Today In Real Estate

We hope you are enjoying the start of Fall and the last days of warm weather. Following a strong Spring market, we were busy this Summer moving our listings from contract to closing with nine closings and counting, and putting together deals on the last of our listings. The first Fall weekend was a bit slow, but many new listings came on this past week, and we expect a rebound in activity, especially as mortgage rates have been coming down. Below is our market update for July and August. While showings and on-the-ground activity was seasonably slow, closings were strong both in terms of volume and prices reflecting a strong 2025 so far.

We are also excited to share with you a snapshot of notable new development projects across Manhattan. Overall, new development closings and inventory were down this summer, but closed sale prices were up. If you have any questions about new development please reach out. We’ve guided buyers through a wide range of projects over the years — from boutique Brooklyn condos to Manhattan high-rises — and the process differs significantly from resale, with unique negotiations and parameters to navigate in each project.

Our next report in mid October will cover 3rd Quarter market data, with a focus on the early Fall market. There's a lot weighing on the market now (e.g. NYC's mayoral election, mortgage rates, employment, and tariffs) and it will be interesting to see how these factors shape the NYC real estate market.

Manhattan Summer Snapshot

As is typical for the Summer, on-the-ground activity—such as new listings, contracts, and open house attendance—slowed in July and August. Even so, closed sales and prices showed renewed strength in Manhattan’s 2025 real estate market. Both price per square foot and median sales price were higher this summer compared to last year.

Anecdotally, we found the Spring and Summer market to be very strong, as all of our listings—including several re-listed from 2024—secured buyers at prices exceeding our realistic expectations, with some even setting building records. We expect this momentum to carry through into the early Fall market, especially as rates have been slipping over the last week. The big uncertainty is what impact the mayoral election will have on the market, and we hope to report back on this with some preliminary data next month.

Brooklyn Summer Snapshot

In Brooklyn, contract activity was up slightly in July compared to last year, and remained essentially even in August. Prices were also up although this is likely due to a larger share of new development closings. While inventory -- both resale and new development -- had ticked up in the Spring, new listings shrank (and were down relative to last year) throughout the Summer.

While it remains to be seen what the Fall holds, and how macroeconomic factors come into play, as always, inventory will be the key factor in the Brooklyn market.

Notable NYC New Developments

1122 Madison Ave | Upper East Side

Sales with start this fall at 1122 Madison Avenue, a 22-story residential building at the corner of Madison Avenue and East 84th Street, with prices starting around $10M. Developed by Legion Investment Group with architecture by Studio Sofield, the 283-foot-tall project will have just 26 residences. The tower’s design draws on classic prewar architecture with its limestone façade, sculpted details, and custom ironwork, paired with modern interiors featuring terraces, balconies, and sweeping views of Central Park and Midtown. Read more here.

77 West 66th Street | Upper West Side

Extell Development has unveiled plans for a proposed 1,200-foot-tall residential skyscraper at 77 West 66th Street, located on Manhattan’s Upper West Side. Previously home to the headquarters of ABC, the new 90-story tower will be the tallest in the neighborhood by a wide margin, exceeding the height of the 70-story 50 West 66th Street. Read more here.

80 Clarkson St. | West Village

Construction is underway at 80 Clarkson, a two-tower development with 112 condominiums on the West Village waterfront by Zeckendorf Development. To date, 83 units have been released, with a projected sellout exceeding $2 billion. The building’s duplex penthouse spans more than 7,100 square feet with nearly 1,000 square feet of outdoor space and is listed at $80 million, which, if sold, would set a record for Downtown. Completion is slated for December 2026. Read more here.

525 6th Avenue | West Village

Façade installation is nearing completion on The Village West, a 13-story residential building at 525 6th Avenue in Manhattan’s West Village. A good portion of the brickwork is now visible through the scaffolding, including the rounded geometry of the corners, which add a distinctive touch to the building’s overall appearance. Many of the floor-to-ceiling windows are also in place. Designed by BKSK Architects and developed by Izaki Group and yield 71 condominium units. Read more here.

38 Gramercy Park East | Gramercy Park

Demolition is underway at 38 Gramercy Park East, which is set to become first new major condo around Gramercy Park in a century. Teardown work is scheduled to finish by the end of Summer, with vertical construction to follow. Designed by Roman & Williams, the project will deliver 57 residences over 20 floors, some with direct park views, and feature a prewar-inspired design with cascading setbacks, arched windows, warm gray brick, and stone-clad lower floors. Completion is expected in 2027. Read more here.

201 East 23rd St. | Gramercy Park

The Willow, a 19-story tower at 201 East 23rd Street in Gramercy, will deliver 69 luxury residences by mid-2026. Designed by COOKFOX Architects with interiors by Rockwell Group, the building features a red brick façade with arched windows, cast stone detailing, and landscaped terraces. In addition to the slew of standard amenities (gym, terrace, playroom, etc), the building will also feature a speakeasy and a recording studio. Read more here.

200 East 75th Street & 255 East 77th Street | Upper East Side

Ranked among New York City’s top-selling buildings of 2025, 255 East 77th Street and 200 East 75th Street showcase the Upper East Side’s new wave of luxury living and highlight the demand in the area for new development in central Upper East Side. The limestone tower at 255 East 77th offers 62 residences with skyline views and resort-style amenities, while 200 East 75th delivers 36 boutique condos with club-inspired spaces. Read more here.

Mortgage Rate Update

While the year began with lofty expectations of imminent rate cuts (blipping rates down in January), lingering inflation and President Trump's tariff policy put the Fed on pause, leading to rates retrenching with all eyes on September for the first rate cut by the Fed.

In the first six weeks of the second quarter, we lost about half of the mortgage rate improvements we saw in the first quarter, and the following six weeks saw a bit of a return of those improvements. But over the Summer, with talk of more tariffs and early tariffs taking effect, markets retracted, until last week.

On Sept 5, employment figures came in much lower than was expected, and job figures for July and June were retroactively revised downward -- again. Now it seems certain there will be at least a 25-bps rate cut (possibly more) in September, and the potential for a more aggressive rate reduction schedule than previously expected. In response rates have fallen in the last week.

RATE DATA BASED ON BASED ON CITIBANK'S 30-YEAR FIXED-RATE FOR NON-CONFORMING LOANS, COURTESY OF ZACK TOLMIE, SR. LOAN OFFICER.

Real Estate News

Manhattan sales rose 16.6% year-over-year to a two-year high, with the median price increasing 1.6% to $1.2M. Cash deals surged, driven by generational wealth transfers. New development sales are strong, and days on market hit a three-year low despite economic uncertainty.

(BRICKUNDERGROUND)

In early 2025, nearly 60% of Manhattan home sales closed all-cash—the highest share in NYC. Cash buyers, often using LLCs, targeted both luxury and lower-priced investments, with Manhattan’s median all-cash price about $1.25 million—roughly $215,000 more than financed purchases. LLCs accounted for more than 11% of all NYC home purchases.

(BRICKUNDERGROUND)

NYC rents hit new highs in July 2025, with Manhattan’s median reaching $4,700—up 9% year-over-year—and nearly 30% of leases sparking bidding wars. Tight supply, high mortgage rates keeping buyers in rentals, and new broker-fee rules are driving the surge, with big jumps especially in lower-tier apartments.

(NYPOST)

Curated Collection

Discover the city’s newest luxury residences, where modern design, high-end finishes, and thoughtful amenities create a seamless urban lifestyle.

Summer Sales & In-Contract Deals

1199 Park Ave, #10K

IN CONTRACT

2 BD 2 BA $1,650,000

1199 Park Ave, #2F

IN CONTRACT

2 BD 2 BA $1,295,000

16 West 16th St, #3RN

IN CONTRACT

1 BD 1 BA $795,000

155 Lafayette Ave, #1AB

JUST SOLD

3 BD 2 BA $2,250,000

1199 Park Ave, #2J

JUST SOLD

1 BD 1 BA $520,000

340 E 23rd St, #15G

JUST SOLD

STUDIO 1 BA $655,000

261 Fenimore Street

BUYER REPRESENT

4 BD 2 BA $2,275,000

564 Henry St, #1

BUYER REPRESENT

3 BD 3 BA $2,500,000

150 Waverly Pl, #A

BUYER REPRESENT

4 BD 5 BA $7,532,000

Hear it from our clients!

"As first time home buyers, my partner and I knew our choice in realtor would be a crucial decision. From the beginning, both a personal recommendation from my partner's colleague and Isil's professional credentials and experience stood apart. On our first meeting, Isil took the time to get to know us and to listen to our hopes, goals and concerns. Throughout the process she kept us informed with clear and always prompt communication. She responded to our questions with understanding and worked hard behind the scenes to find solutions and provide clarity. She maintains a strong network of trustworthy contacts within the field that also provided support and peace of mind each step of the way (insurance, inspection, and legal services alike). She did not hesitate to step in and advocate for us during times where the process got caught up or hit a snag (elements out of her control). She even provided additional recommendations after closing when we reached out about a plumbing issue. We are grateful to her and her team for guiding us to our new beautiful home. I recommend her services without reservation."

– Johanna, buyer of a PLG Townhouse