The mayoral elections are just days away and industry bugaboo Zohran Mamdani still has a huge lead.
Depending on who you hear, vendors head to the hills (or the beaches of South Florida). Even in less contentious elections, a common refrain from brokers and analysts is for buyers to pause.
But Noah Rosenblatt, co-founder and number cruncher of UrbanDigs, said during a Platinum Properties panel on Wednesday that he sees just the opposite happening.
“Believe it or not, I’m starting to see positive data for the first time over the last three, four, five weeks,” he said.
I tracked UrbanDigs, whose data shows 986 contracts signed in the past 30 days, a 4 percent increase over the same period last year. It’s worth noting that even though a presidential election was happening around this time last year, recent activity is also 8 percent higher than the October seasonal average.
The real deal has previously reported that claims of election delays are largely unfounded, but that hasn’t stopped talkers from citing frontrunner Zohran Mamdani’s campaign promises as the impetus for a mass exodus.
But a new mayor does not seem to have a tangible impact on the housing sales market.
“If this election is all it’s about, and that’s this decision point about the future of New York, I don’t think the buyers got the message,” John Walkup, co-founder of UrbanDigs, told me on a phone call the next day.
While multifamily owners and real estate investors have to make a different calculation given Mamdani’s housing policies, the flurry of homebuying activity speaks to a host of other factors that keep the market ticking over. despite the New York Post’s conclusions.
There’s still time for the city’s wealthy to flee in the wake of a Mamdani victory, and some may be hoping for a Cuomo upset, but there have been at least 986 buyers betting on New York City recently.
What we think about: TRDThe latest ranking of property managers is in the November issue, and the theme over the past few years has been consolidation – and the risks that come with it. Do you know of mergers that did not go as expected, or rebellious buildings under new management? Email me at jacob.indursky@therealdeal.com.
Something we learned: More than 50,000 runners (including a few TRD‘s own) shoots through the city on Sunday during the 54th New York City Marathon. While those 26.2 miles took them over cobblestone streets in all five boroughs, a running company “analysis” showed that runners could instead step over the Brooklyn Bridge 24 times, Central Park four times, or over 103,752 New York City rats. Maybe an idea for the city’s next rat czar.
Elsewhere…
– Governor Kathy Hochul announced $100 million in state funding for food banks and emergency food providers in anticipation of a freeze on federal SNAP benefits, city and state reported. But the tap for SNAP benefits remains turned off, meaning benefit recipients won’t be able to buy groceries or subsidized meals using the program until the government reopens.
– New York City will consider purchasing the homes of residents in flood-prone areas, starting with the infamous Brooklyn/Queens neighborhood nicknamed “The Hole,” The City reported. The effort is part of the Resilient Acquisitions program administered by the mayor’s office, which began collecting information Friday from residents interested in voluntarily putting their homes up for sale.
– Several ballot questions on Tuesday will focus on speeding up the city’s land use processes and removing some barriers to development, such as the practice of member deference, in which city council members give the ultimate thumbs up or down on rezonings. That could mean that some council districts, like those of Councilmember Gale Brewer on the Upper West Side and Speaker Adrienne Adams in Queens, which produced zero affordable housing this year as The City reportedwill demand their fair share.
Closing time
Residential: The highest residential deal recorded on Friday was $32 million for 2126 East 4th Street. The three-story home in Gravesend is over 10,000 square feet. Seller Gindi Capital transferred the property through an off-market sale.
Commercial: The best recorded commercial deal was $31 million for 245 Duffield Street. The two-story fitness center in downtown Brooklyn is 25,000 square feet.
New on the market: The highest price for a home to hit the market was $16.5 million for 25 Central Park West, Unit 21Q. The duplex on the Upper West Side is 3,500 square feet. Corcorans Denise Kelly and Michael Turtora have the entry.
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