DO YOU PREFER OLD OR NEW? | MJF Weekly Newsletter

DO YOU PREFER OLD OR NEW?

Either way, you’re in luck when it comes to New York real estate — because we have it all! However, the new—as in new development condos—might be harder to come by in the very near future.

Many of the recent developments have been selling successfully and briskly, so the demand for “new” remains strong. But the pipeline of upcoming buildings has thinned amid the high cost of financing, the scarcity of buildable sites, and the lack of city incentives to create new luxury housing. In the second quarter of this year, only 3,600 units remained unsold — a 10-year low — and just five additional buildings are projected to deliver around 245 more new units in Manhattan this year.

We experienced a post-pandemic boom of inventory when developers snapped up parcels for assemblage during the era of cheap financing. Those projects have since been completed and most of that inventory has now sold.

When interest rates rose in 2022–2023, land acquisitions largely paused — creating today’s lull in new inventory that otherwise would be hitting the market right about now.

The steepest decline can be seen on the Upper West Side, where only 51 new condo units are expected to come to market over the next three years, compared to nearly 1,000 units in the last development cycle between 2016 and 2019.

It’s good news for developers with projects in the works, but bad news for lovers of new construction — options will be limited. It’s also likely to drive more sales in the few projects that still have units remaining. The drought will take years to resolve, especially since it typically takes three years from groundbreaking to launch and sales.

As always, it comes down to supply and demand — and the lack of supply will undoubtedly push prices in new developments higher, further fueled by the fact that many buyers now prefer “new” over “old,” especially when developments offer abundant amenities like gyms, pools, game rooms, spas, pet spas, and more.

So if you are in the market it might be a good time to explore resales (old or new)!

And speaking of old and new — the much-anticipated Flatiron Building condos are finally launching! There are a handful of landmark buildings in New York that are truly iconic, and 175 Fifth Avenue is one of them. Now, for the first time in its storied history, this magnificent silhouette is being transformed from offices into private residences — thirty-eight in total.

The redevelopment includes a meticulous restoration honoring the Flatiron’s 1902 Beaux-Arts heritage while bringing it squarely into the 21st century. More than 1,000 windows will be replaced, thousands of delicate terra-cotta details repaired, and the six-foot cornice crowning the building carefully restored. At night, the Flatiron will glow with a newly approved LED lighting scheme illuminating its distinctive wedge-shaped form, casting a soft halo over Madison Square Park.

The “entry-level” home — a roughly 3,000-square-foot, three-bedroom, three-bath residence — is priced just under $11,000,000. Four-bedroom layouts start in the $15,000,000 range. The 20th-floor residence, measuring approximately 7,400 square feet, is listed for $48,000,000. And then there’s the penthouse — the crown jewel of an already glittering offering. Though pricing has not yet been released, the residence will encompass about 4,600 square feet of interior space with four bedrooms, four-and-a-half baths, and a wraparound terrace exceeding 3,200 square feet.

Top-tier amenities will include a pool, hot spa, and cold plunge, as well as a fitness center, lounge, game room, and bar.

To me, this conversion represents more than just another luxury development. It’s a rare synthesis of history, design, and scarcity — an architectural monument reborn for contemporary residential living. Not just another glass tower or new supertall.

There could be worse places to live!

Whether you’re doing something old or something new, I wish you a fun and relaxing weekend.

Best, Michael

Question of the Day

What city or town is really tackling the housing crisis and the rent increases?

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Local News

Time Out Market New York Union Square is officially open—here’s what you need to know

It is official—Time Out Market New York, Union Square is now open!

That’s right, our latest Market is open and ready for business. Inside the 20,000-square-foot space, you’ll find kitchens staffed by established names and up-and-coming talented chefs from across New York City, a selection of to-go goods and coffees, and a curated lineup of cocktails, wine, and beer. Our latest market hall plans to follow in the footsteps of our sister market hall, Time Out Market New York, Dumbo. And that is to bring you the best of New York under one roof.

🍴 Ready to taste NYC’s hottest new spot? See what’s waiting at Time Out Market Union Square in the link below!

More Info: CLICK HERE

A Vibrant Día De Muertos Celebration Has Taken Over Flatiron — And It’s Completely Free To Explore

The month-long celebration of Día de Muertos in Flatiron is running from Friday, October 10th to Monday, November 3rd, 2025.

Grab your marigolds and adorn your ofrendas because Flatiron Nomad Partnership has once again transformed the district into a colorful celebration for Día de Muertos!

