Manhattan Real Estate Market Analysis

Table of Contents

January 2023

Downward Shift in the Manhattan Real Estate Market in Second Half of 2022


The year 2022 was a tale of two markets in Manhattan. 

Early 2022 continued the boom that started at the beginning of 2021, driven by the unleashing of pent up demand and an artificially low rate environment that had been implemented by the Fed at the dawn of Covid.  

In June 2022, however, after the Fed implemented its first jumbo 75 basis point increase to the benchmark rate, the market quickly softened, leaving most buyers and sellers in a standoff for the remainder of the year as they adjusted to new market realities. This is depicted in the chart below which compares monthly contract activity.

Monthly Contract Activity

NYC Real Estate Downturn 2023

With only 602 contracts signed in December 2022, it was one of the worst finishes of the year since 2008.  As buyers and sellers come to terms with a new reality, we expect the market to start moving again early in 2023 as there is still demand out there. 

Manhattan Property Prices


  • $2.75M average sales price
  • $2,074 average price per square foot
    • While this was an increase over the same quarter last year, the increase was mainly due to closings happening in a handful of ultra luxury towers, like Central Park Tower and 220 Central Park South, which skewed the results higher.
    • Essentially, the price per square foot was flat year to year at just under $2K per square foot.


  • $1.27M average sales price
  • $1,225 average price per square foot

New Development

  • $3.19M average sales price
  • $2,415 average price per square foot


Luxury Segment (top 10% of sales)

  • $8.06M average sales price 
  • $2,909 average price per square foot
  • $3.95M entry price threshold for luxury


Fed Rate Hikes in 2022

In the period of only 10 months in 2022, the Fed raised the Feds fund benchmark rate by 4.0%, as shown in the chart below. This unprecedented action was taken to attempt to control inflation, a global phenomenon in 2022. 

Fed Rate Hikes in 2022


While the rates are higher than they have been since 2008, they have been high before and real estate markets worked fine in that type of rate environment. However, the pace of the rate increases this year, compacted into only 10 months, is what is most concerning. This has translated to the 30 Year Fixed Jumbo Mortgage rate increasing from 3.1% on January 1, 2022 to 5.7% on December 31, 2022. Down from 6.35% in October. 

Manhattan has lots of cash buyers (approx. 55%) compared to other cities, so interest rates don’t alway play such a big part in activity here. In addition, coops, which make up 70% of the inventory stock and are unique to New York City, have very strict rules about the amount of financing one can obtain. Some allow 70% maximum financing, but many only allow 50%. Some don’t allow any financing. These are mitigating factors for the NYC market, but don't help the first time home buyer who often require mortgages to purchase. 


Manhattan Inventory Supply Saves the Day

The saving grace in this story is the lack of supply on the market. In comparison to the end of 2020, which had inventory levels over 8,100, today’s supply is at a low of 5,858. There are many reasons for this, as I discussed back in August and summarized below.


Manhattan Real Estate Market Inventory Supply

The limited amount of supply should put a floor under potential price declines as we go into 2023.  And, we don’t see any inventory coming on the market any time soon either because of the following reasons:

  • Golden handcuff mortgages
    • 80% of New Yorkers with mortgages have rates less than 5%.
    • This will result in owners staying in their current homes indefinitely. 
    • No one is going to trade their 3% mortgage for a 6% mortgage any time soon. 
  • Frozen rental-to-condo conversion market due to 2019 NY State law
    • The law penalizes building owners that have rent stabilized tenants making it impossible to ever create market rate apartments out of rent stabilized units. Unless a change is made to this law, there will be zero conversions as they don’t make any financial sense for a developer. 
  • Expiration of tax abatement programs make it more expensive for developers to build
    • The 421a, 421g, J-51 abatements all expired. 
    • These were once great tools that the government used to get developers to build but no longer exist.
  • Leftist NYC politicians have been vetoing projects with generous 30% and 50% affordable housing components
  • Few Manhattan land sales in the last two years, so not very many developers are planning to build in the city.
  • Inflation put the brakes on many developments, as costs are not known, like in normal times.


