WHAT IS ONE WORD TO DESCRIBE THE CURRENT NYC MARKET?

Resilient! The Manhattan market proved its resilience yet again in the third quarter of 2025. Despite political noise and rising borrowing costs over the summer, buyers and sellers stayed active — and in some cases, remarkably aggressive. Closed sales rose to their highest third-quarter level in years, with nearly 3,200 transactions recorded and dollar volume north of $6 billion. That’s not just a rebound — it’s momentum!

What’s driving this? Quite simply, demand across the spectrum. Entry-level buyers are still stretching to secure co-ops, even as inventory in that segment thins. The middle of the market — $1M to $3M — remains the bread-and-butter of Manhattan, capturing the largest share of sales. But the real story this quarter was luxury: sales above $5 million surged to a ten-year high in market share, and condos priced above $3 million now represent a full quarter of all closings. It’s clear that equity gains, generational wealth transfers, and the desire for larger spaces are fueling this upper-tier strength.

Contracts signed tell a similar story of steady demand, though with some moderation after a busy spring. Contracts were up slightly from a year ago but fell compared to Q2. Interestingly, sellers have been more flexible on pricing — average contract prices slipped, which gave buyers renewed confidence to act. Larger homes led the way, with three-bedroom and bigger apartments commanding strong interest, especially from growing families and investors seeking long-term value.

Inventory is stable but nuanced (always the case these days). Overall listings were essentially flat compared to last year, but the composition shifted: co-op inventory contracted sharply while condo supply expanded. Ultra-luxury supply, especially in the $10M–$20M range, is tightening considerably. That scarcity, paired with resilient demand, has kept pricing firm. Median prices pushed to a post-pandemic high of about $1.2 million, and average price per square foot held in the $1,500–$1,800 range — right around long-term norms.

For new developments, the picture is mixed. We saw fewer launches and a softening of prices, particularly as closings concentrated in less expensive submarkets. Yet even here, buyers remain engaged, looking for quality and value in equal measure. A real scarcity of upcoming new development projects will reduce inventory in the coming years.

Stepping back, what stands out to me is how Manhattan continues to defy the skeptics. With nearly two-thirds of all sales closed in cash, and virtually all $3M+ deals financed without banks, this is a market driven by wealth, lifestyle, and long-term confidence. Political headlines may come and go, but the fundamentals — limited supply, global demand, and New York’s unmatched appeal — remain as solid as ever.

As I reflect on the quarter personally for me and my team, I am filled with gratitude for the trust so many clients place in us. Through the third quarter of 2025, we had the privilege of assisting 64 families and individuals in finding their place in New York — whether that meant the joy of a first purchase, the excitement of an upgrade, or the difficult decision to sell a cherished home.

Together, these transactions represented more than $150 million in sales volume. Behind every sale is a story (and very often a complex story) and a set of problems to be solved our clients. It is those stories — of people, families, and their homes — that inspire our work every single day! And for that I am deeply thankful to my clients, colleagues, friends, and team for allowing me to do what I love in the city I love.

Have a fabulous weekend and enjoy the lovely fall weather!

Best, Michael

Click here for the full Market report

Question of the Day

Have you heard about the Big Bend, and are you a fan of New York architecture?

Click to hear more!

Local News

Experience a digital art dreamscape at ARTECHOUSE in NYC

Dancing penguins, trippy flamingos and colorful blocks make up just some of the surrealist scenes in ARTECHOUSE's new exhibit. Titled "SUBMERGE: Beyond the Render," this immersive art experience in Chelsea showcases surreal landscapes, digital worlds and trippy dream-like sequences accompanied by house music from Zedd.

The Fall 2025 show is part of ARTECHOUSE's on-going SUBMERGE series, where the former Chelsea Market boiler room space offers artists a chance to experiment with new aesthetics and technology in immersive storytelling, while letting audiences "submerge" themselves in the art. The exhibition features work from today's leading 3D artists in collaboration with Render Network Foundation.

