Q2 2021 Manhattan Market Report

THE STEIN TEAM New York City Q2 2021 Market Update

1

112 GREENE STREET, 4TH FL

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

30 Crosby Street, 2B

Market Overview {Q2 | 2021}

manhattan Significant pricing discounts due to COVID are no more. This is due to increased confidence in New York City, contracting absorption rate and tight pricing marketwide. 3,828 sales closed in the second quarter of 2021, 126% above 2020 (at the height of COVID) and 14% over 2019.

Prices began to inch closer to 2019 levels with an average sales price of $2.02M and a median sales price of $1.19M, less than 5% below 2019 levels.

3,828 Closed Sales

126

%

Change in Closed Sales {2021 v 2020}

2.02M

$

Average Sales Price

14

%

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

-

$-

# of Closed Sales

# of Closed Sales

Inventory

Inventory

Average Sales Price

Median Sales Price

Number of Closed Sales

Average Sales Price

Median Sales Price

{2021 v 2020}

118%

5%

10%

2Q:21

3,246

$1.18M

$981K

2Q:20

1,489

$1.13M

$890K

{2021 v 2020}

175%

2%

2%

2Q:21

514

$4.86M

$4.22M

2Q:20

187

$4.78M

$4.14M

{2021 v 2020}

278%

-11%

-15%

2Q:21

68

$20.30M

$13.63M

2Q:20

18

$22.86M

$16.07M

{2021 v 2020}

126%

14%

19%

2Q:21

3,828

$2.02M

$1.19M

2Q:20

1,694

$1.76M

$999K

UNDER

$3 Million

BETWEEN

$3 - 10 Million

OVER

$10 Million

ALL

Price Points

Overview

/ New York City Q2 Market Update

5

Inventory All New York City

Number of Active Listings

2.8% 1.5% 5.7% 6.9%

116 221 456 545 1,537 1,859 3,205

40.4%

19.4%

7,939

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

23.4%

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 Q2 2021 with 7,939 active units on the market. Due to an increase in the number of sales occuring, the absorption rate of active inventory was 7.3 months in Q2 2021. This statistic means that it would take 7.3 months to absorb the active inventory that is currently on the market based upon the rate of sales over the last 6-months. Based upon the sales in the last three months of 2021, it will take less than one year to absorb the current inventory priced below $6M, less than two years for inventory priced between $6-20M, and roughly three years to absorb properties priced above $20M given the current inventory in Manhattan.

40 35 30

Absorption Rate

25

Line of Equilibrium

20

Absorption

15 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

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

113

112

127

138

152

154

139

152

161

-5.4%

-4.9%

-5.2%

-5.7%

-5.8%

-6.8%

-7.3%

-7.1%

-6.6%

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

Q1:19

Q2:19

Q3:19

Q4:19

Listing Discount

Q1:20

Q2:20

Q3:20

Q4:20

Q1:21

Q2:21

Average Days on Market

Overview

/ New York City Q2 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

© 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

Seeing is can’t believe-ing.

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

Closed Sales Count, Average Sales Price & Highest Sales Price

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

109

43

28

39

34

28

30

28

68

Average Sales Price

$16.94M

$24.01M

$32.76M

$18.01M

$30.02M

$32.62M

$18.58M

$16.80M

$20.30M

Highest Sales Price

$51.55M

$65.75M

$92.74M

$52.19M

$99.90M

$99.90M

$65.59M

$41.00M

$82.50M

# of Closed Sales

The luxury market above $10M more than doubled in the number of properties sold from the previous quarter, with 28 in Q1 2021 and 68 in Q2 2021, but is still 37% less than Q2 2019. Additionally, the average price in this segment of the market rose by 21% from $16.80M to $20.30M over prior quarter. The highest recorded sale in Q2 2021 was $82.50M.

s ot h ebys r ea lty.c o m

Average Sales Price vs. # of Closed Sales 120

$40,000,000 $35,000,000

100

$30,000,000 80

$25,000,000

60

$20,000,000 $15,000,000

40

$10,000,000 20

$5,000,000 $0

-

Q1:19

Q2:19

Q3:19

Q4:19

Q1:20

# of Closed Sales

Q2:20

Q3:20

Q4:20

Q1:21

Q2:21

Average Sales Price The Luxury Market

/ New York City Q2 Market Update

9

Condos {Q2 | 2021}

manhattan

The 1,947 closed condo sales this quarter reflected a 175% increase in the number of sold units compared to the 709 condo sales in Q2 2020 and a 17% increase as compared to Q2 2019. The average sales price increased 7% year-overyear to $2.73M this quarter.

