Fresh off an election that brought several changes to New York's rent regulation laws in favor of tenants, John Banks is stepping down as the President of REBNY. The Real Estate Board of New York President is retiring after four years at the helm of the city’s most influential real estate trade group. Jim Whelan will become the next President at REBNY, beginning July 1st. Banks is retiring to spend time with his family, but will stay on as a paid consultant for REBNY through next March.
If your stuck in NYC on the 4th of July this year, don't despair. A massive fireworks display is planned on the East River this year at the Brooklyn Bridge. NYC has one of the most extravagant Fourth of July fireworks show every year. The Macy's 4th of July Fireworks show begins at 9pm. The fireworks are expected to last about half an hour. You can find great views from South Street Seaport on the Manhattan side. On the Brooklyn side, try Dumbo or Brooklyn Bridge Park. Large crowds are expected, so make sure you give yourself enough time to get there. You won't be disappointed.
There is a ton of new inventory on the market in NYC, mostly condos, making it a buyers market in a lot of neighborhoods around the city. Streeteasy.com is showing 1,682 active-listings on the market citywide in new development properties as of today. This number does not include listings that have signed-contracts. Streeteasy shows an additional 1,988 listings with signed-contracts in new development properties waiting to close. There are 44 active-listings in new developments in Manhattan with an asking price of above $20,000,000.
Manhattan has 1,124 active listings in new development properties, by far the most of any borough. The median home value in Manhattan has declined by -8% year-over-year according to Zillow. Brooklyn has 420 active-listings, the second most of all the boroughs. The market in Brooklyn has performed better than Manhattan over the past year. The median home value in Brooklyn has increased slightly by 0.2% year-over-year according to Zillow.
There are many more units in the pipeline for NYC. 2017 was a record setting year for construction permits issued by the city, though construction permits declined in 2018 for the first time in nearly a decade, signaling a possible end to the housing boom we've seen over the last decade according to Crain's New York.