MANHATTAN

WEEKLY LUXURY REPORT

& MORE!

Residential Contracts Signed

$4 Million and above

March 31- April 6, 2025

27 Contracts Signed

1010 5th Avenue, 2ADE

Manhattan’s Luxury Housing Market Is Now in ‘Wait and See’ Mode. The New York borough is coming off another strong week for $4 million-plus deals, as activity has yet to show the effect of the recent meltdown in stocks

Twenty-seven contracts were signed last week in Manhattan at $4 million and above, 18 fewer than the previous week, which was the best week in the luxury market since December 2021. Condos outsold co-ops, 15-9, with 3 townhouses in the mix. It was a solid performance, but one has to wonder: If the stock market continues to plunge in the coming days or weeks, what will be the impact on residential real estate.

Did You Know? Twelve of the 15 condos were sold by sponsors, averaging 14% discounts off the original asking price and languishing an average 2,025 days on the market (5.5 years!). The average asking price on sponsor apartments was $2,758/sq.ft.

The No. 1 contract was 2ADE at 1010 Fifth Avenue, asking $16.9 million; it was listed in September. The co-op has over 6,000 square feet including 6 bedrooms, 5 bathrooms, and 2 powder rooms. Most of the rooms face south on 82nd Street except for 3 bedrooms that face Fifth Avenue. The apartment is in excellent condition and was sold with 2 storage units. Amenities in this building include doorman, a resident manager, storage, and a fitness center. The co-op board allows 40% mortgage financing.

The No. 2 contract was a sponsor unit, PH38W, at 180 East 88th Street, asking $12.65 million, reduced from $15 million when it was listed in January 2016. The duplex condo has 3,794 square feet including 4 bedrooms, 4.5 bathrooms, and a study. Downstairs features a 44-foot great room with 28-foot ceilings, an eat-in kitchen, study, and primary suite. Upstairs are 3 more bedrooms. The unit has 9-foot windows and expansive views of Central Park and the city. Amenities in this 47-unit condo include doormen, a fitness center, a basketball court, playroom, game room, a residents lounge with catering kitchen, and storage.

Newsletter Sources: Olshan Report, Compass, Urban Digs, Mansion Global, and 6sqft

180 East 88th St. PH 38W

Navigating Market Volatility:

Current Insights on Buyer Behavior, Mortgage Rates, and Rental Trends. With all the headlines and market swings lately, you're probably feeling overwhelmed and have questions.

📉 Are Buyers Backing Out of Deals?

You might’ve heard about a wave of contract cancellations—but here’s what the data actually says. Contract cancellations rose to just over 1% of contracts last week (vs. a 3-year average of 0.5%). That sounds big, but in the context of total contract volume, it’s still quite small.

🏦 What’s Happening With Mortgage Rates?

After a brief dip, rates are rising again. Volatility in the 10-year Treasury is driving sharp changes, but we don’t expect long-term relief. Waiting for rates to fall further might not be the winning move. 

🤝 Can I Negotiate More?

Not quite. Spring momentum is strong, with above-average demand and seasonal supply increases. While stock market volatility might shift a bit of leverage to buyers, sellers aren’t likely to entertain steep discounts.

🏙️ Will Rents Go Down?

Unlikely. Manhattan rents remain high due to persistent demand and slow-moving supply. With the busy season still ahead, a meaningful drop in rents isn’t expected.

💬 So What Should Buyers and Sellers Do?

For buyers, this could be an opportunity—less competition means more room to move. For sellers, it’s time to be sharp on pricing and responsive to signals. Volatility can shift the ground quickly.  

What Type of Real Estate Buyer Are You in Today's Market?

As we navigate the current real estate landscape, it's essential to recognize the diverse profiles of buyers. We can categorize them into three groups:

• The Cautious Buyer: This individual has halted their purchasing process due to significant wealth losses, job security concerns, or general economic fears.

• The Opportunistic Buyer: This buyer sees the current market as an opportunity to invest before potential price increases, motivated by the desire to secure a hard asset like real estate.

• The 'Wait-and-See' Buyer: This group prefers to pause and assess the market, hesitant to liquidate stocks that have lost value, hoping for a rebound.

I encourage my buyers to adopt a long-term perspective, recognizing real estate as a stable, hard asset. Everyone has different thresholds for risk and varying comfort levels with market fluctuations.

With over a decade of experience, I've seen many buyers pause to assess whether the current turbulence will escalate. Wealthier buyers often have the luxury of waiting, while others may continue to pursue opportunities.

No matter what kind of buyer you are, I invite you to ask for real data on the neighborhoods you're interested in. Remember, real estate is hyper-local, and understanding the specifics of your desired area is crucial for informed decisions.

If you're ready to start your home search or want to keep an eye on your favorite neighborhoods, let me set up a custom "Collection" for you. This personalized dashboard will showcase homes that match your criteria and provide real-time updates on price changes, contract status, and sales—all in one place. This streamlined tool eliminates the hassle of endless emails and keeps you informed about the market movements that matter.

BROOKLYN WEEKLY REPORT

Residential Contracts Signed

$2 Million and above

March 31-April 6, 2025

18 Contracts Signed

The Brooklyn luxury real estate market, defined as all properties priced at $2M and above, saw 18 contracts signed last week, consisting of 9 condos and 9 houses. The previous week saw 23 deals.

The No. 1 contract signed was for 301 Park Place in Prospect Heights, which entered into contract last week, with a last asking price of $4,499,000. This townhouse spans approximately 3,500 square feet with 4 beds and 4 baths.

During turbulent times, one of the safest places to invest your money is in real estate. Hard assets like real estate tend to withstand economic challenges effectively. When a property also provides shelter, it serves two important purposes: it becomes a safer investment and a home. In times of uncertainty, having a 'safe haven' at home can be incredibly comforting. This is why many financial advisors are emphasizing the importance of tangible assets in your portfolio.

Local Happenings

The World’s Oldest Easter Parade Returns To NYC This April With Thousands of Bonnets & Extravagant Outfits

Every Easter from 10 AM to 4 PM, Fifth Avenue transforms into a vibrant spectacle as revelers don extravagant bonnets and festive attire for a tradition dating back to the 1870s. From 49th to 57th Street, spectators gather to admire the whimsical parade, while participants flaunt their most creative headpieces. The best views are near St. Patrick’s Cathedral, but why just watch? Grab a bonnet and join the fun! Read more HERE!

Easter and Passover 2025: Where to order takeout in NYC

Springtime in New York City brings longer days, blossoming flowers, and festive meals shared with friends and family. This year, April also ushers in the holidays of Easter and Passover, along with the often daunting task of hosting loved ones. Fortunately, plenty of restaurants and culinary spots across the five boroughs offer full, festive meal packages to take the pressure off. See all the spots HERE!

Let's start with a conversation. Whether you're buying or selling, I'll create a personalized strategy and guide you every step of the way.

I work at your pace—no rush, no pressure—providing dedicated support and expertise when you're ready.

Feel free to share this newsletter with your friends and family.

Julie Hoffman

Manhattan | Brooklyn

Residential Sales

M: 917.275.3570

E : Jhoffman@compass.com

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