Prospect Places
Welcome to my new newsletter format
This Substack has been a time commitment but so rewarding. I loved finding my voice and connecting with other families to share the city we call home.
As my business and brand have evolved, I’m tweaking my content and moving this to a once-a-month, newsletter-style approach—Prospect Places. My Instagram will still have weekly kids—and family-focused recommendations. Prospect Places will have upcoming events, things to know, real estate insights, and the scoop on family activities, too.
Below is April’s Prospect Places newsletter. May’s version will come directly from me rather than Substack. Thank you for following me on this journey!
Vanderbilt Open Streets is almost back!
Vanderbilt Open Streets returns on Friday, May 3rd. I’m volunteering with the programming team this year, and we have a great agenda for the opening weekend, including a brass band for opening night. Make sure to follow their Instagram account for all the news related to the open streets season.
I’m very excited that we are also making Sprinkler Saturday official this summer. We already have three dates on the calendar—6/16, 7/13, and 8/10! This is one you don’t want to miss.
What's New
Life Time Atlantic Avenue opened on April 19th! It's a bit far for me, but I like that they offer a household membership with discounted rates for partners.
319 Prospect Place: The condos at the corner of Underhill and Prospect Place are open for hard hat tours. Given the playground's proximity, we’ve all watched this closely. If you're curious, shoot me a note, and we can book a tour!
593 Dean Street tops out. This corner has been evolving since I moved to the neighborhood almost ten years ago. It's crazy how fast the blocks around Dean and Pacific are changing through Prospect and Crown Heights—many more apartments are on the way.
Q1 Market Insight
As I look at the updated data from Q1, there are two takeaways:
Lack of Inventory: The real estate market is experiencing mounting price pressure across all segments, primarily due to a scarcity of inventory. In Manhattan and Brooklyn, interest rates disrupt occupant movement, affecting rentals and sales. The number of leases signed and closings has significantly dropped from the highs of 2021.
There are signs that we’ve adjusted to this new normal in 2024; closings are up in Q1. Will this hit the rental market in time for relief before the busy summer season? It seems unlikely at this rate
Tale of Two Cities: Manhattan and Brooklyn increasingly become different environments on the sales front. Manhattan is a buyer's market where deals can be had; Brooklyn is a seller's market with competitive bidding for in-demand products.
Read my full market insight: https://www.prospectplaces.com/q12024.
Here’s to a warm and sunny May!
Katie