Mar 14, 2018

Manhattan Monthly Market Report | February 2018

Market Wide Summary 

February Manhattan contracts signed have trended down year-over-year for the third consecutive month. Pricing metrics for condos were varied, as average price rose compared to last year, while median price fell. Pricing metrics for co-ops alternatively, saw gains, with average and median price both increasing in excess of 25%. Average price per square foot was up for both condos and co-ops. Listed inventory continued to rise, with co-ops seeing more than double the increase of condos. Days on market declined dramatically for condos, but it rose substantially for co-ops. Negotiability increased for both product types annually, but did decline on a monthly basis, down from recent highs.

Condominium Market Snapshot

 Sales activity for condos was 19% lower than last February. Pricing metrics repeated the annual shifts seen last month, with average price rising, and median price falling. Average price per square foot increased compared to last year, lifted by a double digit increase in three bedroom pricing to nearly $3,000 per square foot. This increase was driven by the sale of two units at 432 Park, asking a combined $68M. One and two bedroom units experienced double-digit drops in pricing, with both unit types falling below $1,600 per square foot for the first time since July 2017. Days on market dropped by over a quarter annually and monthly, off unusually high days on market during both prior periods. However, with inventory up 9% and sales down, unsurprisingly the difference from last ask to sale was greater than a year ago.

Cooperative Market Snapshot

 Co-op activity fell slightly more than condo activity in the month of February, with 20% fewer contracts than the year prior. Average price jumped a significant 26% and median sale price rose even more, up 33%. The increase in average and median sale price was largely caused by the sale of two units at 995 Fifth Avenue, asking a combined $29.75M. Additionally, 59% of units transacted above $1M this year, compared to 53% last year, helping further boost pricing metrics. A rise in the sale price per square foot occured across all bedroom types. Two and three bedroom units had the greatest pricing gains, as both registered a 31% increase annually. One bedroom units and studios had smaller gains, with one bedroom units seeing a rise mostly due to low pricing last year. Days on market rose 31% annually, but was relatively stable versus last month. Inventory experienced annual gains, expanding 21%, as over 500 more units were actively listed than the year prior. Difference from last ask to sale price grew annually, but was down from last month, to 1.9%.

Manhattan Total Listings

Inventory in Manhattan grew overall by 13%, the largest annual increase since December 2016. The most notable increase among the three product categories in co-ops which registered a 21% annual increase, the greatest annual increase since 2009. Townhouse inventory resumed the trend of declines seen as of late, posting a 5% drop in inventory, after two months of increases. Condo inventory also saw gains, up 9% annually, in line with recent gains seen in that product type.

Sales Made Above/Below Ask 

Though higher-priced units tend to see more prevalent discounting, the proportion of units sold over $3M with a discount has fallen annually, while units under that price range have seen greater prevalence in discounting. Surprisingly, the segment priced from $3MM to $5MM saw 67% of sales occur below ask, 8% less than a year ago. Similarly, 86% of units priced over $5MM sold below ask, two percent less than a year ago. One reason for this might be the overall drop in the proportion of units listed at higher price points, as 31% of units listed were priced above $3MM, down from 35% a year ago. Conversely, units priced under $1MM saw the largest gains in proportion sold with a discount, as 17% more units were sold below ask than a year ago. Furthermore, there was a 13% drop in units sold above ask, as just 17% units sold above that price, almost half the proportion of last year. Units priced between $1MM and $3MM saw smaller shifts in the same direction. Almost three quarters of units sold in February in that range were sold below ask, compared to 65% a year ago, as units sold above ask dropped from 14% to 9%.

Mar 7, 2018

Living in the Upper East Side | Carnegie Hill

Living in the Upper East Side
181 East 93rd Street
Buyers with conservative budgets as well as those with more to spend will find treasure troves of real estate offerings in the Upper East Side. Walk-ups and high-rises mix easily with stately townhomes, while co-ops, exposed-brick studios and modern high-end apartments present abundant housing options. 

Upper East Side real estate encapsulates the hip yet established atmosphere and sophisticated style still in demand today. Georgian, Victorian, Neo-Federal and Art Deco styles abound, and genteel, friendly living reigns.

