from the previous month, but an increase of 18.7% compared to the same period last year. Last week, 102 listings were signed into contract, marking a 22.7% decline from the week before. Despite this drop, it’s still a robust performance given that the market has been in "holiday mode", with many buyers and sellers out of town. We can expect the number of in-contract listings to rise over the next month or so.
11-24 31st Avenue
- 75 Units
- 20 Stories
- Built in 2007
East River Tower is a commanding luxury condo tower featuring breathtaking East River and city views. Residents of this pet-friendly building enjoy a contemporary lobby, doorman, fitness center, landscaped courtyard with a grilling area, live-in super, and an onsite parking garage.
Management’s Website [here]
Past & Current Deals at 11-24 31st Avenue
East River Tower 2024 Sales:
Sold Unit Breakdown
Number of Sales Per Month
About Dylan Hoffman
Dylan Hoffman
With a stellar track record of success spanning over two decades, Dylan Hoffman has become one of the most well-regarded brokers in New York City real estate. Known for his deft ability to simplify complicated transactions, stay abreast of the ever-evolving marketplace and connect with his clients in a meaningful way, he's a powerful resource for buyers, sellers, renters and investors. It's no surprise that his dynamic approach has driven The Hoffman Team at Compass to the upper echelons of New York City success: The team ranked No. 4 in transactions and No. 11 in dollar volume according to WSJ/REAL Trends.
As a New York real estate investor himself, Dylan is ever-mindful of the fact that he's dealing with his clients' most prized assets, which drives his laser-focus on maximizing value. He's assembled an extensive local network, and he provides expert guidance in everything from securing financing and legal advice to finding the best architects and contractors. From the initial consultation to the closing table, Dylan is a trusted advisor, skilled negotiator and expert broker ready to help clients exceed their unique real estate goals.
A California native, Dylan studied theater at California State University, putting himself through college and an acting conservatory with a multitude of roles in commercials, on television and with national touring companies. Today, Dylan resides on the Upper West Side with his wife and two children. In his free time, he can be found with his family, enjoying Central Park or exploring Manhattan on a CitiBike.