Q1 2021 Manhattan Market Report

THE STEIN TEAM Q1 2021 Manhattan Market Update

1

132 GREENE STREET

Jeremy & Robin Stein Senior Global Real Estate Advisors JEREMY STEIN Associate Broker 917 854 4411 Jeremy.Stein@sothebyshomes.com ROBIN STEIN Associate Broker 917 570 8386 Robin.Stein@sothebyshomes.com

Led by its two principals and co-founders Jeremy and Robin Stein, the Stein Team has been repeatedly recognized as the #1 Producing Sales Team for Sotheby’s International Realty, Inc. in New York City, a Top 5 Sales Team companywide and a Top 75 Team in the United States by The Wall Street Journal.

They have been featured in publications such as The New York Times, New York Daily News, The Wall Street Journal, The Real Deal, The New York Post and Avenue Magazine.

In an ever-changing market as competitive as New York City, it can be difficult to find a brokerage team that is knowledgeable, respected, trustworthy, and professional. The Stein Team has consistently maintained all of those qualities and more, never wavering in their steadfast commitment to their clients and upholding exceptional integrity in all that they do.

The team is rounded out by Sales Associate, Jennifer Henson; Sales Associate, Marc Fichera; And Sales Associate, Karen Moreau. Through the combined talents of the team, The Stein Team is positioned to assist clients with the highest level of service available. steinnewyork.com

Meet The Team

JENNIFER HENSON Licensed Salesperson

MARC FICHERA Licensed Salesperson

KAREN MOREAU Licensed Salesperson

AMANDA SAPIO Marketing Coordinator

3

Testimonials “ My wi fe a n d I h ave u s e d Ro b i n a n d Je re my S te i n a s o u r re a l e st ate b ro ke r s fo r t h e p a st 15 ye a r s , re p re s e n t i n g u s i n t h e s a l e o f fo u r apartme nts in New York City. We have used t h e S te i n Te a m to re p re s e n t u s b e c a u s e o f t h e i r p r o f e s s i o n a l i s m , m a r ke t k n o wl e d g e , h a rd wo rk a n d a b i l i t y to m ax i m i z e va l u e. In every instance, they have dedicated the a p p r o p r i a t e r e s o u r c e s , t i m e a n d e ff o r t i n managing the sale process resulting in a successful transaction.”

- THOM AS

“Je re my and Robin are the only people that I wo u l d t r u s t a s my b r o ke r s . T h e y t a ke t h e time to understand precisely what I am l o o k i n g f o r, a n d a s a r e s u l t , c o n s t a n t l y d e l i ve r t h e r i g h t s t u ff. W h e t h e r I ’ m o n t h e b u y s i d e o r t h e s e l l s i d e, Je re my a n d Ro b i n always protect my inte rests, yet stil l manage to get the deal done. B oth their strategy and exe c u t i o n a re b r i l l i a n t , a n d t h e re ’ s n o o n e else I’d want in my corne r whe n it comes to reside ntial real estate.”

- ERIC

“Je re my

and

Ro b i n

are

professional,

k n owl e d ge a b l e a n d ex t r e m e l y e ffe c t i ve. In a d d i t i o n , we a lways kn ow t h at t h ey wi l l p u t our interests first. Twice, they have tal ked us out of purchasing homes, and each time s o m e t h i n g b e t te r c a m e a l o n g l a te r, j u s t a s they had suggested it would. We recomme nd Je re my and Robin wholehearted ly.”

- E D & L AUR E N

“ T h a n k yo u fo r t h e g re a t j o b yo u a n d yo u r te a m d i d i n h e l p i n g to s e l l o u r h o m e. We always felt wel l supported, from our earliest meetings through the final closing. The time, e ff o r t , e n e r g y a n d f o c u s t h a t yo u s h owe d re a l ly m a d e a d i ffe re n c e, a n d we a p p re c i ate t h e h i g h l eve l o f c o m m u n i c a t i o n wi t h yo u r t e a m t h r o u g h o u t t h e p r o c e s s . We wo u l d highly recommend your group in the future!”

