Happy New Year Everyone - 
 
It continues to be an opportunistic time for buyers in NYC. Analytics show an uptick of domestic buyers inking deals in the city as the once-active, foreign buyer remains  missing. Those quarantines, lockdowns and travel bans do have ramifications.
     And, as reported in the NY Times yesterday, “The rental and sales markets in New York City are poised to travel two very different paths in 2021. Deep and persisting discounts in parts of the rental market, with the possibility of a rebound in the sales market.” 
 
 Here’s what happened during the Fourth Quarter 2020 in Manhattan:
If you want to know more, check out  The Corcoran Report 4Q 2020 Manhattan 
 
And, here’s what happened during the Fourth Quarter 2020 in Brooklyn:
  • Six months after in-person showings resumed, the Brooklyn real estate market not only picked up right where it left off, but has exceeded expectations.  
  • Due to the lost spring selling season, the 4Q 2020 inventory figure reached a level not seen since 2011. 
  • Price statistics reveal that the top-end of the market has rebounded the fastest.  
If you want to know more, check out The Corcoran Report 4Q 2020 Brooklyn 
 
And, here's what to watch out for going forward into 2021  According to a recent study, about 3.57 million people moved out of New York City during the pandemic. And, as they vacated, millions of others with lower incomes have taken their place. All told, a net 70,000 people left NYC this past year, resulting in roughly $34 billion in lost income, according to estimates from Unacast a location analytics research company.
     However, the real story is the changing demographic of those new arrivals and how they will impact the city going forward. Thomas Walle, the CEO of Unacast cited the following example:  
  • In Tribeca, considered a wealthy neighborhood downtown, residents who left this year earned an average income of about $140,000. The typical person moving into the neighborhood earned an average $82,000.
StreetEasy found that vacancies rose and rents dropped between last February and July in high-end neighborhoods, including the financial district downtown. But surprisingly, rents continued to rise in more affordable neighborhoods. So, will we see a balancing-out going forward? How will real estate and neighborhood retail adapt to this? 
     The median rental price in Manhattan was $2,800 a month, down 17.3 percent from the same time the previous year. Citywide, landlords must offer discounts to attract a diminished pool of renters earning less money.
     Going forward, the changing demographics could lead to more affordable retail brands taking the place of higher-end stores. And, real estate developers may need to offer more lower-priced housing options.
     The dual hit to population and income across the city can have lasting consequences for NYC. The problem here is twofold as we recover from the economic crisis caused by the pandemic, as well as the pathetic mismanagement of Mayor DeBlasio. I remain optimistic that a NEW and competent mayor can turn things around next year. 
 
Stay tuned and thanks for reading. If you have any questions about the market or your specific property, please reach out to me.
COURT HASSINGER
MANHATTAN  |  JANUARY 2021
Happy New Year Everyone - 
 
It continues to be an opportunistic time for buyers in NYC. Analytics show an uptick of domestic buyers inking deals in the city as the once-active, foreign buyer remains  missing. Those quarantines, lockdowns and travel bans do have ramifications.
     And, as reported in the NY Times yesterday, “The rental and sales markets in New York City are poised to travel two very different paths in 2021. Deep and persisting discounts in parts of the rental market, with the possibility of a rebound in the sales market.” 
 
 Here’s what happened during the Fourth Quarter 2020 in Manhattan:
  • Manhattan ended 2020 with the market showing signs of stabilization and resilience
  • Deal activity increased significantly in Q4 2020, seen in both the annual gain in signed contracts and quarterly growth in closings. 
  • Increased inventory is still one of the most significant headwinds facing the Manhattan market’s broader recovery. 
  • In Q4 2020, over 90% of closings were for deals inked since March, giving a clearer picture of COVID-driven price trends and buyer preferences. 
If you want to know more, check out  The Corcoran Report 4Q 2020 Manhattan 
 
And, here’s what happened during the Fourth Quarter 2020 in Brooklyn:
  • Six months after in-person showings resumed, the Brooklyn real estate market not only picked up right where it left off, but has exceeded expectations.  
  • Due to the lost spring selling season, the 4Q 2020 inventory figure reached a level not seen since 2011. 
  • Price statistics reveal that the top-end of the market has rebounded the fastest.  
If you want to know more, check out The Corcoran Report 4Q 2020 Brooklyn 
 