The median sales price increased by 1% to $1.67M compared to $1.65M in Q2 2020. The average price per square foot increased slightly to $1,939/sf compared to $1,935/sf in Q2 2020 but is still almost 8% below 2019 levels.

1,947 Closed Sales

175

%

Change in Closed Sales {2021 vs. 2020}

2.73M

$

Average Sales Price

7

%

Change in Average Sale Price {2021 vs. 2020}

14 East 4th Street, PH1126

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}

170%

1%

-2%

-3%

2Q:21

1,490

$1.42M

$1.26M

$1,376

2Q:20

552

$1.41M

$1.29M

$1,422

{2021 v 2020}

178%

2%

0%

-2%

2Q:21

398

$4.97M

$4.35M

$2,123

2Q:20

143

$4.86M

$4.35M

$2,169

{2021 v 2020}

324%

-14%

-18%

-10%

2Q:21

59

$20.37M

$13.63M

$4,562

2Q:20

14

$23.62M

$16.68M

$5,089

{2021 v 2020}

175%

7%

1%

0%

2Q:21

1,947

$2.73M

$1.67M

$1,939

2Q:20

709

$2.54M

$1.65M

$1,935

UNDER

$3 Million

BETWEEN

$3 - 10 Million

ABOVE

$10 Million

ALL

Price Points

Condos

/ New York City Q2 Market Update

11

Co-Ops {Q2 | 2021}

manhattan

The 1,881 closed Co-Op sales this quarter reflected a 91% increase in the number of sold units compared to the 985 Co-Op sales in Q2 2020 and a 10% increase as compared to Q2 2019. The average sales price increased by 7% year-over-year to $1.28M in Q2 2021 from $1.20M in Q2 2020. However, the median sales price fell 11% to $760K compared to $850K in Q2 2020 and $840K in Q2 2019.

