While Manhattan’s real estate market is known for its competitive nature and incredibly high prices, the impact of COVID-19 has managed to reduce prices and open up availability. Homebuyers have made a quick comeback since the economy re-opened last summer. This is even more evident now that vaccines are rolling out across the country.
According to Norada Real Estate Investments, Manhattan is leaning towards a buyer’s market. Data by Redfin indicates that there are currently 26,449 active listings throughout the area. According to NYSAR’s February 2021 report, there was a 24% increase in closed sales, a 22% increase in median sales price, and 31.5% decrease in homes for sale.
Freddie Mac Chief Economist Sam Khater said “While there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percentage range for the year.”
Here are some of the most attractive properties on the market, that will surely benefit from NYC’s current status as a buyer’s market.
15 West 63rd Street 21a | $8,800,000
When only the best will do; unobstructed billion dollar Central Park Views from the 21st floor, located in the renowned Park Laurel Condominium.
Size: 2000 sf
Price: $8,800,000
Interior: A subtle and sophisticated 3 Bedroom, 3 Full bathrooms, all ensuite, spanning over 2000 square feet. This apartment has undergone an extensive gut renovation with open view kitchen and state of the art customization including remote window shading system, ultra-sophisticated lighting system, Sonos music throughout the unit and a sophisticated TV room which can double as guest room.
Contact: Mike Malul, CCRI – City Connections, +1 646.339.5040
641 5th Avenue, Unit 36A | $4,220,000
The Olympic Tower on Fifth Avenue in New York was developed by Aristotle Onassis and designed by the world-renown architectural firm, Skidmore, Owings & Merrill.
Listing agent Richard Nassimi commented “Manhattan real estate is once again historical on a down market. Any buyer that is a genuine investor/purchaser has this lifetime opportunity to own and say that they own a part of NYC. Moreover this apartment has a unique address that cant be substitute. 5th Avenue the glorious Avenue famed & renowned.”
Size: 1,791 sf
Price: $4,220,000
Interior: A world-class mixed use condominium offers the finest luxury accommodations coupled with premier executive commercial space. The stacked design is 51 stories in total, with floors 22 through 51 providing luxury residences with panoramic views of New York City. The full-service white gloved concierge service provides the utmost privacy and discretion to the high-profile tenants who reside at the Olympic Tower.
Contact: Richard Nassimi, The Nassimi Group, +1 212.571.6300
“Any buyer that is a genuine investor/purchaser has this lifetime opportunity to own and say that they own a part of NYC.”
14 West 17th Street, Unit 3S | $3,240,000
This stunning, one-of-a-kind spacious loft is waiting for you in Manhattan’s iconic Flatiron District! Built in 1906, 14 West 17th Street is a beautiful and unique building, originally designed by an award-winning architect.
Listing agent Kobi Lahay commented “14 West 17th Street unit 3S is a flexible loft space that allows for reconfiguration in accordance with the buyer’s needs. Post pandemic, the ability to redesign your space to allow for separate living quarters and a separate office area are crucial. Furthermore, Unit 3S has seen its share of social gatherings and as we expect to go back to host friends and family, the apartment boasts a rarely available large living space where the entrance is on the other side of the unit, allowing for an unencumbered living room space, perfect for hosting. ”
Size: 2,400 sf
Price: $3,240,000
Interior: A rarity in New York City, this home faces away from the street, allowing for a quiet respite from the hustle and bustle of everyday city living, yet still provides a grand living room space, with opportunities aplenty for entertaining.Every minute aesthetic detail of this apartment, custom renovated in 2014, has been meticulously designed, from the impressive 12-foot kitchen island boasting waterfall countertop edges, to the Caesar stone Quartz countertops, Viking and Bosch appliances, Carrara marble windowsills, custom-made laser-cut bathroom tiles by Mutina, black marble thresholds, and for entertaining, a luxurious wine refrigerator.
Location: This historic architectural neighborhood has become a dynamic hub of food, shopping, history and culture. Centrally located in the Ladies’ Mile Historic District, in close proximity to Chelsea, NoMad, Union Square, Washington Square Park and Madison Square Park.
Contact: Kobi Lahav, Living New York, +1 917.858.1915
“Post pandemic, the ability to redesign your space to allow for separate living and a separate office area are crucial.”
261 West 112th Street, Unit PHA | $1,219,880
Meticulously maintained Penthouse condo offers 2 bedrooms, 2 baths and a private 500 sq. ft. rooftop deck with city views.
Size: 1061 sf
Price: $1,219,880
Interior: Nestled just steps away from Central Park and Morningside Park, this boutique condo offers both the feel of a prewar building with its high ceilings, Juliette balcony and crown moldings while featuring contemporary details including a part time doorman and 24 hour virtual lobby attendant, private storage space, bike storage, state of the art gym and full sized in- unit washer/dryer. Both spacious and sun filled, tons of natural light shinning off the white oak wood floors through the oversized windows in each bedroom.
Contact: Suzen Baraka, Panache, +1 732.439.8103
