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Hey Friends, As summer winds down (noooooooooooooo), The first signs of fall are upon us... New York City kids have returned to school — both online and in-person - (I love seeing my friends 'first day' photos even if it is at a desk at home) — some employees have begun to visit their workplaces for the first time in months. Cash registers in stores and restaurants are beginning to ring. The city is reopening, it is reawakening. You can feel a definitive difference in the energy in the air and it is sooooo exciting to see. Maybe I am a broken record but as you all know I love my NYC. We are in a transition for sure but we will be fine! This great city has weathered wars, The Great Depression, 9/11 and the Global Financial Crisis. Again and again, New York and her people stand up, band together, recover and thrive. Hey, I actually have talked to many friends about how exciting this is. It is a restart, an amazing opportunity to reinvent the city. I can't wait to see the creative ways that say retails spaces will be reimagined and the new norm that will come out of this. The New York City real estate market, in particular, has shown remarkable resiliency over the years. Even after the 2008 financial crisis — a phenomenon rooted within the actual housing market — we saw a relatively quick rebound in sales volume and prices. This time we may see a slower growth cycle as we were coming off a down market but once the city and all of it's amazing offerings bounce back you can be sure so will the RE market. With that in mind, I'm taking a positive look at what's going well and the bright spots and opportunities (and there are many) that lie ahead.With Love, Ed Freiberg Your Vest Dressed Salesperson |
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Market Roundup |
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Unrivaled Opportunity for Renters |
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The city's sales market is showing signs of recovery, big and small - Self-plug moment - I got two units at my New Dev project 3E3 into contract in the past month! No small feat but very smart and strategic pricing and marketing work in any market! The rental market, particularly in Manhattan, has been hard hit by the pandemic. As of the end of August, available inventory was twice as high as last year, pushing the borough's vacancy rate to a record 5.1 percent. In response, Manhattan landlords are offering concessions in more than half (54 percent) of new leases — a 10-year record. Median rents have fallen to $3,161, or 7.7 percent, as a result. In Brooklyn the numbers are not as grim but the borough has also been hard hit and there are many concessions being offered as well. The silver lining here is that renters may have an opportunity to upgrade their living situation. People can consider neighborhoods that might've been out of reach in the past. They can add outdoor space or full-service amenities to their daily lives. If you are saving on your rent start thinking ahead and save that difference for a future down payment and become a future homeowner. Interest rates are still at record lows and we don't expect that to significantly change anytime soon. If this piques your interest let me know and let's talk further about planning your homebuying future!!! |
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Employers Bet on New York City |
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Keeping New York City a major employment center, even in an era of widespread remote work, is critical to supporting the city's finances and housing market. While naysayers claim that people won't choose New York if they can work anywhere, a number of major employers are seeing things differently, as evidence by the significant number of big-deal office leases signed in the last few months. The most high-profile signing was Facebook's agreement to take over the entire office portion of the revamped Farley Post Office building. Inked in August, the deal adds 730,000 square feet to Facebook's already significant 2 million square feet of office space in the city. App giant TikTok signed a lease for seven floors (232,000 square feet) at 151 West 42nd Street in May amidst the pandemic and White House threats. Financial giants AIG and BNP Paribas also bet on New York City with significant office grabs in Manhattan and in the sixth borough, Jersey City. Meanwhile, media players iHeartRadio/Katz Media Group and Comcast/NBC Universal solidified their place among the city's major employers with significant lease renewals. |
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MY NEW YORK CITY – INDOOR DINING EDITION |
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Pandemic-era outdoor dining has been incredible! Not only the beauty of all these creative designs on the streets but it literally has given the city LIFE. This will end on October 31 but please call your local assemblyman and make sure this comes back next year and every year after! So let's turn to indoor dining...The weather is going to change soon - ugh - and our favorite restaurants won't be fully financially stable — until we're able to safely enjoy indoor dining again. Due to our careful reopening and our (thankfully!) still declining case rates, New York City restaurants will welcome diners inside at the end of September. With several caveats, of course. Restaurants are permitted to open at 25 percent capacity with tables placed a minimum of six feet apart. Patrons will have temperature checks at the door, masks are required except while sitting and eating, and each table will be required to leave contact information for contract tracing purposes. No bar seating is allowed, and restaurants are required to close at midnight. A key metric for allowing indoor dining has been staying below a 2 percent positive test rate; New York City's infection rate has remained below 1 percent for a month now. Gov. Cuomo has set a November 1 target date for restaurants to admit patrons at 50 percent capacity, but that date could come earlier if infection rates remain low. It's a lot and puts so much pressure on these small businesses but let's help them and follow the rules - wear your mask - fight the pandemic fatigue - keep distance. I have eaten indoors upstate and they are doing it successfully. So please GO GO GO to your favorite local spots as much as you can afford.Support local small businesses! They are the lifeblood of this magnificent city. |
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Featured Rental Listings |
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