And, here's what to watch out for going forward into 2021  According to a recent study, about 3.57 million people moved out of New York City during the pandemic. And, as they vacated, millions of others with lower incomes have taken their place. All told, a net 70,000 people left NYC this past year, resulting in roughly $34 billion in lost income, according to estimates from Unacast a location analytics research company.
     However, the real story is the changing demographic of those new arrivals and how they will impact the city going forward. Thomas Walle, the CEO of Unacast cited the following example:  
  • In Tribeca, considered a wealthy neighborhood downtown, residents who left this year earned an average income of about $140,000. The typical person moving into the neighborhood earned an average $82,000.
StreetEasy found that vacancies rose and rents dropped between last February and July in high-end neighborhoods, including the financial district downtown. But surprisingly, rents continued to rise in more affordable neighborhoods. So, will we see a balancing-out going forward? How will real estate and neighborhood retail adapt to this? 
     The median rental price in Manhattan was $2,800 a month, down 17.3 percent from the same time the previous year. Citywide, landlords must offer discounts to attract a diminished pool of renters earning less money.
     Going forward, the changing demographics could lead to more affordable retail brands taking the place of higher-end stores. And, real estate developers may need to offer more lower-priced housing options.
     The dual hit to population and income across the city can have lasting consequences for NYC. The problem here is twofold as we recover from the economic crisis caused by the pandemic, as well as the pathetic mismanagement of Mayor DeBlasio. I remain optimistic that a NEW and competent mayor can turn things around next year. 
 
Stay tuned and thanks for reading. If you have any questions about the market or your specific property, please reach out to me.

Court Hassinger

2021 – Time for Some Change
7 Top Interior Design Trends for 2021
Everyone can agree that so much has changed throughout 2020. One fundamental difference being how people liven up the living spaces in their homes. The ongoing pandemic has forced homeowners and renters to rethink designs and reflect on the best ways to improve them. Better Home & Gardens spoke with interior design experts to discover the top 2021 design trends. If you're looking for a way to spruce up your home in the new year, here are the design trends to follow.
Learn More
Using a Space Heater?
Winter is official here and let's face it, it's freezing outside. With everyone spending more time indoors, the chances that you, or someone you know, are using a space heater are pretty high at this point. New York Times put together an article with tips to help prevent starting a fire or injuring yourself from a space heater. Click on the link below to learn more about staying safe while you stay warm.
Learn More
How to Make (and Keep) Your New Year's Resolutions for 2021
2020 has been quite the year, to say the least. A fresh start in 2021 sounds pretty appealing and many people are likely planning their New Year's resolutions. Better Homes & Gardens has developed some helpful tips for you to set realistic and meaningful goals that will have you looking forward to the days to come! Happy New Year!
Learn More
Happening Around the Boroughs
Art on the Avenue NYC
Art on the Avenue NYC is an initiative aimed at creating positive change and inspiring hope in a time of need. With a central theme of "The Art of Healing," local artists have been selected to display their work in vacant storefronts along Columbus Avenue. Art on the Avenue NYC works with local businesses to house art, offer promotions and add a level of socially-distanced interaction to the community. Next time you're on Columbus Avenue, between 68th and 77th street, be on the lookout for these incredible works of art. Scan the StoriDot next to each piece with your phone's QR code reader to listen to a recording by the artist or make a purchase. Click on the link below to learn more.
Learn More
Artechouse New York
Artechouse, a gallery beneath the Chelsea Market, is a technology-powered, multi-sensory installation that is meant to pique interest in science, technology, and creativity. The current exhibit, Celestial, explores Pantone's 2020 color of the year: Classic Blue. Immerse yourself in the sights, sounds, and sensations as you explore this exhibition. With limited ticketing available due to Covid-19 safety guidelines, be sure to book your ticket in advance.
Learn More
MLK Day of Service
Helping our communities is important now more than ever. January 18th will mark the 26th anniversary of the day of service that celebrates Martin Luther King Jr.'s life and legacy. He dedicated his life to service and helping others. Throughout this pandemic, people all over the world, friends and family, have suffered. Take this day to volunteer and give back to those in need. Click on the link below to find an opportunity to volunteer in your local area.
Learn More
A Winter Guide That Will Keep you Busy
Not only do we have the pandemic keeping us inside, but now we also have winter. By this time, it's possible that your list of things to do has dwindled down and we know that it's challenging finding stuff to do during the winter months. As much as we would love to cozy up on our couch and watch movies all day, that will get old fast. We've done the thinking part for you and came up with a list to help keep your cabin fever away.

Take an interior design class from a master, Kelly Wearstler
Read a bestselling novel from 2020
Cook up a new winter recipe
Knit a scarf or a hat to keep you warm
Take a modern calligraphy class
Play board games or do a puzzle

Court Hassinger
Court Hassinger
Lic. as R Courtney Hassinger
Licensed Associate Real Estate Broker
(917) 841-9284 (cell)
Court.Hassinger@corcoran.com
NRT Top 500 of 50,000 Sales Nationwide - Q120
Bio & Listings
Facebook       Pinterest       LinkedIn       Instagram       YouTube       Website Corcoran
Real estate agents affiliated with The Corcoran Group are independent contractor sales associates and are not employees of The Corcoran Group. The Corcoran Group is a licensed real estate broker located at 660 Madison Avenue, New York, NY 10065. All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. This is not intended to solicit property already listed. Equal Housing Opportunity. All dimensions provided are approximate. To obtain exact dimensions, Corcoran advises you to hire a qualified architect or engineer. ©2021 The Corcoran Group. All Rights Reserved.