As the real-estate market pause enters its fifth week, New York City listings are up to 71 — an increase of 37 percent compared to the week before. Still that’s 80 percent less than normal.
“While a tick up in weekly new inventory is a welcome sight, it’s too early to tell if a new trend is evolving,” says Noah Rosenblatt, CEO & Co-Founder of UrbanDigs, which compiled the data.
“For a month that typically sees over 2,000 new listings, we are currently on pace to come in around 80 percent lower.”
There were also just 56 contracts signed. It’s tough to get buyers when they can’t even see the properties.
“We expect deal volume to remain sluggish throughout the no showings order,” he adds.
Blackstone has partnered with City Harvest, the non-profit food bank, to create StuyTown Pantry at StuyTown, which it owns.
So far, the food pantry has delivered 70,000 pounds of groceries to around 100 residents in need. The rest goes to thousands of fellow New Yorkers in need who live nearby.
Blackstone’s management company has also set up online groceries for purchase that are delivered to residents at a drop-off point. If residents are homebound, their neighbors are volunteering to deliver the groceries, a Blackstone spokesman says.