Novo Lifestyle Magazine November Issue by Novo Team

FROM MONICA

Dear Friends + Clients,

As November arrives, we embrace Thanksgiving traditions and the vibrant NYC real estate market This season is filled with celebrations and reflection

The real estate market is thriving with strong demand for luxury properties and new developments enhancing the skyline, making it an ideal time to explore opportunities.

This month's edition includes updates on the market and highlights NYC's cultural experiences, from dining to local events, along with insights into global and local trends affecting your real estate goals

Enjoy!

Warm regards,

ARTS & ENTERTAINMENT

THE ART-THEMED AMUSEMENT PARK 'LUNA LUNA' IS ARRIVING IN NYC.

The carnival extravaganza at The Shed in Hudson Yards will have tickets on sale starting September 19 and will run from November 20 to January 5.

Luna Luna: Forgotten Fantasy, an artdriven amusement park, will open in New York City Created by André Heller in 1987 in Hamburg, it features carnival rides by artists like Basquiat, Dalí, and Haring The NYC event will include original pieces, new artworks, and performances After years 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 around 300,000 visitors during its original run

A$AP ROCKY, PHARRELL, LEWIS HAMILTON, AND COLMAN DOMINGO WILL CO-CHAIR A HISTORIC MET GALA.

The Costume Institute at the Metropolitan Museum of Art has announced its spring 2025 exhibition, “Superfine: Tailoring Black Style,” which will celebrate Black dandyism from the 18th century through its revival during the Harlem Renaissance and its impact on luxury fashion today. The much-anticipated Met Gala event typically draws its theme from the accompanying exhibition, which A-Listers are encouraged to interpret on the red carpet

2 TUDOR CITY PLACE

FEATURED PROPERTY

2 Tudor City is a post-war cooperative ideally situated near Grand Central and the Midtown Tunnel, yet nestled within the peaceful Tudor City Historic District. Constructed in 1954 and converted in 1981, this co-op features a delightful, landscaped courtyard that separates its two towers, which consist of 15 floors and a total of 333 residences For a fee, residents have access to amenities such as a bike room, storage space, and a gym located across the street at 5 Tudor City The board permits pied-aterre, co-purchasing arrangements, and parents purchasing for their children Monthly maintenance fees cover electricity costs

The distinctive red brick structure is adjacent to the tranquil and lush Tudor City Greens Parks, which earned a spot on the National Register of Historic Places in 1986

NEW DEVELOPEMENT

New York & International

212 West 72 stands as an iconic address nestled within the heart of the Upper West Side Boasting a prime location between Central Park and Riverside Park, this building offers unparalleled access to an array of cultural, dining, shopping, and transportation options Reimagined by the acclaimed architecture and interior design firm CetraRuddy, 212 West 72 presents an exclusive collection of residences defined by exceptional design elements and thoughtful details

AMENITIES

Full-Time Concierge and Doorman

Fitness Center

Resident Lounge Roof Terrace

Children's Playroom

Bicycle Room

Private Storage Available

ONE GREEN WAY RESIDENCES

LOCATION: QUINTA DO LAGO, ALGARVE, PORTUGAL

One Green Way is a luxurious gated development in Quinta do Lago, offering privacy and exclusivity alongside the North Course This community features top-notch amenities, including a gym, paddle tennis courts, communal pool, children's play area, and reception, with access to Quinta do Lago resort facilities The project includes 89 contemporary residences: 27 luxury villas and 62 duplex apartments, all designed by PLAN architects with a focus on lifestyle, high-quality materials, and smart technology, complemented by beautifully landscaped Mediterranean-style gardens Quinta do Lago residents experience exceptional quality of life in a health-focused environment The resort offers numerous amenities, including world-class golf courses, a golf academy, a sports hub, 14 restaurants, a 13 km beach, dedicated concierge services, year-round family events, and 24/7 security, along with property rental and management services

MARKET UPDATE NEW YORK

Despite the Federal Reserve's 50-basis point rate cut in mid-September, it was too late to significantly influence quarterly sales in Manhattan. Annual sales declined as cash transactions reached their lowest proportion in almost two years The median sales price decreased year over year for the third time, even with the highest rate of bidding wars seen in seven years Listing inventory fell annually for the fifth time in six quarters, aligning with the decade's average for the third quarter The luxury median sales price dropped year over year for the second time, while luxury listing inventory rose annually for the third time, driven by an increase in new development supply Sales below the $1M threshold rose 3 4% annually as those buyers, more dependent on the rate levels, took advantage of the decreases which fell noticeable since the prior quarter

