Manhattan Market Intelligence

The Q1 2024 Manhattan Apartment Market Report was released this morning. At first glance, the data may seem grim, but it's worth examining the numbers more closely. The number of closings this past quarter was 2 percent below a year ago, marking the lowest total for the first quarter since 2009. This slow start to 2024 is likely a result of rising interest rates, which have kept many buyers on the sidelines. Prices have also seen a downward trend, with the average resale p

As we’re in the throes of real estate's busiest season, there are likely some of you who have been considering buying given the persistently high rents in the city. In fact, Jonathan Miller, President and CEO of Miller Samuel, just reported an unexpected surge in Manhattan rents , reaching a new February peak. The rental market is experiencing robust growth, with the median rental price soaring to $4,230, marking a 3.3 percent annual increase. While the current interest rat

If you happened across the New York Times last week, you may have seen the write-up on the Central Park sidewalk restoration currently underway. This ambitious and long overdue project, spearheaded by the Central Park Conservancy, spans approximately six miles — precisely 108 blocks — and is being implemented in a phased approach. The first phase, which has already seen the completion of 26 blocks with six currently in progress, is slated for completion by 2028. However, the

I came across an article suggesting that inventory could see a significant increase of up to 40 percent. The reasoning behind this increase contradicts the theory I shared in January , which posited that as mortgage rates dropped, inventory would rise, since people would be more inclined to sell and/or buy. Mike Simonsen, the president and founder of Altos Research, presents a different perspective. He argues that inventory has actually been on the rise for the past two yea