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 July 2018.
Most popular: The most popular listing last month was a $699,000 1-bedroom duplex at 108 Pierrepont St. #8 in Brooklyn Heights. While we know the word “rare” gets used a lot in listing descriptions, this place is indeed unusual. With a picture-perfect private outdoor terrace, a charming combination of exposed brick and a wood-burning fireplace in the living room, and a master bedroom with a skylight and linen closet, this apartment checks just about every box on the New York City real estate bucket list.
The fact that this is a duplex, and one located in a stunning Brooklyn Heights mansion, takes things to the next level, especially considering the price. Not surprisingly, this gem has racked up nearly 650 saves on StreetEasy since it was listed July 10.
Most expensive: The most expensive listing to hit the market in July is a $39,000,000 6-bedroom condo on the 82nd floor of Trump World Tower at 845 United Nations Plaza. The apartment encompasses the entire floor, spanning 7,500 square feet, and offers miles and miles of views in just about every direction. Even the wine “cellar” peeps out onto Central Park.
The apartment goes heavy on the luxuries, with glimmering marble, ebony paneling, glitzy contemporary art and arcade games. It’s also heavy on practicality, with two kitchens, two laundry rooms, a gym and a master “wing” with its own 18-closet, walk-in dressing room.
The unit is currently owned by finance executive Steven Kantor, formerly of Cantor Fitzgerald and Credit Suisse, and now the CEO of Colony S2K. He bought the condo in 2011 for $14.65M. The building was in the news earlier this month after family members of President Trump’s former attorney, Michael Cohen, listed three condos in the building for sale.
Least expensive: The least expensive property to come on the market in July is a 1-bedroom sponsor-unit co-op at 1185 Anderson Ave. #5B in the Highbridge section of the Bronx. The apartment is a five-minute walk from the 4 train at 167th Street, and is located in a pet-friendly prewar building with an elevator and live-in super.
Measuring 650 square feet, this spacious apartment has four closets. The kitchen and bathroom could use some renovation, but the floors have recently been redone. Listed for $75,000, and with a 10 percent down payment allowed, this place makes a compelling deal. The description makes a fair point: “There is no excuse not to buy instead of rent!”
Best price cut: Usually apartments will sit on the market a couple of months before getting a price cut, but this 1-bedroom at 69 Fifth Ave. in the Flatiron was listed for just one month before its price was slashed. Listed in June for $1,395,000, the apartment got a 16 percent discount — $220,000 — to $1,175,000 on July 10.
The quick price adjustment could mean we’re dealing with a motivated seller, but potential buyers ought to be motivated, too. The apartment is in turn-key condition and offers a lovely slice of private outdoor space just in time for terrace season. After all, September is just around the corner.
Value of all sales: For July 2018, the total value of all sales listings added up to $41,756,691,675. This marks a decrease from the total value of all sales for June, which was $44,412,969,270. This also marks the second decrease in the total value of sales this year, and the largest month-over-month decrease in the year to date. We’ll check back in September to see if new inventory continues to ebb in August or bounces back before Labor Day.
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