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Residential market report
From brokers who killed it during a historic month to a compilation of all 311 calls by neighborhood, a look at what’s happening in the world of resi
Luxury brokers who cleaned-up in record-setting month
June was the best month for New York City’s luxury market in decades. More than 600 homes traded at over $2 million during the month, as buyers and sellers rushed to complete deals before a series of new taxes kicked in on July 1.
To determine which brokers made a killing, The Real Deal crunched the numbers on the 25 biggest resi deals to close during the month.
Based on TRD’s analysis of public records, the 25 largest transactions by dollar amount ranged from $18 to $79 million, and all took place in Manhattan.
Compass’ Leonard Steinberg appeared four times on the list, more than any other broker. Steinberg’s sell-side deals alongside other Compass agents ranged from $18.5 to $25.5 million, for a total of $82.9 million.
Adam Modlin’s boutique firm, Modlin Group, handled three of the top deals, including the month’s second-biggest transaction, the record sale of financier Philip Falcone’s Upper East Side townhouse, at $77 million. All told, the dollar value of sales Modlin worked on within TRD’s top 25 ranking totaled $125 million — the highest of any individual broker.
Of the larger brokerages, agents from Douglas Elliman exclusively listed four of the top deals, while Corcoran Group agents solely listed three. Specialty new development firms Corcoran Sunshine Marketing Group and Zeckendorf Marketing each handled two deals within the top 25 ranking. Sotheby’s International Realty’s agents handled three of the month’s top transactions. — Erin Hudson
What do people in NYC complain about?
On the Upper East Side, people hate illegal parking. But on the Upper West Side, people really can’t stand a lot of noise. TRD took a look at some of the top complaints New Yorkers logged over the past year with 311 — the city’s non-emergency service line.
For the most part, the boroughs that made the most calls were the ones with the biggest populations, though for each borough, the calls equate to about one for every three residents. While the same top complaints reared their heads over and over, there were one or two outliers.
In Manhattan, it’s all about the noise. Many of the calls — roughly 49,000 of the 515,412 made over the past 12 months — were for heat and hot water problems, but three of the top five complaints related in some way to noise, making up more than a fifth of all calls.
Brooklyn
Brooklynites made the most calls as of late — perhaps not much of a surprise for the most populous borough in the city.
Over the past 12 months, Brooklyn residents made 862,444 calls to 311, with more than 67,000 of those calls related to heat and hot water complaints. The Brooklyn neighborhood registering the most calls? Crown Heights, which also takes the cake for the most complaints in the city, with a whopping 37,274 calls, with heat and hot water, again, the top complaint. For the rest of the borough, illegal parking, noise, requests to collect large, bulky items and blocked driveways rounded out the top five reasons for calling the city hotline.
Queens
Queens locals made the second-most number of calls, with 662,728 complaints lodged with 311. The most common reason for calling in that borough was bulky item collection, with 65,939 calls, a category that topped the charts in Ridgewood, the Queens neighborhood with the most calls, and the eastern and southern parts of the borough. Illegal parking came in second place, followed by blocked driveways, noise and heat and hot water issues.
Bronx
In the Bronx, there were just over 485,000 calls during the past year. The usual suspects — heat and hot water issues, noise and blocked driveways — make Bronx residents’ blood boil, but the borough’s top five list included a new entrant: unsanitary conditions.
Staten Island
With the least number of 311 calls in the city, Staten Islanders recorded just 147,807 complaints over the previous 12 months. Requests to pick up bulky items and electronics waste, plus complaints about missed collections in general, were the top reasons residents picked up the phone, accounting for more than a fifth of the calls. The borough’s other top calls stem from illegal parking and complaints over street conditions. — Mary Diduch