Our Favorite Listing:NBA Superstar Carmelo Anthony Lists His Full-Floor NYC Condo for $12.85M

Our favorite listing this week is 508 West 24th Street, Unit 5th Floor, home to NBA Player Carmelo Anthony. The ten-time NBA All-Star, has listed his New York City condo. The home is the largest unit in the Cary Tamarkin designed building at 508 W 24th that overlooks the High Line and is walking distance from world-class shopping and prominent art galleries. 

The fifth-floor home is 4,556 square feet - the largest unit in the building - and is easily accessible through a private elevator. The home offers five bedrooms and four bathrooms, 10-foot ceilings, and rift and quartered white oak floors throughout.

“The full-floor loft is an art collector's dream with ample wall space and an ideal location next to the Highline,” said Kevin Mallen of The Michael Graves Team, Compass. 

The unit is also ideal for quiet living and entertaining. The living quarters are separate from the two large entertainment rooms and dining areas. The residence features desirable 360-degree-views and includes a private balcony that overlooks the Highline. 

The condo is being listed as Carmelo is in the market for another residence in the New York area. The perennial all-star recently began the next chapter of his storied career, signing a new contract with the Portland Trailblazers.

Kevin Mallan of Compass is the listing agent.

2026 Update: This Listing Has Since Sold

This full-floor condo at 508 West 24th Street has since sold; Carmelo Anthony’s Chelsea unit was reported among Manhattan’s notable closed sales by CityRealty. The listing details below reflect the original $12.85 million asking price and features at the time this article was published.

FAQ: Carmelo Anthony’s Chelsea Condo

Q: Is Carmelo Anthony’s Chelsea condo still for sale?

A: No. The unit at 508 West 24th Street has since sold; it was included among CityRealty’s notable Manhattan closed sales.

Q: Where was Carmelo Anthony’s condo located?

A: The full-floor unit was located at 508 West 24th Street in West Chelsea, in a building designed by Cary Tamarkin that overlooks the High Line.

Q: How large was the condo?

A: The fifth-floor home was 4,556 square feet, the largest unit in the building, with five bedrooms and four bathrooms.

Q: Who was the listing agent for the property?

A: Kevin Mallan of Compass was the listing agent when the condo was on the market.

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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Ways to Make Your Rental Property More Profitable

Investing in rental properties is one of the best ways to make some passive income and even, potentially, primary income. Of course, there’s always a catch. You have to be willing to put in some work to maintain the property and make the home attractive. Additionally, you’ll work with your tenants, which sometimes can be harder than the physical work of bringing the property back to life. We understand the challenges, but we also know you’re in this for profit. If you’d like to learn some ways to make your rental property more profitable, we encourage you to read our guide below.

Maintain a professional relationship with your tenants

Put yourself in your tenant’s shoes and try to relate to their concerns. If you’re difficult to work with, or a tenant has to wait weeks to get something fixed on their home, they’re never going to stay. A profitable rental property is all about retention; after all, having the same tenant for five years is better than having a different tenant each year. To retain good tenants, be someone you’d want to work with. Fix problems in a timely manner and relate to your tenants. They’ll be more inclined to stay and pay more down the road if they have a great landlord.

Work out deals with other services

Many renters choose to rent because they don’t want to maintain the home or yard. If you’re new to being a landlord, you’re probably doing a lot of the work yourself. On the other hand, if you’ve been a landlord for a while, it may be in your best interest to make a deal with a local landscaper. For instance, if your landscaper charges $50 per month, you could charge the tenant $60 per month; that way you’re making something out of the deal.

Consider offering unique amenities

With rent prices being so competitive, you really need something––or some things––to make your property stand out. Each location is different, so it's important to consider what people in your city want. For instance, someone in Colorado might want a community-shared garden, while someone in New York City would love to have a parking spot. Use your location to your advantage and offer something unique that people in your area want.

Install quality items that last

When maintaining or developing a rental property, far too many landlords make the mistake of using whatever is cheapest. By doing that, you’re not only devaluing your property, but you’re asking for future repairs that will only cost you more. Instead, you should focus on making your rental durable and low-maintenance by installing quality items. That includes quality floors, paint, light fixtures, and more. You’re only costing yourself more by using cheap items; plus, your tenants will feel like their landlord doesn’t value the property. Prove them wrong.

