Sarah Shur

Brooklyn luxury contracts jumped to 26 signed last week, a surprising 36.84% increase week-to-week with 13 condos, 1 co-op, and 12 houses! The average asking price was $3.38m while the median asking price was $3.1m, a 4.9% and 19.71% increase, respectively. These properties spent longer days on the market compared to the previous week with an average of 112 days on market. Perhaps more sellers were looking to make deals happen as we head into summer vacations. #BrooklynLuxuryContracts #LuxuryHomes #RealEstateExperts #MarketData #TheProspectTeam

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Leading into Memorial Day Weekend, Manhattan and Brooklyn saw a notable rise in contract volumes, driving the Elegran | Forbes Global Properties Consumer Sentiment Index up from +18 to +30. Notably, Manhattan had the second-highest weekly contract volume of 2024. On the supply side, the recent wave of listings has subsided, and a reduction in new-to-market properties is anticipated throughout the summer. This trend will lead to a stabilization and eventual decrease in total supply. While some buyers may be preoccupied with summer plans outside of NYC, others will use the season to secure favorable deals with motivated sellers. Read the full update: https://lnkd.in/esU-k4rF Have a relaxing Memorial Day Weekend! #MarketUpdate #marketcommentary #NYC #nycrealestate #manhattan #brooklyn #forbesglobalproperties Forbes Global Properties #whereyoubelong #mortgagerates #RealEstate

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Built In NYC’s Companies of the Month are shaping the city’s tech scene. Read more on Built In NYC — and explore our full list of open roles across various divisions. #Hiring #NowHiring

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Read about our first-of-its-kind new report looking at how different Mayors and changes in the law have affected landmark designations in NYC over 60 years. The upshot? Under Mayor Adams there has been a dramatic drop in landmark designations affecting every corner of the city, and the few designations taking place increasingly eschew endangered sites and those most urgently in need of preservation. Find out more and what you can do:

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26 luxury contracts were signed in Brooklyn last week, a whopping 85% increase from the prior week. Of those 26 homes, 14 were condos, 10 were houses, and only 2 were co-ops. The average asking price was up by over $470k, while the median asking price was down by ~$250k. There could be a slight dip in the numbers over the next two weeks, as NYC private and public schools are wrapping up Spring Break this week, but there are signs of life heading into Spring. #SpringMarket #BrooklynRealEstate #LuxuryHomes #CompassNYC

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The number of Brooklyn luxury contracts took a 20.8% dip to 19 last week, with 13 condos and 6 houses. The average asking price decreased by $608k bringing it to $3.03m, while the median asking price decreased by $280k which brings it to $2.9m. Properties also spent more days on market relative to the week before, which is very typical at this point in the summer as the rate of new listings per week drops through July and August through Labor Day. #LuxuryRealEstate #BrooklynRealEstate #MarketData #TheProspectTeam

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NYC Outer Boroughs Retail Development Gets Comprehensive Upgrade A real estate investment group is capitalizing on the growth potential of a high-traffic retail commercial property in New York City's outer boroughs by launching a comprehensive upgrade. They have enlisted Edwin A. Lee, A.I.A, Architect, to rethink the property's exposure and internal spaces, aiming to inject new urban vitality. The upgrade includes a strategic exterior branding overhaul to create an engaging environment for both the public and retail customers. State-of-the-art urban engagement technologies and advertising strategies will be implemented to captivate the target audience, ensuring the property stands out and attracts a larger customer base. Additionally, new accessible rooftop areas will be developed, serving as multi-functional spaces for various activities. These outdoor areas will enhance the property's appeal and provide valuable communal spaces for the local community. The combination of innovative urban design and interior renovations aims to significantly boost the property's value and income potential, transforming it into a thriving investment. #NYCRealEstate #UrbanRenewal #RetailDevelopment #EdwinALee #ArchitecturalInnovation #CommunitySpaces #RealEstateInvestment #OuterBoroughs #PropertyUpgrade #UrbanDesign https://lnkd.in/emjipHR6

