NOVOLIFESTYLE
FROM MONICA
Dear Clients,
As we move into fall, the NYC real estate market remains lively and filled with opportunities. Whether you are looking to buy, sell, or invest, this season presents dynamic conditions throughout all boroughs. The demand for luxury properties continues to attract interest, and new developments are emerging, making it an exciting time to delve into the market
In this month's magazine, we are excited to share insights not only about real estate but also about the city's vibrant cultural scene Within, you will discover features on the arts, entertainment, sports highlights, new development projects, and local events to keep you engaged with everything happening in the city
Best Regards,
nte Bar
ng:October by Daniel Humm
nte Bar offers a relaxed dining experience with al dishes Guests can choose between a prix-fixe menu with cocktails or a casual menu This is s first venture since 2019, with plans for a new ant in the West Village
Nin Hao
Opening: September
Zwann Grays, a renowned sommelier and former wine director at Olmsted, is now at the helm of the beverage program at Nin Hao, a new restaurant in Prospect Heights, where she expertly pairs wines with Fujianese
cuisine Located at 609 Dean Street, between Carlton and Vanderbilt avenues, Prospect Heights
Bar Kabawa
Opening: This Fall
Bar Kabawa is set to open in the former Ko Bar location this fall, followed by Kabawa in the main dining room next year
FOOD & DINING FOOD & DINING
The culinary development will be led by chef Paul Carmichael, who previously worked in Australia and is now heading the culinary efforts at Momofuku Location: 8 Extra Place, at Bowery, East Village
NEW DEVELOPMENT
New York & International
THE SURREY RESIDENCE
New York, NY
For almost a century, The Surrey has served as a quiet and beloved haven for individuals who influence culture As this iconic establishment prepares for its eagerly awaited reopening, The Surrey Residences will unveil a stunning collection of 14 exclusive private homes
ORLA DORCHESTER COLLECTION
Orla offers a unique lifestyle that fosters a deep connection with nature, designed for those who value privacy, prestige, and personalized service. Located on Palm Jumeirah’s crescent, residents enjoy breathtaking views of the ocean and Dubai's skyline, with residences featuring fullheight windows for abundant natural light
SPORTS
Jay-Z and Michael Rubin Celebrate Opening of Fanatics Sports Betting Location in New Jersey
Jay-Z and Michael Rubin hosted the grand opening of a new Fanatics Sportsbook location right on the iconic Atlantic City boardwalk in New Jersey
The venue is tailored for fans to enjoy sports with a place called The Gallery, which has an elevated bar and lounge with seating for 60 people surrounded by slot machines, table games, and more
Roger Federer: Assouline
This limited edition visual biography of Roger Federer, presented in a clamshell case and signed by him, is not for sale Created over two years with Federer and his wife, Mirka, it offers an in-depth look at his personal life and career, featuring exclusive photographs, memorabilia, and handwritten reflections from Federer that highlight his experiences on and off the court.
LUXURY GOODS LUXURY GOODS
Chanel's new high-end Première Sound Watch, powered by Master & Dynamic
Chanel introduces the Première Sound Watch, a luxury jewelry watch with detachable earphones that connect via a 3.5-mm jack, with adapters for modern tech. Developed with Master & Dynamic, the earbuds feature quality audio components, controls, and a microphone, but only have IPX3 water resistance The watch is water-resistant up to 30 meters Priced at £12,600 in the UK or $14,700 in the US, the product blends luxury with retro 1990s style
TAG Heuer’s Iconic 80s Formula 1 Watch Is Reborn
TAG Heuer is relaunching the colorful TAG Heuer Formula 1 watch, originally from the 1980s, in collaboration with Kith The limited edition release, targeting collectors, will have around 5,000 watches across 10 unique editions, mainly available through Kith's boutiques and website
MARKET UPDATE NEW YORK
KEY TAKEWAYS:
Buyers are finding more opportunities due to declining mortgage rates and increased new listings
The middle third of homes is selling faster, with more new contracts and shorter market times
For the first time since 2019, new condo listings in NYC outnumbered co-op listings this summer, attracting more buyers
Resale condos in Brooklyn are generating higher profits for successful sellers compared to last year and other boroughs
At this critical juncture, motivated sellers need to adopt a strategic approach Although inventory levels are increasing, the pent-up demand from buyers indicates that well-positioned sellers can still anticipate attractive offers this year As more enthusiastic buyers are expected to reenter the market in the next few months, sellers looking to capitalize on the upcoming home shopping season should begin early preparations for listing their homes
READ FULL ARTICLE HERE
MARKET UPDATE GLOBAL
Knight Frank and Douglas Elliman celebrate 15 years of partnership, delivering unmatched real estate expertise and growth since 2009
Global Super-Prime Sales Have Jumped 66% Since 2019
In the three months leading up to June 2024, 463 super-prime residential sales (over $10 million) occurred across 11 markets, a slight decline from 476 in the previous quarter, but still above pre-pandemic levels, totaling $33 4 billion for the year Notably, Dubai's sales rose from 23 in 2019 to 436 by mid-2024 Mature markets like London and Los Angeles grew moderately, influenced by a 19% increase in global ultra-high-net-worth individuals over five years In Q2 2024, Dubai topped with 85 sales, followed by New York with 72 and Hong Kong with 61, bolstered by demand from mainland China
READ FULL REPORT
GLOBAL SCALE IN ALLIANCE WITH KNIGHT FRANK 71 LANGUAGES SPOKEN OVER 487 OFFICES IN 53 COUNTRIES
200E20TH
Modern Beaux Arts style with contemporary design. Designed by CetraRuddy, the bronze building offers 1-to 3-bedroom residences featuring elegant interiors and lush park views, embodying timeless refinement