Investing in rental properties and being a landlord is no easy feat. On top of your own home, you’re responsible for someone else's and answering calls at pretty much all hours. However, with these ways to make your rental property more profitable, you could earn some serious income.

Hilary Swank's Former Townhouse Sells For $9,794,000

The former West Village townhouse previously owned by Oscar winner Hilary Swank has now been closed (virtually) on May 20th for $9,794,000 from Macy's President Harry A. Lawton III, He had previously purchased the home in 2017 for $10.5 Million.

Located at 33 Charles Street, the townhouse mixes much of the original woodwork with very modern touches. Sunlight pours into this house and every floor feels very open and inviting with landmark townhomes in front of residential, tree-lined and historic Charles Street and a garden in back.

Right in the heart of Greenwich Village. the townhouse built in 1899, offers 10 rooms with 3,736 square feet of living space.

The property was listed by Halstead’s Christopher Kromer and Nora Ariffin.

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Our favorite listing this week is 508 West 24th Street, Unit 5th Floor, home to NBA Player Carmelo Anthony. The ten-time NBA All-Star, has listed his New York City condo. The home is the largest unit in the Cary Tamarkin designed building at 508 W 24th that overlooks the High Line and is walking distance from world-class shopping and prominent art galleries.

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.

Our last #openhouse roundup will you be checking out this #parkslope home? #nycrealestate #brooklynrealestate #milliondollarlistings #luxuryhomes #OffTheMRKT

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.

Our favorite listing this week is located at One West End, the sculptural glass residential tower designed by Pelli Clarke Pelli within Riverside Center. At $19.5 million, 29B offers 5,302 square feet of interiors space, with four bedrooms, five and a half baths, a media room, lofted library, and a double height great room leading out to a 3,000 square foot terrace with impeccable views.

Naftali Group Closes on Biggest Land Transaction in NYC Post-COVID-19

Naftali Group, a leading privately held, global real estate development and investment firm run by CEO and Chairman Miki Naftali, announced today the acquisition of 470 Kent Avenue, one of the last large developable sites on the Williamsburg waterfront, for $102.38 million. This purchase is the largest land transaction recorded since the city’s shutdown earlier this spring.

"We believe in the future of New York and are invested in this great city," said Miki Naftali. “While we recognize the difficult times that we are facing from the COVID-19 pandemic, New York City will come out of this crisis stronger and better than before – just as we have done in the past. Our long term plans reaffirm our views of the strong residential market here. These types of projects take years to design and develop and we look forward to completing and occupying 470 Kent when the market recovers.”

Credit: Google Maps

HSBC, whom Naftali Group has a decades-long relationship with for project development financing, provided funding for 470 Kent. Naftali later added, “Banks are incredibly important during this time and we appreciate HSBC’s continued support.”

470 Kent will transform a rare waterfront parcel overlooking the East River. Adjacent to the Brooklyn Navy Yard and located on the prominent corner of Kent Avenue between South 11th Street and Division Avenue in South Williamsburg, 470 Kent is within walking distance to the water’s edge, which offers commuter services to and from Manhattan in less than 20 minutes from the South Williamsburg Ferry Terminal, as well as a host of subway lines including the J, M and Z trains. The Williamsburg Bridge, with easy access to Manhattan, is nearby.

The JLL Capital Markets professionals represented the seller in the transaction of 470 Kent.

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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Virtual Tours Across Some of New York's Most Luxurious Buildings

While Covid-19 has impacted in-person visits to sales galleries and tours of buildings, technology is being deployed to host virtual sales tours for interested International and domestic buyers to showcase each development. Now’s a better time than ever to view some of the most luxurious buildings in Manhattan that you weren’t able to before.

