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This week, Brick Underground readers checked out our Manhattan sales report for the first quarter to discover the median sales price for apartments dropped 9.7 percent year over year to $1,075,000. For the first time since the pandemic began, the overall market moved slower than the long-term average with co-op and condo sales dropping 37.5 percent compared to the same period last year.
Also of interest: A letter signed by over 100 New York landlords urged Governor Kathy Hochul to pass Good Cause eviction legislation. Landlord opposition to Good Cause is well documented so this was a big surprise. If passed, the law would mean tenants in nearly all market-rate apartments who are paying their rent and not doing anything disruptive would be legally entitled to lease renewals. It would also cap rent increases.
Here are this week's top five posts:
1) Sales of Manhattan apartments fall to the lowest level in two years
2) How to break the lease for your NYC apartment
3) A condo or co-op with lower carrying costs can make buying more doable. Here's where to find one
4) Surprise! Even some New York landlords support a Good Cause eviction law
5) From Scarsdale to the UES: We wanted to be close to our sons and grandkid and live in our old neighborhood