Fifth Avenue and East 75th Street; Photo by Eden, Janine, and Jim on Flickr

Since the beginning of the coronavirus pandemic in March, rental prices in Manhattan have dropped by 24 percent. While the market is slowly recovering on the island, with asking rent slightly up over the last month, new data from CityRealty shows which neighborhoods are still reeling from the state-mandated lockdown and overall financial impact of the health crisis. According to the report, the Manhattan neighborhoods that experienced the largest drop in rental prices between March and September include the Upper East Side, specifically part of the southern portion of Fifth Avenue from 59th to 79th Street, and Noho.

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Photo by Loozrboy on Flickr

While some of Donald Trump’s family businesses have managed to profit from his presidency, his condo buildings in New York City continue to see significant price drops. According to a new report from CityRealty, owners of apartments at Trump-branded buildings in the city are “eager to get out,” even willing to take a significant loss on their properties. From 2016 to 2020, overall closing sales prices at nine Trump-branded condos dropped by 25 percent, according to CityRealty’s index tracking prices at Manhattan buildings owned by the Trump Organization.

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Photo by Paul VanDerWerf via Flickr cc

Kingston, New York has been called the Hudson Valley’s “creative capital.” As Brooklyn Based explained, from the 1950s to the ’90s, it was home to a massive IBM campus, but the Catskills town grew increasingly vacant afterward. In recent years, however, it’s seen a resurgence of newcomers thanks to its historic housing stock, relatively low prices, foodie scene, proximity to outdoor activities, and zoning deliberately meant to attract artists. And in the face of the pandemic, these factors have made Kingston a go-to spot for those fleeing New York City. A report by the National Association of Realtors cited in Bloomberg found that Kingston has the fastest rising home prices in the U.S.

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Rendering courtesy of Binyan Studios

A penthouse in Asbury Park that was listed for $5.9 million just closed, becoming the most expensive home ever sold in the Jersey Shore town. Located at the 17-story Asbury Ocean Club, the duplex penthouse contains four bedrooms, four bathrooms, and boasts roughly 2,300 square feet of outdoor space, which comes in the form of a wrap-around terrace, sunroom, and outdoor kitchen.

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Rendering courtesy of Vornado Realty Trust

Facebook has signed a lease for 730,000 square feet at the former James A. Farley Post Office, a Midtown landmark currently being converted into a mixed-use building, Vornado Realty Trust announced Monday. Reports of the deal first surfaced last December, but the coronavirus pandemic put into question the need for massive office space with thousands of workers. But Gov. Andrew Cuomo said the deal shows New York’s resilience as the city recovers from the crisis. “Vornado’s and Facebook’s investment in New York and commitment to further putting down roots here – even in the midst of a global pandemic – is a signal to the world that our brightest days are still ahead and we are open for business,” Cuomo said in a statement. “This public-private partnership fortifies New York as an international center of innovation.”

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Photo by ajay_suresh via Flickr cc

Anyone who follows the NYC real estate market knows that there are deals to be had right now. But WHERE exactly can you get the most bang for your buck? CityRealty compared sale listings in January to those last week and found that the overall listing price among Manhattan condo, co-op, condop, and townhouse listings has fallen an average of 11 percent to $2,175,000 in the past seven months. And when it comes to specific neighborhoods, Lincoln Center, the Upper West Side neighborhood mainly centered around the 60s, saw prices fall the most at 32 percent. Murray Hill was next at 26 percent, followed by Beekman/Sutton Place at 22 percent.

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