Manhattan Real Estate Outlook 2023

Many forecasters have predicted home prices falling across the world over the next year. This will likely happen, however, mainly in those places that had the highest drive up in prices during Covid. In the US, many smaller cities are at the highest risk as those are where prices rose the most. Places like Boise, ID, Salt Lake City, UT, Phoenix, AZ and all of Connecticut it seems. 

New York City, however, was not one of these places. In fact, New York City prices declined during Covid as there was a mass exodus of the city at the beginning of Covid. Prices only recovered those losses in 2021 and posted modest increases in comparison to most other cities. 

Knight Frank’s Prime Residential Forecast expects Manhattan prices to rise at least 2% in 2023 behind Miami (5% increase) and Los Angeles (4% increase) in the US. That level of increase places Manhattan in 13th place in their forecast of the top 25 global cities, demonstrating resilience and confidence in the city (and the US in general). 

Knight Frank cites “safe haven capital flight” and “overseas buyers…seeking more, rather than less, exposure to the US Dollar.” No doubt, the factors I note about low supply will help offset downward price pressure from Fed actions in 2023.

July 2022

Manhattan and Miami Property Markets Will See Continued Strength


A lot of people have been asking us about what we think is going to happen in the NYC and Miami markets now that the Fed has raised rates. While activity has slowed down, both markets are still very active based on historical measures. 

Many people have been asking whether the slow down will bring price declines. While some experts are saying this will definitely happen in some regions of the country, given how fast prices went up in those regions, they are expecting the odds of price declines in Manhattan and Miami to be Low or Very low risk, respectively.


CoreLogic Analysis - June 2022: Probability Prices will Decline

According to CoreLogic, metro NYC has a Low probability and Miami has a Very Low probability of seeing price drops over the next 12 months.

Manhattan and Miami Home Prices Summer 2022




Prices didn’t rise at the same rate as other locations across the country. The property market crashed in 2020 (with prices declining, on average 7%) and only started rebounding in Q1 2021, once vaccines were out (with prices rising on average 16%). 

  1. Considering prices in Manhattan rose 4.5% per year over the last 10 years, a net increase of 9% (16% less 7%) is about the equivalent of 2 years of normal price growth. 
  2. Rental rates are up 20% year-over-year causing yields to spike, making it a great time for investors to buy Manhattan property (especially since prices didn’t spike). 
  3. We expect Manhattan rental rate hikes to continue, as mortgage rates cause less first time homebuyers to buy in the coming 12 months and forcing more people into the rental market. 
  4. Manhattan’s high property prices continue to be supported by high local incomes, as the UBS Global Bubble report has consistently reported. 
  5. Manhattan is a long term play. Investors buy Manhattan property for safety. Given the costs involved, it is not a place for naked speculation or flipping. 
  6. 50% of Manhattan buyers pay cash for their property purchases, especially in the luxury segment, so they are not as affected by shifting interest rates. 
  7. Coops make up 75% of housing stock.  Many Coops don’t allow financing or limit it to 50%. This fact buoyed Manhattan real estate during the Lehman crisis. 
  8. However, underwriting is very strict so this is not a 2008 scenario. 



  1. Supply is relatively low for the best NYC condo projects in prime areas. 
  2. Supply is down 10% over the same month last year. 
  3. Looking at Luxury Condos, there are very few of them in the Pipeline.
  4. Every now and then we get requests from investors looking for bulk condo deals in Manhattan. In 2018, there were quite a few and lots of buildings with at least 50 units to sell.  
  5. In preparing a recent analysis for two separate investors (one doing a very large 1031 transaction), however, I noted that there are very few stellar buildings coming on the market in the next 3-5 years below 96th St. And, the number of buildings with more than 50 units to sell dropped significantly compared to four years ago. 
  6. Some buildings that were sitting in the pipeline that we were anxiously awaiting, like The Cortland, One High Line and One Wall Street have commenced sales.  These are all very high-end projects. Beyond these, there are few top condos coming in prime areas. 
  7. The lack of supply of quality product will likely push up prices further, until there is a demand and supply equilibrium.his will likely take years. 
  8. The expiration of the 421a tax abatement, which, in the past had incentivized developers to build condos and rental buildings, has led to fewer new developments in the pipeline.  
  9. New York’s liberal politicians don’t have the appetite to incentivize developers to build, so we don’t see this incentive coming back. 
  10. Of course, these politicians are short sighted. The lack of incentives to developers will only a) reduce the amount of affordable housing being built (a requirement for new construction projects in Manhattan), b) reduce revenues for the city and state, and c) further increase rental rates for tenants. 