Carnegie Hill, Upper East Side Manhattan  

Uptown on the East Side, from 86th Street to 98th Street and from Lexington Avenue to Central Park. 

The Carnegie Hill section of Manhattan, full of magnificient  townhouses  that are rarely for sale because their owners tend to hang  on to them,  has wonderful access to Central Park.

Larger buildings house prewar  apartments of six or seven rooms, known as “ Classic Sixes and “Classic  Sevens,

 The resulting old-world  feel, even in modern condos in Carnegie Hill, shows you why  steel tycoon Andrew Carnegie picked this quiet, countrified section of  Manhattan as the place to build his ultimate family home.

Even now, Carnegie Hill feels like a grand village tucked away from  some  of Gotham’s hustle and bustle.

Whether you’re walking on Park  Avenue  with its tulip plantings, past French and Italian renaissance  apartment  buildings with doorman luxury hidden behind their ornate  fa├žades, or  along a side street with its well-preserved brownstones,  you’ll realize  that Carnegie Hill is a truly special section of the  city. 

Shopping is varied, which makes for gracious uptown  living. Madison  Avenue offers all kinds of designer duds, even for  babies and toddlers.  Many of the local shopkeepers have been here for  decades — when you move  into your new Carnegie Hill home they’ll learn  your name.

In keeping  with the suburban feel of the area, entertainment is more  museum mile  than rock’n’roll: Carnegie Hill is home to the Guggenheim  Museum, the  Jewish Museum, and the 92nd Street Y, which offers a  variety of arts and  cultural programming.

The Coper Hewitt, National Design Museum, Smithsonian Institution is  the only museum in the  nation devoted exlusively to historic and  contemporary design. Cooper Hewitt is located in the landmark Andrew  Carnegie Mansion on Fifth Avenue.

One Bedroon Value in Carnegie Hill

Feb 22, 2018

Manhattan Residential RE Year End Review | 2017


Manhattan sales cooled versus 2016 as buyers and sellers adjusted to high prices and non-market factors like the Presidential administration and tax reform. Price trends were mixed in 2017. Average price remained level while average price per square foot declined 3% as a result of fewer new development deliveries and sales over $5M. Meanwhile, competition for apartments under $3M caused a 5% increase in median price. Listed inventory rose 9% annually to over 6,000 active listings.


Each residence type saw increases in inventory at the end of 2017, largely due to fewer sales in the fourth quarter. As such, Fourth Quarter 2017 co-op inventory was up 15% from Fourth Quarter 2016, while condo inventory increased a more moderate 4% year-over-year to 3,562 active units. In terms of pipeline, with over 4,100 units in new developments possibly launching in 2018, listed condo inventory is likely to continue to climb for the foreseeable future.

 Statistics by Type 

Resale co-op sales in 2017 fell 1% from 2016, while resale condo and new development closings both declined 5%. Resale co-op average price rose 3% to $1.306M, but average price per square foot fell 7% to $1,165. Resale condo price figures rose year-over-year, as average price increased 4% to $2.118M and average price per square foot rose 2% to $1,773. New development pricing decreased from 2016 due to fewer closings of luxury contracts signed in earlier years. Average price fell 5% to $4.204M and average price per square foot fell 4% to $2,482.

Feb 19, 2018

NYC Fair Housing It's The Law

Since 2008, at least a minimum of 3 hours of mandatory fair housing and anti-discrimination content must be part of the 22.5 hours of continuing education criteria for renewal of a New York State real estate license. Unfortunately, no Fair Housing education or training is required to serve on a NYC coop board.
Questions that were once routinely asked by brokers and coop boards are no longer acceptable.
Fair Housing means that you have the right to live wherever you choose and be treated according to the same rules as everyone else. Fair Housing laws promote equal opportunity and prohibit discriminatory practices that can unfairly limit the housing choices of numerous groups.
Fair Housing protects individuals from housing discrimination based on the protected classes under the NYC Human Rights Law:
Discrimination is prohibited in Board admissions procedures under the following laws: 
The Federal Fair Housing Act The Civil Rights Act The New York State and New York City Human Rights Laws.

