Q3 2021 Manhattan Market Report

THE STEIN TEAM New York City Q3 2021 Market Update

1

147 WEST 15TH STREET, PENTHOUSE

Jeremy & Robin Stein Senior Global Real Estate Advisors JEREMY STEIN Associate Broker 917 854 4411 Jeremy.Stein@sothebyshomes.com ROBIN STEIN Associate Broker 917 570 8386 Robin.Stein@sothebyshomes.com

Led by its two principals and co-founders Jeremy and Robin Stein, the Stein Team has been repeatedly recognized as the #1 Producing Sales Team for Sotheby’s International Realty, Inc. in New York City, a Top 5 Sales Team companywide and a Top 75 Team in the United States by The Wall Street Journal.

They have been featured in publications such as The New York Times, New York Daily News, The Wall Street Journal, The Real Deal, The New York Post and Avenue Magazine.

In an ever-changing market as competitive as New York City, it can be difficult to find a brokerage team that is knowledgeable, respected, trustworthy, and professional. The Stein Team has consistently maintained all of those qualities and more, never wavering in their steadfast commitment to their clients and upholding exceptional integrity in all that they do.

The team is rounded out by Sales Associate, Jennifer Henson; Sales Associate, Marc Fichera; And Sales Associate, Karen Moreau. Through the combined talents of the team, The Stein Team is positioned to assist clients with the highest level of service available. steinnewyork.com

Meet The Team

JENNIFER HENSON Licensed Salesperson

MARC FICHERA Licensed Salesperson

KAREN MOREAU Licensed Salesperson

AMANDA SAPIO Marketing Coordinator

3

Testimonials “ My wi fe a n d I h ave u s e d Ro b i n a n d Je re my S te i n a s o u r re a l e st ate b ro ke r s fo r t h e p a st 15 ye a r s , re p re s e n t i n g u s i n t h e s a l e o f fo u r apartme nts in New York City. We have used t h e S te i n Te a m to re p re s e n t u s b e c a u s e o f t h e i r p r o f e s s i o n a l i s m , m a r ke t k n o wl e d g e , h a rd wo rk a n d a b i l i t y to m ax i m i z e va l u e. In every instance, they have dedicated the a p p r o p r i a t e r e s o u r c e s , t i m e a n d e ff o r t i n managing the sale process resulting in a successful transaction.”

- THOM AS

“Je re my and Robin are the only people that I wo u l d t r u s t a s my b r o ke r s . T h e y t a ke t h e time to understand precisely what I am l o o k i n g f o r, a n d a s a r e s u l t , c o n s t a n t l y d e l i ve r t h e r i g h t s t u ff. W h e t h e r I ’ m o n t h e b u y s i d e o r t h e s e l l s i d e, Je re my a n d Ro b i n always protect my inte rests, yet stil l manage to get the deal done. B oth their strategy and exe c u t i o n a re b r i l l i a n t , a n d t h e re ’ s n o o n e else I’d want in my corne r whe n it comes to reside ntial real estate.”

- ERIC

14 EAST 4TH STREET, PH1126

“Je re my

and

Ro b i n

are

professional,

k n owl e d ge a b l e a n d ex t r e m e l y e ffe c t i ve. In a d d i t i o n , we a lways kn ow t h at t h ey wi l l p u t our interests first. Twice, they have tal ked us out of purchasing homes, and each time s o m e t h i n g b e t te r c a m e a l o n g l a te r, j u s t a s they had suggested it would. We recomme nd Je re my and Robin wholehearted ly.”

- E D & L AUR E N

“ T h a n k yo u fo r t h e g re a t j o b yo u a n d yo u r te a m d i d i n h e l p i n g to s e l l o u r h o m e. We always felt wel l supported, from our earliest meetings through the final closing. The time, e ff o r t , e n e r g y a n d f o c u s t h a t yo u s h owe d re a l ly m a d e a d i ffe re n c e, a n d we a p p re c i ate t h e h i g h l eve l o f c o m m u n i c a t i o n wi t h yo u r t e a m t h r o u g h o u t t h e p r o c e s s . We wo u l d highly recommend your group in the future!”

- MI CH A E L & L AUR I E

“Yo u r b ro ke r b e c o m e s t h e m o s t i m p o r t a n t p e r s o n i n yo u r l i fe wh e n fi n d i n g a h o m e fo r yo u r fa m i ly. Je re my a n d Ro b i n we re tr u ste d advisors during these times in our life. I wouldn’t trust anyone else with that responsibility.”

- WILL 5

15 Willow Street

Market Overview {Q3 | 2021}

MANHATTAN New York real estate is back in force. The number of closed sales has increased 195% year-over-year, driven by renewed confidence and aggressive pricing. Despite shrinking supply and increased activity, average sales prices market-wide have shrunk 8% year-over-year and 4% as compared to last quarter.