Miami’s newfound strength comes from:

  1. a huge influx of (wealthy) residents fleeing high tax states; 
  2. an influx of residents looking for more liberties and less covid restrictions as Florida had very lax restrictions during the pandemic;
  3. an influx of hedge funds and tech companies moving to Miami; 
  4. a very low supply of single family homes and condos (especially larger ones); and 
  5. an empty pipeline. 

While activity has slowed in recent months, it is not because of demand. It is really about supply. The demand for Miami (and all South Florida) single-family homes and condos has been so great, inventory has been whittled away. And, new supply is not expected to have much of an effect on the market until the next building cycle is in full swing. We expect this to be 5-7 years, as there is virtually nothing coming on the market over the next 3 years.

I discuss this in depth in my video below:


Headlines and Averages

I always enjoy listening to Leonard Steinberg of Compass. In a recent post, he warned buyers and sellers not to believe the headlines and not to look too much at the averages. And he is definitely right.  

  1. Real estate is hyper-localized. 
  2. Don’t confuse headlines in one market (or across the country) with another market. 
  3. Manhattan is a truly unique market (for many reasons) and national trends don’t apply, as history has shown us. 
  4. The same can be said for Miami, which, currently, is experiencing a huge growth surge. This is why Miami has a Very Low probability of seeing price declines according to CoreLogic. 
  5. In Manhattan, we see how hyper local the market can be. Here we assess buildings individually, as often neighboring buildings can have totally different pricing, totally different demand, totally different trajectory, etc. 
  6. In Miami, we see how hyper local the market can be as well. Prices and demand on the beach have virtually no relation to prices and demand for some neighborhoods on the mainland. 

Therefore, don’t get caught up in the averages, as the averages only tell us about what happened in the market as a whole and essentially nothing about what happened in a particular building (or line of a building, for that matter). 

We are here to help you navigate through the Manhattan and Miami markets. Schedule a quick call with me if I can shed light on anything else you are contemplating. I would be happy to discuss both markets in further detail, provide a valuation for your home if you are thinking about selling, or send you a search of properties.

Happy Summer!

Anthony Guerriero

October 2021

Blockbuster Manhattan Real Estate Market Continues into Q3 2021

The year 2021 will undoubtedly be one of the best years in residential real estate in Manhattan’s history, topping $9.5B in closed sales in the third quarter alone, the most closed sales in one quarter in 32 years. 

Sales activity was spurred by unleashed pent-up demand, rising vaccine adoption, reasonable pricing, record low-interest rates, a shift to larger spaces (or those with outdoor space), and increased personal wealth. 

This $9.5 billion refers to deals that closed in 2021, not necessarily signed in the quarter, which is a more current barometer of the market. 

Contracts Signed Down for Summer Season, but Still at Record For the Quarter

As you can see by the chart below, contracts signed activity has been at elevated levels since the beginning of the year, although it has been tapering off. Such tapering could be a result of seasonality, as summer months are usually slower than the rest of the year.  That being said, sales for the quarter were record breaking. 

While 29% lower than the previous quarter, 3,500 deals were signed in the quarter. At 270 deals per week in the quarter, that is a record breaking number. October continues the trend, clocking in approx. 305 deals a week.  

Sellers are Happy, but Not Too Happy 

Sellers in 2021 have been very happy, especially after a dearth of sales in 2020. Buyers are out there, so demand is very strong, especially in the luxury segment where you will find the larger apartments.

Although activity has been significantly heightened for most of the year, fear is not gone yet, so prices are not rising beyond those of pre-covid. The covid discount of 6-9% (depending upon when you bought last year), has disappeared, but we have not seen price increases over 2019 levels yet. 

With all this activity, one would think prices are ready to rise again. Generally, price increases usually happen within 9 to 12 months after a marked improvement in sales activity.  Check your calendars, as we will begin to enter into this phase in short order.

Overpriced Units Languish on the Market

As pricing has been flat with 2019 levels, Q3 was not the time to list a property at aspirational prices. In the quarter, properties priced to the market took 78 days to sell. In contrast, properties that required a price adjustment took 181 days to sell - more than double (2.3x) those priced to the current market. 

