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Manhattan Holds Steady While Brooklyn Ignites

Manhattan Holds Steady While Brooklyn Ignites

Manhattan’s deal trajectory continues to stay stable as we head towards the peak buying season this Spring. Last week (February 5-11), saw 299 contracts signed, down 4% and 1% year-over-year. The drop in condo sales accounted for the fall although co-op sales increased 9% and there were nine contracts signed over $10million which marks the strongest week of 2022 at that price point.

An $18M Hudson Yards Condo is the Top Deal of the Week

The top contract of the week was 8101 35 Hudson Hudson Yards which was listed at $17,925,000 and contains 4 bedrooms and 5 bathrooms, spanning 3,848 square feet. Amenities are spread over two floors and include a fitness center, lounge and bar, golf simulator lounge, a private dining room for sixteen, a library, a screening room, a children’s playroom, a board room, and a private office. The 24th floor features a Grand Terrace and Grand Dining Room which seats more than fifty guests

The second most expensive deal was a full-floor condo at One Madison, 23 East 22nd Street in the Flatiron District, which has four bedrooms and three and a half bedrooms. The home underwent a complete renovation by the owner who purchased it in 2018. Amongst the slew of amenities are a fitness center, pool, steam room, screening room, and private dining room.

Brooklyn’s Barnstorming Week

Deals in Brooklyn last week were up a mighty 56% week over week and 2% over the previous year with 95 homes finding buyers. All price ranges saw double-digit increases as activity moved up through the gears after a fairly quiet January. Homes priced between $750K and $1 million more than doubled thanks to sales of 1 bedroom condos. New development deals in the pricey neighborhoods of Park Slope, Gowanus, Carroll Gardens, Boerum Hill, and Red Hook saw triple-digit increases.

The top sale of the week was for a 4 bedroom, 5000 square foot plus home with private outdoor space at One Brooklyn Bridge Park. The usual suspects — The Olympia in Dumbo ($8.375 million) and One Clinton Street ($4.75 million) — were the other top deals.

Where Money Goes The Furthest in NYC

According to a recent report by real estate site, StreetEasy, conducted with January’s listing numbers, if you’re looking to get the most square feet for your money, head to Queens. The lowest median asking price in the borough was $540 per square foot (in Briarwood) which means $950,000 will buy a homeowner 1,759 square feet of space. Comparatively, in Brooklyn, the median price per square foot was $888 which is the equivalent to 1,427 square feet of space (in Brownsville) with a $950K budget.

Other Brooklyn neighborhoods with median square foot listings below $450 are Canarsie, East New York, East Flatbush, and Bergen Beach. The top three Brooklyn neighborhoods all had median asking prices over $1600 per square foot. They are Brooklyn Heights ($1,607), Dumbo ($1,693), and Cobble Hill ($1,749).

Manhattan’s priciest neighborhoods were all priced above $2,250. They are the West Village ($2,260), Central Park South ($2,296), and Nolita ($2,408).

Rent’s Gone Crazy

Meanwhile, on the rental scene, things couldn’t be more different from two years ago when New York landlords were virtually begging for tenants. Bidding wars have broken out across the city in anticipation of a Spring return to offices. According to The Real Deal, rents returned to their pre-pandemic levels last October when the median price for a one-bedroom apartment was $3,945, up 12.7 percent from a year earlier, the steepest hike in a decade.

Rents have risen by 24 percent from a year ago, making New York the most expensive city in the country. One of the steepest increases has been on the Upper West Side, where, according to zumper.com, the average rent for a 1-bedroom apartment currently sits at $4,187, a 40% increase compared to the previous year.

Acute Need For More Housing

Many New Yorkers are feeling the pinch of rising home prices and rents with few options if they wish to continue living in the city. Confirming this was a recent report, commissioned by the Real Estate Board of New York (REBNY) and reported in 6sqft.com. The report finds that the city would need to add 560,000 new rental units by 2030 to keep up with the projected population and job growth.

Celebrity News

Who Says You Can’t Sell My Home

The Wall Street Journal reported that Jersey rocker, Jon Bon Jovi has put his 4 bedroom Greenwich Village mansion on the market for $22 million. Located within the Greenwich Lane condo development, Bon Jovi’s corner condo spans around 4000 square feet with panoramic views of Lower Manhattan. The singer/songwriter and sometimes actor purchased the unit for $18.94 million in 2017. Bon Jovi also owns homes in New Jersey, the Hamptons, and Palm Beach. Bon Jovi previously owned another home in the West Village which he sold for $15 million in 2018.

What do Britney, Cher, and Russell Simmons Have in Common? This listing

A condo that sits above the famous former Tower Records retail space on Broadway has just gone on the market for $7 million. It’s no normal condo though. It’s gone some serious celeb firepower behind it as at one time or another it was owned by Cher, Def Jam founder Russell Simmons and more recently Britney Spears.

Cher first purchased it in the 1980s before selling it to Russell Simmons in 1990 for $1.6 million. Spears owned the home for four years during which time she combined apartments 1109 and 1110 reports Architectural Digest.

If you want to look at any of the developments mentioned here or other homes in Manhattan, Brooklyn, or the Hamptons, don’t hesitate to contact the Bracha team at 212-355-3148 or brachateam@corcoran.com