4,989 Closed Sales

195

%

Change in Closed Sales {2021 v 2020}

1.91M

$

Average Sales Price

-8

%

Change in Average Sales Price {2021 v 2020}

The ASP compares 2021 to 2020 and can NOT be construed to indicate changes in pricing due to Covid.

Number of Closed Sales vs. Inventory

Average / Median Sales Price

12,000

$3,000,000

10,000

$2,500,000

8,000

$2,000,000

6,000

$1,500,000

4,000

$1,000,000

2,000

$500,000

-

$-

# #ofofClosed ClosedSales Sales

Inventory Inventory

Average Sales Price

Median Sales Price

Number of Closed Sales

Average Sales Price

Median Sales Price

{2021 v 2020}

193%

9%

13%

3Q:21

4,245

$1.19M

$980K

3Q:20

1,448

$1.09M

$870K

{2021 v 2020}

202%

-1%

-3%

3Q:21

658

$4.72M

$4.13M

3Q:20

218

$4.77M

$4.25M

{2021 v 2020}

207%

-50%

-38%

3Q:21

86

$16.21M

$13.11M

3Q:20

28

$32.62M

$21.08M

{2021 v 2020}

195%

-8%

19%

3Q:21

4,989

$1.91M

$1.19M

3Q:20

1,694

$2.09M

$1.00M

UNDER

$3 Million

BETWEEN

$3 - 10 Million

OVER

$10 Million

ALL

Price Points

Overview

/ New York City Q3 Market Update

5

Inventory All New York City

5.2%

Number of Active Listings

3.5% 1.5%

7.4%

39.7%

19.5%

101 238 357 504 1,335 1,595 2,720 6,850

$20 Million and Above $10 - 20 Million $6 - 10 Million $4 - 6 Million $2 - 4 Million $1 - 2 Million Under $1 Million TOTAL

23.3%

CONDOS & CO-OPS The historic absorption range of equilibrium for the New York City market area is 6-8 months. As the market begins to show signs of normalizing, we ended Q3 2021 with 6,850 active units on the market. Due to an increase in the number of sales occurring, the absorption rate of active inventory was 4.5 months in Q3 2021. This statistic means that it would take 4.5 months to absorb the active inventory that is currently on the market based upon the rate of sales over the last 6 months. Based on the same calculation, it would take less than 6 months to absorb the current inventory priced below $4M, less than one year for inventory priced between $4-20M, and less than two years to absorb properties priced above $20M given the current inventory in Manhattan.

25

Absorption Rate

20

Absorption

15

Line of Equilibrium 10

5

0

Under $1M

$1-2M

$2-4M

$4-6M

$6-10M

$10-20M

$20M+

The absorption rate is calculated by taking the total number of currently active listings and dividing by the average number of closed sales over the 6-month period.

Average Days on Market Listing Discount

All New York City

Average Days on Market Listing Discount

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

112

127

138

152

154

139

152

159

125

-4.9%

-5.2%

-5.7%

-5.8%

-6.8%

-7.3%

-7.1%

-6.2%

-5.4%

Average Days on Market vs. Listing Discount 0.0%

180

-1.0%

160 140

-2.0%

120

-3.0%

100 -4.0% 80 -5.0%

60

-6.0%

40

-7.0%

20

-8.0%

0

Q3:19

Q4:19

Q1:20

Q2:20

Listing Discount

Q3:20

Q4:20

Q1:21

Q2:21

Q3:21

Average Days on Market

Overview

/ New York City Q3 Market Update

7

N E W YO R K , N E W YO R K

Nothing compares.

S OT H E B YS R E A LT Y.C O M / N YC

© 2021 Sotheby’s International Realty. All Rights Reserved. The Sotheby’s International Realty trademark is licensed and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc. The Sotheby’s International Realty network fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. All offerings are subject to errors, omissions, changes including price or withdrawal without notice.

MANHATTAN BROKERAGES

Expertise along the avenues and around the world.

The Luxury Market All New York City Co-Ops & Condos Over $10M

Closed Sales Count, Average Sales Price & Highest Sales Price

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

43

28

39

34

28

30

28

77

86

Average Sales Price

$24.01M

$32.76M

$18.01M

$30.02M

$32.62M

$18.58M

$16.80M

$17.50M

$16.21M

Highest Sales Price

$65.75M

$92.74M

$52.19M

$99.90M

$99.90M

$65.59M

$41.00M

$82.50

$40.10M

# of Closed Sales

Sales in the luxury price sector, above $10M, continued to rise by 12% compared to last quarter. In comparison to New York City pre-COVID, twice as many units in this segment traded as compared to Q3 2019, showing a significant increase in consumer sentiment in this area. Notably, as is the case in the market as a whole, prices have driven the increased activity in the luxury market with the average sale price falling 7.4% as compared to last quarter. The highest recorded sale in Q3 2021 was a triplex penthouse at 2 East 88th Street, an off-market co-op brokered by Nikki Field at Sotheby’s International Realty. This was the highest paid for any Manhattan co-op since 2015.

