Manhattan Apartment Prices Rebound but Remain in Correction in Fourth Quarter, According to Halstead Market Report

After a rush of closings in June inflated second quarter numbers, leading to depressed third quarter figures, the Manhattan apartment market has returned to levels more reflective of current conditions in the fourth quarter, according to Halstead’s Fourth Quarter 2019 Market Report. 

The average apartment price of $1,857,026 rebounded by 10% after a weak third quarter, but still remained 10% lower than a year ago. Resale apartment closings were down 5% from the fourth quarter of 2018. The Halstead Market Report is based on 2,015 recorded fourth quarter sales, 3% fewer than the same period last year.

The average apartment price of $1,857,026 rebounded by 10% after a weak third quarter, but still remained 10% lower than a year ago. Resale apartment closings were down 5% from the fourth quarter of 2018. The Halstead Market Report is based on 2,015 recorded fourth quarter sales, 3% fewer than the same period last year.

“As we closed out the decade, we saw continued correction mode in the Manhattan market with sellers making necessary reductions to prices, putting them at appropriate levels in the fourth quarter,” said Diane M. Ramirez, Chairman & CEO of Halstead. “We expect to see an active start to 2020, as buyers now have a golden opportunity to make a move with the combination of low mortgage rates, competitive pricing and incredible choice in inventory.”

Other noteworthy findings from Halstead’s Fourth Quarter 2019 Market Report revealed:

• Resale apartment prices averaged $1,467,795, which is 6% lower than 2018’s fourth quarter;

• The average condo price, at $2,756,941, was 12% lower than the same period last year, with only studios seeing an increase in price this year;

• Co-op prices averaged 5% less than last year, as all size categories saw price declines;

• Despite some impressive closings, including a $92.7 million sale at 220 CPS, new development prices were down from a year ago;

• However, the new development median price rose slightly, indicating that while there were fewer high-end closings than a year ago, the middle of the market ticked upward;

• Looking at only co-op resales, the average price across all size categories fell to $1,242,683, a 2% decline from that same period last year;

• Prices for resale condos rebounded sharply after a weak third quarter, but their average price was still 8% lower than last year; studios were the only size category to see an increase in price during this time;  

• Resale apartments sold in the fourth quarter spent an average of 125 days on the market, 11% longer than a year ago;

• Sellers received 96.6% of their last asking price, which was unchanged from 2018’s fourth quarter;

• Both the average and median loft prices per square foot declined compared to the fourth quarter of 2018; and

• The highest percentage of resales in Manhattan was on the East Side at 24.4%, followed by Midtown (34th Street to 59th Street) at 19.0% and Downtown (South of 14th Street) at 18.7%.

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New Listing Alert: The perfect pied-a-terre

251 East 51st Street, Unit 2M, listed on the market as a Compass "Coming Soon," is a recently renovated, perfect pied-a-terre (and ideal one bedroom for all the rest of us). What truly sets this pad apart from the rest is the dreamy outdoor terrace with endless possibilities and city views. Accessed by the living room and overlooked by the bedroom, this 24x12 outdoor space is an oasis in the center of the Midtown hustle and bustle. 

Photo Credit: Michael J. Franco//Compass Real Estate

Some of the other terrific features of his home are its living room that measures over 29-feet in length, allowing for plenty of room for both comfortable living and dining, and an impeccable L-shaped kitchen with a stunning, patterned concrete flooring, an abundance of custom solid wood cabinetry, Silestone counters, and high-end stainless steel appliances. The bath is fully renovated with contemporary mosaic tiling and the best finishes and fixtures. And, there is an enormous amount of closet space and gleaming, new solid wood floors throughout the apartment. 

251 East 51st Street is a full-service cooperative with very low maintenance, a 24-hour doorman, a resident manager, fitness room, fully landscaped roof deck, and a reasonably priced on-site garage This pet and pied-a-terre friendly building allows co-purchasing and gifting and is surrounded by the best shopping, restaurants, attractions, public transportation, and parks that Manhattan has to offer.

