The Cathedral of St. John the Divine, officially the Cathedral Church of Saint John: The Great Divine in the City and Diocese of New York, is located on Amsterdam Avenue between West 110th and 113th Streets in Manhattan's Morningside Heights neighborhood. Designed in 1888 and begun in 1892, the cathedral’s construction has undergone radical stylistic changes and the interruption of two World Wars. Originally designed in the Byzantine & Romanesque Revival styles, the plan changed after 1909 to a Gothic Revival design. After a large fire on December 18, 2001, it was closed for repairs and reopened in November 2008. Today, it still remains unfinished, with construction and restoration a continuing process. While original plans called for two towers on either side, only one was ever completed. As a result, it is often nicknamed St. John the Unfinished. It is the fourth largest Christian church in the world: the interior covers more than 121,000 square feet. The building as it appears today is mostly the product of the second design campaign in the Gothic Revival Style. The cathedral is 601 feet in length, and the nave ceiling reaches 124 feet. At the west end of the nave, installed by stained glass artist Charles Connick and constructed out of 10,000 pieces of glass, is the largest rose window in the U.S. Seven chapels radiating from the ambulatory behind the choir are each in a distinctive nationalistic style, some of them borrowing from outside the Gothic vocabulary. These chapels are known as the "Chapels of the Tongues", and they are devoted to: St. Ansgar, patron of Denmark, St. Boniface, apostle of the Germans, St. Columba, patron of Ireland and Scotland, St. Savior (Holy Savior), devoted to immigrants from the east, especially Africa and Asia; St. Martin of Tours, patron of the French, St. Ambrose, patron of Milan, and St. James, patron of Spain. These saints represent each of the seven most prominent groups of immigrants to enter New York City upon the opening of Ellis Island in 1892, the same year the cathedral's construction began. In 2003, the cathedral was designated a landmark by the New York City Landmarks Preservation Commission; however, shortly thereafter, the designation was unanimously overturned by the New York City Council, some of whose members favored landmark status for the cathedral's entire footprint, rather than just the building. Councilman Bill Perkins proposed that the protective status should also be extended to the cathedral's grounds in order to control development there. However, during the next 5 years, no move to designate a special status for the entire grounds was made. In 2007, the cathedral leased the southeast corner of its property, which contained the Cathedral's playground and Rose Garden, to the AvalonBay Communities. AvalonBay completed construction of the Avalon Morningside Park, a modern 295 unit glass rental building, in 2008. In 2016, a second residential building, the "Enclave" was built on the northern edge of the Cathedral's property, along 113th Street. Handel Architects designed the building for the Brodsky Organization, which has a 99-year lease on the land. The Enclave rises 16 stories high and holds 428 rental units. In total, the lease on the Enclave land pays the Cathedral about $3 million a year, the lease on the Avalon about $2.5 million. #NotableinNY #BlogPosts

Morningside Heights spans the area from 110th to 125th Street, from the east end of Morningside Park to the Hudson River. The 1 train stops on Broadway at 110th, 116th and 125th Streets. The neighborhood is anchored by its schools and institutions. The Columbia campus runs from 114th to 121st Street between Broadway to Amsterdam Avenue; Barnard College sits just to the west across Broadway. Besides Columbia and Barnard, Morningside Heights is home to the Union Theological Seminary, the Jewish Theological Seminary and the Manhattan School of Music. Once touted as a neighborhood that offered predominantly “student special” cuisine (think $2 pizza and "the spicy special" from 109 Deli) or casual diners (like Tom’s Restaurant, whose facade was used in “Seinfeld” and is still diligently photographed by tourists) the area has changed over the past decade as more and more non-collegiate residents and young families have ventured north in search lower price tags on rentals and sales. The area is now home to countless wonderful dining options - our top five picks are highlighted on the map below. See more from Thrillist here…. and next weekend, take a trip uptown and try one of these places out for yourself! Afterward, take a stroll in Riverside Park, and enjoy the beginning of fall with a little college town in the city. #NYCHappenings #BlogPosts

