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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Stephanie Garbarini Named Vice President of Marketing at Douglas Elliman

Stephanie Garbarini

Douglas Elliman, has announced that Stephanie Garbarini, a marketing leader and branding specialist, has been named the firm’s new Vice President of Marketing. In this role, she will b eresponsible for the strategic leadership of Elliman’s fully-integrated national marketing program, and will be the force behind brand creation, brand management and market positioning.

“We are tremendously impressed with Stephanie’s extraordinary talents and her commitment to delivering best-in-class client service,”said Scott Durkin, president and COO of the firm. “She is a powerful marketer and branding expert and her work includes the creation and implementation of many successful campaigns.  We know she will be a tremendous leader and asset to our agents.”

Garbarini’s passion for customer centricity and branded experiences began during her tenure at Chicago’s Regent property, where she was focused on reinventing sales enablement and building  brand loyalty. Her career path led her back to New York City and into the world of retail where she quickly established herself as a digital expert who embraced the power of analytics to help drive decision making across strategy and media. Her New York City tenure includes notable contributions to J. Crew, Liz Claiborne, Barneys, and most recently, the Ascena Retail Group.

“Stephanie’s focus throughout her career has been at the crossroads of fashion, real estate and hospitality,” said Howard M. Lorber, executive chairman of Douglas Elliman Realty, LLC. “This background brings a unique and strategic vision to our brand. We are very happy to have her on board at Elliman.”

“I’m so excited to be a part of the Douglas Elliman family and for the opportunity to work with this powerful global brand,” said Garbarini. “I have always had a passion for real estate, and I look forward to bringing my strengths, knowledge and relationships to the firm. There is so much creative talent here in the marketing division, and I couldn’t not be happier to take on this new challenge.”

Garbarini is an avid runner who also enjoys traveling with her family. She lives in Bronxville and the North Fork of Long Island with her husband and two sons.

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Jennifer Rouse Joins Citi Habitats

Jennifer Rouse

Leading real estate firm Citi Habitats is pleased to welcome Licensed Associate Broker Jennifer Rouse to the team.  She will work from the brokerage’s Upper East Side office, led by Senior Managing Director, Brian Ullman.

With over a decade of real estate experience, Jennifer has specific expertise in the Astoria and Long Island City neighborhoods of Western Queens.  She is the number one sales agent in the area, and is well-versed in helping both buyers and sellers alike.  Jennifer also is skilled in new development marketing.  She has successfully sold-out several luxury condominium buildings in Astoria, including The Adriaen (23-37 31st Road) and The Lincoln (23-33 31st Road).   At The Lincoln, Jennifer achieved a closed sales price for a residence that averaged over $1,200 per sq ft – a record for the neighborhood.

Prior to joining Citi Habitats, Jennifer was a top-producing agent at Bond New York – where she built an impressive referral-based business.  Before embarking on her real estate career, she worked in cosmetics and fragrance marketing – for such top brands as Estee Lauder, Sean John and Tom Ford.  While she enjoyed the excitement of the beauty industry, she was drawn to real estate after going through the home-buying process first hand.  Her ultimate goal is to help others successfully make the leap to homeownership – and give them the guidance and tools needed to make smart decisions about one of life’s most important investments.

“I decided to join Citi Habitats because the company’s goals and my own are aligned.  I feel as though I am valued here - and bring something special to the table,” Jennifer explains.  “I look forward to taking my business to the next level – and helping the firm expand their presence in the borough of Queens.”

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Patrick W. Smith Joins Corcoran

Patrick W. Smith

The Corcoran Group has announced that Patrick W. Smith, a top-producing residential broker, has joined Corcoran. Pamela Liebman, Corcoran President and CEO, made the announcement.

Smith, who will be affiliated with the Corcoran Williamsburg and Madison Avenue offices, has sold more than $100 million of real estate throughout his career. A resident of Long Island City for over 10 years, Smith is a highly respected and noted expert on the Long Island City market. He is widely recognized for his self-published Long Island City market reports.

In addition to his extensive background in real estate research and analysis, Smith spent several years as an Executive Vice President for a leading real estate consultancy specializing in new development marketing and leasing. His experience also includes five years of overseeing new development condominium sales in Long Island City and Manhattan for Brown Harris Stevens Project Marketing. Prior to joining Corcoran, Smith oversaw operations for Stribling & Associates in Long Island City.

According to Pamela Liebman, “We are thrilled to welcome Patrick to Corcoran. He has a remarkable resume as a highly successful broker, and as an expert on new development and the Long Island City market. Patrick is completely in sync with this very dynamic market and provides wonderful insights for his clients, for developers and for the business media who rely upon him as a valuable market resource. We are pleased Patrick has joined Corcoran, where I know he will achieve even greater success with the resources and power of the Corcoran brand behind him.”

Smith remarked on his move, “Corcoran has been an industry leader that I have long admired and I am honored to have the opportunity to join this powerhouse brokerage. I will now have access to the extraordinary support and tools that Corcoran offers, which will help expand my business, allow me to reach an entirely new level of success, and provide my clients with world-class service.”

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