Welcome to my market update for May 2019.
Here are some articles, research and events you might find interesting.
Enjoy and please let me know if you have questions or if I can help with any real estate needs.
All the Best,
Manhattan Apartment Inventory April 2019
The months’ supply of apartments for sale in Manhattan rose 26% from a year ago to 9.1, with condominiums at 11.0 months and cooperatives at 7.6 months.
In speaking with a several clients over the past month, I was surprised that most were unfamiliar with the capital gains tax deferral benefits of a 1031 Exchange. Click above for a summary by the law firm of Katz & Matz.
Best Performing Opportunity Zones for Investors
Out of the country's 8,700 Opportunity Zones created as part of the 2017 Tax Cuts and Jobs Act, 22 of them have seen the number of households with an income over $200,000 grow by at least ten percentage points, according to a study released last week by analytics firm Webster Pacific.
Friend Plug # 1 - Compelling Art and Breaking Rules
When she’s not engaging patrons of Provini in Brooklyn with her charm and wit, Paola Gallio is pursuing her artistic passions in the Lower East Side at her new gallery called Assembly Room. Assembly Room is a collaboration of female curators whose mission is to break the rules, defy the status quo, and create compelling art, exhibitions, and experiences. At Assembly Room, Paola and her partners are building a strong community of women to deepen the understanding of women’s work and offer support for female curators to achieve groundbreaking and inspiring results. See you there!
Friend Plug #2 – Arming Kids with Music
When he’s not working with clients at his law practice or jamming with his band Gent Treadly, Greg Koerner is helping provide NYC kids with the resources to assist in their artistic and musical development. Every year, his charity Musicians Aid Society of New York, sponsors a party cruise around Manhattan to help raise money for this worthy cause. If you’re into cruisin’ and groovin’, come join the fun. If you’d like to simply donate, that’s great too. Every little bit helps!
Friend Plug #3 – A Taste of Sorrento in Whitestone
After many years running the highly successful Roc restaurant in Tribeca, the Cadolini brothers branched off to start new ventures. Rocco relocated to Louisville, Kentucky where the Roc tradition lives on. Alberto decided to stay closer to home and opened his own place in Whitestone, Queens called Concettina. It’s an unassuming restaurant in a modest neighborhood with terrific food. The menu is inspired by Alberto’s Sorrento roots and enhanced by his uncompromising standards on only the best ingredients. The pistachio crusted Orata and Linguini Vongole (perfectly al dente) were TDF! Come visit!
26 best things to do in NYC this spring
The campaign for rent reform in New York, explained
Barges and breweries: Sofar Sounds hosts secret concerts in Brooklyn’s most unique locations
New Jersey Shore Real Estate Update
The market is still strong in the New Jersey Shore, with differences in performance across towns. Spring Lake saw a slight year over year increase in homes sold, but a decrease in average and median home prices. In Sea Girt, the number of homes sold decreased from the same period last year, but average and median prices increased.