Though the district’s annual Día de Muertos festivities were limited to just one week last year, this year’s iteration has expanded into a whole month of interactive ways to honor the traditional Day of the Dead holiday in NYC. Plus, it’s entirely free to everyone!

🌸 Step into a world of color and culture—Flatiron’s Día de Muertos celebration is back and bigger than ever. Learn more in the link below!

More Info: CLICK HERE

Paw-rade perfection:

The Tompkins Square Halloween Dog Parade

is back this weekend

The Tompkins Square Halloween Dog Parade is making its grand return this Sunday in the East Village. This year marks the event’s 35th anniversary — and it comes with some new tricks.

For the first time, a pack of Grand Marshals will lead the parade: five adoptable dogs from local rescue organizations, including PupStarz, Social Tees, and the ASPCA.

“It’s going to be very cute. And we've got some other surprises in store to kick off the parade,” said Fern Watt, founder of the nonprofit behind the event, New York Dog Parade.

The route will run down Avenue B, from 11th to Seventh streets, from 1 to 4 p.m.

👑🐶 1,200 dogs, endless creativity, and one grand prize—discover all the pawsome details about this year’s Tompkins Square Halloween Dog Parade in the link below!

More Info: CLICK HERE

Featured Listing

37 West 12th Street, Apt. 6G

2-Bedroom | 2-Bathroom | Co-op

Maintenance: $4,298/mo.

Offered at: $3,350,000

OPEN HOUSE | BY APPT. ONLY

Sun, Oct 19th

2:00 PM - 3:30 PM

Welcome to apartment 6G in the Butterfield House, one of the most sought-after lines in this mid-century modern landmarked building. This residence boasts a thoughtful and superb renovation featuring incredible architectural design and open, sunny views to the north and the south.

The gracious foyer leads to the grand-scale living room with a huge picture window providing tremendous southern sun all day long. On the opposite end of the floor, through the residence, sits the media room, with its lovely northern views of Greenwich Village, which provides the perfect extra space for entertaining as well as comfortable evenings at home.

The reimagined space offers a loft-like setting incorporating beautiful design, architectural elements, and the perfect flow for modern, luxurious living and entertaining. Access your private sunroom from the living room to enjoy stunning open views overlooking this serene, tranquil, and landmarked building garden, along with the beautiful pre-war buildings lining lower Fifth Avenue.

The windowed chef’s kitchen is open to the dining room, completing the open-concept floor plan that fits a more contemporary lifestyle. Enjoy open views to the north from both the kitchen and the dining room. The kitchen features a stunning white Caesarstone-clad waterfall island, which accommodates separate casual dining and an abundance of stylish, white-lacquered cabinetry. A top-of-the-line Bosch appliance package completes this culinary masterpiece.

The separate bedroom wing features two large suites with sunny open-sky exposures. The luxurious primary bedroom boasts twin custom-built closets and a large, fully outfitted walk-in closet. Gorgeous, solid built-ins create warmth, extra storage, and a mid-century style fitting for the building.

The spa-like en-suite bath is adorned in warm floor-to-ceiling travertine. There is a custom floating vanity, a medicine chest, and a large walk-in rain shower. Only the highest quality finishes and fixtures were used to complete this masterpiece of a bath.

The generously proportioned second bedroom features sunny southern exposures and two fully outfitted oversized closets. This room is large enough to use as both a home office and guest room if desired, with a sleek sliding door creating the utmost flexibility. The second full bath is also adorned with glorious, floor-to-ceiling marble, a pedestal sink, a deep soaking tub, and eye-catching chrome fixtures.

The design team that created this masterpiece included all the best finishing touches required in a luxury residence, including brand-new solid oak floors, custom walnut millwork throughout to echo the mid-century history of the building, through-the-wall AC, and abundant storage space.

The Butterfield House is a uniquely landmarked mid-century modern building and is one of the most important and beautiful post-World War II apartment houses in New York City. Built in 1962 by Architects Mayer, Whittlesey, and Glass, residents of this pet-friendly, white glove cooperative enjoy an architecturally significant garden and lobby, a resident manager, a full-time doorman, a deeply discounted on-site garage, state of the art fitness facility, a bike room, separate storage, and a central laundry room.

The building is located on one of the most sought-after tree-lined streets in Manhattan, surrounded by the best of New York, including Union Square, Washington Square Park, the West Village, terrific shopping, cafés, restaurants, and culture. 60% percent financing is permitted, and there is a 2% flip tax payable by the purchaser.

See the listing website: CLICK HERE

More Listings

Virtual Tour

Michael J. Franco

Lic. Assoc. R.E. Broker

M: 917.817.4122

mfranco@compass.com

Office: 646-982-0353

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.