MARKET UPDATE

Q1 Recap | July 2025

• Sales activity rebounding:

  Q1 saw ~2,560 Manhattan closings, a 29% YoY gain, totaling $5.7B, a 56% jump over last year.

• Multifamily sector surging:

  NYC-wide, multifamily sales volume hit $2.21B in Q1, up 62% YoY. (WOAH. Teaser: a full Riff coming on this Multifamily trend.)

• Cash is king:

  ~58% of sales are all-cash, and for units over $3M, around 90% are cash deals.

• Ultra-luxury highs:

  Top‑tier sales averaged $10.3M (up 37% YoY); $6.87M median for the luxury tier.

• Hudson Yards holds the spot as NYC’s priciest area with a median sale price of $5.36M.

• Brooklyn's rise:

  22 Brooklyn neighborhoods are now in the priciest top-50 neighborhoods in NYC, surpassing Manhattan's 20; Cobble Hill leads with $1.91M median price.

• Market-wide rise:

  The NYC median sale price is up ~3.5% YoY to $1.15M.

• Relocation boosting activity:

  Return of buyers from Florida and L.A., plus return-to-office mandates, are reviving Manhattan demand.

BROOKLYN

MANHATTAN

THE BIG (Power) SIT

Four Twenty Five | Midtown, NYC

A sharp, grown-up room high above Park Avenue.

Clean architecture, polished service, and a menu

that doesn't try too hard.

THE SCENE

Midtown power meets just-dialed-in-enough dining...all glass, steel, and quiet. The restaurant sits on the second floor of Norman Foster’s 425 Park Avenue, with light pouring in from two-story windows. It attracts a certain type.

Tables are spaced appropriately. Decibels low. Deals feel like they are being made or at least being quietly negotiated.

The grand, carpeted L-shaped staircase is a vibe. The ground floor bar with 48-foot ceiling and a 24-foot-long Larry Poons painting, soft lighting, luscious draperies, and warm wood bar serve as the perfect entree to the dining room experience.

THE FOOD

Jean-Georges knows his audience. The menu is tight, seasonal, and delightfully familiar. Not fussy. Tasty. Spot-on.

We had many a pasta, a fish dish that blew us away, the DUCK! and all the Hamachi. Not a single miss. A favorite was the simple and perfectly executed cookie and coffee pairing for dessert. "That was the best cookie and coffee combo I’ve ever had,” was the review from my partner (and I'd consider her an authority on all things cookie-and-coffee).

THE VIBE

Polished. Intentional. No fluff.

Perfect for a quiet power lunch, a first-impression dinner, or just sitting still with a classic martini and a view.

Four Twenty Five isn’t trendy.

And it’s not trying to be.

It’s sharp. Quiet. Precise. Adult. Did I say quiet? (I'm getting old).

WHAT'S PLAYING

WHAT COULD HAPPEN NEXT

• A walk to the Modern for a night cap. 

• Polo Bar, Monkey Bar, Nat King Cole Bar, Casa Lever, the post meal choices are infinite.

• Want a view? Have a nighttime rooftop moment at Pen Top atop the Peninsula Hotel.

• Take in some Jazz at The Jazz Club at the Aman.