Current Pricing in the Quarter

Note: Usually, I like to compare the quarter numbers to the previous quarter, however, in Q3 2020 one-third of the quarter’s sales volume were attributed to closings at 220 Central Park South, the most expensive new condo building in New York City. 16 units closed at an average price of $37M, for a total of $592M. Accordingly, I am just showing you the current quarter’s figures. If you want more detailed information, please reach out to me. 



Avg. Price Per Square Foot

Avg. Selling Price







New Development



Luxury (top 10%)




Other Interesting Stats:

  • Sales activity rose to the highest rate in 32 years
  • Even with record low interest rates, approximately 50% of the deals were all cash
  • New Development sales below $3M grew 2x as fast as above $3M, which still doubled from the same quarter last year. A shift to smaller sized units in New Development skewed the price trend lower.
  • Listing discount across all segments averaged 5.3% for the quarter
  • Total Months of Supply of condos and coops, the number of months it would take to sell all inventory for sale, fell to only 5.1. 

You missed the Bottom. Don’t miss the recovery! 


June 2021

Manhattan Blows Past the Market Bottom as Contract Activity Explodes


The second quarter of 2021 was a blockbuster quarter, proving everyone wrong that city living was dead. Manhattan has rebounded to the best spring selling season in 6 years and has had the highest sales activity since 2007.

Pent-up demand, reasonable pricing, low-interest rates, a desire to upgrade to large spaces (or those with outdoor space), increased personal wealth, and a larger pool of buyers have driven up sales volume. In sum, the city is booming, thanks to science and, in turn, a renewed optimism.


Q2 2021 Chart-png

Note: for this update, I compare Q2 2021 to Q2 2019, which is much more appropriate that Q2 2020, when NYC was locked down. 

Contracts Signed Skyrocket

Contracts signed in the quarter surged 60% over the same quarter in 2019. Many of these deals won’t close until Q3 2021, at which time we expect to see some positive price action, given the volume and mix of the apartments that went into contract in the quarter. 

Larger Apartments Back in Vogue

The super-prime market (>$10M) had the best first half on record, fueled by double digit discounts from their original pricing. In addition, there has been a notable increase in larger apartments selling, which has been great for the >$5M market. 

The sales mix which included a significant shift to the sale of larger apartments, skewed price trends, bringing the , While the median sales price rose to $1,130,000, the highest since reaching $1,215,000 in Q2 2019, price trends were skewed because of the mix of sales.

Covid Discount Dissipating

Compared to the same quarter last year, the average price per square foot declined 3.6%. This has been heralded as the “Covid discount”. The first quarter saw this spread at 9%, which shows that the covid discount is quickly compressing.  We expect the covid discount to dissipate in Q3 and be gone by Q4, as employers discontinue or limit “working from home.”

Current Pricing in the Quarter: 


Avg. Price Per Square Foot

Avg. Selling Price







New Development



Luxury (top 10%)




Other Interesting Stats:

  • Condo sales activity rose to the highest rate in 30 years
  • New Development sales above $3 million were the greatest in three years. 
  • Sales activity rose faster than new inventory coming on the market, which resulted in the months of supply dipping to 6.9 months, the fastest pace in 4 years. 
  • Overall listing discount was 6.4% 


If you missed the Bottom, Don’t miss the recovery! 


April 2021

April 2021 Contracts Top

March 14-Year Record

Manhattan contract activity continued to rise to a new record in April 2021 of 1,607 contracts signed beating out March’s 14-year record of 1,500 contracts in a single month. The first week of May continues the trend and so far May is on track to match April.

At 1,607 contracts signed, that is 50% higher than April 2019, a pre-covid comparable month. April 2020 had only 213 contracts signed (presumably initiated pre-covid. As a reminder, New York City was shut down with showings prohibited, from the end of March through the end of June 2020.

On the luxury front, according to the Real Deal, there have been 652 luxury contracts signed year-to-date thru the end of April, which is more than all of the luxury contracts signed in the entire year 2020.

On the new development front, April saw 235 contracts signed up from 165 in March. It was Manhattan’s highest level of activity in the new development segment in three years.

