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A Market Turnaround, Led by the UES

Things are changing around the city. A recent Curbed story indicates that more people are moving to New York City now than before the pandemic, with data showing that the Upper East Side is one of the most sought after NYC neighborhoods to buy real estate.

According to a report from Olshan Realty, the Upper East Side saw the most contracts signed for homes priced at $4 million+ during the first week of November. Among these sales was the behemoth $66.5 million-dollar deal which combined the top two apartments of The Bellemont, a new development condominium at 1165 Madison Avenue. Once renovations are complete, the home will span about 13,000 square feet across four floors, with an additional 2,300 square feet of outdoor space.

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New York City’s comptroller, Scott Stringer, released a new report which details how “Residents in the wealthiest 10 percent of neighborhoods, corresponding to median incomes above $110,000, were 4.6 times more likely to leave than other residents during 2020.” The Upper East Side and Upper West Side were two neighborhoods included in this list. The report also shows that the largest residential losses in 2020 occurred on the Upper West Side, followed by Chelsea, followed by the Upper East Side – specifically zip code 10128.

Now, several neighborhoods around the city are seeing purchase increases, with the Upper East Side leading the way. Bloomberg writes that “buyer contracts at new projects in the Hudson Yards and Chelsea neighborhoods nearly tripled from the first 10 months of 2019,” and that “in Lower Manhattan, new development deals surged 75%, while on the Upper East Side, they were up 150%.”

Another pair of big time contracts signed on the Upper East Side this month include a $27 million-dollar penthouse at 200 East 83rd Street with its own automated parking system; and a $35 million penthouse at 1010 Park Avenue, managed by real estate firm Extell.

According to Scott Stringer’s report, New York City has regained roughly 75% of the population that left during the first year of the pandemic. The findings are based on data filed with the U.S. Postal Service, and show that the return of in-person activities has helped spark the City’s recovery.
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