- MI CH A E L & L AUR I E

“Yo u r b ro ke r b e c o m e s t h e m o s t i m p o r t a n t p e r s o n i n yo u r l i fe wh e n fi n d i n g a h o m e fo r yo u r fa m i ly. Je re my a n d Ro b i n we re tr u ste d advisors during these times in our life. I wouldn’t trust anyone else with that responsibility.”

- WILL 5

1111 Park Avenue, 7B

Market Overview {Q1 | 2021}

MANHATTAN The first quarter sales for 2021 increased 23% from 2,138 in the fourth quarter of 2020, and was up 7% compared to the prior year after the real estate market shut down for half of the month of March due to the pandemic. There was a 12% decrease in the average sale price from $1.86M to $1.65M. The median sale price was reduced by 3% to $1.05M. The under $3M market made up 89% of all sales activity and posted 11% more sales than the prior year.

This price segment average price fell by 2% from $1.14M to $1.12M and a 1% decrease in the median sale price. As the market continues to adjust due to an influx of inventory compared to the prior year, all price points are being impacted with pricing discounts. The average discount to original asking price was 7% in Manhattan for Q1 of 2021.

As the market continues to fight through the impacts of COVID-19, additional inventory represents an opportunity for buyers to enter the market throughout 2021.

2,633 Closed Sales

7

%

Change in Closed Sales {2021 v 2020}

1.65M

$

Average Sales Price

-12

%

Change in Average Sales Price {2021 v 2020}

The ASP compares 2021 to 2020 and can NOT be construed to indicate changes in pricing due to Covid.

Number of Closed Sales vs. Inventory

Average / Median Sales Price

11,000

$3,000,000

10,000 $2,500,000

9,000 8,000

$2,000,000

7,000 6,000

$1,500,000

5,000 4,000

$1,000,000

3,000 2,000

$500,000

1,000 -

$-

# of Closed Sales

# of Closed Sales

Inventory

Inventory

Average Sales Price

Median Sales Price

Number of Closed Sales

Average Sales Price

Median Sales Price

{2021 v 2020}

11%

-2%

-1%

1Q:21

2342

$1.12M

$928K

1Q:20

2105

$1.14M

$938K

{2021 v 2020}

-17%

-1%

-3%

1Q:21

263

$4.68M

$4.13M

1Q:20

315

$4.71M

$4.25M

{2021 v 2020}

-28%

-3%

16%

1Q:21

28

$17.42M

$17M

1Q:20

39

$18.01M

$14.7M

{2021 v 2020}

7%

-12%

-3%

1Q:21

2,633

$1.65M

$1.05M

1Q:20

2,459

$1.86M

$1.08M

UNDER

$3 Million

BETWEEN

$3 - 10 Million

OVER

$10 Million

ALL

Price Points

Overview

/ New York City Q1 Market Update

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Inventory All New York City

Number of Active Listings

6% 15.9% 10%

420 703 1,633 1,676 1,469 1,117

20.9%

23.3%

7,018

$10 Million and Above $5 - 10 Million $2 - 5 Million $1 - 2 Million $600k - 1 Million Under $600k TOTAL

23.9%

CONDOS & CO-OPS The historic absorption range of equilibrium for the New York City market area is 6-8 months. As the market begins to show signs of normalizing, the uptick in pent-up inventory experienced in Q4 2020 declined by 5.87% as we ended Q1 2021 with 7,018 active units on the market. Based upon sold data from UrbanDigs, the absorption rate of active inventory was 12.6 months in Q1 2020. This statistic means that it would take 12.6 months to absorb the active inventory that is currently on the market based upon the rate of sales over the last 3-months. Based upon the sales in the last three months of 2021, it will take more than a year to absorb the current inventory priced above $1M, and roughly four years to absorb properties priced above $10M given the current inventory in Manhattan.

