|
|
|
The critical word in Manhattan real estate isn’t tariffs, it’s scarcity.
|
|
Manhattan just closed its strongest Q1 for ultra-luxury sales in six years. Contracts above $5M increased nearly 50% year-over-year. March was particularly active for sales above $20M, and all of this has transpired amid the post-election malaise and tariff uncertainty.
This is what I’m seeing: UHNW buyers are buying trophy assets sight unseen and paying cash because New York real estate has been, and will always remain, one of the world’s safest bets. Savvy buyers are accepting the market for what it is – highly competitive despite the many economic conditions they’re worried about – and it’s pushing them to move faster on good opportunities. Fellow agents are circulating “in search of” emails for off-markets or to find a would-be seller because inventory is so low and their clients are so eager. Developers are scouring the city and competing for what few sites are viable and the winners are paying substantial prices.
|
|
Every one of these behaviors reflects scarcity in the market.
|
|
What happens next? Manhattan real estate becomes even more scarce. And it’s already happening as we head into spring.
My clients are transacting amid the turmoil as they know when the dust settles and new economic policy is set in place, the show will go on, and the admission price for Manhattan real estate will be higher.
|
|
|
|
78 Morton Street
|
|
$19,920,000
|
|
A rare West Village mansion, 78 Morton Street spans 25 feet in width and offers a single-family layout of remarkable scale and warmth. Timeless character.
|
|
|
|
|
|
111 W 57TH, PH76
|
|
$49,000,000
|
|
This penthouse crowns the building with a full-floor layout and commanding views from the top. Recent trades in the building reflect negotiability. Timeless elegance.
|
|
|
|
|
|
75 Kenmare Street, 8B
|
|
$4,950,000
|
|
This beautiful corner residence is a Nolita Dream come true. The interiors are by Kravitz Design and the full-service building has a perfectly curated amenity suite.
|
|
|
|
|
|
|
|
|
|
Millennials and Gen Zers Are Coming Into Great Fortunes. What Art Do They Want to Buy?
|
|
The downturn in trophy art sales has opened a seat at the table for burgeoning artists. Millennial and Gen Z collectors are buying more attainably priced works from the new generation of artists. Like real estate, art is a long game. What’s acquired for $6,000 today could be worth $50,000 in just a few years.
|
|
|
|
|
|
|
|
The Revenge of the Niche Fashion Magazine
|
|
Just when everyone thought print was dead, niche magazines for fashion, culture and art are popping up everywhere.
|
|
|
|
|
|
|
|
Meet the Homeowners Who Have Had Enough of Their Covid Relocation Dreams
|
|
New Yorkers are reversing their covid relocation because they miss the city and/or are being called back into the office. We’re going to see more of this in 2025.
|
|
|
