Konstantin Zaliznyak, Licensed Associate Real Estate Broker at TripleMint

The glamorous life of NYC real estate, when I tell my clients some of the stories they say I need to write a book, well.... The Wall Street Journal decided to feature one of my clients' stories this week in print and online. https://www.wsj.com//for-some-sellers-permanent-fixtures-r

Q3 2020 Report Shows 5,638 New Residential Units Filed From July Through September. During the third quarter of 2020, spanning the period from July through September, developers expressed confidence in the city’s long-term economic future, as evidenced by the 446 building permits filed during the period, nearly matching the 476 filings in the second quarter. Between these applications, which cover all types of projects, the new residential buildings permitted totaled 5,638 un...its, a decrease from 9,309 the previous quarter, and a drop from 8,063 units submitted in Q3 of 2019. Despite the drop in residential units entering the pipeline for the Five Boroughs, overall permitting activity remains relatively vigorous. Residential filings continue to dominate as effectively as they did in the second quarter. However, this time single/two-family residential filings take precedence, edging out multi-family filings by seven percent of the total, while last year the former lagged behind the latter by 17 percent. Commercial/mercantile/hotel/shelter filings dipped slightly by one-and-a-half percent of the total share from Q2. On one hand, the lack of commercial filings may be explained by a continued uncertainty in the office market, where work-from-home arrangement continues to predominate. However, single-quarter filings paint an incomplete picture of the city’s future office market, with millions of commercial square feet under construction in skyscrapers such as 50 Hudson Yards, The Spiral, and Two Manhattan West, with many more megaprojects in planning across the boroughs, such as the Empire Station Complex, Anable Basin, and Innovation QNS, among many others. Permits for these developments are expected to be filed over the span of many months. The count of hotel filings has tripled from the last quarter from two to six, indicating a resurgence in developer confidence in the hotel industry in one of the most tourist-visited cities in the world. *source - YIMBY

NYC Market Update - August 2020 August numbers show considerable differences from borough to borough, reflecting the changing real estate market as a result of Covid-19. Year over year and month over month data indicates a strong buyer’s market in Manhattan. Prices are down, sales are down, year over year price per square foot is down, and there is more inventory than usual for this time of year. Relative to July, however, the August market saw a 19% increase in the number of contracts signed and a 2% increase in average price per square foot. Historically low interest rates complement the current buyer’s market for those seeking an opportunity to buy.