111 West 57th Street

111 West 57th Street, is a bold yet graceful residential tower that soars perfectly centered over Central Park in Midtown Manhattan. The tower is the second tallest residential building in the Western Hemisphere and recently topped out at 1,428 feet following the installation of a 300-foot decorative steel crown, paying homage to the most iconic and celebrated skyscrapers of Manhattan’s pre-war Golden Age. Architecture by SHoP Architects and interior architecture by William Sofield. With only one residence per floor, the design of each of the tower’s 46 full-floor and duplex residences maximize the astounding park and skyline views.

The XI

The XI features architecture by Bjarke Ingels. It is a mixed-use residential and commercial development realized through an extraordinary collaboration between the world’s most visionary minds, including BIG, Gabellini Sheppard Associates, Gilles & Boissier, Enzo Enea, and Six Senses. Soaring above the Hudson River and the High Line and occupying one square block between 17th and 18th Streets between 10th and 11th Avenues, TheXI is comprised of two towers clad in travertine and bronze. The XI offers 236 luxury condominium residences, as well as the first US hotel destination by Six Senses Hotels Resorts Spas (awarded World’s #1 Hotel Brand by Travel + Leisure in 2017, 2018 and 2019). 

11 Hoyt

Featuring architecture designed by critically acclaimed Jeanne Gang and interiors by Michaelis Boyd Associates, 11 Hoyt is a 57-story tower that rises 660 feet and spans almost an entire city block with frontage along Hoyt, Livingston and Elm Street. Located in downtown Brooklyn, one of the building’s distinctive features is an elevated, private park for residents that surround the building. Measuring nearly 27,000-square-feet it is built atop a two-story base that houses 40,000 square feet of retail space. The building includes 481 residences ranging from studio to four-bedrooms and an expansive collection of more than 55,000 square feet of indoor and outdoor amenities.

The Towers of the Waldorf Astoria

The Waldorf Astoria has been a beacon of timeless glamour for nearly a century—home to Hollywood’s elite, host to countless world leaders, and the site of famed cultural events and galas. The property is in the midst of an unprecedented restoration, undertaken with care by developer Dajia Insurance Group and renowned architects Skidmore, Owings & Merrill.

The wide variety of residences at The Towers of the Waldorf Astoria range from gracious studios to opulent four bedrooms and penthouses, many with unique floorplans and private outdoor spaces. Privacy and security are paramount, with a discrete residential experience separate from the hotel, two fully-staffed entry lobbies, a porte cochère with 24-hour valet service, and concierge closest into the entryway for every residence, allowing for secure delivery of packages and room service.

565 Broome SoHo

565 Broome SoHo is Pritzker Prize-winning architect Renzo Piano's first residential building in NYC and the tallest residential tower in SoHo. Renzo's vision for the building is shaped by light, which led him to design conjoined glass towers with curved corners and a unique "low-iron" glass with a crystal-like sheen that allows the facade to take on the color of the weather, as well as to create clear views from the interiors. 

565 Broome SoHo features 17,000 square feet of amenities, highlighted by a 92-foot tall indoor conservatory with live green walls and three full-grown black olive trees; 55-foot long saltwater pool; private gated porte cochere that leads to the automated parking system (located above ground and encased in glass so cars are visible from street level). Residents also have access to a children’s playroom, 24-hour concierge and attended double-height lobby, fully equipped fitness center, and landscaped outdoor terrace.  

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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Ultimate House Moving Checklist

Moving is an exciting—albeit scary—time for many people. For better or worse, moving requires devotion, attention, and, sometimes, professional help. There are plenty of reasons why people decide to move. Maybe they are starting a family and need to have a lot more space, or perhaps downsizing is on their mind due to the fact that their kids are all grown up and with homes of their own. No matter what the situation is, moving seems to be a part of everyone's lives at one time or another, and nothing can make it worse than not knowing where to turn first in a sea of boxes. Whenever you decide to move, read this ultimate house moving checklist to see what you must do for a smooth transition. You will thank us later!

2 Months Out

When you’re two months or eight weeks out, you’ll want to prepare every room for the big day. Inspect each room of the new home for structural, plumbing, electrical, or any other issues. You may need a professional to help with this inspection. Also, use this time to order new furniture or appliances for the house. Couches, chairs, light and water fixtures, and heavy appliances take time to order, deliver, and install, so prep for these ahead of time. Additionally, consider hiring a Family-owned removal company in Oxford (if you happen to reside here) in order to assist with the move. Such companies tend to provide personalized service, potentially ensuring a smooth and stress-free relocation. This is especially helpful when separating your items into piles to save, donate, or sell, as a professional team can efficiently handle the heavy lifting.