This home is currently listed at $895,000 by Compass’s broker, Michael J. Franco.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

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Rent AD-100 Designer David Kleinberg's Hamptons House for $125,000... in August

As we enter into the new year, it’s about time to start figuring out where you’ll be staying during the Summer. If you don’t own out East, it’s always nice stay with friends or to do a stay at Gurney’s. For those looking for a place to stay in August, look no further.

Located at 1 Hedge Road Lane in East Hampton, Prolific AD-100 designer David Kleinberg just listed his home for rent for the month of August... for $125k!

Kleinberg bought and renovated the property, and it received an write-up in Architectural Digest back in 2015., his work is frequently mentioned in the press and he is very highly regarded.

The expansive four-acre property adjacent to a nature preserve, is in close proximity to the village of East Hampton, and is secluded position down a dramatic driveway. Beautiful layout with an open living room and the gathering room adjoining the sunny kitchen with a mix of timeless and mid-century furnishings throughout. Master bedrooms on either side of the house ensure privacy while 2 other guest bedrooms have an additional bath.

Enjoy southern views beyond the heated pool and beautifully landscaped lawn with views of a gorgeous meadow as well as separate private guest cottage and detached 2-car garage, all compliments of Kleinberg himself.

The agent is Compass' Matthew Breitenbach.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

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How to Get Your Home Ready for the New Year

The new year is just around the corner! More than half of Americans -- 60% to be exact -- make New Year's resolutions. These resolutions run the gamut. Just about all of U.S. men and women will resolve to eat healthier, lose weight, save money, quit smoking, or exercise more. Try something new in 2020. Make resolutions to improve your home.

Having a clean and organized home reduces stress and boosts your energy levels. According to a study by Indiana University, people with cleaner homes are happier, healthier, and more active. Put another way, picking up and keeping things orderly can directly help you achieve your run-of-the-mill resolutions, like eating healthier and losing weight.

So go for it! Clean your home more. Improve your surroundings, and meet your other goals, too. Not sure what resolutions to make for your home in 2020? Try these sample home improvement resolutions!

Get Ready to Entertain!

Entertain more. It's simple. We're social creatures. We're wired to be around other people--and to care what they think. Use other people to motivate you to keep things tidy. A quick tip by home care experts is to purchase some big, leafy green plants and take care of them. This immediately adds a new level of sophistication to your home without too much effort on your part.

Entertaining promotes healthy and positive social pressure. Having people over--and doing it often--will encourage you to keep up with appearances when it comes to your home. Barbecues, sports, potlucks, and birthday parties are all great things to encourage friends and family to come over.

Why not start out the year right with a New Year's Eve party? Buy snacks, encourage guests to bring a dish to pass, and purchase eye-catching, cost-effective decorations like streamers, confetti, and gold and silver balloons. Decorate an entire wall by purchasing individual silver balloons spelling out the words "Happy New Year!" Add 2020 if you need the balloons to take up more room. Relatively low-cost foil balloons are meant to be a spectacle. In fact, they were invented to celebrate the New York City Ballet in the 1970s!

Don't forget clean-up! Remember, your new resolution means cleaning up the dishes and picking up after guests and social functions.

Lower Your Energy Bill

Who doesn't want to save money? Installing new windows reduces heating and cooling bills while affording you the added benefit of new, fresh looking windows. Plus, having a clean home is about more than keeping things superficially clean. The average heating, ventilation, and air conditioning (HVAC) system sucks in dust, dander, and chemicals and circulates them around your house five to seven times a day! New windows will make these systems run more efficiently, reducing the costs and air contamination associated with heating and air conditioning.

Add a layer of fresh paint to window trim for an extra sleek, extra clean look!

Resolve to Keep Everyone Safe

It takes more than just dusting to be a responsible--and therefore happier and more active!---homeowner. Do your part and keep you, your loved ones, and guests safe by keeping up with important maintenance. What does that look like?

