The StreetEasy Monthly Cheat Sheet is a recurring feature that looks at the New York City for-sale market over the last four weeks, highlighting a combination of market data, StreetEasy user behavior and topical trends. This is the report for August 2017.
Value of all sales: The total value of all sales listings summed up to $37.8 billion in August. Traditionally, August gets a bad rap as the nadir of the New York City sales season. And like clockwork, the sum of sales in August dropped significantly from the $41 billion total value of all sales in July.
Most expensive listing: Oh, Sherry Netherland. When it comes to über-luxury, you never let us down. In August, the iconic, ultra-opulent former hotel proved her might, laying claim to the month’s most expensive property. Currently listed for $32 million, after a modest reduction of $3 million earlier this month, this 5-bedroom, full-floor co-op is more than just another luxury listing. Taking up an entire floor of the building, the apartment overlooks Fifth Avenue on one side and 59th Street on the other, offering unbeatable views of the epicenter of Midtown’s commercial and cultural scene. Your views will include the Plaza Hotel, the windows at Bergdorf Goodman, Tiffany & Co., and Harry Winston, and the final mile of the New York City Marathon.
On top of the unparalleled location, the apartment offers a huge floor plan (the master bedroom alone is 2,000 square feet), plus a wood paneled library, a cigar room, a wine cellar, a wet bar, and just about every other luxury amenity you could dream of. Distinguishing this unit from others in the building is a private staircase that leads directly from the building’s lobby to the apartment. You know — in case you get sick of the private elevator.
Least expensive listing: August’s least expensive listing to hit the market is located at 2160 Bronx Park East, a building that doesn’t carry quite the same name recognition as the Sherry Netherland. But if you’ve never heard of Bronx Park East, that’s your loss: The street and the building overlook the large open space that contains the Bronx Zoo, the Bronx River and the New York Botanical Garden. The unit offers a full kitchen with a dishwasher, dining room and separate sunken living room. It is a fifth-floor walk-up, but just think: there’s no need for a gym in the building with all the cardio you’ll get on the stairs, right?
Most popular listing: A 2-bedroom triplex condo listed for $999K handily claimed the crown for most popular new listing in August. Saved by 265 users, this apartment has clear appeal. It offers a convenient central Brooklyn location (on the border of Clinton Hill and Bed-Stuy), super-high ceilings, all new fixtures and finishes, central AC, and a washer and dryer in-unit. What really seals the deal, however, is the sweet private rooftop.
Hot tip for September: Your best bet for new sales inventory right now is Hunters Point, a sub-neighborhood of Long Island City that has seen a ton of new development recently. Over the past month, new inventory in Hunter’s Point increased by 52 percent, from 21 new listings in July to 32 new listings in August.
New on the market right now is an $865,000 2-bedroom on 48th Avenue as well as a $1.228 million 2-bedroom on Borden Avenue. Both listings are in new buildings and offer the full suite of luxury amenities. Although the prices are high by Queens standards, they’re reflective of the neighborhood’s quickly changing housing stock.
Welcome to Hunters Point, where new inventory is on the rise and 2-bedroom condos like this one command $1.228 million.
—
Hey, why not like StreetEasy on Facebook and follow @streeteasy on Instagram?
Related
- Lena Dunham Sells Her Starter Apartment for $850K
- Most Dog-Friendly Neighborhoods in NYC
- Five NYC Neighborhoods With Major Price Cuts