New York City is one of the most populous cities in the world and the most crowded city in the United States. NYC is also sometimes referred to as the world’s capital. It’s a lively and vibrant city known best for its high-flying business tycoons, dazzling shops, New York property, and striking performances.
Moreover, NYC is known by various nicknames including, The Big Apple, The City That Never Sleeps, Gotham, the Five Boroughs, the City of Dreams, Fun City, and many more. People often use one phrase for NYC, that is, “The City so Nice, They Named it Twice.”
But what does living in NYC look like? Here is some information about the recent market trends and sales of New York property.
Manhattan Real Estate 2021
Manhattan is one of the most heavily settled boroughs of NYC’s five boroughs. In 2021, the real estate market of Manhattan had a strong finish as multiple high-profile buildings, apartments, and penthouses were sold. Furthermore, there were over eight $50 million-plus luxury sales in the real estate market of the famous boroughs.
Some of these luxury sales included
- Hamilton’s Triplex sold at $49.5 million
- Sponsor Penthouse sold at $32.7 million
- The Townhouse sold at $26.8 million
- The TriBeCa Duplex sold at $20 million
- Gloria Vanderbilt’s longtime home sold at $2.5 million
COVID-19 and New York Property
COVID-19 messed up everything, and New York’s real estate market is no exception. Ever since 2020 started, New York’s real estate market started going through ups and downs and suffered losses of billions of dollars. From local brokers to high-profile real estate agents, everyone in the real estate industry of NYC suffered along with NYC’s economy.
New York Estate Forecast In 2022
Although most people expect the real estate prices of New York property to go down in 2022, there is a substantial possibility that the residential areas of NYC will increase in 2022. Some other assumptions about the 2022 real estate market of 2022 are:
- Luxury apartments’ prices will continue to grow.
- Similarly, It is assumed that the properties in the heart of NYC will sell like hotcakes in 2022.
- Project timelines might increase due to the shortage of workers seen due to the pandemic.
- The cost of construction materials will also increase reasonably.
- Foreigners are more likely to buy property in NYC.
If you’re planning on buying some property in New York or want to know more about the rates and brokers in NYC, you can check out this link.
According to the latest stats, both the month-over-month rent prices and the year-over-year rent prices of NYC residential areas increased in 2021. From March 2020 to August 2021, the month-over-month rents increased by 5.8% for Manhattan, 4.30% for Brooklyn, and 1.80% for Queens. As for the year-over-year rent prices, an increase of 14.10% for Manhattan, 0.60% for Queens, and 10.90% for Brooklyn was seen.