To start, did you know that your roof needs to be inspected once or twice per year? Schedule a roof inspection, install surge protectors, and have your home tested for the presence of radon. According to HGTV, radon is a "colorless, odorless gas [that] causes about 21,000 lung cancer deaths each year from the radioactive particles it traps in your lungs as you breathe." Is it a common problem? Unfortunately, the answer is yes. "One in every fifteen homes has elevated levels," HGTV and the U.S. Environmental Protection Agency (EPA) add.

Remember, these costs are protective and well worth it in the long-run. It costs an average of almost $15,200 to sell the average American home. Investing a few hundred dollars in your safety and the safety of all your home's occupants and guests, by comparison, is just a drop in the bucket.

Schedule Cleaning, and Stick to It!

You've got a date to clean your home, and you can't cancel! Without some kind of structure in place, it's easy to let things go and for messes to build up without you realizing it. Make a point to keep cleaning a regular, daily activity. In fact, resolve to do it this New Year's Eve. Here are some things to consider when creating your very own cleaning schedule:

• Dishes are immediate. Always. There are some things that can wait until tomorrow. Dishes aren't one of them. Schedule doing the dishes as a daily activity. Put dishes in the dishwasher every single night, or do them by hand if you have to. Neglecting the dishes leads to weird smells and nasty critters, like roaches and fruit flies. Similarly, the trash needs to go out regularly. Throw out any trash with perishables in it on a nightly basis. Clean countertops and stovetops. Another task that can fall under the daily or nightly category is simply picking up after yourself. If you take a DVD out to watch it, put it back in its case and the case back in its spot after.

• What's semi-immediate? These are the tasks you should resolve to tackle every few days or on a weekly basis. That includes sweeping and mopping floors, wiping down all windows and mirrors, cleaning the refrigerator, washing and replacing bedsheets, and dusting.

• Sometimes cleaning tasks. Sometimes, cleaning may be necessary but it's not particularly urgent. Basically, you just need to make certain it gets done from time to time. These household chores include things like cleaning the oven, cleaning the dishwasher, vacuuming under furniture, and wiping baseboards, door frames, and doors clean.

Did you know your health and overall well-being depends on the cleanliness and safety of your home? This New Year's, resolve to get completely healthy--and that means taking care of the "health" of your home, too! Keep things clean, tidy, and safe by entertaining more often, scheduling cleaning and household chores, keeping up with required home maintenance, and choosing energy-efficient fixtures and practices.

Our Favorite Listing: Milbank House Available For $50 Million Through Paula Del Nunzio

Our favorite listing this week is located at 11 West 10th Street, in Greenwich Village offering 18 rooms, 7 bedrooms, 6 bathrooms. There is approximately 15,560 square feet of interior space and 5,690 square feet of outdoor space, which surrounds the L-shaped mansion for a feeling of gardens everywhere.

 Represented by Paula Del Nunzio, now on the market for $50 million.

In the 1880s, architect Ernest Flagg combined 11 and 13th West 10th Street into one grand mansion, creating its 54.5-foot width. Financial titan Jeremiah Milbank acquired the property, now known as Milbank House, in the early 1900s.

Milbank also owned 16 East 67th Street on the Upper East Side, which he combined with 14 East 67th Street to make 48 feet in width. That mansion was acquired in 2008 for $49 million. Eleven years later, it sold again for $77.1 million. Both sales were record townhouse prices in their year.

The present owners of 11 West 10th Street have brought the mansion to an extremely high level of renovation and beauty. Huge dramatic space is wrapped in warm lighting. Honey colors and earth tones predominate. The Venetian walls reflect the luminous feeling of sunlight, while the glass rear of the first two floors bring in complementary earth tones from the garden.

Giant interior space is bathed in natural light. The rear façade is a curtain wall of glass on the garden and parlor floors. On the garden level, there are five doors leading to the outside, and on the parlor level the curtain wall of glass bring the garden into every room.