The New York City Human Rights Law provides that it is unlawful to refuse to sell, rent, lease, approve the sale, rental or lease or otherwise deny a housing accommodation based on actual or perceived race, creed, color, national origin, gender (including gender identity), age, disability, sexual orientation, marital status, partnership status, lawful occupation, lawful source of income, alienage or citizenship status or because children are, may be, or would be residing in the accommodation. Where a housing accommodation or an interest is sought or occupied exclusively for residential purposes, the provisions shall be construed to prohibit discrimination in the sale, rental, or leasing of such housing accommodation or interest on account of a person’s occupation. 

Complaints may be filed within one year of an unlawful discriminatory act at the Law Enforcement Bureau of the City’s Commission on Human Rights. 

Our Fair Housing Policy

Feb 12, 2018

Manhattan Monthly Market Report | January 2018

Market Wide Summary

Contracts signed in January were down again, following already low sales activity in December. Most price metrics, however, saw increases, as average sale price jumped for condos and co-ops while median price grew for co-ops.

Average price per square foot rose for condos and co-ops, surpassing $2,000 per square foot for condos, an unusually high figure. Listed inventory continued the trend of annual increases, as both condos and co-ops saw annual gains.

Days on market increased by double-digits for both condos and co-ops,  as average days on market for condos approached half a year. Negotiability increased for both product types, as the spread from last ask to sale was 4% for condos and 2.5% for co-ops.

Cooperative Market Snapshot

Co-op activity dropped in January as well, though less significantly than condos, with sales down 12% annually. Average sale price increased 1%, and median sale price increased 16%.  

Average price per square foot had a modest 4% increase over last year’s figure, as all unit types except two bedroom units registered annual gains. Two bedroom price per square foot dropped 6% compared to last year to under $1,200 per square foot. 

Days on market continued to increase, rising above 100 days for the third time in a year, to its second highest figure in the same amount of time. Inventory experienced annual gains, expanding 19%, as 400 more units were actively listed than the year prior. Difference from last ask to sale price remained fairly consistent with last year, at 2.5%.

Manhattan Total Listings 

Total inventory in Manhattan continued to creep higher, with condos, co-ops, and townhouses all recording annual increases. The co-op increase of 19% was more than double the 8% increase in condo inventory. Townhouse inventory after months of declines stayed level last month, and registered a 2% increase in January, the first increase of that magnitude since April 2017. Overall inventory increased 12%, the largest annual gain since December 2016. 

Listed Inventory by Price point 

As listed inventory has continued to build up, the nature of that inventory has also begun to shift, as slower sales in some segments and greater availability of that product pushes market share higher. Surprisingly, the segment with the greatest increase in inventory compared to last year is units listed under $1M. Listed inventory under $1M grew by more than 400 units compared to last year. 
Conversely, the market segment with the least growth was the market over$3M, which had only 29 more listed units than last January. 

Units priced from $1M to $3M grew by 281 units. In the past 12 months there have been more units priced over $3M on the market than their counterparts under $1M, often by a couple hundred units or more. However, that difference shrunk to just 42 units in January 2018, as compared to a differential of 425 units in January 2017. 

Feb 5, 2018

UWS New Development Update

250 West 81st Street, on the Upper West Side topped-out at 209 feet. 

The site is located on Broadway next to Zabars, two blocks from the 79th Street Subway Station, serviced by the 1 train. Completion is expected by 2019. 

The Alchemy Properties-developed condo features just 31 apartments with two through five-bedroom units. Prices will start from $3.825 million.

250 West 81st Street 

250 West 81st Street
Living Room, rendering by Williams New York, design by Robert A.M. Stern Architects

269 West 87th St. The Chamberlain

A 39-Unit, 18 story residential condo on Upper West Side at former site of parking garage. Ownership in this building is a coop rather than a condo. “Condominium rules” and board approval is not required for purchasers/subtenants (although, similar to most condominiums in New York City, there is a right of first refusal). There is a 99 year land lease.

The Chamberlain, 269 West 87th Street

Two duplexes will fill the first two floors, followed by a full-floor unit on the second and three apartments each on the third through 11th floors. The 12th through 14th floors will host two units each, topped by three full-floor penthouses on the final three stories.

