In its July 2023 Market Update, Midtown-based brokerage Elegran described the Manhattan and Brooklyn markets as “neutral, where neither buyers nor sellers have a significant advantage.” While decreasing supply and a sharp decline in median listing discounts may point toward a seller’s market, a retreating demand and median price per square foot favor buyers.
Just under 1,000 contracts were signed in Manhattan in June, or a sizable 14% decrease from the month before, while supply decreased by 3% to 7,300 listings, according to the update. Despite a quieting demand, sales above asking price increased 12% from Q1. In Brooklyn, demand similarly shrunk, down 8% with 670 contracts signed, and supply dropped 1% to 3,250 listings.
As for the future, the report continues, “It remains uncertain which direction the market will shift and whether buyers or sellers will come out on top. Only time will reveal the outcome as we better understand the future market trajectory.”
What seems all but certain is that the New York City luxury real estate market will continue to remain active with sales and exceptional new listings. Here’s a look at some of the latest $5-million-plus properties hitting or leaving the market
FOR SALE | SoHo ($5.75 Million)
Completely renovated by 2022 Architectural Digest 100 firm Ike Kligerman Barkley, this 3,000-square-foot apartment puts a luxury spin on the classic SoHo loft. 10-inch oak flooring runs throughout the two-bedroom, two-bathroom apartment. Stretching across the length of the sizable great room, a white brick wall is outfitted with sleek wood shelving.
Massive wood beams run the width of towering ceilings. Some elements lean heavier on the luxurious than the traditional loft space, like a primary suite with a walk-in closet, soaking tub and heated floors. Other highlights include a mirrored wet bar, service elevator and open-concept kitchen complete with custom blue cabinetry, a seated island and top-of-the-line appliances.
SOLD | Park Slope ($7.2 Million)
The Park Slope area of Brooklyn has one the highest resale values in the city, according to Jules Garcia, founder of Waterview Advisory Group at Elegran. This is in part due to the neighborhood’s collection of large, historic homes, such as the recently sold property.
Garcia recently represented the buyers of a Park Slope townhome that sold for $7.2 million. Built just before the turn of the 20th century, the Romanesque Revival townhome blends modern comforts with old-world glamour. This merging of styles is best showcased in the dining area, with its original dado paneling and cabinetry, coffered ceiling and hand-painted wallpaper and the ultramodern kitchen, with sleek white cabinetry, stainless-steel appliances and minimalist lighting. Covering five floors including a basement, the 4,800-square-foot home fits five bedrooms and four bathrooms. Outside, the property includes an array of terraces, patios and garden spaces.
FOR SALE | Chelsea ($6.5 Million)
Housed inside Lifesaver Lofts, this 4,000-square-foot loft apartment is located across the street from the Hudson River Greenway and less than a block away from the High Line. This premier positioning paired with the home’s size and exceptional design make it one of the most expensive listings in Chelsea. An expansive great room with 11-foot ceilings fronts the four-bedroom residence, centered by an impressive two-sided fireplace that serves as a subtle partition for an open yet intimate floor plan.
Restored cast-iron columns and brick walls recall the industrial charm of artist loft studios while high-end finishes like European oak floors, Carrara Gold marble kitchen countertops and wide trim put the home’s prestige on display. Luxury amenities include keyed elevator access, an integrated Sonos sound system and state-of-the-art lighting. Elegran’s Ignacio Cesped holds the listing.
SOLD | West Village ($7.45 Million)
After six weeks on the market and a bidding war, this 120-year-old townhome in historic West Village sold for just under the original asking price of $7.5 million. Standing four stories tall, the 3,500-square-foot home features a Federal-style brick facade complete with a quintessential New York City fire escape.
Inside, the home marries turn-of-the-century charm with contemporary updates. Original oak plank flooring, woodwork and built-in shelves have been thoughtfully preserved. Two working fireplaces showcase ornate detailing and craftsmanship. A pitched roof, beach wood-paneled ceiling and triple exposure make for a rare Hamptons-inspired retreat in the middle of the big city. The home’s rarest amenity can be found outside—an enclosed private garden with an impressive Japanese Maple tree. Jules Garcia represented the buyers in the West Village sale.