March 22, 2023

Hello and Happy Spring,

We open with volatility in the banking industry over the last couple of weeks and the possible implications on the real estate market in the Spring and through the year.

Mortgage rates have been dropping over the past couple of weeks and experts anticipate a modest rate hike at the Fed's meeting this week. Negotiability is slowly increasing and while inventory is still tight, signs of growing supply are visible ahead of the Spring season, which traditionally has been the most active time for Real Estate.

The rental market continues to register pricing at or near record levels. From a micro level of our team's activity, we see notable rise in transactions ahead of April and we anticipate a solid spring selling season.

On another note: This past month we were recognized with Douglas Elliman's New Development Award for 2022. Additionally, we were, awarded #2 Team at Douglas Elliman for transactions, 3# for volume, and #5 GCI.

The design, planning, and marketing of new condominium development is a core component and competency of our practice.

We Are excited to take part in a multitude of development projects all over town an work with exceptional developers and architects in shaping Manhattan's skyline.

With a shrinking pool of available land and rising costs of labor and construction we have to continuously innovate and reimagine future habitat in urban environments.

We can't wait to see what's next!

Lastly, we'll close with our featured project and listing. Our featured project this month is a timeless designed brick facade condominium, in Bushwick, Brooklyn, which is a refreshing and sharp look to this very trendy neighborhood. Designed by Olivera Grk of ODA, the project reached 50% sales in just a few weeks.

Our featured listing is an exceptionally priced 2,99 sf condo on Billionaire's row, in need of renovation and a potential to become architctural digest's style home.

Have a great Spring season and we hope to speak to you soon.

Ariel