2Q-2018 | Manhattan | Market Update

REAL ESTATE | EVENTS | NEWS

2nd Quarter 2018

I am excited to share with you Corcoran's Manhattan Market Update for the Second Quarter of 2018. Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q2 compared to the previous quarter and to the prior year.

Key findings of the Report: 

• Second Quarter market activity cooled: Manhattan experienced fewer closed sales and signed contracts, as well as high inventory levels and steadying prices compared to a year ago. The effects of the new tax law, high real estate taxes and volatility in the financial markets all contributed to a dampening of buyers’ purchase intent in Q2.   
• Market-wide closed sales decreased 14% and contracts signed decreased 9% compared to last year: Though closings in Q2 responded to diminished buyer urgency, there were still nearly 3,200 closings, which was a 26% increase over last quarter, reflecting a typical Q2 seasonal uptick in buyer activity.
• Manhattan market-wide prices were unchanged from last year: Average sale price of $2.15 million was essentially level with Q2 2017, supported by select penthouse sales and record-breaking transactions. Median sale price, however, decreased 3% to $1.14 million as market share shifted in favor of lower-priced transactions that accompanied a decline in new development closings.

Read Full Report >

HAPPENING AROUND NEW YORK

NYC Restaurant Week

July 23rd - August 17th

The summer edition of NYC Restaurant Week has arrived. You can make reservations now for deals at 386 participating restaurants from July 23rd through August 17th. Among this year’s offerings are nearly a hundred American Traditional spots, followed by 86 Italian restaurants, dozens of steakhouses and French bistros and brasseries, nearly as many Mexican joints, as well as a smattering of Chinese, Greek, Indian, seafood, soul food, vegetarian, and Vietnamese options.

More on Restaurant Week >

Shakespeare in the Park

Through August 19th

Every summer, the Public Theater produces an NYC tradition and one of the best free things to do in NYC: Shakespeare in the Park, presented at the open-air Delacorte Theater in Central Park. The productions often feature some of the most talented actors of our day. Past casts have included Meryl Streep, Al Pacino and Denzel Washington - just to name a few. Due to the popularity of the production, tickets can be somewhat challenging to get. Check out this handy article with instructions on how to get free tickets to Shakespeare in the Park.

More details here >

NEW DEVELOPMENT SPOTLIGHT

360 Central Park West

360 Central Park West was originally built in 1929 but has recently been transformed by CetraRuddy Architects into a luxurious building with extraordinary finishes. The homes feature spacious great rooms, 5” solid oak floors, central air conditioning, washer/dryers, double-pane Pella windows, and kitchens with Calacatta Caldia counters and backsplashes.. The building is fully attended and features a children’s play room, gym, private storage, bike storage and pet washing. Not to mention, Central Park is right outside your front door - the ultimate amenity in New York City. With studios up to four-bedroom apartments, 360 Central Park West is perfect for those looking for a prewar building with modern, luxurious finishes.

See more about 360 Central Park West >

360 Central Park West, Apartment 8B

JUST CLOSED

Every room is oversized in this stunning 3 bedroom, 3.5 bathroom home! Spacious and meticulously renovated, this apartment has multiple exposures, including Central Park views from the master bedroom.

360 Central Park West, Apartment 9G

JUST CLOSED

This stylish studio overlooks a landmarked church and has lovely side views of Central Park. The kitchen features Calacatta marble counters and backsplashes and Miele appliances. The master bathroom boasts floor-to-ceiling marble slab walls. All bathrooms are outfitted with custom cabinetry and Waterworks fixtures.