646-312-6800 grace@gegrace.com

Suburban sales in Westchester and Long Island may have peaked; renters are returning to Manhattan. Residents are lured by above average deals on larger apartments while buyers are taking advantage of Brooklyn and Queens’ lowest prices in a while. While residential deals are rosier than ever, Manhattan is still in the eye of the storm regarding Covid-19. The number of apartments sold in Manhattan was down 46% in the last 3 months. Crime is on the rise and schools are being closed in areas with increasing Covid-19 cases. The inventory of rentals in Manhattan reached a 14 year high with 15,923 units available in September—triple the inventory from last year. The unemployment rate is still hovering at 16% in NYC.


Even as residents leave to reduce expenses, some are realizing one thing: New York is irreplaceable. Moving back to the suburbs and elsewhere has propelled others to claim New York as their new “forever” home, planting the seeds for a NY Renaissance?  Maybe.