INSPIRED BY THE BEAUTIFULLY DETAILED BUILDINGS AROUND GRAMERCY PARK, THE AWARDWINNING FIRM CETRARUDDY HAS CRAFTED A REMARKABLE BRONZE-COLORED STRUCTURE THAT EXUDES A GRACEFULLY SOPHISTICATED AURA THIS EXCLUSIVE COLLECTION OF 1-TO-3BEDROOM RESIDENCES RADIATES EFFORTLESS BEAUTY AND CHARM WITH LUSH VIEWS OF THE PARK AND INTERIORS ADORNED WITH WARM, INVITING MATERIALS, THESE STUNNING HOMES ARE INFUSED WITH TIMELESS SOPHISTICATION
LOCAL HAPPENINGS
RESERVE PADEL 75 NE 39th St Miami, Florida 33137
Reserve has just introduced the first membersonly padel club in the Miami Design District Featuring glass-enclosed padel courts and a pro shop stocked with premium padel gear and Reserve-branded apparel, Reserve Miami Design District is poised to become a sanctuary for its members Beyond offering elite padel facilities, the club provides a lifestyle experience that marries the dynamic sporting culture of Miami with the unmatched luxury of its iconic locale
For membership inquiries, please reach out via email to designdistrict@reservepadel com
The Village Halloween Parade in NYC is on Halloween, October 31, 2024, from 7-11pm. The route typically runs up Sixth Ave from King St to 15th St The theme and Grand Marshal for this year are TBD Marching is free with mandatory costumes, lining up at Sixth Ave and Canal St from 6:30pm–9pm Spectators can watch along Sixth Ave, with VIP options available The parade can also be viewed on NY1 from 8-9:30pm
Village Halloween Parade in NYC 2024
MORTGAGE
RATES
Mortgage rates hit the lowest level since February 2023
The average contract interest rate for 30year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6 29% from 6 43%
Applications for a mortgage to purchase a home rose 2% for the week but were 3% lower than the same week one year ago
Mortgage rates have declined yet mortgage demand appears to be holding out for something more substantial The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) dropped to 6 29% from 6 43% According to the Mortgage Bankers Association, points also decreased from 0 56 to 0 55 (including the origination fee) for loans with a 20% down payment This marks the lowest level since February 2023 and is nearly a full percentage point lower than the same week last year
Joel Kan, vice president and deputy chief economist at the MBA, noted, “Treasury yields have been reacting to data indicating cooling inflation, a slowing job market, and the expected first rate cut from the Federal Reserve later this month.” However, total mortgage demand only increased by 1.4% for the week, based on the MBA’s seasonally adjusted index, which also adjusts for the Labor Day holiday.
Refinance applications saw a slight increase of 1% week-over-week, although they remain 106% higher than a year ago While this may appear significant, the numbers were exceptionally low last year, meaning that even with this increase, refinancing remains historically low Kan added, “There is still somewhat limited refinance potential as many borrowers still have sub-5 percent rates It’s encouraging that homeowners can benefit from refinancing as rates continue to decrease ” Most of those refinancing likely purchased their homes in the past two years when rates had significantly climbed from record lows
Mortgage applications for purchasing a home rose by 2% for the week but were still 3% lower than last year's. Kan stated, “Despite the decrease in rates, challenges in affordability and factors such as limited inventory may still be hindering purchasing decisions ”
ARTS & ENTERTAINMENT ARTS ENTERTAINMENT
FORMULA 1 UNITED STATES GRAND PRIX - AUSTIN 2024
OCT 18-20
Purchase Your Tickets Here
Don't miss your chance to secure your place at the event of the year! Experience an exhilarating 36 hours of entertainment, featuring nonstop racing and two spectacular performances by international superstars Sting and Eminem. General admission, grandstand, and hospitality passes are available for purchase. Get your ticket today to witness history in the making at the 2024 Formula 1 Pirelli United States Grand Prix!
THE BROOKLYN MUSEUM HAS RECENTLY COMPLETED A SIGNIFICANT REBRANDING, WHICH INCLUDES A FRESH NEW LOGO.
The Brooklyn Museum unveiled a new logo inspired by ancient philosophers' names on its facade, representing the intersection of arts and its roots as a library The design features two dots, intertwined M's and U's, and a color palette reflecting Brooklyn's vibe The rebranding signifies the museum's diverse identity and roles Designed by Other Means, the new logo aims to adapt to evolving audience engagement Merchandise featuring the logo is available at the museum's shop
THE GREATEST, ART-FILLED AMUSEMENT PARK TO EVER EXIST, 'LUNA LUNA,' IS COMING TO NYC
Tickets for the carnival at The Shed in Hudson Yards go on sale September 19, running from November 20 to January 5.
Luna Luna: Forgotten Fantasy, an artdriven amusement park, will open in New York City, originally created by artist André Heller in 1987 in Hamburg Featuring carnival rides designed by artists like Basquiat, Dalí, and Haring, the NYC event will showcase original pieces, new artworks, and performances After decades in storage in Texas, the rides were restored for this revival Branded as the "world's first art amusement park," it aims to inspire imagination and attracted about 300,000 visitors during its original run
BUY TICKETS HERE
Basquiat and Banksy Shine at the Hirshhorn
In an upcoming exhibition, the Smithsonian museum will showcase the works of these two groundbreaking artists for the very first time.
The Hirshhorn Museum and Sculpture Garden will explore the link between artists Jean-Michel Basquiat and Banksy in the upcoming exhibition "Basquiat x Banksy." Opening later this month, the year-long showcase will feature two related paintings: Basquiat’s "Boy and Dog in a Johnnypump" and Banksy’s "Banksquiat: Boy and Dog in Stop and Search," marking the first time works from either artist are displayed at the Washington, D.C. museum.
