Neighborhood News Jason Lanyard Neighborhood News Jason Lanyard

SummerState Kicks Off

SummerStage kicks off on Thursday, June 17th with the Jazz at Lincoln Center Orchestra with Wynton Marsalis at Central Park…

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SummerStage kicks off on Thursday, June 17th with the Jazz at Lincoln Center Orchestra with Wynton Marsalis at Central Park. Highlights of this year's fest includes a Summer of Soul screening with Questlove and friends on June 19th at Marcus Garvey Park; Sun Ra Arkestra and Sistazz of the Nitty Gritty on July 24th at Central Park; Funk Flex birthday concert with Ginuwine and friends on August 7th at Coney Island Amphitheater; Antibalas on August 21st at Central Park; Patti Smith and her band on September 19th at Central Park; and Charlie Parker Jazz Festival shows on August 28th-29th at Marcus Garvey Park.

There are also some ticketed concerts all in Central Park, including George Clinton & Parliament-Funkadelic on June 27th; Machine Gun Kelly on September 13th; Dawes on September 17th; Indigo Girls & Ani Difranco on September 21st; and more.

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Market Update Jackson Bloomston Market Update Jackson Bloomston

On the Ground - Market Update - May 2021

The promising market I depicted in January has come to fruition. By all markers, activity levels continue to surge and the data is encouraging.

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The marketing is changing and it’s getting hotter and faster.

The promising market I depicted in January has come to fruition. By all markers, activity levels continue to surge and the data is encouraging.

MANHATTAN

Average sale price in Manhattan was $1.7 in Q1 down 9.4% from Q1 2020 $1.9M

  • Average sale price for new devs was $2.1M in Q1 down 24.6% from Q1 2020 $2.8M

  • Both metrics point to higher absorption rates, showing that sellers are meeting the discounts demanded by buyers and trading accordingly

  • Listing Discount off last price down to 4.6% v. 7% Q1 2020

  • Average overall price per square foot down to $1,387/sf from $1,536/sf Q1 2020

  • Absorption is escalating in Manhattan, in both Condo and Coop markets

  • Signed contracts increased by 45% from January to April

  • All price points thriving, coop contracts $1-4M up over 1000% YOY, condo contracts $1-4M up over 600% YOY

  • Condo luxury market $4M+ received 89 signed contracts in April

  • Coop luxury market $4M+ received 39 signed contracts in April

BROOKLYN

Brooklyn total deals larger part of pie than a year ago accounting for 53% of total deals an increase of 2 pts over LY 51%

  • Brooklyn contract pricing overall less discounted than Manhattan

  • Average Brooklyn new listing sales price increased by 10% hitting $1.1M over LY $1.0M

  • This is in stark contrast to Manhattan sales prices which have declined by 9% likely due to overall need for discounting

  • COVID 19 affected Brooklyn inventory differently than Manhattan

  • Brooklyn inventory weeks of supply have remained flat throughout the pandemic, while Manhattan inventory peaked in Summer 20 and remains elevated over LY

  • Additionally, Manhattan properties are sitting on the market for an average of 138 days v. 89 in Brooklyn

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