Q1 2024 - Daniel Kramp Team

Q1 20 24 REPORT

I nsert team photo here

Dear clients and friends, It is my pleasure to bring you our 17th edition of our quarterly report, which combines the information we learn from the field of real estate as well as some fun facts and trends about New York Cit y and beyond.

In this issue we will be covering NYC and Brooklyn latest real estate trends, as well as the global outlook for luxury markets. Give you a sneak peek into our newest exclusive and new development opport unities, and dive into the facts about the NAR settlement . And of course, there is a great cocktail recipe from the event we had last week!

As always, if you have any questions, we are just one phone call away.

Daniel and the Team

SPRING ACTIVITIES

Resident X - Dining in the Dark

Candlelight Concerts

Are you ready to take part in an unforgettable culinary journey? This deluxe Resident x Dining in the Dark experience is coming to Resident!

Michelin- trained Chef David Goldman (formerly of Marea and Aska) has curated a 3- course menu with 4 wine pairings that will surprise your senses as you enjoy one of NYC?s most unique dining experiences! htt ps:/ / secret nyc.co/ dining- in- the- dark/

If you?d like to hear beautiful melodies surrounded by the flickering glow of candlelight in a stunning NYC church, this one at The Opera House from Bach to the Beatles or this one at the Williamsburg Hotel that ?s The Best of Hans Zimmer will surely impress. If you?d rather listen to more modern music, try this Lana del Rey tribute at the Church of the Heavenly Rest. www.candlelightexperience.com

Wonderland Dreams

The Rose Room

This interactive art experience in NYC spans 26,000- square- feet of immersive dreamscape.

Visitors can roam throughout the 20 rooms, all painted floor- to- ceiling by hand. Become the subject of the painting as you step into new worlds at every turn. And when you?re finished exploring, be sure to wind down at the wine bar and café, offering story- themed items straight out of a fairytale. www.wonderlanddreams.com

Enter into the magical blend of old- world supper club meets New York?s underground queer circus scene at The Rose Room. This cirque variet y show will keep you on your toes all night long with an array of mind- blowing performers from America?s Got Talent, Broadway, Cirque Du Soleil, The Box, House of Yes, Company XIV and beyond. Take in the world- class entertainment while enjoying delicious cocktails at this one- stop shop night of adventure in the cit y! www.theroseroomnyc.com

2024 LUXURY MARKET OUTLOOK

Chateau de la Roche | Alpine, New Jersey

2024 Global Luxury Real Estate Forecast Despite challenges such as interest r ate spikes, inventor y shor tages, and geopolitical conflicts, luxur y housing displayed resilience in 2023, buoyed by strong equities per for mance.

Our latest repor t explores micro- market dynamics in key locations and examines emer ging trends such as the concept of Quiet Luxur y and the entr y of Gen Z into high- end real estate. Additionally, it delves into the luxur y profile of Univer sity Towns and highlights significant sales within Chr istie?s Inter national Real Estate network in 2023. Amid expansion into new markets and strengthening connections with Chr istie?s auction house, the br and emphasizes ongoing innovations in technology and marketing to better ser ve clients.

Taking a closer look in New York City through the Regional Market Forecast, Chr istie?s predicts an influx of inter national buyer s. President and CEO of Chr istie?s Inter national Real Estate Group explains ?When there is geopolitical instability around the world, money often flows into the New York City market because it is the safest, most stable investment in global real estate.?

Read more about the 2024 Global Luxury Real Estate Foreccast here, and subscribe to Christie's International Real Estate's Luxury Defined blog to stay up- to- date with the latest market insights, real estate and lifestyle trends, and more!

y

NYC MARKET DATA - Q1 In Q1 2024, Manhattan's real estate market faced challenges like high mor tgage r ates and r ising costs.

Closed sales slightly decreased, signed contr acts modestly increased in some months, and inventor y saw a minor uptick. Januar y and Febr uar y saw increases in signed contr acts due to lower interest r ates and r ising confidence, but March exper ienced a pullback due to r ising r ates. Pr ices fell across the board, dr iven by buyer hesitancy and seller s willing to do deals are lower number s.

In Br ooklyn, on the other hand, the real estate scene perked up nicely, which could be attr ibuted to sever al new buildings closed a bulk of units in the beginning of 2024. Sales and pr ices were on the up compared to last year. Closings shot up by 13% and over all sales volume jumped by 21% to $1.3 billion.

Contr act signings also saw a boost, even though inventor y kept dropping, especially in the cheaper pr ice r anges. Listings between $1- 2 million went up, mainly thanks to new projects popping up. This shift drove pr ices higher, with median and aver age pr ices r ising by 8% and 7% respectively.

MAN HATTAN

Inventor y

6,264 +2% YEAR OVER YEAR +2% QUARTER OVER QUARTER

Contr acts Signed

2,737 - 6% YEAR OVER YEAR +18% QUARTER OVER QUARTER

Days on Market

123

BROOKLYN

Inventor y

1,411 - 15% YEAR OVER YEAR +12% QUARTER OVER QUARTER

Contr acts Signed

903 +3% YEAR OVER YEAR +5% QUARTER OVER QUARTER

Days on Market

90

+10% YEAR OVER YEAR +4% QUARTER OVER QUARTER

+1% YEAR OVER YEAR +5% QUARTER OVER QUARTER

Aver age PPSF

Aver age PPSF

$1,640 - 14% YEAR OVER YEAR - 12% QUARTER OVER QUARTER

$1,049 +3% YEAR OVER YEAR +5% QUARTER OVER QUARTER

NEW DEVELOPMENT OPPORTUNITY

77 Gr eenich Str eet, Financial Distr ict

We are happy to announce that our team has been selected to help with the sales of 77 Greenwich Street!