1 Month Out

As the big day draws near, start the packing process. Always start with the items you rarely use since you can store these until necessary. Seasonal items may fall into this category. Remember, save more frequently used items for right before move-in day to have them ready throughout the process. Do not forget to label. This is a crucial step to ensure each box reaches its destination, especially if you use professional movers. However, keep valuables on hand to make sure they're not misplaced or stolen. You may also need this time to change your primary healthcare physician, veterinarian, mail, auto services, utility companies, and so on.

With the right professional assistance, relocating can be a far more organized and stress-free experience. People starting their new lives should always find reliable moving companies that offer packing, transportation, and even storage solutions to simplify the process. Choosing an experienced team ensures that your belongings are handled carefully and delivered to your new home on time. As you plan your move and set a budget, taking the time to compare removalist quotes in Australia can help you evaluate your options, understand potential costs, and choose a moving service that fits your needs. Taking these extra steps allows you to focus on settling in and making your new space feel like home.

The Day Of

Finally, with the last part of the ultimate house moving checklist, the big day is here and you’re ready to live in your new home. Say goodbye to your current living situation and say hello to your new house! If you’re using furniture movers in Toronto, supervise the load-in so that furniture and important items aren’t damaged.. Also, you may need to clean up a bit if you’re moving into an older or previously owned house. Make a final walk-through to assure everything works well. You may find something unbeknownst to you before, like poor water quality or faulty electrical currents. Either way, now’s the time to call a professional to take care of those issues.

South Williamsburg's The Dime Starts Leasing

 Leasing has begun at new rental development, The Dime, in South Williamsburg. Offering 177 apartments and a full suite of lifestyle amenities, including over an acre of outdoor space, the building is set to welcome its first residents this summer.  A virtual, no contact leasing program led by Douglas Elliman Development Marketing has begun, allowing renters to safely and conveniently explore the brand new living spaces.

Designed by Fogarty Finger Architecture is comprised of studio through three-bedroom apartments, crowned by two stunning penthouses. With soaring ceiling heights, and floor-to-ceiling windows, residences at The Dime will enjoy sweeping views, including multiple New York City skylines, the Williamsburg Bridge, and the harbors, rivers and highways that thread the city. Individual homes are thoughtfully-designed to evoke calm and relaxation. Penthouses and select residences feature expansive private terraces.

“We’re proud of The Dime, from its architectural design to its efficient and modern living spaces, to the carefully thought out amenities that will foster a balanced lifestyle,” said Sam Charney, Founder and Principal of Charney Companies. “We think now more than ever, residents will especially appreciate the abundance of private outdoor space, totaling over an acre with plenty of room to socially distance. It affords great opportunities to garden, grill, exercise and enjoy the fresh air, all set against the beautiful backdrop of the Williamsburg Bridge.”

The building’s entire fifth floor is home to a dynamic mix of lifestyle amenities including an expansive terrace featuring comfortable seating throughout, a community garden, space for yoga, a cooking area with grills, multiple dining tables, and lush greenery set around a great lawn. An indoor Wi-Fi-enabled lounge offers plenty of room for residents to unwind on comfortable sofas, get lost in a book on cozy reading chairs, or catch up on work at spacious tables.

“Williamsburg has emerged as a center of creativity, a major hub for technology, media and the arts, making it an especially appealing neighborhood for people working in those fields,” said Nicholas Silvers, Founding Partner of Tavros Holdings. “In addition to comfortably-designed homes and 24-hour amenities, The Dime is entirely Wi-Fi-enabled throughout the building and complimentary in both indoors common areas and outdoors.  With plenty of lounge, work, and open air spaces, we think the building will provide the lifestyle and technology that freelancers, entrepreneurs and creatives want in a home - not to mention the rapidly growing workforce of remote employees.”