60 50

Absorption Rate

40

Line of Equilibrium

30

Absorption 20 10 0

Under $600k $600k - $1M

$1M - $2M

$2M - $5M

$5M - $10M

$10M+

TOTAL

The absorption rate is calculated by taking the total number of currently active listings and dividing by the average number of closed sales over the 3-month period. The active inventory is based upon UrbanDigs data as of 3/31/2021.

Average Days on Market Listing Discount

All New York City

Average Days on Market Listing Discount

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

131

113

112

127

138

152

154

139

153

-5.3%

-5.4%

-4.9%

-5.2%

-5.7%

-5.8%

-6.8%

-7.3%

-7.2%

Average Days on Market vs. Listing Discount 0.0%

180

-1.0%

160 140

-2.0%

120

-3.0%

100 -4.0% 80 -5.0%

60

-6.0%

40

-7.0%

20

-8.0%

0

Q4:18

Q1:19

Q2:19

Q3:19

Listing Discount

Q4:19

Q1:20

Q2:20

Q3:20

Q4:20

Q1:21

Average Days on Market

Overview

/ New York City Q1 Market Update

7

NEW YORK. HERE FOR YOU.

I see galleries unveiling emotions etched on canvas. I see storefronts gleaming with golden promises of eternal love, reminding you that the city is here for you.

New York. Here for you.

#NYHereForYou sothebysrealty.com/nyc

The Luxury Market All New York City Co-Ops & Condos Over $10M

Closed Sales Count, Average Sales Price & Highest Sales Price

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

48

109

43

28

39

34

28

30

28

Average Sales Price

$24.32M

$16.94M

$24.01M

$32.76M

$18.02M

$30.02M

$32.62M

$18.58M

$17.42M

Highest Sales Price

$239.9M

$51.55M

$65.75M

$92.74M

$52.19M

$99.90M

$99.90M

$65.59M

$41.00M

# of Closed Sales

The luxury market above $10M continued to remain steady in the number of properties sold with 28 in Q1 2021. However, the average price in this segment of the market fell for a second straight quarter by 6% from $18.58M to $17.42M. The highest recorded sale in Q1 2021 was $41.00M.

S OT H EBYS R EA LTY.C O M

Average Sales Price vs. # of Closed Sales 120

$40,000,000 $35,000,000

100

$30,000,000 80

$25,000,000

60

$20,000,000 $15,000,000

40

$10,000,000 20

$5,000,000

-

$0

Q4:18

Q1:19

Q2:19

Q3:19

Q4:19

# of Closed Sales

Q1:20

Q2:20

Q2:20

Q4:20

Q1 :21

Average Sales Price The Luxury Market

/ New York City Q1 Market Update

9

Condos {Q1 | 2021}

MANHATTAN

The 1,093 closed condo sales this quarter reflected a 3% increase in the number of sold units compared to the 1,066 condo sales in Q1 2020. The average sales price decreased 10% year-over-year to $2.36M this quarter. The median sales price decreased by 7% to $1.53M compared to $1.65M in Q1 2020. The average price per square foot decreased by 11% to $1,735/sf compared to $1,940/sf in Q1 2020.

1,093 Closed Sales

3

%

Change in Closed Sales {2021 vs. 2020}

2.36M

$

Average Sales Price

-10

%

Change in Average Sale Price {2021 vs. 2020}

151 West 17th Street, 10G

Number of Closed Sales 2,000

Average / Median Sales Price $4,000,000

1,800

$3,500,000

1,600

$3,000,000

1,400 $2,500,000 1,200 $2,000,000

1,000 800

$1,500,000

600

$1,000,000

400

$500,000

200

$0

-

Average Sales Price

Median Sales Price

Number of Closed Sales

Average Sales Price

Median Sales Price

Average Price/Sq. Ft.

