Dear Friends,

As we enter a beautiful autumn in the city, the noise around Real Estate muffles the fact it is almost business as usual.

The high end of the market that dominates the conversation and is drawing unproportioned attention lacks importance to 99% of buyers and sellers. The word on the street is that uncertainty leading up to the presidential election is causing hesitation in that sphere.

In the middle market, buyers are seeking higher discounts when purchasing, and inventory is on the rise (though not enough to brag about). These signs seem to be bringing us closer to a…. “normal” market; something we are not accustomed to in our exuberant environment.

High rental prices, low interest rates and tax benefits are still the best arguments for home ownership, especially in the “middle” market where buyers are able to identify an appropriately-priced home.

The 3rd Quarter 2016 Manhattan Report by Douglas Elliman Real Estate is attached with further specifics.

In this edition, we feature our newest condo project at 242 Broome Street in the mega Essex Crossing Development.

“In the heart of the Lower East Side of Manhattan lies Essex Crossing, an unprecedented development comprising 1.9 million square feet of residential, commercial and community space. The nine sites on six acres, commonly known as the Seward Park Extension Urban Renewal Area (SPEURA), have sat mostly vacant since 1967 and represent one of the most significant urban renewal developments in the history of New York City.”

This past week, I had the pleasure of speaking to The New York Times about this unique transformation in an article named “Redefining the Lower East Side”.

This is the second time since May that The New York Times has talked to us about the revitalization of the Lower East Side, with growing interest. There is something sexy, gritty, yet cool going on in the neighborhood that other areas of Manhattan cannot offer. We see many buyers moving over from more traditional neighborhoods, inspired by what the LES is poised to become in just a few years.

We welcome you to stop by our beautiful sales gallery located at 92 Orchard Street and check it out. Perhaps you could use the opportunity to lunch at Kossar’s Bagel or Katz’s Deli.

As we conclude, I’d like to wish everyone a happy holiday season.

Thanks for reading,

Ariel

Fall 2016 | New York Times Returns to the Lower East Side