It was a hell of year, for renters, buyers, sellers and even gawkers. The ripple effects of COVID-19 turned NYC’s housing market into a seesaw: from empty neighborhoods and free-falling rents at th…
It was a hell of year, for renters, buyers, sellers and even gawkers.
More lemon juice for the wound: $2,700-per-month rents represent a year-over-year drop of more than $700 from the days just before the pandemic hit us hard in 2020.Median rents there fell 10% year-over-year to $2,390 — its lowest level since 2011. But the deals — and juicy landlord concessions, including months of free rent — didn’t last.By November, Manhattan’s median rent soared back to pre-pandemic levels.
In November alone, 422 homes priced above $3.85 million went into contract — the first time there had ever been more than 400 luxury sales in Manhattan in a single month, according to StreetEasy. Those record deals, however, are pebbles compared to the mountainous mansion sales Manhattan saw during the yo-yo 2021 market.
“With New York coming back after the pandemic, buyers are settling downtown because they want to be immersed in a vibrant life with great restaurants around them and lots of people out and about,” said Compass agent Brett Miles.Jeff Bezos wasn’t just stacking paper in 2021. He was also stacking swish spreads. The Amazon mogul now owns $119 million in condos at 212 Fifth Ave. .
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