Well if you hadn’t heard the news by now, New York State reached its
goal of 70% adult vaccination which means state-mandated restrictions are being lifted across commercial settings including retail, hair salons, food services, gyms, entertainment venues, and more. To recognize this major milestone, landmarks across the state were lit up in blue and gold last night with firework celebrations in various cities. In a statement yesterday,
Governor Cuomo remarked, “What does 70 percent mean? That means that we can now return to life as we know it.”
So what does “return to life as we know it” mean for the NYC real estate market? As I’ve been reporting all along since the start of the year, real estate activity has been thriving and continues to look like it will remain this way for some time. Just last week,
374 contracts were signed, up 15% from the prior week across all market segments. Yet more notably, the
Manhattan luxury market did exceptionally well with deals totaling $323 million in one week, keeping up its solid performance streak.
The once depressed Manhattan rental market is now making up for a tough year,
reporting record high lease signings this past month. Although rents are still affordable for the moment, it will be a matter of time before they climb back up to what they once were pre-pandemic. Governor Cuomo’s announcement basically just opened up the floodgates, and we expect many more people returning to New York.
Yes, New York is back and this is an exciting time for all of us. But some might say there were some good takeaways from the pandemic whether it was purchasing or renting an apartment at a significantly discounted price or implementing
good practices for the betterment of us all. Either way, I remain positive about what the future holds and look forward to helping you with your real estate needs in this new era.