{2021 v 2020}

9%

0.3%

0%

-5%

1Q:21

879

$1,39M

$1.25M

$1,324

1Q:20

805

$1,38M

$1.25M

$1,398

{2021 v 2020}

-18%

3%

2%

0%

1Q:21

187

$4.78M

$4.25M

$2,112

1Q:20

227

$4.62M

$4.15M

$2,114

{2021 v 2020}

-21%

-6%

8%

-25%

1Q:21

27

$17.19M

$16.25

$3,288

1Q:20

34

$18.27M

$14.98M

$4,364

{2021 v 2020}

3%

-10%

-7%

-11%

1Q:21

1,093

$2.36M

$1.53M

$1,735

1Q:20

1,066

$2.61M

$1.65M

$1,940

UNDER

$3 Million

BETWEEN

$3 - 10 Million

ABOVE

$10 Million

ALL

Price Points

Condos

/ New York City Q1 Market Update

11

Co-Ops {Q1 | 2021}

MANHATTAN

The 1,540 closed Co-Op sales this quarter reflected a 11% increase in the number of sold units compared to the 1,393 Co-Op sales in Q1 2020. The average sales price decreased by 11% year-overyear to $1.15M in Q1 2021 from $1.29M in Q1 2020. The median sales price also fell 11% to $760K compared to $850K in Q1 2020.

1,540 Closed Sales

11

%

Change in Closed Sales {2021 v 202o}

1.15M

$

Average Sales Price

-11

%

Change in Average Sales Price {2021 v 202o}

24 East 20th Street, #3

Number of Closed Sales

Average / Median Sales Price

2,000

$1,600,000

1,800

$1,400,000

1,600

$1,200,000

1,400 $1,000,000 1,200 $800,000

1,000 800

$600,000

600

$400,000

400

$200,000

200

$0

-

Average Sales Price

Median Sales Price

Number of Closed Sales

Average Sales Price

Median Sales Price

{2021 v 2020}

13%

-3%

-3%

1Q:21

1,464

$957K

$749K

1Q:20

1,300

$988K

$775K

{2021 v 2020}

-14%

-10%

-15%

1Q:21

75

$4.44M

$3.80M

1Q:20

88

$4.94M

$4.48M

{2021 v 2020}

-73%

35%

73%

1Q:21

1

$22.00M

$22.00M

1Q:20

5

$16.30M

$12.70M

{2021 v 2020}

11%

-11%

-11%

1Q:21

1,540

$1.15M

$760K

1Q:20

1,393

$1.29M

$850K

UNDER

$3 Million

BETWEEN

$3 - 10 Million

ABOVE

$10 Million

ALL

Price Points

Co-Ops

/ New York City Q1 Market Update

13

NEW YORK CITY

Neighborhood Highlights Upper East Side | north of 58th street and south of 96th Street, Fifth Avenue to East End Avenue CONDOS

Q1 2021

Q1 2020

% Change

Closed Sales

144

128

13%

Average Sales Price

$2,31M

$2.43M

-5%

Median Sales Price

$1.55M

$1.56M

0%

Q1 2021

Q1 2020

% Change

415

379

9%

Average Sales Price

$1.39M

$1.60M

-13%

Median Sales Price

$885K

$995K

-11%

COOPS Closed Sales

Upper West Side | north of 58th Street and south of 110th Street, CPW to Riverside Drive (including CPS) CONDOS

Q1 2021

Q1 2020

% Change

Closed Sales

206

199

4%

Average Sales Price

$2.05M

$3.55M

-42%

Median Sales Price

$1.33M

$1.95M

-32%

Q1 2021

Q1 2020

% Change

357

292

22%

Average Sales Price

$1.23M

$1.58M

-22%

Median Sales Price

$920K

$1.02M

-10%

COOPS Closed Sales

Midtown | north of 34th Street and south of 57th Street CONDOS

Q1 2021

Q1 2020

% Change

Closed Sales

145

177

-18%

Average Sales Price

$1.65M

$2.54M

-35%

Median Sales Price

$1.16M

$1.45M

-18%

Q1 2021

Q1 2020

% Change

193

177

9%

Average Sales Price

$719K

$814K

-12%

Median Sales Price

$598K

$635K

-6%

COOPS Closed Sales

Uptown | north of 96th Street on the East Side and north of 110th Street on the West Side CONDOS