Monthly Contracts - April 2021 

March 2021

Manhattan Rises From the Ashes

After an extremely disappointing 2020, when the island of Manhattan was plagued by a “Covid exodus” and physically shut down for 90 days, the Manhattan residential sales market rose from the ashes in the first quarter of 2021. While the market had been creeping up in November and December 2020, the First Quarter 2021 and, in particular, March 2021 saw stunning sales activity. 

Sales Activity Way Up in Q1 2021

Manhattan sales grew at a blistering pace in March 2021, with sales volume topping 1,500 contracts signed, the best single month in 14 years. Even January and February 2021 saw sales volume beat prior year months for at least the last three years, as shown below:

Buyers have been taking advantage of the combination of record low mortgage rates and lower prices. They are also encouraged by the new administration, which NYC is already benefiting from, in contrast to the last administration which was determined to punish New York City for overwhelmingly rejecting Trump.  

Prices Down, But Not in Free Fall

While prices are down, they haven’t plummeted like some people may have assumed they would. The price per square foot for a condo in Manhattan was 8.8% lower in Q1 2021 over Q1 2020. This on top of lower pricing since the SALT cap was enacted in 2018, which had the effect of lowering prices in NYC on average by 11% according to economist Robert Schiller. Therefore, prices are way off their peak from just a few years ago and are ready to turn around. With a “blue” administration, the SALT cap, which punishes blue states, has a good chance of disappearing in 2021. This will benefit property prices and temper the exodus to low-tax states. 

New Development Deals Remain

There are still New Development bargains to be had, as prices have been reduced significantly for projects introduced 3 years ago. Recently launched projects, however, have been priced to current market, so not a lot of discounts there. While some of the discounts are showing up in lower prices, many of the discounts are concealed in closing cost concessions. These don’t show up in the price per square figures. The magnitude of discounts on new development vary widely, as they are dependent on factors such as when the project was launched, sale velocity to-date, the number of remaining units available in a particular line, the equity partners in the capital stack, and most importantly lenders' minimum release prices (the banks really control the price, not the developer). 

To get the best deal in New Development, you need to have an open mind and not get set on something that isn't going to garner the highest discounts. For instance, developers are neither offering large discounts on apartments with outdoor space nor on lines that are almost sold out.

This chart below shows how new development pricing has regained some of its footing from its lows a few months ago. 

Vaccines Instill Confidence

We expect property prices to start inching up in the Spring/Summer and throughout the remainder of the year as NYC becomes vaccinated. To-date, 44% of Manhattanites have already received their first dose of the vaccine and 27% are fully vaccinated. As we reach 70% of the population being fully vaccinated, activities will revert back to normal including the full opening of restaurants and movie theaters (partially open now), Broadway Shows, and Sports venues, etc. Then, we do expect additional dramatic shifts in the market. Once the country re-opens to foreigners later this year, we expect this Manhattan real estate recovery to go into overdrive!

Signs Lead to Continued Rising Market

The potential SALT cap removal, the dearth of new building permits (since new development has been put on hold over the last year), and the full reopening of the city will bode well for Manhattan property prices over the next 4-5 years, as we saw after the Lehman crisis.  

If you are thinking of buying, do it now to get the best prices. Inventory is down from a record 9,600 units for sale in October 2020 to 7,000 units at the end of March 2021, which is still a bit high. But, if sales continue at the same clip as the first quarter, we will be in a sellers market by the beginning of summer. As the economy heats up, so will interest rates, making it more expensive to own the same home.

The Manhattan Market's it's YOUR MOVE! 

January 2021

Manhattan Market Off to a Good Start in 2021 with Increased Sales Activity

While the Manhattan real estate market is still struggling due to the effects of Covid, the fourth quarter 2020, and even the month of January 2021, has seen a marked improvement fueled by:

  • Positive vaccine news and rollout that increased buyer confidence,
  • Historically low interest rates,
  • Sellers (and developers) offering discounts (the average Covid discount was 10%, much less for lower priced units and much more for higher priced units)
  • Pent up demand from the 3 month lockdown
  • A new administration favorable to NYC, and
  • Potential repeal of the SALT cap, which depressed prices in NYC by 11% (per Zandi) 


Contracts signed in Q4 were up approx. 8% over the same quarter in 2019. January 2021 saw condo sales rise a 50% and coop sales rise 167% over the same month a year earlier. All good news!  However, the current high supply of inventory for sale is a headwind for the market that will benefit buyers in 2021. 

