Manhattan Market Intelligence

I’m sending today’s email a day early due to the 4th of July holiday tomorrow and wanted to share some highlights from the Q2 2024 Manhattan Market Report , released yesterday, before next Thursday’s email. In short, we’re seeing a modest upward shift in apartment closings and inventory. Apartment prices, however, fell 3 percent from a year ago, averaging just over $2 million—nearly 6 percent up from the previous quarter.   The price drops result from a rising inventory of ap

News emerged this week that the former Pfizer headquarters will be converted into 1,500 rental apartments , marking New York City’s largest office-to-residential conversion to date. This project is being led by Metro Loft Developers, who are also managing the conversion of the former Goldman Sachs headquarters at 55 Broad Street  into 570 apartments. Nearby, 20 Broad Street , previously an annex for the New York Stock Exchange, has already been converted into 500 luxury renta

With 90-degree temperatures expected for NYC through this weekend, it's crucial to focus on staying cool as the summer heat intensifies. The 12 percent rate increase  by Con Edison over three years doesn’t make it easier, but fortunately, there are several effective strategies to keep cool and save on energy costs.   Maintaining your AC unit is essential for its efficiency. Regularly cleaning your AC filter  ensures that cold air keeps flowing. Proper insulation around your A

Despite a relatively slow month, the luxury market performed moderately well in May, all things considered. New development sales in Manhattan and Brooklyn notably surpassed pre-pandemic levels. According to Marketproof, deal volume in the new development sector averaged 10 percent higher  than the pre-pandemic average from 2015 to 2019. Total dollar volume increased by 18 percent, reaching $816 million.   In May, there were 54 new development luxury deals. Of these, 53 were