Q3 Market Update

Dear UES Friend,

In addition to our overall market reports for Manhattan and Brooklyn, which we sent earlier today, we wanted to share with you some additional information specifically about the Upper East Side.

This last quarter the Upper East Side emerged as the strongest submarket in Manhattan with sales up driven by a surge in resale closings (+16%) despite shrinking inventory and low levels of new development. The neighborhood saw a 10% drop in inventory, reaching around 1,400 units, marking the steepest decline among submarkets.

This reduction in inventory contributed to a 2% decrease in average days on the market year-over-year. However, prices fell overall, primarily due to the sharp decline in new development sales with average price per square foot down 23% annually to $1,424, influenced heavily by a 40% decrease in luxury sales exceeding $2,400 per square foot.

We have been very busy in the UES the last few months, and we'd love to hear from you. Have a wonderful fall and holiday season, and be sure to keep an eye out for our upcoming UES report, which will be released at the beginning of the year.