Milbank House includes a wealth of rooms and possible layouts to accommodate bedrooms, activity rooms, grand-scale entertaining, and simple morning breakfast.

• Deep forecourt garden for privacy

• Enormous kitchen and informal dining area facing the garden

• Formal dining room seating 25+

• Original leaded glass window bay in living room

• 2000-bottle wine room on the garden floor

• Third floor gym with terrace

• Home cinema seating 15+, and kitchenette and powder room

• Office with full bath-

• Staff suite with full bath, kitchen, and private street entry

• Master suite with fireplace, sitting room, three walk-in closets, two baths, and a study

• Double-height library facing south with 21' ceilings

• Five (5) guest bedrooms with full baths

• High-speed elevator serves all floors, tandem entry on parlor serving butler's pantry

• Decked roof terrace with greenhouse.

Each room takes full advantage of the 54.5 feet in width, providing the owner and guests with some of the most exquisite living and entertaining spaces in New York.

2026 Update: What We Know Now

This listing dates to December 2019, when the asking price could have set a record for a townhouse below 34th Street, according to 6sqft. Public records list the property’s most recent recorded sale as $34.53 million in March 2007, per PropertyShark, and we couldn’t confirm a sale after the 2019 listing, so check with a broker for its current status. For another historic Village home, see our tour of Jane Jacobs’ West Village townhouse.

Frequently Asked Questions

Where is Milbank House?

Milbank House is at 11 West 10th Street in Greenwich Village, Manhattan.

How big is Milbank House?

The 54.5-foot-wide mansion has about 15,560 square feet of interior space, 5,690 square feet of outdoor space, 18 rooms and seven bedrooms.

Who designed Milbank House?

Architect Ernest Flagg combined 11 and 13 West 10th Street into a single mansion, and financier Jeremiah Milbank acquired it in the early 1900s.

How much was Milbank House listed for?

It was listed for $50 million in December 2019. The most recent recorded sale in public records was $34.53 million in 2007.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

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One Manhattan Square Unveils The Skyscrape Collection

Extell Development Company, announced the unveiling of The Skyscape Collection, a collection of exceptional homes situated on the highest floors of One Manhattan Square. These homes boast 270-degree views of the East River, New York Harbor, Financial District, Midtown, and beyond. The Collection consists primarily of large three-bedroom homes and includes five deluxe penthouses.

“A defining element of The Skyscape Collection is the stunning backdrop of the New York City skyline resulting from east, north and west exposures—a remarkable feat attributed to the architectural design of the tower,” says Christina Medina, Director of Sales at One Manhattan Square. “We’re confident these homes will draw buyers looking for a prized residence within a building that is unlike anything else in the city.”

Related: Inside 10 Unique Residences Designed By Anna Karlin Creates 10 for One Manhattan Square

Extell has tapped some of New York’s top brokers to market these residences, which are available for immediate occupancy. Douglas Elliman’s Ariel Cohen and Josh Rubin, Kelly Killoren Bensimon and Michael Passaro from Douglas Elliman, along with Compass’ Heather McDonough Domi and Henry Hershkowitz and Jing Chen, will serve as exclusive brokers for select residences within the Collection.

"I am thrilled to have been chosen by Extell as one of the brokers representing the Skyscape Collection," says Douglas Elliman’s Ariel Cohen. “One Manhattan Square is a true private retreat that has brought a new level of distinction to the Lower East Side. I couldn’t be more excited to be a part of the team bringing these incredible homes to market.”

“Just when we thought it couldn’t get any better—a 20-year tax abatement, 100,000 square feet of amenities, a flourishing neighborhood, and the Extell brand—One Manhattan Square has delivered yet another surprise,” says Compass’ Jing Chen. “The Skyscape Collection will be an instant icon. Yes, the apartments have large and thoughtful layouts, but honestly, the views sell themselves.”

