Issuu

FROM MONICA

Dear Clients,

Happy March! As we transition into spring, the real estate market is preparing for increased competition, with many new listings anticipated this month Last year, Manhattan experienced nearly 6,400 listings from January to April, and we can expect a similar pattern this year Although the market is on the mend, buyers remain cautious due to elevated mortgage rates and are prioritizing value. For sellers, it's crucial to set realistic prices and be open about your property's strengths and weaknesses to draw in serious buyers. March symbolizes renewal and growth, and whether you're seeking new real estate ventures or simply welcoming the seasonal changes, I'm here to support you every step of the way.

Best,

F O O D & D I N I N G

THE CATCH TEAM IS TAKING OVER THE OLD FROG CLUB

Eugene Remm, founder of Catch and the Corner Store, has leased 86 Bedford Street, formerly home to Chumley’s and the Frog Club. The new venture, led by Chef Michael Vignola, aims to honor Chumley’s history while introducing a fresh dining experience This move follows Remm’s group’s expansion plans, including a Mediterranean restaurant in Soho and locations in Miami Beach, Dallas, and Scottsdale

MAISON PASSERELLE

Under the management of Kent Hospitality, two-time Top Chef finalist Gregory Gourdet is set to launch Maison Passerelle in March, serving as the restaurant for the French store, Printemps Expect to savor dishes such as chicories infused with lemongrass, Thai bird chiles, and fish sauce, or indulge in duck confit accompanied by a stew made with palm-fruit oil, ginger, and chiles Gourdet, who is also the chef and owner of Portland’s Kann recognized as a James Beard Best New Restaurant in 2023 will oversee five dining and beverage establishments within the building located at 1 Wall Street, at Rector Street in the Financial District

BAR KABAWA AND KABAWA

Kabawa and Bar Kabawa have launched in the previous Ko Bar location, offering a prix-fixe menu in the dining area alongside a distinct bar menu The culinary development is led by Chef Paul Carmichael, who has a background in Australia and oversees the culinary direction for Momofuku The cuisine will highlight Caribbean flavors Located at 8 Extra Place, Bowery, East Village

30 FRONT STREET

is further elevated by a stunning open kitchen, seamlessly blending elegance and functionality Designed for both grand entertaining and intimate gatherings, this enchanting setting invites effortless sophistication and timeless allure.

$17,000,000 $17,000,000

5 BEDROOMS | 5 BATHROOMS + 2 HALF 5 BEDROOMS | 5 BATHROOMS + 2 HALF

The principal suite is a luxurious retreat featuring a large walk-in dressing room, an enchanting shoe closet, and a lavish en-suite bathroom with a soaking tub and rain shower. The tranquil bedroom includes a custom oversized bed, ambient lighting, and floor-to-ceiling windows with stunning views. This suite combines comfort and sophistication, offering a perfect refuge Residence 21A/D epitomizes elegance and caters to discerning buyers seeking an extraordinary lifestyle in Brooklyn's premier waterfront development

The enchanting Home Theater boasts a magnificent 100inch built-in screen, surrounded by immersive sound, cocooned within soundproofed walls, and adorned with blackout shades Indulge in the comfort of oversized chaise lounges, designed for ultimate relaxation

A lavishly appointed separate screening lounge awaits, featuring an expansive bar kitchen complete with full-sized wine refrigeration, beverage coolers, and a grand refrigerator, alongside a dishwasher Revel in cinematic delights on an 85" picture-perfect TV, while enjoying friendly competition at the pool table 3

SPORTS

The 2025 March Madness tournament kicks off with Selection Sunday on March 16, featuring 68

The 2025 March Madness tournament kicks off with Selection Sunday on March 16, featuring 68 teams competing in the NCAA men's basketball championship. Here’s the complete schedule: teams competing in the NCAA men's basketball championship Here’s the complete schedule:

Selection Sunday: March 16 Selection Sunday: March 16

First Four: March 18-19

First Round: March 20-21

Second Round: March 22-23

Sweet 16: March 27-28

Elite Eight: March 29-30

Final Four: April 5 at the Alamodome in San Antonio, Texas

NCAA Championship Game: April 7 at the Alamodome in San Antonio, Texas

NCAA Championship Game: April 7 at the Alamodome in Antonio, Texas

MLB SPRING TRAINING 2025: SCHEDULE, HIGHLIGHTS, UPDATES

Spring breakout games featuring top prospects will take place from March 13-16 The 2025 regular season begins with a Cubs vs Dodgers series in Tokyo on March 18-19, showcasing stars like Shohei Ohtani. Opening Day is March 27, with 28 teams in 14 games, including interleague and division matchups The Rays and Rockies will start their season on March 28 due to the Rays' temporary relocation

MARKET REPORT MARKET REPORT

ELLIMAN DECADE REPORT 2015-2024

The rise in mortgage rates for the Manhattan co-op and condo sales market has slowed as both price trends and listing inventory declined. For the first time in three years, annual sales have increased despite the upward trend in mortgage rates. Year-over-year, listing inventory has decreased for the third time in four years, coinciding with a decline in price trend indicators. The most notable increase was seen in the sales of four or more-bedroom apartments compared to other types. As mortgage rates have risen over the past three years, cash sales have continued to outpace financed sales. The months of supply have remained stable, aligning with the average observed over the last two decades.