Jan 24, 2018

Apartment Square footage is Just an Approximation


I'm often asked about square footage and if there are any rules in determining square footage. We all know that buyers of apartments and townhouses in New York City often look to the approximate square footage of a property as a measurement for a property’s value. Indeed, often one of the key factors for a buyer in their decision to purchase is a calculation of the cost or price-per-square foot of an apartment or townhouse. 

It is important to keep in mind, however, that the approximate square footage of an apartment is often just that – an approximation. 

Different appraisers or professionals may use different methods or standards in coming up with their square footage figures. Some will determine square footage of an apartment by measuring the space between the interior walls, including bathrooms, closets and foyers, while others may use exterior walls or other benchmarks. Some will include unusable floor area such as columns, mechanical pipe shafts and chases in their calculations. 

Moreover, many Manhattan apartments, including pre-war buildings, often have hard-to-measure elements like oddly shaped rooms, removed walls, or even turrets or alcoves. This is especially true for many of New York City’s oldest and most prestigious residences.

In addition, while many cooperative apartment buildings may have filed floor plans with the Attorney General’s office as part of their offering plans, those floor plans may not be up to date. Condominium offering plans also include floor plans and measurements, but developers often use different methods for measuring the square footage of their respective units. For example, some will include hallways or foyers or bathrooms in their square footage figures, others will not. 

Offering plans will only tell you the approximate square footage and the method used to measure it by the developer at the time of construction or conversion. Plans will not tell you how the square footage is measured at the time of a resale.

All potential purchasers should be made aware that all square footage measurements that are provided by brokers are usually just estimates, and are not certified or deemed reliable by either the listing firm or a participating co-broker. In addition, a buyer determined to have a square footage measurement should consult or retain their own professional, and have that professional explain the methodology for the measurement.

Jan 12, 2018

Manhattan Monthly Market Report | December 2017

Market Wide Summary 

December sales activity declined to its lowest level since 2012, with condo activity dropping 24%, and co-op activity dropping 8%. Changes in pricing metrics, however, were mixed. Condo average and median price grew, while co-op median price increased slightly, and average price dropped 24%. Listed inventory continued the trend of annual increases, as both condos and co-ops saw annual gains. Days on market increased across both product types over the last year, but gains were much higher amongst condos, at 30%. Negotiability remained almost the same for co-ops. Condos, however, saw a larger difference from last ask to sale, as average discount from last ask reached 3.3% this month, as compared to 2.5% last year.

Condominium Market Snapshot 

Condominium sales activity dropped a substantial 24% in December. However, December 2016 was abnormally strong, and December 2017 has just 18 fewer sales than the 326 posted in December 2015, two years ago. Average price increased 23% versus last year and 26% versus last month, bolstered by a boost in three bedroom pricing, which jumped 32% compared to last year due to a series of high priced sales. Alternatively, median price increased just 2%, as the increase in unit sale price wasn’t adequately pervasive to lift that figure.

Condo price per square foot changes varied. Average price per square foot up by double digits. Two bedroom units, on the other hand, saw 18% declines off unusually high figures last year. Meanwhile, studios saw double digit increases of 16%, to just under $1,400 per square foot, and one bedrooms saw more modest 5% gains. Inventory continued to rise, up 4% annually, a rather modest increase compared to increases seen earlier in 2017. The slowing of sales and increase in inventory has pushed days on market ever higher, rising to 163 days, the second highest figure of the year. Average difference from last ask to sale changed by 0.8% from last year, as it reached 3.3%, the greatest spread since February 2017.

Cooperative Market Snapshot 

Co-ops saw less significant declines in activity than condos, though still registered an 8% decline in sales compared to last December. Average price fell 24% off an unusually high figure last year that exceeded $1.5M. Median price on the other hand stayed fairly constant, increasing just 1% annually, but dropping 2% as compared to last month. Price per square foot remained stable monthly, but dropped by 20% annually, as a dramatic $500 decline in the average price per square foot of three bedroom units skewed the overall average. Studios and two bedrooms saw fairly minimal increases, both rising 2%, while one bedroom units declined 9%. Inventory again rose, though less significantly than previous months, up just 5% year-over-year. Days on market increased by 5% as well, but stayed under an average of 100 days on market.

