{February 2024} A Simmering Market

East Midtown Greenway, courtesy of Stantec

February was a little busier than January, which was busier than all of 2023.  It felt that spring was in the air after a long winter for the New York real estate market.  In both the luxury segment (inventory priced at 4mm and above) and the new construction segment, more contracts were signed in the last week of February than the average weekly volume in 2023.  29 contracts were signed in the luxury market and 58 contracts were signed in the new construction market. Both were higher than what we were used to seeing from June 2022 to the end of 2023.  A total of 956 contracts were signed in Manhattan In Feb, the highest number since last July. 

But prices have not moved higher. The transaction volumes were higher but not high enough to move prices yet. In the suburbs, the bidding wars have been going on for a while. As the prices continued to climb outside the city, some young people were saying to themselves perhaps they should look to buy in the city since the discount was now not large enough to justify the commute. 

Now let’s talk about an exciting new addition to our city’s waterfront.  Manhattan is getting a new waterfront in midtown!  The East Midtown Waterfront project fills a major gap in the Manhattan Waterfront Greenway between East 38th and East 61st Streets along the East River, providing much-desired waterfront access and open space for the East Midtown community and the public at large. Its goals: to improve access to the East River, create new, connected spaces for pedestrians and bicyclists, and provide waterfront amenities.

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New Construction

A new condo and rental hybrid project, One Domino Square, is nearing completion on the Williamsburg waterfront!  Developed by Two Trees, One Domino Square comprises two towers and 600 units, 160 of which are condos.  It will have a green roof with a swimming pool.  Reach out for more information!