“THE ASCENT OF MORTGAGE RATES SLOWED AS PRICE TRENDS AND LISTING INVENTORY SLID AND SALES EDGED HIGHER”

MARKET UPDATE

Essential Insights for Sellers Regarding NYC's Spring Real Estate Market

The real estate market in New York City is about to face increased competition as spring approaches, with a significant influx of new listings expected in March Last year, Manhattan saw nearly 6,400 listings between January and April, and the current supply of around 5,500 will likely rise While the market is recovering, buyers are more cautious due to ongoing high mortgage rates, and they’re looking for value Listings that aren’t priced right or have issues may linger on the market Sellers need to be transparent about their property’s strengths and weaknesses to build trust with buyers The key to success is realistic pricing and understanding the value of the property compared to others in the market. With competition on the way, sellers must adjust expectations to align with current buyer demands

GLOBAL

MARKET UPDATE

Global housing markets: the year ahead

The UK housing market ended 2024 strong, with a 4 7% annual price increase Buyers are expected to act before April's Stamp Duty changes, with house prices forecasted to grow 2-4% The economy remains stagnant, with weak business sentiment and contraction in key sectors Globally, Dubai leads with 5% growth due to tight inventory, followed by New York and Geneva Miami’s prime market slowed to 3.8% growth, but luxury waterfront properties continue to see high demand, highlighted by a US$520 million deal. In northern England, house prices rose 4 9%, outpacing the national 3.1% increase.

GLOBAL SCALE IN ALLIANCE WITH KNIGHT FRANK 71 LANGUAGES SPOKEN OVER 487 OFFICES IN 53 COUNTRIES

NEW DEVELOPMENT

NEW YORK- 565 Broome SoHo

565 BROOME IS PRITZKER-PRIZE WINNING ARCHITECT RENZO PIANO’S FIRST NEW YORK CITY

RESIDENTIAL PROJECT Located in SoHo, the best of downtown is just outside your door 565

RESIDENTIAL PROJECT in SoHo, the of downtown is just outside your door 565 Broome Street will be unlike any other project in SoHo, bringing world-class architecture and interior Broome Street will be unlike any other project in SoHo, bringing world-class architecture and interior design to downtown’s most desirable neighborhood With a curved façade clad in low-iron glass, this design to downtown’s most desirable neighborhood. With a curved façade clad in low-iron glass, this building will have incredible light, becoming a beacon for an ever-evolving downtown skyline building will have incredible light, a beacon for an ever-evolving downtown Studios, one-, two-, three- and four-bedroom residences are available, including two duplex Studios, one-, two-, three- and four-bedroom residences are available, including two duplex penthouses and 16th-floor duplexes penthouses and 16th-floor duplexes

AMENITIES

24-hour Concierge and Attended Lobby

Automated Parking with Private Driveway and Gated Entrance

Landscaped Terrace

55 ft Indoor Heated Lap Pool

Spa with Changing Rooms

Steam Room and Sauna

Fitness Center

Children's Playroom

Interior Landscaped Lounge with Libraries and Wet Bar

NEW DEVELOPMENT

Florida JEAN GEORGES MIAMI TROPIC RESIDENCES

The legendary Jean-Georges brings his culinary mastery into the realm of residential living in Miami’s tropical paradise A luxurious retreat takes root, seamlessly blending with the city's vibrant tapestry of art and culture

Magnificently designed interiors by Yabu Pushelberg reflect the lush landscape outdoors, with spacious layouts and harmonious color palettes

Miami Tropic is adjacent to the Design District to the north and Midtown to the south a global beacon of arts, shopping, and dining Here, the crowds consist of locals and regulars running errands, meeting for drinks, and walking their dogs, with a myriad of options at their fingertips.