At the penthouse level, residents will enjoy a private vintage-style lounge with both indoor and outdoor areas and mesmerizing views. The lounge’s speakeasy-inspired bar is outfitted with elegant seating, warm library lighting, and art and sculpture, making it the perfect space for entertaining guests.

Residents will also find a half basketball court and a state-of-the-art fitness center programmed by The Wright Fit, a firm that has created fitness centers in high-end condos, such as 56 Leonard and 15 Central Park West. The Dime represents the first time the company has designed a fitness center in a rental building. In-building bicycle storage is also available.

The modern apartments at The Dime offer high-end kitchen finishes with white Caesarstone countertops paired with glossy gray subway tile backsplashes and cream-colored cabinetry. All homes are equipped with panelized appliances, including dishwashers, refrigerators, electric cooktops and ovens, and stacked washer/dryers. Tranquil bathrooms feature Chestnut vanities with white Caesarstone countertops, pearl-colored wall tiles and walk-in rain showers.

“The initial interest and inquiry volume are unprecedented for a new development rental and we’ve successfully been able to take our leasing efforts entirely virtual to safely accommodate renters currently navigating the marketplace,” said Matthew Villetto, Executive Vice President, Douglas Elliman Development Marketing. “The elevated finishes, robust, technology-supported amenity offerings and panoramic views of the Manhattan skyline and beyond, make The Dime one of the most sought after properties in one of the most desirable locations in all of New York City, and we’re excited to bring it to market.”

Prices at The Dime will start around $3,000 for studios, and over $7,000 for three-bedroom apartments. Penthouse residences with wraparound terraces are priced from $13,000.  For more information or a virtual tour, please call 718-599-DIME or log on to www.thedime.com which supports a live text now feature to speak directly with a leasing agent.

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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You Can Now Buy Sylvester Stallone LA Quinta Home

Every wanted to live in the same home as Rocky star Sylvester Stallone? Now you can, all you need is a cool $3,350,000, to purchase his La Quinta, California home.

Located at 52945 Humboldt, La Quinta, you can imagine the heavy wood double doors open up to a vaulted ceiling in the entryway, which leads into the double-height living room. A stone fireplace is the focal point on one wall of the living room.

The spacious kitchen features a large wood-and-stone island. The upstairs ensuite includes a disappearing flat screen TV at the foot of the bed for entertainment and a fireplace including a private terrace off the bedroom. The serene master bath includes a two-sink vanity and a tub. The dining room opens onto the back terrace. Interior details include arched entryways, beamed ceilings, wine room, walk-in closets, & powder room. The expansive outdoor details includes multiple terraces, a pool and spa shaded by lush palms, and a built-in fire pit. The residence backs up to a burbling creek.

The listing is being held by Douglas Elliman agent Josh Reef.

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 NYC Developers Are Giving Back

While the city is dealing with COVID-19 we are seeing a number of developers across NYC giving back to their local neighborhoods and assisting in the relief effort throughout the City, helping out healthcare workers, local residents and businesses and their own employees who continue to work.

Some, like CIM Group, have donated hundreds of N95 masks from their closed construction site to hospitals, others like F&T Group and Rockefeller Group are supporting local restaurants and donating meals to nearby residents, and still others like the LeFrak Organization have taken a unique position and contributed thousands of dollars to a fund created in appreciation for their building staff who continue to work and keep their residents safe during this time.

F&T Group courtesy of AiA

LeFrak Organization

The LeFrak, Fisher and Olnick families, who make up the ownership of Gateway, are matching contributions to a Go Fund Me page organized in appreciation for building staff at Gateway, the Battery Park City residential complex. Created by residents of the development, the Go Fund Me will provide e-gift cards to express thanks and support for Gateway staff who continue to work during the pandemic. Residents have currently raised over $15,000 for the fund to support Gateway staff—including doormen, security personnel, maintenance workers and porters—and Gateway Residential Management will match donations dollar for dollar, up to $50,000.

The Towers of the Waldorf Astoria

Since opening its doors in 1931 in the midst of the Great Depression, Waldorf Astoria New York has stood the test of time as a coveted New York institution. Some of New York’s most famous recipes were also created, or rumored to have been created, at the Waldorf, including the namesake Waldorf Salad, Red Velvet Cake, Eggs Benedict and Thousand Island Dressing.

