As sellers come to terms with a market shaped by higher mortgage rates, the average asking price will likely fall modestly below $1M in 2024 — the threshold that triggers the so-called mansion tax in New York City. Both buyers and sellers sit on the sidelines, as a little more than one in three NYC homes listed for sale last year were taken off the market without finding a buyer. The homes that did sell stood out for a combination of their offering and pricing.

If history repeats itself, the reserve of motivated buyers will keep the market in balance and prevent a sharper drop in asking prices. Mortgage rates will likely fall gradually below 6% in 2024, helping more home shoppers emerge from the sidelines. Lower rates should encourage homeowners to put their homes on the market at a broader range of price points.

This month, MI includes the most up-to-date real estate reports for Manhattan real estate, and the $5M+ residential market. Also included are Luxury Unveiled New Standard in High-End RE, New Law, March 2024 (1-4 Unit Homes), 250E21 Gramercy New Development, Essential Guide to Tip Your Doorman!, Candlelit Concert With a Spectacular Holiday Twist, New Year’s Weekend 15 Hotties Events, Metropolis By Marcus Samuelson, and Whiskey Wonderland At Great Jones Distilling Co! Enjoy the links below. Wishing you a wonderful holiday and a Happy New Year!

Manhattan

Condos & Co-ops Report: Nov 2023

In November 2023, 719 contracts were signed, down 10% year-over-year and 14% vs last month. Notably, this was the lowest number of contracts signed in...for more

NYC Residential

The Corcoran Report: $5M+

November saw 48 deals over $5M, up 12% (5 sales) from last year but down 8% (4 contracts) vs October. This was the sixth annual increase in the past seven...for more

Luxury Unveiled

New Standard in High-End RE

The luxury real estate landscape has undergone a seismic shift in recent years. This transformation, however, is not just about location or architecture but...for more

New Law

March 2024 (1-4 Family Homes)

On September 22, 2023, Governor Hochul signed into law a bill that significantly amended the state Property Condition Disclosure Act (PCDA). The cha...for more

250 East 21st St

Gramercy New Development

Great style should be warm and inviting. We wanted to honor the Gramercy Park locale with a pre-war quality of finishes including custom millwork, polished stone...for more

Tip Your Doorman!

Corcoran’s Essential Guide

Holiday tipping is truly about saying thank you,” advises the etiquette experts at Emily Post, and Corcoran agent Julia Boland agrees: “For me, it is a thank you for the...for more

Candlelit Concert

With a Spectacular Holiday Twist

Enjoy enchanting performances inside a breathtaking NYC church all bathed in candlelight. Each concert makes for a stunning evening where you can...for more

New Year’s Weekend

15 Hotties Parties & Events

With 2024 around the corner, it’s time to already start thinking about your plans of how to ring in the new year. Luckily NYC is no short of options, thanks to our...for more

Metropolis

By Marcus Samuelson

Located inside the new $500 million Perelman Performing Arts Center near One World Trade is celebrity chef Marcus Samuelsson’s new restaurant. As the name suggests...for more

Whiskey Wonderland

At Great Jones Distilling Co!

A winter-themed subterranean speakeasy called “Whiskey Wonderland” has popped-up at Great Jones Distilling Co! Manhattan’s first Whiskey distillery allow guests...for more

50 W 127th St, PHB

2B2B - Harlem Condo

PRICE DROP! A unique, oversized, bright, turn-key penthouse w/ 1334 SF and two balconies offering tremendous open... for more

5 W 19th St, 8S

2B2B - Flatiron LOFT

PRICE DROP! A modern and fully renovated live/work LOFT in prime Flatiron. A sprawling 3,000 SF of space that blends classic... for more

235 W 75th St, 312

4B4.5B - UWS Condo

PRICE DROP! This expansive, chic, contemporary corner home merges pre-war charm with a modern design encompassing...for more

11 Fifth Ave, 8N

1B1B - The Gold Coast

IN CONTRACT! Renovated Junior 4 perfectly situated on the Gold Coast with impeccable finishes and views of iconic 5th Ave... for more

80 LaSalle St, 17C

1B1B - Morningside Hts.

IN CONTRACT! A super bright high floor, generously sized 1 bedroom with a modern, eat-in, kitchen, multiple exposures, and...for more

245 E 72nd St, 6E

1B1B - UES Co-op

RENTED! This spacious residence exudes pre-war charm and offers and plethora of modern amenities, ensuring a comfortable and...for more