Sister act
Sorelle, Charleston restaurants, Mystic, sound baths, Champagne & Caviar Bar, NYC real estate in review, MORE
REAL ESTATE • In Context
Taking inventory
Real estate will not miss 2023, with its inflated interest rates, inventory shortages, and geopolitical turmoil. And yet, in New York City at least, the market held up just fine, especially at the highest end.
There were 1198 contracts signed above $4M last year, which ranks fifth over the last decade, per Olshan’s Luxury Market Report 2023. (Number one? 2021, by a longshot, at 1877 contracts. Number 10? 2020, also by a margin, at 645.) North of $10M (the “trophy market”), 240 deals got done, which is the most since 2014 (excluding 2021’s outlandish 400).
The numbers look similar when isolating for new developments. There were 2957 sponsor contracts signed in 2023, 422 of which hit the $4M luxury threshold. That’s down from 2021-22, but in line with the pre-pandemic average, according to Marketproof’s 2023 NYC New Development Report. Of those sponsor deals, 93% were in Manhattan and 7% in Brooklyn. Queens, which had the best new development year of the three, has yet to get on the board in the luxury category.
What’s everyone watching for in 2024? Interest rates, of course, but also inventory. The two are tightly connected on the resale side, but for new developments, the inventory issue is simply dwindling supply. Per Marketproof, new dev inventory shrunk 25% last year in a declining sales environment. And that trend doesn’t show signs of abating, at least in Manhattan. May be time to hop on that 7 train to Long Island City.
NYC REAL ESTATE LINKS: Lower interest rates in 2024 could boost NYC condo sales • Shuttered Barneys in Chelsea converting to condos • Village girds for fight over new 5G towers • East Midtown Greenway opens along East River • Construction wrapping up at 25-story 1 West 60th St. • Should a 170-year-old garden in Brooklyn Heights be developed?
CULTURE & LEISURE • Friday Routine
The goods stuff
RACHEL KRUPA • founder/CEO • The Goods Mart, Krupa Consulting
Neighborhood you live in: Soho
It’s Friday afternoon, how are you rolling into the weekend?
With friends, having a great dinner with a lot of laughs. My 2024 resolution is to have more of those dinners with friends at home, creating memories playing Jenga with a nice bottle of wine.
Any restaurant plans?
You can find me at Raf’s noshing on the half chicken or at La Compagnie des Vins Surnaturels diving into their grilled cheese and washing both down with a great bottle of wine or a mezcal Negroni.
How about a little leisure or culture?
I’ve been really enjoying the programming at The Shed at Hudson Yards — the space is intimately stunning. Also, The Soft Space by Mama Glow just opened in Williamsburg, so if you’re looking for a haven of wellness, I highly recommend a sound bath by their founder Latham Thomas. Lastly, you will always find me in a workout class on the weekend at New York Pilates or The Class by Taryn Toomey and strolling around Nolita/Soho.
Any weekend getaways?
I spent New Year’s weekend in Mystic, Connecticut, and explored Westerly, Stonington, and Watch Hill, and I’m officially obsessed with the food scene and vintage shopping. Add Nana’s, High Hope Tavern, The Shipwright’s Daughter, and Sift Bake Shop to your must-eat-at list and Ocean House to be transported into a scene of the Great Gatsby. The Airbnb I stayed at had pet ducks, the highlight of the trip.
What was your last great vacation?
Besides CT/RI, Paris! Walking aimlessly and getting lost in Paris is my favorite vacation. Favorites: Dreamin Man cafe, Septime La Cave, Clamato, and Bonjour Jacob. And if you need a little slice of wellness, check out Officine Universelle Buly 1803 in the 4th. They have a hidden treatment room — highly recommend. Reve de Gosse is an unbelievable shop that sells vintage workwear, and the founder also makes modern versions with the incredible fabrics.
CULTURE & LEISURE • Ballers
Iowa vs Rutgers Women's Basketball, Caitlin show, Jersey Mike’s Arena (Piscataway, NJ), Fri @ 6p, section 105, $186 per
Googoosh, Beacon Theatre (Upper West Side), Sat @ 8p, orchestra, $218 per
An Evening with Chrisette Michele, City Winery (Chelsea), Fri @ 6p, stage premier, $85 per
CULTURE LINKS: Mercer Labs museum is open in former Century 21 building • Frick leader to step down after 14 year run • The top 50 art exhibitions of 2023 • Christie’s and Sotheby’s report 13 percent drop in 2023 sales • With more available data, is the art market becoming more opaque? • How to fund the arts.
BARS • First Round
Do it for the gram
The Skinny: A Champagne and caviar parlor in an underground lair in the Meatpacking District, brought to you by the unlikely hospitality player Restoration Hardware.
The Vibe: The white oak staircase at RH Guesthouse New York leads down to the cellar, where Champagne & Caviar Bar, an intimate, 32-seat room, is outfitted with Italian Calacatta gold marble tables and marble floors. The ceiling is made of hand-blown amber glass, illuminating the space in golden light. Floor-to-ceiling refrigerated cases stocked with notable bottles line the walls.
The Food & Drinks: The list includes bottles both old (a 1990 Dom, a 1985 Salon) and young (think Bérêche) to pair with Petrossian-caviar-accented snacks — cones, mini king crab rolls, tartares. Or order by the gram, with classic accouterments.
The Verdict: While Champagne & Caviar Bar’s fancy finger food isn’t substantial enough for dinner, the lounge is made for haute pre-dinner drinks and snacks. The move: book a 7:30p table and then walk up to Noz 17 for its 9p seating. –Kat Odell
GETAWAYS • Charleston Report
Italian sisters in the Lowcountry
Charleston, SC, is not where I expected to eat my best slice of pizza in 2023, but there I was last week, standing at a high-top at the back of Sorelle Mercato on Broad Street, doing exactly that.
We had ordered a slice of the pomodoro pie, served Sicilian-style in the fashion of the house, when the server suggested a Calabrian slice. Made with fresh mozzarella and covered in small, crispy pepperoni, the slice also features honey — not a lot of honey, not hot honey, just a tiny touch that brought the whole thing over the top.
After an experience like that, what’s one to do but book for dinner? Sorelle, up a lavish staircase from its sister, the all-day Mercato, opened last February, boasting a big name executive chef in Michael Mina. But it’s the two chefs in the kitchen, Adam Sobel and Nick Dugan, turning out dishes like monkfish marsala (creamy!) and bistecca wagyu (dreamy!), that are making it happen. As good as both of those were, it was the starters that moved our table the most, including black truffle arancini and a caviar zeppole that would be right at home at Torrisi.
Following New Year’s Eve, Sorelle closed for two weeks to refine the acoustics in the plush upstairs dining room (which sounded no louder than your average New York City restaurant the night we dined), as well as to make some equipment upgrades. When it returns, so will we. –Lockhart Steele
→ Sorelle (King St. Historic District), 88 Broad St., Reserve.
→ Sorelle Mercato (King St. Historic District), 88 Broad St., no reservations.
GETAWAYS LINKS: As Michelin gets set to add hotel rankings, what are they looking for? • Why more Americans are ditching US resorts and skiing in Europe • Cake season arrives this weekend in New Orleans • Six Senses announces plans for first Mexican resort, along Pacific Coast • Checking in to the new Le Grand Mazarin in the Marais • The winter magic of Quebec City.
GETAWAYS • The Nines
Charleston restaurants, new and new-ish
Sorelle (King St. Historic District), Italian restaurant with grab-and-go market during the day