Manhattan Apartment Sales Down 29% in Fourth Quarter 2022

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Upon examination of data compiled by Miller Samuel for Douglas Elliman indicates that the number of apartments sold in Manhattan dropped by 28.5% in the fourth quarter of 2022 compared to the fourth quarter of 2021. The average price for a Manhattan apartment is approximately $1.5M with the median sales price dropping by 5.5%. According to the Douglas Elliman and Miller Samuel data, the number of sales in fourth quarter 2021 totaled 3,559 compared to 2,546 in fourth quarter 2022. CNBC reported, “The declines in both sales and prices mark the end of the roaring comeback in Manhattan real estate after the worst days of the pandemic and raise fears of continuing weakness into the new year. Rising interest rates, a weaker economy and a falling stock market, which has an outsized impact on Manhattan real estate, are all likely to weigh on the market this year.”

City Raids Smoke Shops in Hell’s Kitchen

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On Thursday, December 30, 2022 several smoke shops were raided in Hell’s Kitchen. Police left one store with several clear bags and loaded a police van. Stores that were not raided quickly closed for the evening.

NYPD van filled with smoke shop merchandise on Ninth Avenue, December 30, 2022

The City reported on New York City Patch.com:

On Thursday evening, about two and a half hours after the Housing Works store opened its doors, a journalist with THE CITY happened to see city Sheriff’s officers, accompanied by NYPD officers, raiding a store on Ninth Avenue off 45th Street and leaving with trash bags full of merchandise.

The Sheriff’s Office, which operates as the enforcement arm of the city’s Department of Finance, has been at the forefront of the city’s limited enforcement efforts. The NYPD has taken the position that it is not allowed to enforce licensing violations from stores openly advertising their wares unless they directly witness a sale.

Some shops have applied for a cannabis permit and if successful, plan to continue operating in the future.

On Friday morning, New York City Sheriff Anthony Miranda sent a statement saying that “The Sheriff’s Office in partnership with OCM and NYPD continues to conduct inspections of illegal operations seizing all illegal and unlicensed products. These locations continue to present a public health and safety problem for our communities.”

These photos were taken along Ninth Avenue Thursday night, December 30, 2022 by ManhattanReal EstateTracker.com.