Waldorf Astoria New York touched on that food history to create an Instagram campaign to support God’s Love We Deliver, partnering with social media food influencers to create a traditional take on three of the Waldorf Astoria’s most famous dishes - the Waldorf salad, a Rob Roy cocktail, (a direct descendant of the famous Manhattan cocktail,) and the red velvet cake. Check out the campaign on Instagram. Waldorf Astoria New York has pledged $25,000 toward matching donations to God’s Love We Deliver—Please use this link for your donation to count twice.

River Park Brooklyn

River Park Brooklyn partnered with Operation Feed Brooklyn, an organization providing regular meal deliveries from local restaurants to those who need it. With hospital cafeterias closed, healthcare workers are struggling to find resources to feed themselves while working hard all day. At the same time, restaurants are also struggling: to stay in business and to support relieved or furloughed staff.

River Park's first meal donation was prepared by Mile End Deli and delivered to the Maimonides Medical Center. Their second meal donation came from Cobble Hill's Henry Public Saloon to the NYU/Bellevue Juvenile Justice Mental Health Team at Crossroads Juvenile Center. 

75 Kenmare

Proudly perched at the intersections of four distinct cultural epicenters - SoHo, NoHo, the Lower East Side, and Little Italy - 75 Kenmare has always admired the spirit of their beloved neighborhood NoLita. Uniquely charismatic, artistically charged, and an enigmatic destination they're lucky to call home. 

To support their neighbors during these difficult times, every two weeks, the team at 75 Kenmare will be partnering with different local eateries and donate those meals to the heroic doctors and nurses helping fight COVID-19 throughout the different downtown hospital. For the first dropoff, 75 Kenmare partnered with Slice Out Hunger to donate pizzas from their local favorite Lombardi's to the incredible team at NYU Langone.

F&T Group

F&T Group — the prestigious Flushing developer behind game-changing mixed-use projects One Fulton Square, Queens Crossing and Tangram that have redefined the neighborhood — has teamed up with Asians in America (AiA), a charitable organization dedicated to increasing social services and community activism among Asian Americans founded by Democratic Assembly candidate Steven Lee, to purchase and deliver over 1,200 meals from Flushing’s most beloved restaurants to those on the frontlines of the coronavirus pandemic. F&T Group is proud to have found an opportunity to support their restaurant tenants while also giving back to their community. The real estate firm paid for the first 1,200 meals all prepared and delivered from the restaurants at the company’s mixed-use properties One Fulton Square and Queens Crossing, including eats from TKK Fried Chicken, Spot Dessert Bar, Nanxiang Xiao Long Bao, Guan Fu Sichuan, Hope to See You, PappaRich Flushing, and Szechuan Mountain House. The food was sent to workers at the 109th Precinct, Flushing Hospital Medical Center, New York-Presbyterian Queens and the local fire departments. F&T is working with AiA in an effort to continue delivering meals to first responders and expanding their outreach to serve individuals and families who cannot afford or are unable to access fresh food at this time.

CIM Group

New Line Structures and CIM Group donated 350 N95 masks from their Front & York development in DUMBO to Mount Sinai West hospital to assist in the relief effort and provide health care workers with personal protective equipment. CIM Group is exploring additional initiatives to support residents and businesses in DUMBO and New York City.

Rockefeller Group

NoMad’s new Rose Hill tower was quickly up and running with virtual tours and demonstrations and has been conducting regular “virtual open houses” for large groups of real estate brokers. Rose Hill’s developer — the historic Rockefeller Group of Rockefeller Center fame — is using the funds that would typically be allocated for “regular" open houses and is supporting first responders and neighborhood retailers. For example, most recently Rose Hill partnered with NoMad's Bourke Street Bakery, and instead of feeding 60 hungry real estate brokers at an open house, Rockefeller took the event budget and had the shop bake and deliver 60 care treat packages to the heroes at nearby Bellevue Hospital. Rockefeller Group and Rose Hill will continue to help other neighborhood businesses and first responders at least twice a week.

