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 February 2018.
Most Expensive: Not only is the penthouse at 100 Barclay St. the most expensive listing to hit the market in February, it’s also one of the biggest private residences currently for sale in the city. Spanning more than 14,500 square feet and two floors, the condo is one of only 23 properties this size on the market right now. In a city where 1,000 square feet of living space is generous, it can be hard to conceptualize what 14 times that looks and feels like.
Simply said, it’s a whole lot of space. The living room alone spans 3,000 square feet. The kitchen has two fridges, two ovens, and a five-foot-long range with eight burners. The wine room can store more than 600 bottles. The windows are 21 feet high and offer wraparound views of the entire city.
The building doesn’t skimp on space either, offering 40,000 square feet of amenities, including four levels of terraces, two pools, a fitness center, tasting room, bar, and wine cooler. (In case the 600-bottle wine room upstairs wasn’t enough.)
Least Expensive: The least expensive property to come on the market in February is a perfectly lovely studio at 5235 Post Road in the Bronx’s Fieldston neighborhood. Listed for $84,000, and measuring less than 600 hundred square feet, the property is a tiny fraction of the cost and size of the penthouse at 100 Barclay.
If you’re not into the opulence of 600-bottle wine coolers and multiple floors of outdoor space, though, it could suit you just fine. The place has sunny, south-facing windows, a bright feel, and a recently renovated kitchen. With a 20 percent down payment of $16,800, your monthly costs — including mortgage and maintenance — would clock in at $863, a number practically unheard of in either the NYC sales or rental markets.
Most Popular: The most popular listing to hit the market last month was a $975K 1-bedroom loft at 77 Bleecker St. in Greenwich Village. Although the co-op is by no means a steal, it has clear appeal, racking up more than 470 saves in the 21 days it’s been on the market.
What sets this place apart is the combination of downtown-loft vibes and elegant, modern interior design. Exposed beams and brick are matched with marble countertops, walnut cabinetry, and bleached oak floors. The layout maximizes the apartment’s high ceilings, with the bedroom lofted above the main living space. In addition to walk-in closets and custom built-ins, the place offers private outdoor space and a full-time doorman.
Biggest Price Cut: This 2-bedroom co-op at 303 E. 57th St. in Sutton Place was originally listed for $1.495 million in July, but is now asking $995,000 after receiving a major price cut earlier this month. The February price cut, however, was not the first discount the property received during its seven months on the market. In November, the price dropped by 14 percent to $1.28 million.
Seven months on the market and $500,000 in price cuts? Something’s got to be wrong with the place, right? Actually, from the looks of it, the property seems pretty good.
For starters, the location is prime Midtown. The building offers the full package of luxury amenities, including a doorman, gym, garage, indoor swimming pool and roof deck. The interiors are incredibly spacious, measuring 2,200 square feet, and the unit offers incredible east and west views as well as a private balcony. Currently formatted as a 2-bedroom, it could easily be converted into a 3-bedroom.
So what’s driving the major price reductions? The listing page on StreetEasy makes two downsides obvious: The finishes are dated, and the monthly maintenance fees are quite high, at $5,652 per month.
Value of all sales: For February 2018, the total value of all sales listings added up to $37,472,452,701. This is an ever-so-slight increase over the total value of all sales for January, which was $37.133 billion. Although this uptick in prices is relatively small, it continues the growth recorded since the start of the year, and may indicate that the market will pick up as we enter the spring home-shopping season.
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