Sales activity in Manhattan during the second quarter of 2017 saw a promising up-tick, especially in the luxury market, compared to the first quarter of the year. Equity markets, which are typically highly correlated with luxury residential sales in New York City, have plateaued near all-time highs and interest rates remain suppressed despite three interest rate hikes from the Federal Reserve since December 2016. This macroeconomic environment is likely contributing to relative renewed strength in the high end of the market. The median closing price for a new development condo in Manhattan was $3.1M in the second quarter, up 9% compared to the second quarter of 2016. Notably, the Downtown market recorded a 49% year-over-year increase in its median new development closing price as projects such as 56 Leonard and 30 Park Place experienced high closing price points. Resale co-ops were strong in the Upper West Side, Upper Manhattan, and FiDi & BPC markets as median prices increased 12%, 9%, and 4%, respectively. In fact, the median asking price of co-op inventory increased a substantial 10% year-over-year to reach the highest median asking price recorded: $1.1M. The re-sale condo median price was also up 7% compared to the second quarter last year, as gains in Upper Manhattan (+26% Y-o-Y) and FiDi & BPC (+9% Y-o-Y) offset declines on the Upper East Side (-14% Y-o-Y). Brooklyn’s second quarter also maintained the pace set at the start of 2017 - with resale inventory down significantly and demand up, competition in the market has been fierce. Challenged by limited resale inventory, buyers have finally begun to turn to new development properties in higher numbers than earlier this year - enough to significantly boost both market- wide number of sales and overall sale prices. There were 17% more sales in Q2 2017 than Q2 2016, however, this increase was due almost entirely to closings in new developments. While the number of large- scale development properties that commenced closings this quarter doubled compared to Q2 2016, overall closings were up only 17%, meaning the number resale closings this quarter were down over 30%! The often higher price tags found in new developments has also generated some buyer resistance; the average days on market has increased by two weeks compared to the same quarter last year. Since Third Quarter 2014, inventory rose during nine out of ten quarters prior to 2017. However, so far in 2017 buyers in Brooklyn have experienced notably constricted inventory, particularly at the low-end and in the resale co-op market. The year-over- year inventory decrease accelerated further during Second Quarter 2017, declining 23% versus the same period a year ago despite the fact that new development inventory actually grew compared to this time last year. In order to meet the demand for home-ownership in Brooklyn, new development properties are becoming more common in neighborhoods that historically did not offer much in the way of new product. New development listings increased 22% from a year ago yet not by nearly enough to boost the market wide inventory figure. Market share of listings priced under $750,000 shrank versus last year, a trend seen in Brooklyn during the past several quarters. During Second Quarter 2017, apartments priced over $2M was the only price category to have an increase in number of listings compared to a year ago. 2017 has also been a strong year for the Brooklyn Market in terms of pricing. Median sale price climbed 27% year-over-year to $760,000, topping last quarter’s high by an additional 9%. Average and median price grew year-over-year to register the fourth consecutive quarter of double-digit growth. In fact, overall average and median price rose year-over-year in every Brooklyn submarket. Historically low inventory levels, high buyer demand, and an increase in new development sales all contributed to strong pricing this quarter. This quarter’s median price reached $760,000, 27% above last year’s figure and surpassed last quarter’s record high figure by 9%. Average and median price per square foot figures both increased year-over-year but did back off slightly from last quarter’s record highs by 7% and 10%, respectively. My team works with a large number of buyers, and almost every one of them looking in Brooklyn this year have been involved in bidding wars and experienced first hand the competitive marketplace these numbers demonstrate. Competitively priced properties, especially in the most "popular" neighborhoods in Brownstone Brooklyn (Park Slope, Cobble Hill, Boerum Hill, Carroll Gardens, Brooklyn Heights, Prospect Heights, Clinton Hill & Fort Greene) have been selling for 5-10% over-ask with multiple offers. Two buyers of mine recently bid on a property that ended up with 17 offers! As a buyer in this kind of market, it is vital to be well represented by an agent who can advise you on how to craft the most competitive offer possible when bidding on a desirable property. As a seller, competitive pricing is still key to garnering interest. While properly priced listings are moving quickly, and have been selling as much as 10% over-ask, aspirationally priced listings continue to produce minimal activity, despite record high levels of demand in the marketplace. #CompassMarketReports #BlogPosts #IYTMarketReports