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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Real estate operates on one of the most basic of all economic principles, supply and demand

Ian Slater

Typically when looking at New York City, throughout recent history, demand has remained relatively unchanged (save for blips of more international demand, demand for different types of product, or shifts in taste) whereas SUPPLY has been the most major issue. Countless articles have been written about the “oversupply” of luxury residences in Manhattan and Brooklyn, with speculators saying that we will have a dropoff in pricing because so many developers will be holding so much luxury product as we charge into the 2020’s. 

What we are seeing now is a very interesting shock to the system, where demand has essentially halted for a very short period of time. We don’t know precisely when or how it will pick back up. 

There are stories out of China and the Far East that buyers are “revenge shopping” and demand for apartments and homes is now exceeding pre-crisis levels for a short time, and supply can’t keep up. And there are arguments made in NY, by myself included, that supply will likely face a shock within the next couple of years because of a lack of more development (banks likely won’t finance it, developers will not be able to finish projects, etc.). But now there is also the glaring issue that demand for apartments and homes, particularly in cities, may be adversely affected for the short term. 

Regarding pricing, we know that New York is resilient and will stabilize and grow over the long term. Plain and simple. What we care about is the short term and how this will affect pricing over the upcoming quarters. I want to share some data and stories from my own work right now.

SUPPLY:

• Number of apartments on the market in Manhattan alone right now is down about 31% from typical levels this time of the year. That is crazy. Sellers have removed their product from the market and brokers are holding back their typical spring listings. 

• Developers might not introduce product for a while, or not be able to build it, causing a larger supply crunch.

DEMAND:

• Demand at this exact moment is down very low, because of the basic difficulties to transacting. Even WHEN somebody is ready to transact, many buildings are not allowing showings, and the city has still deemed real estate showings non-essential. San Francisco just extended their lockdown until June 1; I would be surprised if NYC didn’t follow suit.

• Online traffic on the WHOLE is down just over 10%. For my own listings though, it has been stable. Inquiries for virtual tours has climbed, and international interest in NYC has grown (because of people sniffing deals). 

• People who were not buyers before have become them. I am 28. Most of my immediate peers are not buyers or hadn’t thought about it. But they are not planning to leave New York, most of them have not lost their jobs, and with interest rates low and a perception of prices dropping, more attention has turned to buying.

So what will this likely cause? It has the potential to be a whole big nothing. According to studies run by Zillow, national prices are expected to drop 3% due to coronavirus. To put this in perspective, from 2008-2012, prices dropped 30%. In New York, they dropped only 11%-- so take ⅓ of the drop in ‘08, and can we expect only a 1% drop? But, I do expect because of sheer fear and shakiness, prices for buyers will drop more than this in the extremely short term (Q2). 

The other thing to think about in the short term is opportunity on the SELL side to be noticed. A WSJ article today points that many high-end sellers are choosing to put their homes on the market because there are simply less of them. Think about how much easier it is to get noticed when over 30% of the competition is gone. Will you field low offers? Yes. Will you face some hurdles in showings? Yes. But do you have a better opportunity to “stand out” if your property is special? Probably!

Nobody has to have completed Econ 101 to understand simple supply and demand. But digging into it and understanding the short term and long term effects takes a bit more thinking. 

Ian Slater is the Founder of the Slater Team at Compass and can be reached at slater@compass.com or 646.645.8192

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Compass: Continues Accelerated Agent Growth, Hires Christopher Covert

Compass,has announcedthat Christopher Covert has joined the firm. Covert is known for his aptitude in interpreting market data, providing his clients with sound counsel to secure the best deals - from modern and historic homes to waterfront properties. 

Christopher Covert

"Chris is a forward-thinking entrepreneur who we are so excited to have in the Compass family," said Rory Golod, President, New York Region. "We believe he will continue to do amazing things here with access to our technology platform and suite of services."

Covert joins Compass on the heels of the best month for organic agent growth in the company's history. Other recent big hires in the New York region include Mark Leventhal, Maria Lanzisero, Donna Spinoso-Gelb, Shelley Scotto, Angela Dooley, and Nick Colombos.