Manhattan Total Listings

Total inventory in Manhattan continued to rise annually, though more modestly than months prior, up just 4%, compared to an average of over 9% the previous three months. Typical of seasonality, overall inventory fell 17% monthly, down to a total of 6,069 actively listed units, on par with previous lows in the last year and a half. Townhouse inventory broke a seven-month-long streak of annual declines, as inventory stayed perfectly level with a year ago.

Days on Market until Contract Signing

With listed inventory continuing to increase, and contract activity decreasing, days on market across the condo and co-op markets is continuing to rise. As a result of both these factors occurring simultaneously, discounts have become increasingly prevalent in both markets.

Days on market has trended up since July 2016. As units spend more time on market, there has been a growing need amongst sellers to lower pricing. As a result, discounts have become increasingly pervasive within the condo and co-op markets, with condos specifically demanding deeper discounts than years prior. However, discounting in the current environment has proven effective in moving inventory. As days on market has gone up market wide, units have spent a nearly level amount of time on market after discounting on a consistent basis. In December, units with discounts spent an average of 13 days less on market after discounting versus the five-year average of 66 days.

Jan 11, 2018

NYS Senate HDFC Bill Stricken


Senate HDFC Bill S6543

2017-2018 Legislative Session
A new HDFC bill spearheaded by HPD and The De Blasio administration that was intended to impose new restrictions and regulations on HDFC coops died today in the State Senate.
The bill was intended to amend the current NY State law (known as Article 11 of the Private Housing Finance Law or PHFL) that governs HDFC corporations and make changes that would permanently put HDFCs under the control of HPD.

HDFC coops were intended to be self-sufficient self-sustaining affordable housing corporations. Mayor Ed Koch proclaimed at a City Hall ceremony in 1981 to turn over deeds of Harlem buildings to the tenants so "the people, the tenants will control their own destiny.”
The bill was stricken in the state senate. Betty Little (R, C, IP) 45TH SENATE DISTRICT struck it. It's dead unless picked up and sponsored again by either a Senator or Assemblyperson.
More information at:

Brooklyn Market Report | Fourth Quarter 2017


I am delighted to share with you the latest edition of The Corcoran Report for Brooklyn. Inside you will find a detailed analysis of residential real estate sales that closed in Brooklyn in Fourth Quarter 2017 (October 1 through December 31)

Key findings of the Fourth Quarter report:

  •  The real estate market in Brooklyn closed out 2017 on a high note: It sustained the trend of an expanding market. Closed sales however, took a break from the double-digit surge seen earlier this year, as the annual gains were less robust in Fourth Quarter 2017 relative to the first three quarters of the year. For buyers, constrained inventory at all price points was a key factor for lower growth levels this quarter as sellers were unable to keep pace with the strong demand for housing. New development product played a crucial role in spanning the shortfall of resale supply and the market responded favorably with swift sales of new product
  • The total number of closed sales in Fourth Quarter 2017 rose 7% year-over-year: Apartment closings came in at 1,318. The new development market fared better than the resale market in Brooklyn as this was the strongest Fourth quarter for new development sales in seven years. 
  • The total number of closed sales in Fourth Quarter 2017 rose 7% year-over-year: Apartment closings came in at 1,318. The new development market fared better than the resale market in Brooklyn as this was the strongest Fourth quarter for new development sales in seven years. 
  • The total number of closed sales in Fourth Quarter 2017 rose 7% year-over-year: Apartment closings came in at 1,318. The new development market fared better than the resale market in Brooklyn as this was the strongest Fourth quarter for new development sales in seven years. 
Please do not hesitate to reach out if you have any questions about The Corcoran Report or the Brooklyn market in general. I welcome the opportunity to be of assistance to you.


This blog site is designed and published as a consumer service by local real estate broker to help Manhattan, New York City buyers, sellers and renters make informed real estate decisions. This site and its feeds are owned and operated by Mitchell J Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

Legal Disclaimer - The opinions expressed here are those of the authors and do not neccessarily reflect the opinions or policy of The Corcoran Group. This site is not the official website of The Corcoran Group or its affiliated companies, and neither The Corcoran Group nor its affiliated companies in any way warrant the accuracy of any information contained herein. Any product and/or services offered for sale on this website shall not be considered an offer to sell such goods and/or services in any state other than New York.

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