Manhattan Real Estate Finally Bounces Back to Normal
The Corcoran Group’s report showed a similar increase in sales. “A year and a half after the pandemic began, it’s safe to say that New York City has its mojo back,” Pamela Liebman, Corcoran’s president and chief executive, said in a statement.
Buyers over the last few months gravitated toward co-ops, a housing type that had seemed to lose some favor in recent years. Co-ops accounted for 49 percent of all deals, versus 37 percent for existing condos, according to Corcoran. And in the frenzy of the post-pandemic market, downtown seems to have benefited at the expense of uptown, according to Compass, which reported that neighborhoods like Chelsea, SoHo and the East Village accounted for 31 percent of all deals.
For Elizabeth Stribling-Kivlan, a senior managing director at Compass, one of the spring’s most heartening developments was improvement in the financial district, a…