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Prime Time to Buy?

Prime Time to Buy?

02.10.19

From Harlem to Downtown Brooklyn, a new crop of luxury real estate is coming to New York City this autumn. And whether buyers are looking for something classic or cutting edge, they are spoiled for choice.

Listing inventory was up 8.2% year over year in the second quarter of 2019, according to the latest market report from Douglas Elliman for that time period. This represents the seventh quarter of increases - almost 19% higher than the 10-year quarterly average.

Sales of new developments however, were up 56.5% in the second quarter - much of this activity was in advance of New York’s increased mansion tax, which went into effect July 1. Once a flat 1% fee on all residential sales over $1 million, it’s now a progressive tax that starts at 1.25% for homes between $2 million and $3 million and goes up to 3.9% on those $25 million or more.

The median price for luxury real estate was $6.15 million, up 5.1% in the second quarter compared to the first quarter, according to the report. At the same time, the median price for new developments slipped 15.6% to $2.45 million compared to the first quarter.

In such a crowded market, developers are coming up with unique amenities including infinity pools, curated gyms and teahouse-inspired pavilions to stand out. And projects are going up all around the city, with new luxury options reaching as far as Flushing, Queens.

A case in point is 260 Bowery. The bustle of the Bowery, with its hip shops and chic downtown vibe, is just outside the doorstep of this boutique development by Morris Adjmi Architects. The project has just five luxury apartments, each with a private outdoor terrace, as well as ground-floor commercial space. The design team at  Adjmi have created a concrete facade that almost looks like wood, while glass bricks used inside allow for plenty of natural light. Four units are full-floor residences, while the penthouse takes the upper two floors. Sales are set to launch in September marketed through The De Niro Team at Douglas Elliman.

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