Each of the Collection’s sun-drenched residences features a gracious entry foyer, spacious living and dining areas, master bedroom suites, five-fixture master bathrooms with heated floors and steam showers, and windowed gourmet kitchens with breakfast bars, all set against the incredible backdrop of the New York skyline and waterfront through floor-to-ceiling windows. Two of the five penthouses are duplex homes, one of which has already sold for over $13 million, and boast five bedrooms, four bathrooms, expansive entertaining terraces, and a double-height grand salon.

One Manhattan Square, which is situated on a two-acre parcel of land in Downtown Manhattan, is located along the Lower East Side Waterfront. With an exterior design by world-renowned architectural firm Adamson Associates Architects complemented by custom interiors by Meyer Davis Studio, all of the 815 residences at One Manhattan Square are intelligently positioned to maximize panoramic skyline views.

Residents never have to leave home with the unprecedented package of 100,000 square feet of indoor and outdoor amenities. Spread across four floors, the amenities were designed to provide the ultimate recreational, social and fitness experiences. Interior amenities include a spa centered around a tranquility garden with private treatment rooms and hammam with a cold plunge pool.

The multi-level fitness center offers multiple swimming pools, a full-size basketball court, golf simulator, squash court, cardio and weight rooms, and dance, yoga, and spin studios. Additional amenities include a state-of-the-art cinema and performance center, children’s playroom, bowling alley, and game room. Lifestyle amenities, such as a culinary lounge, wine room, cigar room, cellar bar and demonstration kitchen, provide an abundance of entertainment options.   

West 8, the illustrious Rotterdam-based landscape architectural firm celebrated for the Hills at Governors Island and Miami’s Soundscape Gardens, has created an outdoor oasis of over 45,000 square feet of landscaped areas.  Lush gardens and outdoor amenities at One Manhattan Square provide meaningful spaces for socializing including fire pits, outdoor ping pong, a communal herb garden, adult tree house, tea pavilion, stargazing observation deck, social courtyards, children’s playground and a covered dog run.

“It’s an honor to be collaborating with Extell on this exceptional property,” says Compass’ Heather McDonough Domi. “One Manhattan Square offers consumers a rare and unique lifestyle that is not found at any other project in the city. The incredible 360-degree helicopter views, paired with every conceivable amenity—and the exceptionally low carrying costs—make for an incomparable opportunity.”

Ownership at One Manhattan Square starts at $1.2 million with low carrying costs and a 20-year tax abatement. Extell is offering several initiatives at the building, including a Deferred Closing and Rent-to-Own Program. Under the Deferred Closing Program, a buyer signs a contract and provides a 10% non-refundable deposit.  The buyer can move into their home, live there without paying any rent or common charges and close within 12 months of contract signing.

One Manhattan Square also offers a Rent-to-Own Program, which allows residents to lease a home, move in immediately and experience firsthand the lifestyle and value One Manhattan Square has to offer. Should residents decide to purchase their home within 12 months, Extell will credit a full year’s rent towards the purchase price.

Extell Marketing Group is the exclusive sales and marketing firm for One Manhattan Square. For more information, visit www.OneManhattanSquare.com or call 212.252.1560.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

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Closings Begin at 350 West 71st Street

DNA Development announced that closings have commenced at 350 West 71st Street, the successful Upper West Side luxury conversion that seamlessly combines two historic pre-war buildings into one stunning contemporary condominium with a classic façade. As construction nears completion, the seven-story building’s 38 elegant residences and bespoke amenities are coming to life, as DNA welcomes its first residents.

“We are excited to reach this important milestone at 350 West 71st Street and look forward to officially welcoming residents into their beautiful new homes,” said David L. Berger, Partner at DNA Development.

Designed by DXA Studio and located on a quiet cul-de-sac between West End Avenue and Riverside Boulevard, 350 West 71st Street offers a rare opportunity to purchase a new home on a classic townhouse block with two-bedroom residences starting below $2 million. The luxury building brings two-to-four-bedroom homes to this charming and peaceful Upper West Side block, seven of which offer private outdoor space including four spectacular penthouses. Two of the four penthouses are already in contract.