Amenities

Roof top deck

Sauna

24 hours receptionist

Yoga deck

Swimming pool

Squash court

State-of-the-art fitness center

Garden

Valet

Spa

JEAN-GEORGES

The world-renowned restauranteur brings a lifetime of experience and ceaseless creativity to a project like none other at Miami Tropic, inspired by the city's vibrant, multicultural landscape

O C A L APPENINGS

ST. PATRICK’S DAY IN NYC

he 264th New York City Saint Patrick’s Day Parade will take place along Fifth Avenue in Manhattan on Monday, March 17, 2025. The Parade beginS at 44th Street, marching up Fifth Avenue past St Patrick’s Cathedral at 50th Street all the way to 79th Street

Epic parties and events promising live music and Irish fare will be back, bringing Irish pride to the streets of Manhattan, passing venerable New York attractions, including the beautiful St. Patrick’s Cathedral on Fifth Avenue There's no doubt NYC is one of the best cities to celebrate St Patrick's Day

THE MACYS FLOWER SHOW

Immerse yourself in the delightful warmth of spring at the annual Macy's Flower Show. New York City will be transformed with colorful blossoms, but nothing compares to the joy of wandering through the fragrant greenery that flourishes at one of the city’s top department stores: Macy’s Herald Square. This year’s event, in partnership with Dior, will run from Sunday, March 24, to Sunday, April 7.

THE ORCHID SHOW: MEXICAN MODERNISM

February 15 to April 27, 2025

The Orchid Show: Mexican Modernism celebrates orchids in a vibrant Mexican setting, blending tradition and contemporary artistry. Visitors can enjoy stunning displays inspired by architect Luis Barragán's bold designs within lush landscapes The exhibition caters to both orchid enthusiasts and newcomers, offering a sensory experience On select Saturday evenings, Orchid Nights feature music, dancing, cash bars, and food for the 21+ crowd, enhancing the colorful atmosphere of the show.

MORTGAGE RATES MARCH

Mortgage interest rates are expected to remain around 6.5% in March 2025, with no significant cuts anticipated Homebuyers should evaluate their finances carefully and not rush into purchases based on potential rate drops It's vital to work with experienced lenders and realtors, understand budgets, income stability, debts, and long-term goals While interest rates are important, factors like property value, location, and lifestyle needs should also be considered. Maintaining a good credit score can affect mortgage rates, so reviewing your credit report is wise Exploring various loan options can help find the best fit for financial situations, enabling informed and secure homeownership choices.

Interest Rate Prediction: The Federal Reserve is unlikely to cut interest rates in the near future, potentially impacting mortgage rates

• Potential Factors Influencing Rates: The Trump administration’s actions, such as cutting expenses and implementing tariffs, could influence interest rates

• Homebuying Decision: Homebuyers should consider their monthly mortgage payments and long-term affordability, rather than waiting for potential rate drops

• Mortgage Rate Prediction: Mortgage interest rates are expected to remain steady or slightly decrease in March 2025

• Home Buying Advice: Focus on finding a knowledgeable local lender and realtor familiar with the local market

• Financial Consideration: Avoid making home buying decisions solely based on current mortgage rates, as they may fluctuate.

ARTS & ENTERTAINMENT ARTS & ENTERTAINMENT

THE MET GALA THEME WILL CELEBRATE BLACK DANDYISM, STYLE AND TAILORING

NEW AND UPCOMING BROADWAY SHOWS

The 2025 Met Gala will feature the theme “Superfine: Tailoring Black Style,” celebrating Black dandyism and its influence on modern fashion Co-chaired by notable figures, the event highlights the significance of Black style in menswear, showcasing exquisite tailoring, bold patterns, and vibrant colors. Anticipation is high for the red carpet moments, as the gala aims to push creative boundaries and foster discussions on fashion, culture, and identity Attendees can expect a stunning display of artistry that blends tradition with innovation, reflecting the rich heritage and future of Black style

Attending a Broadway show requires planning and sometimes bravery Waiting for highly acclaimed productions can make it harder to secure tickets and good seats. It's advisable to keep track of upcoming shows, including original musicals, plays, and revivals, and identify promising options in advance A list of productions expected to open in early 2025 is provided, with additional shows to be announced later.

ARTS & ENTERTAINMENT ARTS & ENTERTAINMENT

MYTHERESA TO BE RENAMED LUXEXPERIENCE

Mytheresa intends to change the name of its parent company, LuxExperience following its acquisition of Yoox-Net-aPorter This name change is set to be proposed to shareholders for approval on March 6 This decision highlights Mytheresa's goal to grow as a leader in luxury e-commerce The company has remained profitable by catering to highspending clients, yet it is still smaller than its competitors, with revenues of €914 million in 2023 compared to YNAP's €2.5 billion Mytheresa has set a target for the combined company to reach €4 billion by 2029.

THE AWAY X 'THE WHITE LOTUS

Escapism is inspiring travel plans, and Away's collaboration with HBO's The White Lotus offers great travel ideas and durable suitcases. This partnership aligns well, as characters in the show have featured these products, capturing travel joy and luxury. The new collection, reflecting the vibrant setting of Bangkok for the upcoming third season, includes raffia-inspired textures, Saffiano leather accents, and a lotus flower print in the interior