Q1 2021

Q1 2020

% Change

Closed Sales

97

134

-28%

Average Sales Price

$1.13M

$952K

19%

Median Sales Price

$953K

$854K

12%

Q1 2021

Q1 2020

% Change

117

126

-7%

Average Sales Price

$600K

$620K

-3%

Median Sales Price

$530K

$497K

7%

COOPS Closed Sales

Neighborhood Highlights

/ New York City Q1 Market Update

15

NEW YORK CITY

Neighborhood Highlights Downtown | South of 34th Street through TriBeCa CONDOS

Q1 2021

Q1 2020

% Change

Closed Sales

374

357

5%

Average Sales Price

$3.38M

$3.06M

10%

Median Sales Price

$2.18M

$2.25M

-3%

Q1 2021

Q1 2020

% Change

438

401

9%

Average Sales Price

$1.20M

$1.24M

-3%

Median Sales Price

$850K

$870K

-2%

COOPS Closed Sales

Financial District / Battery Park CONDOS

Q1 2021

Q1 2020

% Change

Closed Sales

127

71

78%

Average Sales Price

$1.63M

$1.35M

21%

Median Sales Price

$1.41M

$1.05M

35%

Q1 2021

Q1 2020

% Change

20

18

12%

Average Sales Price

$755K

$903K

-16%

Median Sales Price

$708K

$879K

-19%

COOPS Closed Sales

Total Number of Sales by Neighborhood

1,600

Uptown

1,400 1,200

Upper East Side

1,000

Midtown

800

FiDi / Battery Park

600

Upper West Side

400

Downtown

200 0

Q4:18

Q1:19

Q2:19

Q3:19

Q4:19

Q1:20

Q2:20

Q3:20

Q4:20

Q1 :21

Average Sales Price by Neighborhood $4,000,000

Uptown

$3,500,000 $3,000,000

Upper East Side

$2,500,000

Midtown

$2,000,000

FiDi / Battery Park

$1,500,000

Upper West Side

$1,000,000

Downtown

$500,000 $0

Q4:18

Q1:19

Q2:19

Q3:19

Q4:19

Q1:20

Q2:20

Q3:20

Neighborhood Highlights

Q4:20

Q1 :21

/ New York City Q1 Market Update

17

Current Offerings 1 8 8 S U L L I VA N ST R E E T Greenwich Village | $8,950,000

THE STEIN TEAM Select Current Offerings

3 4 G R A M E R C Y PA R K E A ST, P H B Gramercy Park | $15,000,000

1 3 1 E A ST 9 2 N D ST R E E T Upper East Side | $8,995,000

4 3 5 E A ST 5 2 N D ST R E E T, A P T. 9 B Beekman | $4,995,000

1 3 6 E A ST 6 4 T H ST R E E T, A P T. 1 0 E Lenox Hill | $3,595,000

7

Select Sales 7 H U B E R T ST R E E T TriBeCa | Sold Price $20,000,000

THE STEIN TEAM Select Sales

9 S A I N T LU K E ’ S P L AC E Greenwich Village | $11,000,000

1 8 W E ST 74 T H ST R E E T, P H Upper West Side | $2,995,000

1 3 2 G R E E N E ST R E E T, 3 F SoHo | Contract Pending

1 7 0 E A ST 7 8 T H ST R E E T, 7 A / 6 B Upper East Side | Contract Pending

9

THE STEIN TEAM ST E I N N E W YO R K .C O M © 2021 Sotheby’s International Realty. All Rights Reserved. The Sotheby’s International Realty trademark is licensed and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc. The Sotheby’s International Realty network fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. This material is based upon information which we consider reliable but because it has been supplied by third parties, we cannot represent that it is accurate or complete and it should not be relied upon as such. All offerings are subject to errors, omissions, changes including price or withdrawal without notice. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully.