Today in Real Estate

As the weather is warming up, so is the market. Most notably, Manhattan is back, baby! Prices and contract activity are up, and buyers seem engaged and motivated. Brooklyn was more in line with expectations and did not see the same notable shift as Manhattan, though it continues to have the greater imbalance between supply and demand, with strong competition for the best properties.

We hope you find this monthly market update helpful. As always, please reach out if you have any questions about the NYC real estate market or would like to discuss your own real estate plans.

Manhattan Snapshot

After several months of severely constrained supply, April finally saw an influx of new listings, though inventory remained 10% below last year's levels due to a shortage of new listings from prior months along with stronger absorption.

Signaling strong buyer demand, signed contracts were up from March and year-over-year, driven entirely by resale activity as new development contracts were actually down 9% year-over-year.

Open house attendance picked up after the Easter/Passover weekend, surpassing 2025 average levels for the first time this year and remaining above them through the rest of the month. The $1M–$2M segment remained the most active, with 2-bedrooms and coops continuing to lead. The UWS, UES, and downtown neighborhoods like SoHo/Tribeca and Chelsea performed best, while Midtown lagged.

Closed sale prices increased driven by strong resale performance (median sale price was up 6.7% for resales while new development remained essentially even with last year).

Brooklyn Snapshot

Brooklyn finally saw some inventory relief in April with both resale and new development listings up on a monthly and annual basis. As we've come to expect, listings in the most in-demand areas were absorbed rapidly, often with multiple offers.

Brooklyn open house traffic continued to average 2-2.5X the Manhattan numbers, but otherwise followed a similar pattern. Demand was concentrated in Park Slope, Fort Greene, and Carroll Gardens, with 2- and 3-bedrooms and townhouses driving the strongest turnout. Coops continued to outperform condos, pointing to a more value-driven buyer pool.

Closed sale prices were a mixed bag. While overall prices were up year-over-year this was almost entirely driven by new development closings as resale prices remained even (with price per square foot actually down marginally) compared to last April.

As Brooklyn buyers have become increasingly price-sensitive, we’re continuing to see many properties intentionally priced below market to spark bidding wars, often leading to stronger final sale prices than comparable homes listed higher from the outset. As a result, we’ve been advising sellers to price strategically and conservatively, while encouraging buyers to look slightly above their target range, particularly around key pricing thresholds. By way of illustration, a property listed at $1.95M may attract multiple bidders and could ultimately trade close to $2.3M, while a comparable or even objectively better property listed at $2.25M–$2.3M may sell at ask or below simply because it generates less competition.

Mortgage Rate Update

Mortgage rates hovered in the high-5% to low-6% range for much of April with little movement. The Fed kept rates unchanged at its April 29 meeting, a widely expected decision that had little impact on mortgage rates. The meeting was also the last under Chair Jerome Powell, though he is expected to remain on the Board through 2028. While new Chair Kevin Warsh is generally viewed as more supportive of rate cuts, he has also indicated that meaningful changes are unlikely in the near term.

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

New data shows that New York City’s ultra-luxury housing market—typically homes around $4 million and above—is seeing a sharp increase in demand, with pending sales rising significantly even as global political and financial uncertainty grows. Wealthy buyers are increasingly turning to high-end real estate as a stable investment, but the broader luxury market remains constrained by limited inventory, particularly for renovated, move-in-ready homes.

(HOUSING WIRE)

New York Governor Kathy Hochul and New York City Mayor Zohran Mamdani are proposing a new “pied-à-terre” tax on high-value second homes, as part of ongoing state budget negotiations aimed at raising revenue and addressing the city’s budget gap. The proposal is still being debated and has not been finalized, with key details—especially how it would apply to co-ops and be implemented—remaining unresolved.

(REALDEAL)

New York City has passed a new law requiring co-op boards to review purchase applications within a set timeline starting this summer. Boards will generally have 15 days to confirm an application is complete and 45 days after that to approve or reject it, a change expected to make what is often a lengthy and uncertain process more predictable, though the law does include some exceptions and allowances.

(BRICK UNDERGROUND)

Isil's Uptown Edit

Curated Collection

A curated collection of townhomes with garden escapes, each perfect for enjoying the beauty of spring.

Listings & Recent Sales

Hear it from our clients!

“From our very first interactions, it was apparent that Isil is a no-nonsense professional that follows through on her commitments. Isil and her team have integrity, and operate in the client’s best interest! They are thorough, tenacious and proactive at every turn throughout the buying process- including the dreaded board application. They were always accessible, accommodating and communicative to the very end. Admittedly, we were a bit all over the map in terms of where we wanted to be, and what we actually wanted, but Isil’s team always accommodated us. Funny enough, they knew what we wanted before we did!"

- Heidi & David, Buyers of a Midtown Coop