Nobody puts New York in the corner.
After some tough years during COVID-19, a new report has ranked New York as America’s Best City for 2023.
When the pandemic took hold in 2020, many prepared their last words for the Big Apple — and many eventually left.
But the city that does not sleep also does not give up. The rebound has been rapid in the renowned Resonance Consultancy, a global real estate and tourism advisory group, particularly in real estate and tourism. Ranks US urban centers each year,
The report states that more than 61 million tourists are expected to visit New York in 2023. 33 million in 2021 and up from 56 million last year, the number is inching back towards the 70 million mark achieved in 2019.
Visitors are also arriving in style with renovations and expansions at JFK Airport, LaGuardia Airport and Penn Station — and they can choose from 10,000 new hotel rooms slated to open in 2022, the study says.
Down at the Subway, MTA Viewed over 4 million riders In a single day on May 17, for the fifth time in a month. Ridership topped 4 million for the first time since March 2020, when COVID hit.
The New Yorkers are also driving a revival. Manhattan median rent hit $4,395 in MayRecord highs for the third month in a row, according to Douglas Elliman. In sales, pending contracts were up 10% last month from May 2019 and the number of days listed on the market was down 10% from that time period, according to UrbanDigs.
The rental market has been squeezed by demand, said Jonathan Miller, CEO of Miller Samuel Inc., which compiles market reports for Douglas Elliman.
On one hand, high interest rates are forcing potential buyers to rent, and newcomers coming to the city, on the other hand, have left vacancies.
Tightening grip, Manhattan’s population More than recovered from its COVID losses Found a Placer.ai study, from last fall.
“The only thing that seems to be missing is people using the office space,” Miller said.
But do New Yorkers need a report to tell them their city is the best? “Absolutely not,” said Lisa Chaget, an associate broker at Coldwell Banker Warburg.
People declare the city “dead” after every catastrophe, she said, be it 9/11, the Lehman Brothers bankruptcy or COVID, to name a few, from the last two-plus decades. But savvy investors know to go in and buy before prices for New York’s magical healing powers soar, he explained.
“There’s a reason New York comes back every time,” she said. “Let the nerds go to Florida.”