77 Greenwich is a luxur y- defining LEED cer tified condominium overlooking New York Harbor and the Hudson River. Ever y home features a direct view of the NY Harbor and all residences boast floor to ceiling cr ystalline glass windows allowing for an abundance of natur al light, stunning water views and soar ing ceilings of close to 11?.

The building soar s 500? above Lower Manhattan and contains 90 elegant 1- to- 4- bedroom homes by design visionar ies FXCollabor ative and Debor ah Berke of TenBerke.

The building offer s over 10,000 SF of incredible lifestyle amenities including the exclusive Cloud Club located at the top of the tower, which features 360 degree skyline and water views and includes a fireplace lounge, double- height fitness center outfitted by the Wr ight Fit, pr ivate dining room, flex space for yoga or events and a children?s playroom Separ ately, the 12th floor will offer a zen garden and dog r un. Only moments away from South Cove Park, Brookfield Place, One World Tr ade Center, South Street Seapor t, and Batter y Park City, and more!

FEATURED EXCLUSIVES

132 East 35th Str eet, 18K Mur r ay Hill | 1- Bed 1- Bath | $738,000

8 W 13th Str eet, 6RW Greenwich Village | 1- Bed 1- Bath | $1,995,000

251 West 91st Str eet, 17C Upper West Side | 3- Bed 3.5- Bath | $6,500,000

35 Sutton Place, 14D Sutton | 2- Bed 2.5 Bath | $1,299,000

Sear ching for the per fect Summer Escape?

Feel free to contact me for help finding the per fect rental in the Hamptons this summer.

Picutr ed: 110 Two Holes of Water Road in East Hampton, New Yor k Listing courtesy Bonita DeWolf, Christie's International Real Estate Group

COCKTAIL RECIPE Gr apefr uit Old Fashion (Victor ia)

Ingr edients 1/2 oz honey syr up* 1/2 oz St Ger main 1 1/2 oz Fresh Gr apefr uit Juice 3/4 oz sweet ver mouth 3/4 oz blended Scotch (like Famous Grouse)

Dir ections 1. Add all ingredients to mixing glass and fill with ice 2. Shake hard for 30 seconds 3. Str ain into glass and fill with ice 4. Gar nish with lemon peel 5. Enjoy! * honey syr up is easily made with 50/50 hot water & honey. Store any leftover in refr iger ator.

NAR Settlement - Fact VS Fiction At this point ever yone has seen or heard about the huge NAR (National Association of Realtor s) settlement. But it is amazing how much misinfor mation is out there. The fact that some folks at the New York Times are suggesting that the difference between a 4%, 5% and a 6% commission r ate is somehow going to make buying a house "significantly" more affordable is ver y interesting to me ... Did we completely for get about supply and demand? While broker s in NYC are not actually par t of NAR and do not have an MLS, I would like to take this oppor tunity to present you with some key facts- from the field- and separ ate the myths from r eality. So here it is:

Myth: Huge changes are coming to how real estate is bought and sold.

1

Reality: Buyer s have always had an option to purcahse a home on their own and navigate the intr icacies of the market and co- op boards. The major ity of buyer s choose to work with a broker, under standing the value of having a tr usted advisor who represents their interest when making one of the most significant financial decisions of their lifetime.

Myth: We can now finally negotiate the 6% commission.

2

Reality: As long as I have been in the business, seller s in New York City have always had an option to go with "low cost" or "discount" broker s to represent them in the sale of their home.

NAR Settlement - Fact VS Fiction Myth: Sellers are now prohibited from offering buyer agents commission.

3

Reality: Offer ing how much to pay a buyer 's agent has always been up to the seller. Thankfully, most of our clients are intelligent enough to know that incentivizing buyer s' broker s and their clients is simply smar t business, and prefer to focus on results, not ideologies.

Myth: This is now a new law.

4

Reality: While the r ipple effects of the settlement are already felt in the market by way of buyer s asking the r ight questions, it is far from being finalized, therefore nothing is applicable. The DOJ still needs to approve the settlement or hose it. The earliest this would be effective, would be in the fall.

I have to admit, I do believe that these changes will be good for the consumer - it will weed out the "bad actor s" in our profession and the agents who simply think that all it takes is posting a few videos of fancy apar tments on TikTok and suddenly you are sipping champagne while on your pr ivate jet to meet a "buyer ' in Miami.

It will leave the agents who tr uly provide value to their clients and str ive for outstanding customer ser vice and will force buyer s and seller s to be more selective when choosing the r ight agent to represent them.

Daniel

Daniel Kramp Licensed as Dmitry Kramp Licensed Associate Real Estate Broker M: 646.549.0258 DKramp@christiesireny.com 1 Rockefeller Plaza Suite 2402 New York, NY 10020

All information provided herein has been obtained from sources believed reliable, but may be subject to errors, omissions, change of price, prior sale, or withdrawal without notice. Christie?s International Real Estate and its affiliates make no representation, warrant y or guarant y as to accuracy of any information contained herein. All real estate companies are exclusive affiliates of Christie?s International Real Estate, and not wholly owned by Christie?s. If your propert y is currently listed with another broker, this is not intended as solicitation.10401351951 (NY)