1,881 Closed Sales

91

%

Change in Closed Sales {2021 v 202o}

1.28M

$

Average Sales Price

7

%

Change in Average Sales Price {2021 v 202o}

930 Fifth Avenue, 6D

Number of Closed Sales

Average / Median Sales Price

2,000

$1,600,000

1,800

$1,400,000

1,600

$1,200,000

1,400 $1,000,000 1,200 $800,000

1,000 800

$600,000

600

$400,000

400

$200,000

200

$0

-

Average Sales Price

Median Sales Price

Number of Closed Sales

Average Sales Price

Median Sales Price

{2021 v 2020}

87%

2%

3%

2Q:21

1,756

$982K

$769K

2Q:20

937

$965K

$745K

{2021 v 2020}

163%

0.2%

7%

2Q:21

116

$4.48M

$4.06M

2Q:20

44

$4.49M

$3.79M

{2021 v 2020}

117%

-2%

8%

2Q:21

9

$19.81M

$14.50M

2Q:20

4

$20.20M

$13.41M

{2021 v 2020}

91%

7%

-11%

2Q:21

1,881

$1.28M

$760K

2Q:20

985

$1.20M

$850K

UNDER

$3 Million

BETWEEN

$3 - 10 Million

ABOVE

$10 Million

ALL

Price Points

Co-Ops

/ New York City Q2 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

Q2 2021

Q2 2020

% Change

Closed Sales

302

90

236%

Average Sales Price

$2.78M

$1.83M

52%

Median Sales Price

$1.60M

$1.47M

9%

Q2 2021

Q2 2020

% Change

521

280

86%

Average Sales Price

$1.60M

$1.50M

7%

Median Sales Price

$970K

$900K

8%

COOPS Closed Sales

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

Q2 2021

Q2 2020

% Change

Closed Sales

328

169

94%

Average Sales Price

$4.29M

$3.78M

13%

Median Sales Price

$1.78M

$2.35M

-24%

Q2 2021

Q2 2020

% Change

404

208

94%

Average Sales Price

$1.43M

$1.42M

1%

Median Sales Price

$900K

$897K

0.3%

COOPS Closed Sales

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

Q2 2021

Q2 2020

% Change

Closed Sales

230

119

93%

Average Sales Price

$1.32M

$1.43M

-8%

Median Sales Price

$999K

$1.11M

-10%

Q2 2021

Q2 2020

% Change

252

128

97%

Average Sales Price

$808K

$753K

7%

Median Sales Price

$635K

$631K

1%

COOPS Closed Sales

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

Q2 2021

Q2 2020

% Change

Closed Sales

145

64

126%

Average Sales Price

$1.17M

$852K

37%

Median Sales Price

$958K

$746K

28%

Q2 2021

Q2 2020

% Change

162

85

91%

Average Sales Price

$604K

$566K

7%

Median Sales Price

$538K

$500K

8%

COOPS Closed Sales

Neighborhood Highlights

/ New York City Q2 Market Update

15

new york city

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

Q2 2021

Q2 2020

% Change

Closed Sales

748

225

232%

Average Sales Price

$3.06M

$3.24M

-5%

Median Sales Price

$2.29M

$2.22M

3%

Q2 2021

Q2 2020

% Change

531

269

97%

Average Sales Price

$1.30M

$1.14M

14%

Median Sales Price

$935K

$820K

14%

COOPS Closed Sales

Financial District / Battery Park CONDOS

Q2 2021

Q2 2020

% Change

Closed Sales

194

42

362%

Average Sales Price

$1.51M

$1.13M

34%

Median Sales Price

$1.09M

$899K

21%

Q2 2021

Q2 2020

% Change

12

15

-23%

Average Sales Price

$881K

$1.00M

-12%

Median Sales Price

$800K

$720K

11%

COOPS Closed Sales

Total Number of Sales by Neighborhood 1,600

Uptown

1,400 1,200

Upper East Side

1,000

Midtown

800

FiDi / Battery Park

600

Upper West Side

400

Downtown

200 0

Q1:19

Q2:19

Q3:19

Q4:19

Q1:20

Q2:20

Q3:20

Q4:20

Q1:21

Q2:21

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 $1,500,000

FiDi / Battery Park

$1,000,000

Upper West Side

$500,000

Downtown

$0

Q1:19

Q2:19

Q3:19

Q4:19

Q1:20

Q2:20

Q3:20

Q4:20

Neighborhood Highlights

Q1:21

Q2:21

/ New York City Q2 Market Update

17

Current Offerings 4 1 K I N G ST R E E T Hudson Square | Coming Soon

THE STEIN TEAM Select Current Offerings

7 3 0 PA R K AV E N U E , 7/ 8 B Lenox Hill | $15,250,000

1 8 8 S U L L I VA N ST R E E T Greenwich Village | $8,950,000

8 2 5 F I F T H AV E N U E , 9 B C Lenox Hill | $7,995,000

1 1 2 G R E E N E ST R E E T, 4 T H F LO O R SoHo | $4,300,000

7

Select Sales 1 7 0 E A ST 7 8 T H ST R E E T, 7 A / 6 B Lenox Hill | Sold Price $2,075,000

THE STEIN TEAM Select Sales

1 2 2 0 PA R K AV E N U E , 1 0 C / 1 1 C Carnegie Hill | Sold Price $5,137,500

1 3 2 G R E E N E ST R E E T, 3 F SoHo | Sold Price $2,700,000

5 6 5 B R OA D WAY, 5 E SoHo | Sold Price: $2,350,000

5 2 1 PA R K AV E N U E , 1 2 A Lenox Hill | Sold Price $1,995,000

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.