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Retown is thrilled to highlight two more innovative mall redevelopment projects that exemplify the transformation of traditional retail spaces into dynamic, mixed-use environments. These projects showcase how redevelopment can meet modern needs, foster community engagement, and promote sustainability. Boulevard Mall, Amherst, New York: The Boulevard Mall in Amherst, New York, is being redeveloped into a mixed-use, transit-oriented town center with a $31 million investment from Governor Kathy Hochul's administration. This comprehensive redevelopment will introduce over 1,500 residential units, including affordable, market-rate, student, and senior housing. Additionally, the project will create a hub for restaurants, retail, and open spaces, aiming to improve the overall quality of life for Western New Yorkers. A significant portion of the funding is allocated for critical infrastructure improvements, such as a new pump station and sewer mains, which will enhance the existing sanitary sewer network. This redevelopment is expected to revitalize the area and provide a significant boost to the local economy. https://lnkd.in/ezPBG9dR Galleria Mall, Toronto, Canada: The Galleria Mall in Toronto is being transformed into a high-rise, mixed-use residential community. This redevelopment project, led by ELAD Canada, will eventually feature eight mixed-use buildings with 2,900 condominium residences and 150 affordable rental housing units. The site will also include 300,000 square feet of grade-level retail, an eight-acre park, and a new community center. A standout feature is the use of a stepped and stacked box design for the towers, which pays homage to the area’s industrial heritage. Sustainability is a key focus, with green building practices and a significant amount of green space incorporated into the design. The project aims to create a vibrant, community-focused environment. https://lnkd.in/ex-4EpDF These projects illustrate the potential of mall redevelopments to rejuvenate urban areas, offering new residential, commercial, and recreational opportunities while fostering a sense of community and sustainability. Retown applauds these efforts for their innovative approaches and positive impact on community development. #RetownRevision

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Luxury homes for sale don’t linger long in the Mid-Atlantic. Discover key factors at play in the multi-million-dollar housing market in our quarterly report: BrightMLS.com/luxury #BrightResearch

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Contract Volume is Steady in Manhattan; Drops in Brooklyn This week, Manhattan’s contract activity remained consistent with last week’s, while Brooklyn experienced a 22% drop in the number of contracts signed. This decline in Brooklyn led to a decrease in the Elegran | Forbes Global Properties Consumer Sentiment Index, which fell from +35 to +22. Despite the dip in Brooklyn, the overall market continues to perform well. Manhattan’s contract activity has remained steady over the past three months, excluding holiday weeks. This week marks the first significant drop in Brooklyn’s contract activity during a non-holiday week, leaving it uncertain whether this is an anomaly or the beginning of a new trend for the borough. On the supply side, Manhattan saw a 1.7% drop, while Brooklyn’s supply remained unchanged. As we approach the last few weeks of summer, with a fluctuating stock market, increased expectations for imminent interest rate declines, and a shifting political climate, the upcoming weeks will be interesting to observe. Buyers currently have a window of opportunity to secure more favorable deals before demand increases when interest rates begin to drop. Read More: https://lnkd.in/ecd9tXNf #MarketUpdate #marketcommentary #NYC #nycrealestate #manhattan #brooklyn #forbesglobalproperties Forbes Global Properties #whereyoubelong #mortgagerates #RealEstate

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Contract Volume is Light: Signs of a Slow[er] Spring Season in NYC Real Estate The #Manhattan real estate market is experiencing a deceleration in contract volume, suggesting a cooling off in traditionally the vibrant spring season. Buyers may pause as they navigate challenges: rising interest rates, declining stock markets, increasing geopolitical tensions, an upcoming election, and shifting forecasts about Federal Reserve rate cuts. 🌎 Impact of Economic and Geopolitical Factors Financing buyers are particularly affected by the spike in interest rates, which have returned to their highest levels since last autumn, prompting a reevaluation of the rent-versus-buy decision. Cash buyers, more typically engaged in discretionary purchases, may hesitate amid these uncertain times. Recent geopolitical developments, especially the tension between Israel and Iran, add to this uncertainty. While these events have not yet impacted this week’s contract activities, their effects may become apparent in the near future. 📊 Market Trends: Manhattan and Brooklyn In Manhattan, contract activity fell by 12% compared to last year's week and was 24% lower than in 2019. Conversely, Brooklyn saw a decrease of 9% from last year but a notable increase of 60% compared to 2019, highlighting a dynamic shift in buyer interest or market recovery. 🏷️ Inventory Levels and Consumer Sentiment The market is observing an increase in inventory, which is expected during this season and might provide buyers with some negotiating power. According to the Elegran | Forbes Global Properties NYC Consumer Sentiment Index, sentiment aligns closely with the pre-pandemic average at a +5 this week. 🏘️ Rental Market Dynamics As we approach the peak rental season, there is momentum in the rental sector, with the highest number of new leases signed in a week since last September. Additionally, there has been a slight decrease in overall inventory, indicating a strengthening rental market. Read the full update: https://lnkd.in/eKYkNr52 #MarketUpdate #marketcommentary #NYC #nycrealestate #manhattan #brooklyn #forbesglobalproperties #whereyoubelong #mortgagerates #RealEstate Forbes Global Properties

