Happy 2022, friends. We're looking forward to a year of great changes, successes, and hopefully watching the stress of a global pandemic fade into history.
What are you looking forward to? If there's any way we can help you achieve the answer to that question, reach out and let us know. And if not, we hope you achieve it regardless.
All the best.
- Michael, Cal, and Casey
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This could be turn out to be the hottest winter on record
New York in 2021 was a comeback story for the ages. The residents that rushed back after fleeing the city found that the deals that were once to be had were to be had no longer—and the rebound wasn't limited to Manhattan. In fact, the average price for a sale in Brooklyn was $1.02M—the first time in history that the county of Kings has exceeded the million dollar mark, according to The New York Times.
Now, as the weather cools down, business is heating up. Interest rates are predicted to go from 3% to 3.6% by the end of this year, giving buyers yet another incentive to buy now. So whether you've got the supply or you've got the demand, Spring 2022 is the right time to make your move.
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What could follow 421-a once it expires?
New York's most well-known tax abatement may be set to expire, but according to this City Limits piece Governor Kathy Hochul has proposed
replacing 421-a with another break for developers who build affordable housing. Though extremely unpopular among progressive lawmakers and housing advocates who consider it a massive giveaway in exchange for a miniscule amount of deeply affordable units, Hochul believes there is a “critical need for affordable and market-rate rental housing” in the five boroughs, and said abatements like 421-a have driven new development.
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Vanderbilt Avenue gets Ave-Newer
Prospect Heights' main thoroughfare is undergoing quite a few changes, it seems. From the relocation of Ft. Greene fav No. 7 Restaurant to the much-heralded opening of Evi's Bäckerei (by Greg Baxtrom and Alex Grunert of Olmsted Trading Post fame), every walk down the avenue seems to reveal something that wasn't there before.
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Here We Go A-Penn
In 1963, Pennsylvania Station—by all accounts one of the most majestic buildings ever to grace our city—was razed to make way for MSG and the new, slightly less majestic Penn Station. Now, to the excitement of some and the chagrin of others, a nearly $7 billion plan is underway to redevelop Penn and the surrounding area. But will the new look make any more sense than the old one?
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An Old Theater Gets a Lift
On the corner of 47th St and Broadway, the 46 story TSX Broadway is currently under construction. Among this tower's features will be The Palace Theatre, elevated 30 feet above street level by hydraulic jacks to make room for 75,000 sq ft of retail space and 4,000 sq ft of outdoor entertainment space.
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Valentine's Day Dinner Made Simple
Need to find the perfect place to take your valentine on February 14th? Keep it simple, and check out Eater New York's Brooklyn hot list. Updated each month with the hottest 15 restaurants in the borough, there's bound to be one with a table still open for a reservation.
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1 Bed | 1.5 Bath | $575,000
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415 Beverley Road, Unit 1P
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96 Schermerhorn Street, Unit 4D
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315 Gates Avenue, Unit 6R
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2098 Frederick Douglass Boulevard, Unit 4G
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© Compass 2022 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS.
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