Jane's Carousel (formerly Idora Park Merry-Go-Round) is a hand-carved wooden carousel that now resides in Brooklyn Bridge Park in DUMBO. It was built in 1922 for the Idora Park amusement park in Youngstown, Ohio by the Philadelphia Toboggan Company. It was listed on the National Register of Historic Places on February 6, 1975, and was, in fact, the first carousel to receive such designation. It features 48 hand-carved horses. In 1984, it was sold in auction for $385,000 to Brooklyn residents David and Jane Walentas, a former art director for Estee Lauder. Jane slowly restored the merry-go-round over the next 22 years - it had its first reveal on October 13, 2006, where it was rechristened "Jane's Carousel". In 2007, Jane agreed to donate the carousel, along with funding to build a pavilion and $3.45 million toward landscaping and improvements, to the Brooklyn Bridge Park Development Corporation. On September 16, 2011, the carousel officially opened to the public for the first time in 27 years in its new home in Bridge Park at 65 Water Street in Brooklyn. It sits on the western edge of the Empire-Fulton Ferry State Park inside its glass walled pavilion, which was designed by Pritzker Prize-winning architect Jean Nouvel. The carousel is open Wednesday - Monday from 11am-7pm during the Summer and Thursday - Sunday from 12pm-6pm in winter. Stop by to catch a ride while taking in the stunning Manhattan skyline. #NotableinNY #BlogPosts

DUMBO, and it's less heavily trafficked neighbor to the east, Vinegar Hill, have become increasingly popular destinations over the past few years. They offer numerous foodie hot spots, boutique shopping, and a hip yet laid back bar scene. Some of my favorites spots and events are below - if you haven't been the neighborhood, recently, stop by and check a few of them out during the final month of summer! SHOP: Front General Store (147 Front Street, DUMBO, Brooklyn Open less than two years, Front General Store is still Brooklyn’s best kept secret in vintage fashion – but not for long! Founded by Hideya Sagawa (Formerly of What Goes Around Comes Around), Hiro Yonekawa, and Nishiyama Ikutaka, from the front FGS is a seemingly ordinary and quaint shop situated right under the Manhattan Bridge in Dumbo. The trio curates a selection of affordable vintage along with new home goods and accessories to an eclectic yet increasingly celebrity studded crowd. Upon entering the store, visitors are immediately greeted by ceramic and metal dishes, plant pots and mason jars filled with succulents, stacks of Pendleton blankets and aromatic candles. Prices are not steep by any means, with the most expensive items being around $3,500 to $4,000 for designer vintage outerwear from the 1920s and ’30s. DINE: River Cafe (1 Water Street, DUMBO, Brooklyn) A DUMBO classic, River Café is sometimes overlooked amidst the flurry of new restaurants in the neighborhood, but if you have never been, stop in this summer for a stellar meal and panoramic views of NYC. After taking a hit during Hurricane Sandy, the restaurant, which sits on the East River barge, has been restored to its former glory. Order the oysters, gnocchi, and branzino - which is crusted with baby shrimp and chorizo, to die for! Then grab a glass of wine and sit back to take in the view on the next warm weekend night this August. EXPLORE: First Thursday DUMBO Gallery Walk (Varies monthly) On the first Thursday of each month‚ the galleries of DUMBO stay open late and host special events and receptions. Neighborhood restaurants and bars also offer specials for First Thursday patrons. This coming month, August 3 promises a number of interesting events. First, there is a pop up show at 68 Jay Street Bar, curated by long-time DUMBO resident and artist Steve West. Next, stop by Usagi to see the sculptural results of two months of on-site work by artist Shu Ohno. Under the Archway, there’s a free concert by Ghost Train Orchestra, and, projected onto the Manhattan Bridge, Light Year will present “Brooklyn Based,” a “best of” selection of videos by Brooklyn-based artists previously exhibited in Light Year. All of the neighborhood galleries will stay open until 8pm – plenty of time to scope out new art. While you’re there, make sure to stop by Blanc and Rouge for their weekly wine tasting too - don't worry, you can stay out a little late on a school night! DRINK: Gran Electra (5 Front Street, DUMBO, Brooklyn) One part hip yet laid back bar scene, one part upscale Mexican inspired dining, The Gran Electra in DUMBO is the perfect spot for an after-work drink or late night dinner on hot summer evenings. Well worth the quick trip across the river, The Gran Electra has a playful and old-timey space that includes open backyard seating during the warmer months. From the team behind Brooklyn Height's Colonie, the restaurant first opened their doors in 2012 and offer a constantly changing lineup of creative cocktails & small plates that will keep you sipping & snacking all night. Try the Margarita de Toronja Picante, which combines habanero-infused tequila, fresh grapefruit juice, and homemade jalapeño syrup, and the Quesadilla de Choizo Con Papas (with house made chorizo!) #NYCHappenings #BlogPosts

Four years after first trying to enter the New York City market, the Alamo Drafthouse Cinema, an Austin, TX based chain known for dine-in theaters with creative programming has finally opened its first multiplex in Downtown Brooklyn! Alamo offers reserved seating and wait service during the film, with amazing burgers, Oddfellows ice cream, craft beer, and, of course, cocktails. The theater also has a separate cocktail bar called House of Wax. I am incredibly excited to have the Alamo in the neighborhood – I grew up in Texas and after attending Yale undergrad, I was an Austin resident during my three years at UT Austin School of Law. I have enjoyed many a meal and movie at the Alamo Austin, and highly recommend making the trip to the new BK theater even if you don’t live in our fair borough! Alamo Drafthouse shows indie films, blockbusters, and even some older films. It has been steadily expanding nationwide since opening its first theater in 1997, and while it has operated in Yonkers for three years, its previous efforts to open in New York City faced setbacks. In 2012, it announced plans to convert a long-dormant theater on the Upper West Side, but those plans were scrapped in 2013. Alamo’s new home in Brooklyn is part of City Point, a 1.8 million square foot mixed use residential-retail complex that is the neighborhood’s largest retail development to date. City Point represents a huge milestone for Downtown Brooklyn, which has emerged as a major hub for business, creativity, and residential development over the last decade. City Point’s other anchor tenants also include Century 21, Target, and a new Trader Joe’s that is slated to open in Fall 2017. If you haven’t been in the neighborhood recently, make the time to explore the new Downtown Brooklyn this Spring – my other recommendations include Grand Army Bar which offers an amazing oyster happy hour on weeknights and the DeKalb Market Hall, a 35,000-square-foot foodie heaven that offers a diverse collection local food outposts – including the iconic Katz’s Delicatessen’s first venture beyond its original location! #NYCHappenings #BlogPosts

The 27-story brick building at 365 Bridge Street, home to the BellTel Lofts Condominium, was built in 1929 as the Long Island headquarters of the New York Telephone Company. Back then, Brooklyn had about 446,000 telephones, a number that was growing at an astronomical rate of +28,000 per year. The building, at Bridge and Willoughby Streets, straddles what is now Metro Tech near Flatbush Ave., and was considered Brooklyn’s first skyscraper. An Art Deco masterpiece, the building was designed by Ralph Walker, voted architect of the century by the American Institute of Architects in 1957 for his contribution to modern design. As the building rose in height, the tiered design gave the illusion that the towers grew in the air. It cost over $5.5 million to build – a massive sum in 1929. The building was voted a landmark in 2004, and today, it’s home to the BellTel Lofts Condominium. The condominium’s completion in 2008 is a definitive example of “adaptive reuse,” an architectural term that refers to the re-design of historic structures to fit modern needs after a building’s initial purpose has become outdated. As a historic conversion, many have claimed it deserves national recognition. The developer – Clipper Equities – was highly committed to historic preservation. The architects he hired to oversee the restoration - New York-based Beyer Blinder Belle (BBB) – were also behind the restoration of Grand Central Terminal and notable residential projects like the Domino Sugar Factory in Williamsburg. BBB is renowned for their work in the adaptive reuse category. 365 Bridge Street is now home to 250 apartments with over 100 different floor plans. Downtown Brooklyn has seen huge change over the past 11 years since the BellTel Lofts completion. All major subway lines are within blocks of the building. Supermarkets, hotels and restaurants came slowly but today the area has emerged as a major cultural, shopping and foodie destination. Countless other condominiums have risen nearby. BBB’s director said in a 2011 interview: “It has been great thrill… I never thought I’d live to see the day people in huge quantities lived in downtown Brooklyn. There is new street life. Investment, which wasn’t there for decades, is prevalent. The renaissance is really about the entire area.” #NotableinNY #BlogPosts

New York City offers so much to do, see, and learn but so often we get caught up in our day to day and forget to get out and explore. In a past post from a few years back, I mentioned Coursehorse, which is now associated with TimeOut NY, and other resources to take one-time or more extended classes. Here are some of my current top picks - whatever you're interested in I promise they have a class for you! Make this your Spring of NEW things! 1. Afternoon Date Terrarium-Making Workshop @ Twig Terrariums Price: $95 (per couple) Date: Sat, Mar 25: 12PM - 1PM (+9 more) Location: Gowanus 287 3rd Ave b/t President & Carroll Brooklyn, New York 11215 What You'll Learn: Join the Twig experts for info on what makes a healthy terrarium, hands-on guidance on how to create one, and tips and tricks to mini-scaping your own little green world. We provide all the ingredients, including a few types of forest-fresh moss, and a care sheet for you to take home with your nifty new terrarium. 2. Bake the Book Series: Birthday Cake Truffles @ Momofuku Milk Bar Price: $95 Date: Wed, Mar 29: 7PM - 9PM Location: Williamsburg 55 Hope St b/t Marcy & Havemeyer Brooklyn, New York What you'll learn: It’s our most popular cake for a reason - rainbow sprinkles + cake makes it a party! Learn the secrets to how we build our b’day cakes layer by layer, and how we take the cake scraps and transforming them into our b’day cake truffles! By the end of class, you’ll have made your own 6” cake and walk away with your own stash of b’day cake truffles, too! 3. Mozzarella Making @ Murray's Cheese Price: $100 Date: Tue, Apr 18th: 6:30PM - 8PM (+3 more) Location: Greenwich Village 254 Bleecker St b/t 6th & 7th Ave New York, New York 10014 What You'll Learn: Mild and milky, smooth and silky: any way you stretch it, we love fresh mozzarella! And in this hands-on crash course we'll teach you how to make it at home. We'll all roll up our sleeves to turn curds into the beautiful balls that we know as fresh mozzarella. Taste several samples of fresh pasta filata (pulled curd) style cheeses (think Mozzarella, Bufala, Burrata, oh my!), enjoy unlimited pours of our house sparkling and red wines, and bring home your own mozzarella masterpiece. 4. Raaka Factory Tours @ Raaka Chocolate Price: $10 Date: Sat, Apr 01: 12PM - 12:45PM (+18 more) Location: Red Hook 64 Seabring St b/t Richards & Van Brunt Street Brooklyn, New York What You'll Learn: We offer a 45 minute tour in our factory in Red Hook, Brooklyn. Get introduced to bean-to-bar chocolate and learn how we make our unique chocolate bars! #NYCHappenings #BlogPosts

Founded in 1838 and now a National Historic Landmark, Green-Wood Cemetery was one of the first rural cemeteries in America. Green-Wood is comprised 478 acres of hills, valleys, and pond, throughout which exists one of the largest outdoor collections of 19th- and 20th-century statuary and mausoleums. Four seasons of beauty from century-and-a-half-old trees offer a peaceful oasis to visitors, as well as its nearly 600,000 permanent residents, including Leonard Bernstein, Boss Tweed, Charles Ebbets, Jean-Michel Basquiat, Louis Comfort Tiffany, Horace Greeley, Civil War generals, baseball legends, politicians, artists, entertainers and inventors. Two decades after the cemetery was opened, the United States found itself embroiled in war, and Brooklyn, like most cities across the nation, found itself scrambling to provide adequate burial spots for the seemingly endless stream of Civil War casualties. They established a “soldier’s lot” that provided free burial for those killed in the war and by 1865 more than 200 soldiers and sailors, many of them unknown, were buried there. In 2002, the cemetery launched its Civil War project, which has located the graves of more than 5,000 men who fought in the Civil War and installed new, permanent markers for each