The power brokers behind sales for names including Jennifer Lawrence, Bella Hadid and Shawn Levy talk about a surge of high-end transactions in the reinvigorated city: 'I don't see it slowing down anytime soon.'
In the early months of the COVID-19 pandemic, New York City was hit first — and hardest. With the unfolding tragedy came a flood of residents suddenly looking for properties outside the city as well as anxious whispers that the city might never return to its former glory. The effect on NYC’smarket was severe: In the second quarter of 2020, Manhattan sales fell 54.1 percent, their steepest decline in 30 years, while prices dropped 17.7 percent, according to data from Douglas Elliman.
But by the last few months of 2020, there was an upsurge in activity, and demand has only grown through 2021. “It’s still the greatest city in the world, and everybody wants to be here,” says Core NYC broker Emily Beare. Homes priced over $10 million in Manhattan recently had their best sales week in eight years, and both sales volume and prices continue to spike. “New York City has a resiliency that a lot of other markets don’t have,” says Pamela D’Arc of Compass.
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