November 2019 Manhattan and Brooklyn Sales Market Report

Contact me here for assistance with buying or selling a home in Manhattan and Brooklyn.

Manhattan Trends:

• Buyers are taking notice of the discounts available in the market and as a result, contract activity rose versus November 2018.

• The condo market captured a smaller market share of sales under $1M, which resulted in annual price increases for both the average and median sale price for this product type.

• However, with buyers choosing more space over a prime location, average price per square foot dropped 9% annually for condos.

• On the contrary, average and median price statistics for co-ops experienced declines as co-op buyers, on average, purchased smaller apartments.

• Listed inventory for both condominiums and co-ops expanded by double-digits versus last year.  

• As a result, average days on market increased for both property types.

Brooklyn Trends:

• In November 2019, Median sale price increased 15% year-over-year and average price increased 12% annually, due to a reduced share of sales below $1M and fewer Central Brooklyn sales compared to last year.

•  In addition, price statistics were skewed higher this month due to high-end townhouse sales including three sales over $5M compared to none last year.

• However, average price per square foot was only 1% higher… indicating that price growth was due to the sale of larger residences, not market appreciation.

•  Contract activity decreased by 4% compared to last year and has declined annually during eight of the last twelve months.

• Because larger residences tend to take longer to sell, days on market increased 54% year-over-year to 120 days on average in November, which was the fifth consecutive month above the Brooklyn three-year average.

•  Newly listed apartment inventory fell 29% year-over-year and was the lowest figure since December 2018.

   

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November 2019 Manhattan and Brooklyn Rental Market Report

Contact me here to discuss any upcoming vacancies and/or pricing of your apartments, or the purchase and sale of  a multifamily property.

• In November 2019, the average monthly rental price for a Manhattan studio was $2,612. For one-bedroom homes, the average was $3,400. For two-bedrooms, the average rent was $4,274.  Finally, the average three-bedroom apartment rented for $5,929.   

• Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,547 per month on average. For Brooklyn one-bedrooms, the average rent was $3,133 – while rents for two- and three-bedrooms clocked in at $4,117 and $5,463 respectively.

• In November, the Manhattan vacancy rate was 1.36% – up from October’s rate of 1.31%.  This is the fifth consecutive month where inventory increased.

• When examining concessions, 27% of rental transactions brokered by Citi Habitats offered a free month’s rent and/or payment of the broker fee to entice new tenants in November 2019 – up slightly from 25% in October. These move-in incentives continued to be much more prevalent in Brooklyn, where they were found on 43% of leases in November 2019 – versus 18% of Manhattan leases during the same period.

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“While the gap may be closing, Brooklyn continues to offer lower rents and more incentives for renters when compared to Manhattan,” explained Gary Malin, President of Citi Habitats.  “In the current price-sensitive market, tenants are seeking affordability.  With Manhattan rents pushed just about as high as they can go, Brooklyn neighborhoods – even those off the beaten path – are proving to be increasingly appealing to many.”

 

October 2019 Manhattan and Brooklyn Sales Market Report

Contact me here for assistance with buying or selling a home in Manhattan and Brooklyn.

Manhattan Trends:

•  Compared to last year, October 2019 contract activity fell for both condominiums and co-ops, declining 11% for condominiums and 8% for co-ops.
• Versus last month, however, condominium and co-op sales rose significantly as September 2019 had the fewest contracts signed for both property types in over two-and-a-half years.
• For condos, average and median sale price both experienced double-digit annual increases.
• Price figures increased due to a drop in sales under $1M compared to last year – caused by fewer studio and one-bedroom sales.
• Yet, average price-per-square-foot dropped 7% annually for condos.  Average and median price statistics for co-ops experienced double-digit declines across the board.
• Listed inventory for condominiums and co-ops expanded versus last year. As a result, average days on market for condominiums and co-ops increased and negotiability deepened for both property types.

Brooklyn Trends:

• In October 2019, price statistics and days on market rose compared to last year.

• Median sale price increased 13% year-over-year and average price increased 9% annually, due to the constricted market share of sales under $1M compared to last year.

• Contract activity remained essentially unchanged compared to last year, the smallest annual decline in sales since March 2017, yet was the lowest sales figure for any October in Brooklyn since 2013.

• Days on market increased 19% year-over-year to 93 days on average in October, which was the fourth consecutive month above the Brooklyn three-year average.

• Newly listed apartment inventory fell 19% because last year was skewed by several new development launches.

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A Close Look at the Met

The Metropolitan Museum of Art opened in 1870 by a group of thinkers, financiers, and artists – their purpose to bring art and art education to the American people. At its original location, the Dodworth Building at 681 Fifth Avenue, the Met’s first collection consisted of 174 European paintings and one object, a Roman sarcophagus. 

Throughout the rest of the 19th Century, the Met continued to grow- in size, in the collection, and in renown. In 1874-76, the Met purchased the Cesnola Collection of Cypriot Art, and its reputation as a leading treasury of classical antiquities was sealed. In 1880, it moved to its current site on Fifth Avenue and 82nd Street, and by the 20th Century, the Met was known as one of the world’s greatest art museums. When its Beaux-Arts Fifth Avenue facade and Great Hall were opened to the public in 1902, the Evening Post penned it a neoclassical palace of art, “one of the finest in the world, and the only public building in recent years which approaches in dignity and grandeur the museums of the old world.” Among its accomplishments: The Met was the first public institution to acquire art from Henry Matisse. It has the largest collection of Egyptian art outside of Cairo. It has one of the most significant collections of European paintings in the world, and its collection of American paintings, sculpture, and decorative arts is the most comprehensive in the world. Today, the two-million square-foot building houses tens of thousands of objects.  

If you’re planning a visit to the Met, make it a day trip. After all, the Met has over 5,000 years of art from around the world. You won’t want to rush what the museum has to show you, and there’s no reason to leave – not even for lunch – as the museum has restaurants and cafes to suit most palates. Admission to the Met is pay-as-you-wish to New York State residents, and students in New York, New Jersey, and Connecticut. Out-of-state adults pay $25, $17 for seniors, $12 for students, and children 12 and under are free. The museum is open seven days a week from 10am until 5:30pm, and is open until 9pm on Fridays and Saturdays. The best time to arrive, though, is early afternoon. This gives you enough time to be there without rushing, but also avoid loads of schoolchildren on field trips. While there, consider getting an audio guide. It is available in ten languages, and features more than 3,000 audio recordings, commenting on works from almost every gallery in the museum.

On January 13, 2015, the Trustees of The Met reaffirmed the museum’s original statement of purpose, adding to it the following statement of mission: “The Metropolitan Museum of Art collects, studies, conserves, and presents significant works of art across all times and cultures in order to connect people to creativity, knowledge, and ideas.”

Taking a trip to Museum Mile on the Upper East Side is always a good idea. Exerting a trip to Museum Mile specifically to visit the Met is a great idea – even Vincent van Gogh, Édouard Manet, and Egyptian mummies can attest.   

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