Coronavirus

When will New York City’s real estate market reopen?

Real estate is part of Phase 2. Under CDC guidelines, NYC needs to see includes a downward trajectory of documented Covid cases for at least 14 days after entering Phase 1, among other requirements, in order to enter Phase 2.

iStock

Share this Article

Governor Andrew Cuomo’s announcement today that New York City is expected to reopen June 8th gives a clearer timeframe for the restart of city’s real estate market.

Cuomo says that the city recorded 67 deaths from the coronavirus, the lowest one-day total in two months, and is on track to meet goals that will allow it join other parts of the state in Phase 1 of reopening. This phase allows nonessential stores to open for curbside pick up and nonessential construction and manufacturing to restart.

Earlier, Cuomo indicated that real estate would be part of Phase 2, which also includes office jobs, in-store shopping, and limited hair salon services. Under Center for Disease Control guidelines, regions must have over 14 days of decreased hospitalizations, among other factors, in order to enter Phase 1. The threshold for entering Phase 2, according to CDC guidelines, includes “a downward trajectory (or near-zero incidence) of documented cases for at least 14 days after entering Phase 1,” among other metrics.

Cuomo said that NYC must still meet benchmarks related to hospital capacity and contract tracing in order join the rest of the state in Phase 1, but that the city is on track to meet those goals by the end of the week.

Yesterday, Cuomo said he was signing an executive order that would allow businesses to withhold services to customers who don't wear masks in order to protect places of business.

As many as 200,000 to 400,000 could be returning to work in the first phase, and questions remain about safety and overcrowding on the subways.