“350 West 71st Street is the ideal residence for those who want to live in a newly constructed building with modern amenities without giving up the historic charm that is quintessential to the Upper West Side,” said Jeffrey Stockwell, Sales Director at Compass Development.

350 West 71st Street is located in the heart of the Upper West Side, surrounded by an abundance of retail, dining and cultural attractions. Central Park, Riverside Park, as well as the Museum of Natural History, Lincoln Center and the Beacon Theater are all within close proximity, and the building is conveniently located two blocks from the 72nd Street and Broadway 1,2,3, subway stop, offering residents a fast commute to midtown and downtown Manhattan.

Pricing for current availability begins at $1,745,000 for a two-bedroom residence. Compass Development is the exclusive sales and marketing firm for the building.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

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Álvaro Siza's, 611 West 56th Street Tops Out

The first United States project by Pritzker Prize-winning master architect Álvaro Siza 611 West 56th Street located in Midtown West, has officially topped out at 37 stories with a monolithic four-story limestone crown. 611 West 56th Street will have 80 exquisitely crafted residences, with interiors designed by renowned interior architects Gabellini Sheppard Associates.

See below the updated photos, credit: Joao Morgado

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

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Our Favorite Listing: A Prospect Heights Home With 1000 Square Feet Of Private Outdoor Space

Our favorite listing this week is located at 662 Bergen Street, Apt 1B, in Brooklyn Heights offering 2 beds, 1.5 baths and interior measuring nearly 1,500 square feet in addition to just shy of 1000 square feet of private outdoor space, an extremely rare find.

The listing asking price is $1,395,000. Jamie Fedorko and Jessica Swersey of Warburg are the listing agents.

Photo Credit: Warburg Realty

Enter the upper level of the home to an open, 26 foot living/dining room and sparkling modern kitchen with GE Profile and Bosch stainless appliances. There is room for dedicated dining and living spaces, just beyond which lies the first of two levels of private outdoor space. Off the living room you'll find the oversized master bedroom and the luxurious, spa-like full bathroom which has both an en suite entrance along with an entrance from the living room.

On the lower level of what feels like your own private townhouse is an enormous second bedroom along with a massive, open media room which can easily be converted to a third sleeping area (please note that the apartment was originally developed as a one-bedroom according to the offering plan). There is another half-bathroom downstairs along with your own washer/dryer and access to the lower level of the home's impressive two-tiered outdoor space with plenty of room to garden, dine, and beyond. Enormous windows on both levels, pristine hardwood floors, incredible custom closets, a built-in sound system and a separate deeded storage space complete the picture of this exceedingly special home

For more information click here.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

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A Renovated Upper East Side 1 bedroom Listed For $875,000

Available for immediate move in, 136 East 76th Street is a co-op that is spectacularly renovated and listed for only $875,000. The apartment is represented by Nada Rizk and Joanne Greene of Brown Harris Stevens.

An over-sized corner 1 bedroom, this elegant and modern home is ideally located between Lexington and Park Avenues. You can truly move right in to this sunny and spacious home with open kitchen, North and West facing living Room, separate dining area and large master bedroom. The windowed chef's kitchen features Sub Zero refrigerator, Viking Range stove, Miele dishwasher and marble countertops. There is exceptional closet space with all built out and a private storage unit is included. There are base moldings throughout. A No detail missed, everything is top of the line!

136 East 76th is a luxury full-service co-op. There is a live-in resident manager, full time doorman and staff, bicycle room, central laundry room and beautiful landscaped roof deck. This phenomenal location is both sophisticated and convenient to everything - Central Park, museums, Madison Avenue shopping and transportation. Co-purchasing, gifting and pied-a-terres are all allowed. Pets allowed.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

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