GLOBAL

The Knight Frank update highlights key economic developments In the Middle East, a potential regional war raises concerns for global property markets, though rising oil prices, despite a recent surge, remain subdued compared to past conflicts Global investment sentiment remains cautious but stable In China, recent stimulus measures have led to a temporary rally in property stocks, though a long-term recovery remains uncertain Meanwhile, UK house prices rose in September due to falling mortgage rates, but market activity remains sluggish, with cautious optimism tempered by economic uncertainty ahead of the budget

LOCAL HAPPENINGS

Macy’s Thanksgiving Day Parade

The 98th Macy's Thanksgiving Day Parade

In celebration of its 98th anniversary, Macy's is excited to bring back its beloved combination of enormous character helium balloons, dazzling floats, marching bands, performance groups, celebrities, clowns, and, of course, Santa Claus. Since its inaugural parade in 1924, the Macy's Thanksgiving Day Parade has been enchanting audiences This year's event promises to be just as spectacular!

The 98th Annual Macy's Thanksgiving Day Parade will be broadcast nationwide on NBCTV and available for streaming on Peacock on Thursday, November 28, 2024, from 8:30 a m to noon, across all time zones.

On November 24, God’s Love We Deliver will be hosting its 31st Annual Race to Deliver, a 4-mile run/walk that benefits this incredible organization! This event stands as one of the largest annual fundraisers for God’s Love, highlighting their unwavering dedication to ensuring that no one faces the overwhelming challenges of illness and hunger alone

God’s Love We Deliver - The 31st Annual Race to Deliver

The Wildair team has revitalized Brass, a hotel brasserie in Nomad's Evelyn Hotel, under the leadership of chefs Jeremiah Stone and Fabián von Hauske Valtierra Introduced to the project by restaurateur Nick Hatsatouris, they took over three restaurant spaces previously run by Jonathan Benno The first opened was Tusk Bar in December, featuring casual seafood and vegetable dishes Next was Ninepin Cafe, which will soon revamp its menu under Stone and von Hauske Valtierra, followed by Brass, the most ambitious venture at 7 E. 27th Street.

FOOD & DINING FOOD & DINING

The Corner Store: A Nostalgic Take on Old School New York Dining

A chic SoHo newbie from the team behind Catch

The term 'nostalgic' has re-emerged in the restaurant scene, exemplified by The Corner Store, a new establishment in SoHo by Catch Hospitality Group, marking their first opening in 13 years It embraces a playful homage to classic New York dining through its kitsch-inspired menu, crafted by culinary director Michael Vignola and executive chef Paul Castro.

Highlights include:

Appetizers: pastrami sandwiches, béchamel spinach, pizza rolls with hot honey

Raw section: vodka-soaked oysters, shrimp cocktail, filet mignon tartare

Entrees: diverse pescetarian and vegetarian options, with standout steak dishes like disco steak frites, prime wagyu rib, and truffle butter filet mignon

Desserts: classic ice cream sundaes and traditional apple pie

The ambiance and menu reflect a joyful nostalgia for the past while offering modern culinary experiences

La Tête d’Or, Flatiron

Daniel Boulud has launched yet another restaurant to expand his culinary empire Named after a historic park in his native Lyon, France, La Tête d’Or evokes the glamour of Gatsby-era New York As Boulud's inaugural steakhouse, it promises a delightful selection of premium cuts of meat and fresh seafood, all expertly charred over a wood-fire grill

Opening this November at 1 Madison Avenue, blending an American steakhouse menu with a Parisian dining experience on the ground floor of the One Madison Avenue building

LUXURY GOODS LUXURY GOODS

Assouline's New Limited Edition

Headphones

Assouline partnered on a pair of limited edition

“Assouline Red” wireless headphones by Master & Dynamic, the premium headphone and earphone brand founded by Jonathan Levine in 2014

LORDS VIEW ONE

Lords View One in St John's Wood offers four exclusive duplex penthouse apartments with stunning views of Lords Cricket Ground and the London skyline These luxury residences feature expansive roof gardens and are housed in a refurbished building with 24-hour concierge, gated security, and secure parking with EV charging stations It represents unparalleled luxury in central London

THIS NEWLY REFURBISHED BUILDING IS SITUATED ON ST JOHN'S WOOD ROAD, DIRECTLY OPPOSITE LORD'S CRICKET GROUND, WITH REGENT'S PARK WITHIN WALKING DISTANCE. THE NEAREST TUBE STATION IS ST JOHN'S WOOD (JUBILEE LINE), WHICH IS LOCATED 0.5 MILES AWAY

Immediate Availability

PROPERTY TYPE

Condominium (Leasehold)

New Construction

THE RESIDENCES

Award-winning interiors designed by Albion Nord Custom, handcrafted joinery

Designer kitchens featuring premium Gaggenau and Miele appliances

Air conditioning and underfloor heating throughout Lutron smart lighting, full fibre broadband, and Priva home automation

Private terraces offering over 800 sq ft of outdoor space for each residence

Ten-year structural defect warranty

Each penthouse ranges from 2,065 to 2,368 sq ft, showcasing three opulent bedrooms, including master suites with walk-in wardrobes and marble-clad en suite bathrooms. The openplan reception areas boast bespoke oak joinery and commissioned artwork, while the kitchens are equipped with hand-crafted quartzite countertops and cutting-edge appliances.

