Everyone leaves New York on Memorial Day Weekend and it is amazing how quiet the city is. It was a nice relaxing way to wrap up a busy month of May, which had a surprisingly active real estate market in NYC. It is certainly a buyers market, and this month the buyers were buying! Spring is in the air and the deals look too good to pass…
At Argo, it’s a celebration now that the residential portion of 213 Seventh Avenue is fully leased. We took this project head-on and made significant upgrades to the building. We now have rented all five residential units, and are now listing the commercial space. This prime retail in the heart of Chelsea should attract a lot of interest. On another positive note, 189 Bridge Street officially sold to an investor, is anyone looking to rent?
In the news we had the biggest sale in 2019 coming from a penthouse in 212 Fifth Avenue. This sale is a good sign for the luxury market, however we are still in a buyers paradise, and there are discounts and incentives everywhere. In fact, one broker is offering a trip to Outer Space if you buy his $85,000,0000 listing, and that isn’t even all! And who would have thought last year the Federal Reserve would consider cutting interest rates 2 times in 2019. On Wednesday the probability of two rate cuts this year moved up to 48%. This is truly a remarkable low-interest rate environment.
Spotlight this month is on Prospect Park, after I found myself in this neighborhood looking at the very nice homes for sale. Prospect Park is split into thirds, and each third is larger than Central Park! There is so much to learn about this nice Brooklyn attraction.