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Does it feel like you're on a roller Coaster jumping from website to website in search of accurate property data? That's because other data providers intentionally give incorrect information, which is against your best interest. They don't care if your business suffers from using their incorrect property and sales data. All they care about is taking your money. At PropertyBook, we care! That's why we work relentlessly to provide our clients with the most accurate and up-to-date real estate intelligence. It’s also why so-called "industry leaders" worked relentlessly to steal our data. Contact PropertyBook today and access to the most accurate New York City real estate data available. https://propertybook.nyc/

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In New York City, Tenant Protection Plans (TPPs) are crucial when residential buildings remain partially occupied during ongoing construction. As required by Article 120 of Title 28 of the NYC Administrative Code, TPPs must be filed with the NYC Department of Buildings to ensure the safety and protection of tenants. These plans detail how occupied areas will be separated from construction zones, highlighting protective measures such as barricades, temporary walls, signs, and more. They also outline all means of egress for tenants and entrances for construction personnel. TPPs are often developed in phases, especially when buildings are set to receive multiple Temporary Certificates of Occupancy (TCO). As construction progresses, these plans must be updated to reflect any changes in safety logistics, including site safety plans that cover external protections like sidewalk sheds. At GGA Studios, we prioritize safety and compliance in every project, ensuring that our TPPs are meticulously crafted to protect both tenants and workers during construction. To learn more about our services and how we can help plan around TPP requirements for your project, please visit www.ggastudios.com and contact us today. #NYCConstruction #Architecture #TenantSafety #BuildingCompliance

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NYC's waterfront is evolving, blending leisure, green spaces, and luxury living. These developments reflect a growing trend towards creating vibrant, accessible urban parks that enhance both community life and real estate. How will this shift shape the city’s future? #UrbanDesign #WaterfrontDevelopment #NYCArchitecture #LuxuryLiving #UrbanParks #EnvironmentalDesign" https://bit.ly/4eDfweZ

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🏙️📚 Boost Your Expertise with REBNY's Curated Courses! Get ahead in the NYC real estate market by joining these expert-led courses designed to sharpen your skills and knowledge.   🔗 Q4 New York City Residential Market Trends and Updates Stay informed with the latest trends and insights in the residential market as we wrap up 2024. Led by Nikki Beauchamp NYRS ® ,MCNE, CBR, this is the perfect source to stay ahead in a competitive landscape!   🔗 Tips To Ensure Your Commission Is Secured Learn from experts David Ostrowsky & Neal Fellenbaum about deal structures and financing incentives that enable a buyer to finance a broker’s commission.   🔗 Commercial Due Diligence for New York Commercial Real Estate Master the crucial due diligence process for commercial real estate deals in this course led by Richard M. Warshauer.   Don't miss out on these valuable opportunities to grow your expertise. Register now to secure your spot! https://lnkd.in/eRwqBF2t #RealEstateEducation #NYCRealEstate #REBNY #MarketTrends #CommercialRealEstate

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Suburbs are on the move as changing work cultures transform suburban life. Ready for a shift? Dive into our 2024 #LuxuryOutlook report at luxuryoutlook.com to explore the evolving landscape. #luxuryrealestate #sothebysrealty #loscabos #luxurylifestyle #valueproposition #LuxuryOutlook

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"A developer has unveiled a new 275-unit luxury apartment building in Parsippany, in a key step toward repurposing an aging suburban office campus at the crossroads of two interstates." RE-NJ Get breaking real estate headlines like this with our MarketTRAC subscriptions. https://lnkd.in/eB4CtrVa #realestatenews #otteau #otteaugroup #njrealestate #realestateNJ #realestate #realestatemarket #markettrac #NJrealestate

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