Your guide to NYC Market

jacobwoodre Q1 was the strongest first quarter Manhattan and Brooklyn have seen since 2022 — but the headline numbers need context. Median sales price climbed 8% year-over-year, but that figure is doing some heavy lifting: luxury activity above $3M was up 10%, while median price-per-square-foot only moved about 2%. So the mix shifted, not the underlying values. • Well-priced, move-in-ready homes are trading at ask in 79 days — the fastest Q1 pace in 8 years • Signed contracts were down 11% YoY, indicative of where Q2 is headed • Brooklyn was more susceptible to Iran War-related disruption — flat pricing, softer sales, and looser inventory (albeit loosening from all-time lows). Full breakdown in the video. Leave questions in the comments! @coldwellbankerwarburg #ManhattanRealEstate #BrooklynRealEstate #NYCRealEstate #NYCRealEstateAgent #LuxuryRealEstateNYC

jacobwoodre Architectural Oddity: Edward Durell Stone Townhouse at 130 East 64th St Check out one of the most controversial townhouses in Upper East Side history... In 1956, architect Edward Durell Stone — the man behind MOMA — bought a conventional 1878 brownstone, tore off the entire façade, pushed the building forward to the lot line, and refaced it with floor-to-ceiling glass shielded by a sculptural concrete grille of intersecting circles and squares. Neighbors hated it. Architects fought about it for decades. When Stone's widow tried to remove the deteriorating screen in 1987, the Landmarks Commission slapped her with a violation — and Robert A.M. Stern personally argued to preserve it. The screen was rebuilt in 1999 and the house is now part of the Upper East Side Historic District. It last sold in 2015 (looks normal on the interior!) and today it's home to Gladstone Gallery. Which side are you on — modernist masterpiece or block-ruining eyesore? #UpperEastSide #NYCArchitecture #EdwardDurellStone #ManhattanRealEstate #HiddenManhattan

jacobwoodre Manhattan Luxury Market Update | Week of April 20th The Manhattan luxury market had 34 contracts signed last week at $4 million and above, 5 fewer than the previous week. Condos outsold co-ops, 21-8, with 1 condop and 4 townhouse in the mix.

jacobwoodre The office of @nycmayor announces @zohrankmamdani pied-a-terre tax proposal on second homes valued above $5m, endorsed by @govkathyhochul What do we know and what don't we know? What affect will this have on our market? How does Ken Griffin feel about it??? . . . #NYCRealEstate #BillionairesRow #PiedATerre #LuxuryRealEstate #NYCPolitics #ZohranMamdani #KenGriffin #ManhattanRealEstate #NYCHousing #TaxTheRich #NYCBudget #CentralParkSouth #LuxuryMarket #NYCCondos #RealEstateTax

jacobwoodre Mamdani pushes pied-a-terre tax on homes valued above $5m! A couple days ago @nycmayor @zohrankmamdani proposed a tax on owners of second homes in NYC valued above $5m. The proposed rate structure would include a sliding scale from 0.5% on property valued above $5m up to 4% on properties valued above $25m. Townhouses would be taxed at .5%–4% of market value above $5m, and condo / co-ops 10%–13.5% of assessed value above $300k. The distinction is important: the assessed value of apartments for tax purposes is usually around only 4% of their actual market value. Meaning the owner of a condo will have a fraction of the pied-a-terre tax liability as the owner of a townhouse. This is a fundamental flaw in the structure of the proposal as it currently stands and is likely to draw scrutiny in Albany. The tax is projected to affect around 13,000 homeowners and raise around $500m annually. The Mayor made his announcement video in front of Ken Griffin's $238m penthouse purchased in 2019, which would incur an additional annual tax liability of around $1.1m as the proposal is currently written. To discern the effect this additional tax is likely to have on the luxury submarket, Griffin's home is a useful example. A $1.1m tax liability increase would nearly double his average RE tax + common charge costs. This would undoubtedly cause a value contraction for the average-priced apartment. But... when Griffin purchased the home in 2019 he himself readily admitted it would never appraise near what he bought it for. It wasn't a value purchase, it was a vanity purchase. The NYC luxury market has just completed it's third fiscal quarter in a row of banner-performance, all after the next mayor and his policies were a foregone conclusion. Luxury buyers' current financial position has never been better. Continuing to use Griffin as an example, he just closed on another NYC luxury real estate purchase, his second home at 740 Park Ave specifically, for $38m... almost double what the seller paid for it in 2019. . . . #PiedATerre #LuxuryRealEstate #NYCPolitics #ZohranMamdani #KenGriffin #ManhattanRealEstate #TaxTheRich #NYCBudget #LuxuryMarket #NYCCondos #RealEstateTax