S OT H EBYS R EA LTY.C O M

Average Sales Price vs. # of Closed Sales $40,000,000

120

$35,000,000

100

$30,000,000 80

$25,000,000 $20,000,000

60

$15,000,000

40

$10,000,000 20

$5,000,000 $0

Q2:19

Q3:19

Q4:19

Q1:20

# of Closed Sales

Q2:20

Q3:20

Q4:20

Q1:21

Q2:21

Q3:21

Average Sales Price The Luxury Market

/ New York City Q3 Market Update

9

Condos {Q3 | 2021}

MANHATTAN

2,372 condominium transactions closed in Q3 2021 representing a 221% increase from 2020 and 47.5% of all transactions marketwide. Both the average and median sales prices in the sector dropped 23% and 2% respectively. Price per square foot sits at $1,873, which is 7% below 2019 levels.

2,372 Closed Sales

221

%

Change in Closed Sales {2021 vs. 2020}

2.58M

$

Average Sales Price

-23

%

Change in Average Sale Price {2021 vs. 2020}

35 East 76th Street, 3201-05

Number of Closed Sales 2,500

Average / Median Sales Price $4,000,000 $3,500,000

2,000

$3,000,000 $2,500,000

1,500 $2,000,000 $1,500,000

1,000

$1,000,000

500

$500,000 $0

-

Average Sales Price

Median Sales Price

Number of Closed Sales

Average Sales Price

Median Sales Price

Average Price/Sq. Ft.

{2021 v 2020}

235%

3%

4%

3%

3Q:21

1,827

$1.45M

$1.34M

$1,415

3Q:20

545

$1.41M

$1.29M

$1,373

{2021 v 2020}

185%

0%

1%

-3%

3Q:21

474

$4.77M

$4.29M

$2,093

3Q:20

166

$4.78M

$4.24M

$2,159

{2021 v 2020}

156%

-49%

-36%

-40%

3Q:21

72

$16.77M

$13.50M

$3,898

3Q:20

28

$32.62M

$21.08M

$6,540

{2021 v 2020}

221%

-23%

-2%

-19%

3Q:21

2,372

$2.58M

$1.66M

$1,873

3Q:20

739

$3.35M

$1.70M

$2,321

UNDER

$3 Million

BETWEEN

$3 - 10 Million

ABOVE

$10 Million

ALL

Price Points

Condos

/ New York City Q3 Market Update

11

Co-Ops {Q3 | 2021}

MANHATTAN

The 2,617 closed co-op transactions in Q3 2021 represented an increase in both the average and median sales price compared to Q3 2020. The co-op market segment also did see a rise in average and median sales price compared to Q2 2021, the latter increasing by 9.94% quarter-over-quarter.

2,617 Closed Sales

174

%

Change in Closed Sales {2021 v 202o}

1.31M

151 East 58th Street, PH55W

$

Average Sales Price 151 East 58th Street, PH55W

18

%

Change in Average Sales Price {2021 v 202o}

65 West 13th Street, 2G

Number of Closed Sales

Average / Median Sales Price

3,000

$1,600,000 $1,400,000

2,500

$1,200,000 2,000

$1,000,000 $800,000

1,500

$600,000 1,000 $400,000 500

$200,000 $0

-

Average Sales Price

Median Sales Price

Number of Closed Sales

Average Sales Price

Median Sales Price

{2021 v 2020}

168%

10%

8%

3Q:21

2,418

$989K

$780K

3Q:20

903

$901K

$725K

{2021 v 2020}

255%

-4%

-12%

3Q:21

185

$4.57M

$3.85M

3Q:20

52

$4.78M

$4.38M

{2021 v 2020}

NA

NA

NA

3Q:21

14

$13.43M

$12.40M

3Q:20

0

NA

NA

{2021 v 2020}

174%

18%

11%

3Q:21

2,617

$1.31M

$835K

3Q:20

955

$1.11M

$750K

UNDER

$3 Million

BETWEEN

$3 - 10 Million

ABOVE

$10 Million

ALL

Price Points

Co-Ops

/ New York City Q3 Market Update

13

NEW YORK CITY

Neighborhood Highlights Upper East Side | north of 58th street and south of 96th Street, Fifth Avenue to East End Avenue CONDOS

Q3 2021

Q3 2020

% Change

Closed Sales

332

103

222%

Average Sales Price

$2.80M

$2.05M

36%

Median Sales Price

$1.79M

$1.44M

24%

Q3 2021

Q3 2020

% Change

810

296

174%

Average Sales Price

$1.58M

$1.45M

9%

Median Sales Price

$973K

$906K

7%

COOPS Closed Sales

Upper West Side | north of 58th Street and south of 110th Street, CPW to Riverside Drive (including CPS) CONDOS

