Page 9 - CooperatorNews New York Expo 2021

COOPERATORNEWS.COM COOPERATORNEWS — OCTOBER 2021 9 ROSENWACH TANK THE FIRST NAME IN QUALITY CEDAR WOOD TANKS WE ARE CERTIFIED and IT MATTERS! 718.729.4900 43-02 Ditmars Boulevard, 2nd Fl., Astoria, NY 11105 www.rosenwachgroup.com Rosenwach is proud to announce that Rosenwach’s tanks are certified to NSF/ANSI 61 by NSF International, a leading global independent public health and safety organization. NSF/ANSI 61 addresses crucial aspects of drinking water system components such as whether contaminants that leach or migrate from the product/material into the drinking water are below acceptable levels in finished waters. To receive certification, Rosenwach Tank submitted product samples to NSF that underwent rigorous testing to recognized standards, and agreed to manufacturing facility audits and periodic retesting to verify continued conformance to the standards. The NSF mark is our customers’ assurance that our prod- uct has been tested by one of the most respected indepen- dent certification organizations. Only products bearing the NSF mark are certified. supply is up about 140 percent from last summer. That’s still on the low side, but significantly up from last year, and we’re seeing median sale prices at parity with pre-COVID levels of two years ago. Since the beginning of the year, we’ve seen a compression of the COVID discount; we don’t think there’s a lot of discount left. Luxury market median prices are now nine percent below two years ago, which suggests there is additional future de- mand for this type of property. Prior to the pandemic, the narrative was that the market was soft at the top and tighter as you lowered prices. That reversed after the lockdown. Economically, conditions were weighted against wage earners, so upper salary types and mid-tier buyers didn’t feel the economic downturn of COVID as severely.” The Blurred Line Between Work & Home It’s generally acknowledged at this point that even after COVID is eradi- cated (or at least brought under better control), Zoom is probably here forever. Sick as we may be of staring at screens, forgetting to switch on our mics, or shoo- ing kids and pets away during work calls, video conferencing has proved to be a vi- tal bridge between work and home. “We’re in a discovery phase,” says Mill- er, “where corporate America is trying to figure out how this works down the road. What it means is that the relationship be- tween work and home has changed. The future isn’t going to be as it is now, or how it was before COVID; rather somewhere in between. Wall Street is asking its work- ers to come back five days a week. In fact, one prominent Wall Street executive said recently, ‘If you’re not willing to be here, then you’re in the wrong industry.’ That may have been the initial messaging, but it’s not likely going to hold up. Industries will adapt to a new balance between work and home. It’s become an employee ben- efit to have that flexibility. That changes things—like markets in the Hamptons. High earners staying ‘Out East.’ You have reverse commuters, which wasn’t on the table before. “What didn’t happen,” Miller contin- ues, “was that for the most part, people the suburbs to city-based or other subur- didn’t just sell their homes in the city ban work locations right now. People who and residential.” and move away. Many bought second want to live in the city will work remotely homes—co-primary or alternative-pri- mary homes, so to speak—and thanks vice versa—in the future.” to remote work, they commute less. One thing I think the experts and pundits have five to seven percent of workers worked closer view of what’s happening. wrong about remote work is that they’re remotely. Now, the number of permanent focusing on people who work in the city remote workers has doubled or tripled to with Brown Harris Stevens in Brooklyn. and live in the suburbs—overlooking 15 or 20 percent. Going forward, another “In New York City,” she says, “I’m hopeful those who do the opposite: living in the 50 percent of office workers will work city and working in the suburbs. There part-time in the office and part-time re- are currently more people telecommuting motely. That shift is likely to be perma- from Manhattan to the suburbs than from nent, and has profound implications for for companies based in the suburbs—and Miller adds that “prior to COVID, brokers in the New York market to get a commercial office rents, as well as retail The View from the Field But what about the real-world mar- ket? CooperatorNews spoke with several Joanna Mayfield Marks is a broker continued on page 27 “Since the beginning of the year, we’ve seen a compression of the COVID discount; we don’t think there’s a lot of discount left.” —Jonathan Miller See us at Booth 108