Top Agent Q&A: Kirk Henkels

Q: Tell me about the state of the Manhattan market.

A: As of late October, the overall luxury market in Manhattan continues to show a remarkable recovery. While the huge majority of sales are new condo developments, especially downtown, the uptown market is also doing well. What is new and very exciting is the Upper East Side trend in its new condos. Unlike the downtown rather banal glass towers, there are several architecturally important new condos being completed in the East 70s through 90s, by architects like Peter Pennoyer and Robert Stern. These buildings’ exteriors rival the great Rosario Candela buildings like 740 and 960 Fifth. And they report remarkable sales at high prices. Yes, Matilda, there is hope for classicism in the world of new condos.  

Q: Where can buyers find good deals in the city?

A: The best deals in the city continues to be in coops, particularly along the East River, where there are gorgeous neighborhoods like Sutton and Gracie Square that are perceived to be locationally challenged.  

Q: What are buyers looking for in listings? 

A: Buyers remain shy of performing big renovations, especially in today’s supply challenged world.  And the Summer Work Rules of some top Upper East Side coops make selling difficult in the extreme, exacerbating the fact that the $10m+ coop market has a surplus of high quality inventory.  This category is where there is a downward pressure on prices. Otherwise, coop prices seem to be holding nicely.  

Q: Tell me about a listing.

A: With approximately 4,500 square feet of proportioned rooms, 4 East 72nd Street, #8A, is a coveted four-bedroom apartment on the Upper East Side. The master suite includes a fireplace and a dressing room. The additional three bedrooms are conveniently located in another wing of the apartment and each has a spacious bathroom ensuite.