LOCATION

This newly renovated building is located on St John's Wood Road, directly across from Lord's Cricket Ground, with Regent's Park just a short walk away. The nearest tube station, St John's Wood (Jubilee Line), is situated 0.5 miles from the property.

SPORTS

Thanksgiving and NFL football are a longstanding American tradition, with the Detroit Lions playing on this day since 1934 and the Dallas Cowboys since 1966 This year features a tripleheader starting at 12:30 pm ET on November 28, concluding with the last kickoff at 8:20 pm ET NFLThanksgivingschedule2024: Teams,kickofftimes,wheretowatch

2024 NFL Thanksgiving Day Game Schedule

Chicago Bears vs. Detroit Lions — 12:30 p m ET on CBS

New York Giants vs. Dallas Cowboys — 4:30 p m ET on FOX

Miami Dolphins vs. Green Bay Packers — 8:20 p.m. ET on NBC

RafaelNadalannounceshisretirement fromtennis.

Nadal, 38, has enjoyed a career that has seen him win 22 Grand Slams, including 14 French Open titles But he has been hampered by injuries in recent years, and he announced Thursday that this will be his final year playing the sport.

He will play for Spain against the Netherlands in the Davis Cup in Malaga from Nov 19-21 That will be his final act on the tennis court, in a sport where he stood alongside Roger Federer, Novak Djokovic and Andy Murray as four modern greats in the men's game

Job Market and Inflation:

THE EFFECTS OF A ROBUST JOB MARKET ON INFLATION

The U S added 254,000 jobs in September, much higher than expected, while the unemployment rate dropped to 4 1% This strong job market raises concerns about whether inflation will continue cooling, as consumer spending may drive up prices The Federal Reserve recently cut interest rates by half a point but may opt for a smaller cut in November.

Investors are hopeful for a "soft landing," where inflation eases without a recession, but rising oil prices and global tensions could disrupt this. Inflation data later this week will be closely watched to guide future economic policy

A strong job market, with low unemployment and wage growth, can fuel inflation as increased wages lead to higher consumer spending, which raises prices.

Higher wages also increase business costs, pushing companies to raise prices or cut production.

Inflation’s Impact on the Job Market:

High inflation can draw more people into the workforce temporarily as wages rise.

However, as inflation erodes purchasing power, workers may become less willing to work

The Fed’s Role:

To combat inflation, the Federal Reserve raises interest rates, which slows consumer spending by making borrowing more expensive

The Fed aims for a balance between stabilizing prices (with a 2% inflation target) and maximizing employment

Effect of High Interest Rates:

Higher interest rates can reduce business hiring and consumer spending, which helps lower inflation but can also increase unemployment

Despite higher rates, the U S economy grew by 3 1% in 2023, as interest rates are still low by historical standards

Economic Sectors:

Some sectors, like healthcare and government, are less affected by interest rates and continue to hire, while industries like Big Tech are more sensitive to rate hikes.

Fed’s Future Plans:

The Fed remains cautious, deciding on interest rate changes “meeting by meeting” to balance inflation control and economic activity.

MORGAGE RATES

Key Point:

]The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances (up to $766,550) rose to 6 52%, up from 6 36%

Refinance demand decreased by 26% compared to the previous week

Mortgage applications for home purchases saw a decline of 7% for the week

The average interest rate for 30-year fixed-rate mortgages with conforming loan balances (up to $766,550) rose to 6.52%, up from 6.36%, while points increased from 0.62 to 0.65 (including the origination fee) for loans with a 20% down payment Refinance demand, which is highly responsive to weekly rate changes, saw the steepest decline, dropping 26% week-over-week However, it remains 111% higher compared to the same week last year; rates were 118 basis points higher a year ago, meaning those who purchased homes last year may benefit significantly from refinancing now Notably, the refinance share of applications fell below 50% for the first time in more than a month

Mortgage applications for home purchases decreased by 7% for the week, but they were still 7% higher than the same week last year Increased market supply is creating more opportunities for some buyers

“Demand is holding steady to some extent for prospective first-time buyers FHA purchase applications remained relatively unchanged despite the rate hike, as some first-time homebuyers are still active in the market due to improving housing inventory conditions,” stated Joel Kan, an economist at the MBA, in a release.

Some individuals are choosing to delay major purchases until after the November election