Q3 2021

Q3 2020

% Change

Closed Sales

363

182

100%

Average Sales Price

$3.33M

$6.03M

-45%

Median Sales Price

$1.82M

$2.06M

-12%

Q3 2021

Q3 2020

% Change

512

176

191%

Average Sales Price

$1.66M

$1.17M

41%

Median Sales Price

$1.10M

$755K

46%

COOPS Closed Sales

Midtown | north of 34th Street and south of 57th Street CONDOS

Q3 2021

Q3 2020

% Change

Closed Sales

393

98

302%

Average Sales Price

$1.60M

$2.10M

-24%

Median Sales Price

$1.24M

$1.25M

-1%

Q3 2021

Q3 2020

% Change

371

140

165%

Average Sales Price

$758K

$651K

17%

Median Sales Price

$630K

$563K

12%

COOPS Closed Sales

Uptown | north of 96th Street on the East Side and north of 110th Street on the West Side CONDOS

Q3 2021

Q3 2020

% Change

Closed Sales

223

62

260%

Average Sales Price

$1.22M

$1.00M

22%

Median Sales Price

$999K

$790K

27%

Q3 2021

Q3 2020

% Change

189

105

80%

Average Sales Price

$617K

$514K

20%

Median Sales Price

$543K

$408K

33%

COOPS Closed Sales

Neighborhood Highlights

/ New York City Q3 Market Update

15

NEW YORK CITY

Neighborhood Highlights Downtown | South of 34th Street through TriBeCa CONDOS

Q3 2021

Q3 2020

% Change

Closed Sales

850

213

299%

Average Sales Price

$3.19M

$3.49M

-9%

Median Sales Price

$2.20M

$2.39M

-8%

Q3 2021

Q3 2020

% Change

713

228

213%

Average Sales Price

$1.24M

$1.19M

4%

Median Sales Price

$875K

$829K

6%

COOPS Closed Sales

Financial District / Battery Park CONDOS

Q3 2021

Q3 2020

% Change

Closed Sales

210

81

160%

Average Sales Price

$1.73M

$1.87M

-7%

Median Sales Price

$1.35M

$1.82M

-26%

Q3 2021

Q3 2020

% Change

23

10

129%

Average Sales Price

$944K

$976K

-3%

Median Sales Price

$715K

$870K

-18%

COOPS Closed Sales

Total Number of Sales by Neighborhood 1,800

Uptown

1,600 1,400

Upper East Side

1,200

Midtown

1,000

FiDi / Battery Park

800 600

Upper West Side

400

Downtown

200 0

Q2:19

Q3:19

Q4:19

Q1:20

Q2:20

Q3:20

Q4:20

Q1:21

Q2:21

Q3:21

Average Sales Price by Neighborhood $4,000,000 $3,500,000

Uptown

$3,000,000

Upper East Side

$2,500,000

Midtown

$2,000,000

FiDi / Battery Park

$1,500,000

Upper West Side

$1,000,000

Downtown

$500,000 $0

Q2:19

Q3:19

Q4:19

Q1:20

Q2:20

Q3:20

Q4:20

Q1:21

Neighborhood Highlights

Q2:21

Q3:21

/ New York City Q3 Market Update

17

Current Offerings 4 0 W E ST 1 1 t h ST R E E T Greenwich Village | Coming Soon

THE STEIN TEAM Select Current Offerings

4 3 5 E A ST 5 2 N D ST R E E T, 8 / 9 C Sutton Place | $7,950,000

1 0 5 F I F T H AV E N U E , 5 A B Flatiron District | $5,995,000

1 3 2 D U A N E ST R E E T, 3 R D F LO O R TriBeCa | $3,750,000

4 2 5 W E ST 5 0 T H ST R E E T, P H C Theater District | $3,485,000

7

Select Sales 1 14 0 F I F T H AV E N U E , 7 A Carnegie Hill

THE STEIN TEAM Select Sales

1 6 5 D E A N ST R E E T Boerum Hill

4 3 5 E A ST 5 2 N D ST R E E T, 9 A Sutton Place

5 7 G A R F I E L D P L AC E , A P T. 3 Park Slope

2 6 1 W E ST 2 5 T H ST R E E T, 2 C Chelsea

9

THE STEIN TEAM ST E I N N E W YO R K .C O M © 2021 Sotheby’s International Realty. All Rights Reserved. The Sotheby’s International Realty trademark is licensed and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc. The Sotheby’s International Realty network fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. This material is based upon information which we consider reliable but because it has been supplied by third parties, we cannot represent that it is accurate or complete and it should not be relied upon as such. All offerings are subject to errors, omissions, changes including price or withdrawal without notice. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully.