New York City Real Estate Market: Closing Out 2023 and Looking Ahe…
New York City’s real estate market closed out 2023 with a subtle shift in home sale prices and dynamics. As of December 2023, the median sale price of a home in the city stood at $780K, a modest 0.064% decrease compared to the previous year. While the overall sale price dipped slightly, the median sale price per square foot increased by 1.9% since last year, reaching $519.
A Tale of Two Markets: The City’s Homes and Neighborhoods
Homes in New York City typically spent 75 days on the market before selling, 6 days longer than the previous year. A total of 2,075 homes were sold last month, representing a decline from 2,368 homes sold in December 2022. The data reveals a complex narrative: despite the slight drop in sales, certain neighborhoods remain highly sought-after.
Recently sold homes in New York City had a median listing home price of $899,888, with 6341 properties on average spending 93 days on the market. The hottest neighborhoods for sales include Upper East Side, Upper West Side, Riverdale, Chelsea, and Tribeca. Popular zip codes with recent sales include 11375 and 10314, and neighboring cities with sales activity include Manhattan, Queens, Brooklyn, Staten Island, and the Bronx.
Brooklyn’s Real Estate Pulse
Brooklyn, too, saw a flurry of real estate activity with its own unique trends. Recent real estate transactions in the borough show a median listing home price of $999,999, with 1754 properties sold and an average of 93 days on the market. Popular neighborhoods near Brooklyn include Upper East Side, East New York, Upper West Side, Bay Ridge, and East Flatbush. Single family homes and condo/townhomes have also sold in zip codes 11234 and 11209, as well as in neighboring cities such as Manhattan, Queens, Bronx, and Staten Island.
Major Real Estate Transactions
As the year came to a close, several significant real estate transactions occurred across the city. Savanna transferred ownership of The Lee Building, an East Harlem office building measuring 112,500 square feet, to TPG. TPG provided a $45 million acquisition loan to Savanna when they bought the property in 2015.
In another notable transaction, Geshary, a Japanese coffee company, purchased a five-story building in Central Midtown with 13,580 square feet of space. JCS Realty Group acquired a 76,928-square-foot office building in Boerum Hill, intending to demolish it and construct a 159-unit residential building.
First Imperial Finance facilitated the sale of a 7,700-square-foot office building in TriBeCa, providing a $1.2 million acquisition loan. A private investor bought a 2,400-square-foot office building in Sheepshead Bay.
As we move into 2024, New York City’s real estate market continues to evolve, reflecting the city’s enduring appeal and the complex dynamics that shape it. With each transaction, a new chapter unfolds in the story of the city’s ever-changing landscape.