{"id":290669,"date":"2021-07-02T20:34:29","date_gmt":"2021-07-02T17:34:29","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/manhattan-is-not-only-back-its-surging-pre-covid-levels\/"},"modified":"2021-07-02T20:34:29","modified_gmt":"2021-07-02T17:34:29","slug":"manhattan-is-not-only-back-its-surging-pre-covid-levels","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/manhattan-is-not-only-back-its-surging-pre-covid-levels\/","title":{"rendered":"#Manhattan is not only back, it’s surging pre-COVID levels"},"content":{"rendered":"

“#Manhattan is not only back, it’s surging pre-COVID levels<\/strong>”<\/p>\n

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There must be something in the air \u2014 because the Big App<\/a>le is back.<\/p>\n

Manhattan apartment closings surged in the second quarter, with activity not only returning to pre-COVID-19 levels but in some cases surpassing it.\u00a0<\/p>\n

Luxury closings, in particular, saw an explosion \u2014\u00a0bringing the average resale price up 21% from just the prior quarter to its second-highest level ever, according to the latest\u00a0Brown Harris Stevens <\/a>market report.\u00a0<\/p>\n

On \u201cBillionaires Row,\u201d there were four resale closings, with an average price of $53.4 million at the notorious 220 Central Park South residential building alone. <\/p>\n

\u201cI have always maintained that NYC is the comeback queen\u2026 she bounced back from 9\/11, the Lehman crash, and she\u2019s doing it again in the wake of COVID,\u201d\u00a0BHS CEO Bess Freedman told The Post. \u201cHigh vaccination rates and the reopening of museums, theaters, offices and restaurants have jolted life back into the city and people want to be here.\u201d<\/p>\n

\"Central
Central Park South and other luxury buildings lined up on Billionaires Row in Manhattan. <\/figcaption>
Universal Images Group via Getty<\/span><\/figcaption><\/figure>\n

Three-thousand-nine-hundred-forty-four sales reported last quarter were more than double that of a year ago, and 38% higher than 2021\u2019s first quarter, the report stated.\u00a0<\/p>\n

\u201cPeople who left during COVID are making their way back and want to take advantage of low interest rates,\u201d Freedman explained.\u00a0<\/p>\n

Increased discount rates have also turned heads and brought buyers back into the market, with closings more than doubling compared to a year ago \u2014 and up 85% from 2021\u2019s first quarter.\u00a0<\/p>\n

\"Side
Side by side comparison of sales by area from 2Q20 to 2Q21. <\/figcaption>
Brown Harris Stevens<\/span><\/figcaption><\/figure>\n

\u201cRenters are becoming buyers, and we\u2019re even seeing empty nesters selling their suburban single-family homes in favor of low maintenance apartments in the city,\u201d Freedman said.\u00a0<\/p>\n

A shift in political dynamics with Mayor Bill de Blasio out the door come January has also marked a turn in the tide for some New Yorkers, who as The Post has reported, are excited to see him leave.<\/p>\n

\u201cManhattan is a true opportunity market right now. We had a record number of signed contracts in Q2, which means a flood of closings are yet to come,\u201d Freedman predicted. \u201cThe biggest threats right now to the city\u2019s recovery are public safety and higher taxes, but I am hoping that politicians will enact sensible policy to help NYC continue to thrive.\u201d<\/p>\n

Additionally, a recent survey from the Partnership for New York City found that 62% of Manhattan\u2019s 1 million office workers will be returning by September, compared to just 12% at the time of the survey in May. <\/p>\n

\u201cThese returning workers will help support the restaurants and retail shops that make Manhattan such a great place to live,\u201d Freedman explained in the report.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Manhattan is not only back, it’s surging pre-COVID levels” There must be something in the air \u2014 because the Big Apple is back. Manhattan apartment closings surged in the second quarter, with activity not only returning to pre-COVID-19 levels but in some cases surpassing it.\u00a0 Luxury closings, in particular, saw an explosion \u2014\u00a0bringing the average…<\/p>\n","protected":false},"author":1,"featured_media":290670,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/05\/blas-summer-02.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[110930,12156,105705,76659,4952,73785,4953,71226],"class_list":["post-290669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-7-2-21","tag-housing","tag-luxury-development","tag-luxury-real-estate","tag-manhattan","tag-markets","tag-new-york-city","tag-real-estate"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/290669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=290669"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/290669\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/290670"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=290669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=290669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=290669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}