Escape from New York? Not yet, numbers don’t lie

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Escape from New York? Not yet, numbers don’t lie

New York City’s rental market remained remarkably strong in October, with rising rents and competitive bidding wars that contradict claims of an impending “exodus.” These rumors intensified in the run-up to the election of the city’s new socialist-leaning mayor Zhoran Mamdani, but market data tells a very different story at the moment. Sales activity also held firm, with third-quarter transactions 4.3% above the decade average.

While rents nationwide saw their fastest drop in 15 years, Manhattan, Brooklyn, and Queens recorded rent growth at twice the rate of inflation. Demand remains intense, highlighting the need ...

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New York City Leading in Millionaires

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A Henley & Partners study revealed that New York City (NYC) has the highest concentration of millionaires globally. The ranking comes as no surprise, given NYC’s status as the largest city in the United States, boasting a population of over 8 million residents. In comparison, the Bay Area, coming in second globally, has approximately 7.75 million inhabitants. Thus, on ...

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Decoding the Future of NYC Real Estate: Will Rate Cuts Change the Game?

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Decoding the Future of NYC Real Estate: Will Rate Cuts Change the Game?

Currently, the Fed has maintained its benchmark interest rate at a 23-year high to combat inflation, resulting in elevated mortgage rates. This has deterred many potential buyers, especially those with limited funds. Meanwhile, existing sellers, benefiting from historically low mortgage rates of around 3 percent, have been reluctant to enter the market, fearing higher rates upon purchasing a new property.

A rate cut by the Fed could theoretically prompt more sellers to list their apartments. However, such a move might not substantially alter the landscape for buyers. Lower ...

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Governors Island Will Be Open Year Round

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Governors Island Will Be Open Year Round

A welcome escape from New York City’s typical hustle and bustle will now be open all year — and just a short ferry ride away.

The 172-acre island in New York Harbor opened wide to the public in 2006 after decades as a military installation.

Governors Island starting Nov. 1 will be open from 7 a.m. to 6:15 p.m.

NYC Ferry service will be offered on the South Brooklyn Route during weekdays and non-summer weekends, in addition to the existing Pier 11/Wall Street summer shuttle.

(source: patch.com, picture: patch.com)

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NYC could become the most expensive rental market in the United States

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NYC could become the most expensive rental market in the United States

According to a recent Zumper’s report, the city’s median rent for a one-bedroom apartment — $2,680 — is currently the second-highest in the nation, only $40 behind San Francisco’s $2,720, and New York City has seen much more growth than San Francisco in recent months.

The city posted a 4.3 percent month-over-month gain in median one-bedroom rent in July, making prices just 5.6 percent lower than they were this time last year; in comparison, San Francisco prices are currently down 15 percent compared to the previous year.

“With the COVID vaccine widely available, renters are adapting to a ...

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Overseas investors are coming back to NYC

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Overseas investors are coming back to NYC

The Covid-19 pandemic has made it almost unrealistic for international investors to purchase real estate in New York City and the United States in general. Either because of some objective impediments such as travel restrictions or uncertainty about what would happen at the market level, especially luxury and high-end investments.

However, some real estate agents, including us, are seeing a rebound in international interest.

With the easing of restrictions and pandemic measures, overseas buyers are enticed by the idea of getting discounts and the feeling that this window of time is already closing. In fact, according to the consistently ...

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