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Luxury Sales Drive NYC Real Estate Rebound; Lower East Side Market Still in a Slump

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Photo: Broome Street looking west in the direction of the Essex Crossing mega-development. In the distance, you can see another crane in the sky. That site will be home to a new 30-story rental tower, among other residential and commercial uses.

You may have seen recent headlines indicating that a rebound in luxury apartment sales and rentals is powering a recovery in New York City’s real estate market. Another report out in the past week from StreetEasy built on that narrative.

What’s happening on the Lower East Side, where both sales and rentals took an especially hard hit during the pandemic? According to StreetEasy’s August market report, the median asking price on the LES was $1,175,000, down more than 16% in the past year. The median sales price was $1.1 million, down 33% from the same period in 2021. For rentals the median price was $2,995 per month, a drop of almost 14% from a year ago.

When StreetEasy talks about luxury sales, they’re referencing the top 20% of the sales market, with prices starting at $3.8 million. There are some apartments in this category on the Lower East Side. There’s a 4-bedroom apartment at 215 Chrystie St. for $32 million and the new condos at 202 Broome St. (part of Essex Crossing) for over $4 million. But for the most part, these types of luxury units are concentrated in other neighborhoods.

To read the full report, click here.

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