Tickets for SUBMERGE: Beyond the Render are on sale now starting at $24.50 for adults and $18 for children. Discounted rates are also available for students, seniors, military, first responders, and small groups of 4-9 people. You can purchase your tickets here.

🎨✨ What happens when 18K visuals, surreal dreamscapes, and house music collide? ARTECHOUSE has the answer—✨ step inside the experience through the link below!

More Info: CLICK HERE

Candlelight Concerts In NYC Are Back For 2025—And They’re More Magical Than Ever

As the year’s colder months arrive, a magical atmosphere awaits with the best Candlelight concerts in New York. These live music evenings invite music lovers to rediscover some of this season’s most popular tributes like The Nutcracker, the energetic pop anthems of Coldplay, and the timeless compositions of Vivaldi. With new classical programs introduced every season, there is something in store for everyone.

Looking for the perfect present for your friend’s birthday or an unforgettable anniversary present? The Candlelight gift card makes a great gift for any music lover.

🌙 From timeless classics to modern icons, Candlelight transforms NYC nights into pure magic—🕯️ see the full 2025 concert lineup in the link below.

More Info: CLICK HERE

The Largest & Brightest Supermoon Of 2025 Illuminates Skies Next Week—And New

Yorkers Get A Front Row Seat

Though we’ve recently been reaching for our hoodies to make it through these chilly fall evenings, the sky is about to put on its own cozy show, and you won’t want to miss it. On Monday, October 6, 2025, the Full Harvest Supermoon will reach peak illumination. But this isn’t just any moon—it’s the largest and brightest full moon of the year, and the first of three dazzling supermoons closing out 2025.

When To See The Full Harvest Supermoon In NYC

The Full Harvest Supermoon peaks at 11:47 p.m. EDT on Monday, October 6, but New Yorkers will get the best view at moonrise on Tuesday, October 7 at 6:36 pm, when it climbs dramatically above the eastern horizon just after sunset.

🌙 Look up, New Yorkers! The largest & brightest supermoon of 2025 will rise over the skyline next week—✨ Discover more in the link below!

More Info: CLICK HERE

Featured Listing

246 West End Avenue, Unit 2DE/3E

4-Bedroom | 3-Bathroom | Co-op

Maintenance: $5,285/mo.

Offered at: $2,995,000

OPEN HOUSE | BY APPT. ONLY

Sun, Oct 5th

12:30 PM - 2:00 PM

Welcome to duplex apartment 2DE/3E at 246 West End Avenue - The Howard House! This extra-large four-bedroom and three-bath apartment reflects the perfect living experience in the heart of the Upper West Side. Perched between Central Park and Riverside Park, the Howard House offers an abundance of neighborhood staples. Restaurants, supermarkets, neighborhood shops, as well as the best transportation hubs, are all in the closest proximity.

As the only duplex apartment at 246 West End Avenue, you enter Residence 2DE/3E through a long and gracious gallery. The living room with two exposures, East and South, as well as the separate windowed dining room, features 10'4" high ceilings throughout. The kitchen features cabinetry by Poggenpohl, a GE Cafe stove, and a Sub-Zero fridge.

The primary bedroom with its high ceilings, decorative fireplace, and ample closet space is located on the main floor, as well as the second bedroom, the laundry room with a Miele Washer and Dryer, and other valuable closets. On the upper level of the duplex, you find the third and fourth bedrooms split by a full bathroom. The optional home office or private gym is a wonderful addition to the apartment. Overall, the apartment has a fabulous entertaining expanse while honoring privacy in the bedrooms.

246 West End Avenue is an elegant 13-story prewar coop designed by esteemed early 20th-century architect J. E. R. Carpenter in 1913, with 82 residences. This superb full-service, pet-friendly building has an amazing and attentive staff, including 24-hour doormen, a handyman, a porter, and a live-in resident manager. Amenities include a new bike storage and moderate fee-based storage units. Private appointments on request.

See listing website: CLICK HERE

More Listings

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.