one. Despite the brutal conflict raging in much of the country, the mid-1800s was also a high point for Green-Wood tourism. With both Central Park and Prospect Park still under construction and few of New York’s iconic cultural buildings yet in existence, Green-Wood Cemetery, with its rolling hills, marble monuments and lush landscaping, became a popular escape from the already crowded city. By the early 1860s, it had earned an international reputation for its magnificent beauty and became the prestigious place to be buried. It attracted 500,000 visitors a year on average, second only to Niagara Falls as the nation’s greatest tourist attraction. Crowds flocked there to enjoy family outings, carriage rides, and sculpture viewing in the finest of first generation American landscapes. Green-Wood’s popularity helped inspire the creation of public parks, including New York City’s Central and Prospect Parks. On September 27, 2006, Green-Wood was designated a National Historic Landmark by the United States Department of the Interior, which recognized its national significance in art, architecture, landscaping and history. A magnet for history buffs and bird watchers alike, Green-Wood is a Revolutionary War historic site (the Battle of Long Island was fought in 1776 across what is now its grounds), a designated site on the Civil War Discovery Trail and a registered member of the Audubon Cooperative Sanctuary System. #NotableinNY #BlogPosts

While New York City is recognized around the world for its 20th century skyscraper-filled skyline, it is predominantly a 19th century city, architecturally speaking. Much of New York’s architectural distinction derives from its rowhouses. Often referred to as "brownstones," NYC's rowhouses are, in fact, widely varied and include countless different styles. These standard, narrow, three-to-five story residences which were constructed to house an expanding middle class population more than a century ago. These distinctive residences are the dominant building type in the majority of the City’s historic districts, and their care and maintenance have a substantial impact on each neighborhood's unique character. There currently are more than 100 historic districts throughout New York City, all of which are as diverse as the owners and residents who live in them. They encompass a variety of styles, from the simple brick buildings of Ridgewood North Historic District, Queens to the elegant Beaux-Arts limestone maisonettes of the Upper East Side and the ornate Queen Anne and Romanesque Revival style 19th-century mansions and rowhouses of Crown Heights North in Brooklyn. In NYC, The Landmarks Preservation Commission (LPC) is the Mayoral agency charged with designating and regulating these districts, as well as stand-alone landmarks. In order to protect these special properties, the Landmarks Law requires their owners to apply to LPC to obtain permits for certain types of exterior work before the work begins. The decision to issue a permit rests on whether the proposed work is “appropriate” to the character of a building and/or the surrounding district. Specifically, the LPC must give advance approval to any alteration, reconstruction or demolition affecting a landmarked property. Approval by the LPC is required for any exterior work, except for routine maintenance or repairs, such as replacing a broken window pane or removing small amounts of graffiti. Interior work to a landmarked property generally does not require LPC approval except when: (i) the work will affect the exterior of the property; (ii) the interior of the property has been landmarked; or (iii) the work affecting the interior of the landmarked property requires a building permit. Examples include changing exterior paint color, porch style, door and window frames and treatments, and much more - specific info can be found on the LPC's website, where manuals based on property types and locations are available. #FAQ #BlogPosts

One of the questions we are asked about most often is about the size of the downpayment. In most of the country, this answer is determined by credit and income factors. Lenders offer pre-loans that require anywhere from 5-20% downpayment - so in theory many first time home buyers would be financially qualified to buy a home with as little as 5% down. However, the New York housing market it unique, and a number of factors drive us to advise almost all buyers to consider 20% downpayment a minimum for purchasing a home in NYC. First, a majority of the apartment inventory in New York City (roughly 70%), are co-ops. Co-ops are unique to New York, and most require a minimum downpayment of at least 20% down, with some requiring higher percentages, with 