All agents joining Compass at this time are welcomed with a seamless and personalized virtual onboarding experience that comprises the use of innovative tools such as the Enboarder platform. 

In recent weeks, Compass has launched new digital tools to enhance the way agents operate including an exclusive marketing suite, Virtual Agent Services. It includes enhanced 3-D staging, virtual open houses, and live postcards - each enables agents to optimize how they engage with their target audiences in highly customizable ways. 

"The real estate business has been changing, and the COVID-19 outbreak has only accelerated the transformation in how we live and conduct business," said Covert. "I feel that Compass is distinctively positioned to pivot into the future of the industry, and the future is now."

Prior to Compass, Covert was a top-performing agent at Saunders & Associates, and before he entered real estate, he had a 20-year career as a Creative Executive in Film, Television, and Music. 

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Luxury Condo's With Insta-worthy Libraries

Alexandra Reconco

Amenities of all kinds exist in all of the newest luxury condos around New York City but most of them do not have the luxury of having a library. A library actually enhances the sophisticated feel of these luxury condos by offering residents a chic space to study with classical and interesting books to read. Now you won’t need to go study or read in a public library but now you can do all that at the luxury of your own building.

The Chatsworth

The Chatsworth, one of the most iconic and prestigious buildings on the Upper West Side, offers residences a sophisticated library and business center. Designed by Pembrooke and Ives this space creates an intimate atmosphere for lounging and relaxing and perfectly captivates the historical and luxurious legacy of The Chatsworth. There are also double sliding doors which can be used to divide the room and duplicate the space into two areas.

The Shephard

The Shephard, located at 275 West 10th Street, has been thoughtfully redesigned, reengineered, and totally renovated to become one of the finest and most special residential buildings in Manhattan. Residents can enjoy the beautiful paneled library which comes with a carefully curated book selection by publisher Assouline. The library space also opens up to a beautiful garden with outside seating, perfect for a mid-day read.

One57

This luxurious condo rises to over one thousand feet above midtown Manhattan with South-to-North views of Central Park. Along with an extensive list of amenities, One57 offers an exclusive Resident’s Lounge, designed by Thomas Juul-Hansen. This incredible space has a curated library, an upholstered billiards table, and a 24-foot aquarium. Residents can utilize this space to quietly read or study in the comfort of their own home.

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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NYAA & 108 Leonard Launch Unique AIR Program

As we all know, residential real estate and new developments in Manhattan have shifted gears - focusing on how to offer their residents comfort and entertainment while remaining safe and within the social distancing guidelines.

A new initiative at 108 Leonard - their Artist in Residency Program (A.I.R), which is part of a larger initiative with the New York Art Academy (NYAA). The A.I.R. program was in development long before the pandemic hit. 108 Leonard, an original McKim, Mead & White architectural conversion in Tribeca, launched an exclusive partnership last year with the NYAA - a natural alignment that emphasized both partners' foundation in history, art and design. Through this partnership, residents receive exclusive access to NYAA exhibitions, private tours, celebrity events, private panels and talks, and more. 

Tabitha Whitley

One of the most exciting aspects of the partnership is the Artist in Residency Program, is that artists in New York have a very difficult time finding appropriate studio spaces at reasonable costs. Therefore 108 Leonard decided to offer, at no cost, large, light-filled studio space to students and alumni at NYAA. Artists are given coveted space to” said Shalaiwah Alveranga, Senior Manager, Marketing and Design at Elad Group. 

Artists are given coveted space to work on their art. Selected artwork from the Artist will also be curated to hung within the common spaces of 108 Leonard and residents and the public alike (through select events) will be able to purchase these works of art. Artwork and artists will be in rotation. The current Artist in Residence is the tremendously talented, Tabitha Whitley.

In response to the recent pandemic, 108 Leonard and NYAA have been working together to come up with alternative solutions to continue to provide art benefits and access through the A.I.R program.  Residents will be able to have first-access to NYAA's digital offerings. Additionally, Tabitha hosts regular livestream drawing classes not just residents, but for the public alike. After the classes, participants are encouraged to share their drawings with the audience. 

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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