Suburbia Properties Find Edge over Manhattan

Apartment contracts in Manhattan fell by more than half in July, while deals in many New York suburbs more than doubled, showing a continued flight from the city over the summer. The number of signed contracts for co-ops and condos in Manhattan — the best real-time measure of activity — dropped 57% in July compared with a year ago, according to a report from Miller Samuel and Douglas Elliman. The high-end of the market is getting especially hard hit, with co-ops priced at $4 million to $10 million down over 75%. Combined with hundreds of thousands of affluent New Yorkers fleeing the city for the suburbs during the coronavirus pandemic has added to the woes of city brokers. Suburbs around New York had a banner July, as New Yorkers purchased second homes for escape — and possibly a new primary residence. Sales contracts in the Hamptons more than doubled in July, with 267 deals. Signed contracts in Westchester County, New York, also more than doubled to 987 deals. Connecticut has seen more than 1,200 signed contracts in July while Greenwich saw an increase of 72%. However, New York real estate brokers remain optimistic that the city will recover quickly, once there is a vaccine and companies start bringing workers back to the office. They point to Sept. 11 and the Great Recession as proof that the city always rebounds.