25% most common, and even higher amounts more rare. For more information on what a coop is and other financial requirements they might impose, see our earlier post here. Condos typically allow buyer to put as little as 10%, but in reality, where demand for a particular unit is high, we find that 10% is simply not competitive, even if those prospective buyers are offering a higher purchase price. A higher downpayment gives the seller more assurance that financing is not going to be an issue, either due to the borrower's qualifications or factors related to the building or specific unit. Thus, especially at lower price points (under $1.5M), we advise our buyers to be prepared to put 20% down, even if the building permits greater financing. Also note that in addition to downpayment, buyers should be prepared to have the liquidity for closing costs. We've outlined these costs here, but note that they are much higher when a buyer is financing a condo than a coop. That said, coops will have reserves requirements, so in either case, a buyer must be in a position to have additional cash beyond the downpayment to complete the purchase. The structure of your offer, not just the number, is important when buying a home in New York City. An experienced and knowledgable buyer's agent will advise you on what range of purchase prices you are most qualified for and how you can structure your offer to be the most competitive. #FAQ #BlogPosts

The rental market in NYC, which has long seen average rents higher than almost any other major US City, has softened in the past six to twelve months, especially in the higher end of the market. The median rent in Manhattan in December 2016 was still effectively higher than it was the previous year: $3,388/month as compared to $3,350. However, factoring in rent concessions and broker fees costs, which owners are increasing willing to pay in order to order to attract renters with no-fee listings, this number becomes $3,291, an overall 1.55% decline. Currently, the NYC rental market has vacancy of roughly 3%, and concessions are being offered on 30% of units currently on the market. Those properties that continue to be priced truly at market continue to see movement in getting leased quickly. However, a large majority of the units on the market are priced at least 5% above current market rents. Overall, the average rent rate for January 2017 in Manhattan has decreased compared to the same time last year, a trend largely due to an increased amount of higher end inventory, where the top 10% of the market has seen the most dramatic decrease (-4.76% compared to 2016). The lower end of the market remains competitive, likely due to increased demand and lower inventory. Most striking in the current NYC rental market it the unusually high number of listings now offering incentives such as free rent, no-fee, and other concessions to renters - far more than we have seen in previous years. Some believe this trend is due to a huge influx of luxury inventory in the rental market. "Developers have been flooding the market with high-end rental buildings targeted towards yuppies and equipped with amenities like gyms, game rooms, and pet spas. But the supply surge means renters now have a wealth of options to choose from, and landlords can’t expect to command the same premiums they could just a year ago." The Real Deal asserts that more and more "New York City residential landlords are continuing to rely on renters’ incentives to keep vacancies at bay, a trend that is expected to become more widespread throughout 2017." However, while the average rents for two-three bedrooms is falling, rents for studios and one-bedrooms in some areas are actually rising. With a glut of luxury inventory, there has been an increase in demand for cheaper and less luxury apartments. "New York’s rental market is in the doldrums and the luxury market has taken the worst of it," The Real Deal reported last week. "Luxury rents have fallen or stagnated in most neighborhoods while non-luxury rents continued to rise, causing the price gap between them to shrink." CurbedNY confirms this trend: "the demand for less pricey and often smaller apartments remains strong while the market for more expensive and larger apartments is less aggressive." Overall, it is clearly a renters market, and is a great time to look for deals in the form of free rent, owners willing to pay broker fees, and other incentives. While rents remain strong in the lower end of the market, if you currently rent in the higher end, you may be able to upgrade to a larger apartment or better location without a significant increase in your monthly rent. #CompassMarketReports #BlogPosts #IYTMarketReports