The rental market has seen a pickup in the last few months as well. But, until companies ask their employees to return to their offices, the rental market will remain sluggish. We expect a quick turnaround in leasing in a few months. 


  • It’s a buyers market, but the window of opportunity for the greatest deals is closing,
  • Prices fell but didn’t crash,
  • Luxury buyers are back in the market - they were absent for much of the year, 
  • Inventory is way down from its dramatic peak in October, but still at a high level,
  • It’s a great time to buy a large apartment from a developer - new developments saw some of the highest discounts and concessions we have ever seen. 


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December 2020

Manhattan Market Bounces Back in Q4 2020

With headline news talking about people fleeing big cities, it’s no wonder why my clients are surprised to hear that signed contract activity in Manhattan has been robust over the last couple of months.  Signed contracts per month in October and November 2020 averaged 855, with December 2020 on track to exceed December 2019 signed contracts of 717. Signed contract activity for the quarter thru mid-December has already surpassed the same quarter last year. 


Confidence in the vaccine and the capitulation by seller’s to price discounts have brought buyers back into the market. Most of this contract activity has been in the $3 Million-and-under segment, with the luxury sector still lackluster, but improving. 

As you can see below, the number of contracts signed above $5 million continues to grow and this is the segment where we are seeing the largest discounts. 

Inventory Sharply Down From Peak, but Still High

Activity and confidence has brought the supply of Manhattan properties for sale down from approximately 9,600 in October 2020 to 8,000 today. 

While inventory is up by 20% compared to last year-end, when inventory levels were at 6,600, we are happy to see that inventory levels have fallen 17% from its peak. This very sharp turnaround in inventory in October was likely a result of the stellar vaccine news out of Pfizer and Moderns. We hope this doesn’t embolden sellers too much.

Until the vaccine is fully rolled out, we expect deals to be had in NYC. Although as time goes on and activity picks up, we don’t expect Sellers to discount like they have been. It feels as though we are already passed the bottom of the market, but still in a period where a buyer can get, heretofore, significant discounts in NYC. 

Where are all the Discounts now?

The average "Covid discount" has been around 10%, although higher in the over $4 million segment. Urban Digs analyzed closed sales in the 4th Quarter 2020, and found that 

    • Under $2 million - an average of 5% discount
    • $2 to $4 million - an average of 10.4% discount
    • Over $4 million - an average of 13.5% discount

Of course, these are averages and only account for prices, not other giveaways that developers are offering to get deals done, such as closings cost credits, etc.  It is important to note that the Manhattan real estate market already took a hit after the SALT tax change occurred in late 2017, with the market bottoming in Q3 2019. Therefore, prices had already taken a significant hit before Covid kicked in. The additional Covid discount is just icing on the cake to buyers. 

New Development 

Discounts really depend on the many factors of the building itself, such as where it is located, how many units have sold, any particular issues with the developer, lender, etc.. Also, which line of the building are you buying? If the developer sold 50% of the units of the best line in the building and 0% of another line, you shouldn't expect the same discount on both lines. 

Currently, new development discounts run the gamut and it really depends on the many factors affecting the building itself. Developers are beholden to their banks, who dictate minimum release prices, so they are more prone to offer generous closing credits than outright discounts. However, we have seen a combination of price discounts and closing credits. 

The average discount is 10% in new development plus closing credits, although there are some developments that are offering that on top of already reduced prices. It is not unheard of to see 20-30% off Schedule A pricing, which is the original price filed with the NY State Attorney General. 

Developers have been covering at least a portion of the buyer's closing costs, including some portion of these costs:

  • Transfer Taxes (approx 2%)
  • Mansion Tax (graduated scale starting at 1% and going up to 4% if over $25 million)
  • Parking - can get it included depending upon the unit
  • Storage - can get it included 
  • Common Charges - might pay 1 year of common charges. 

Some developers aren’t negotiating at all or maybe they will cover just the transfer taxes if they have something very special with their buildings. For instance, Park Loggia has terraces with views of Central Park that are trading at asking prices. The Benson only has only a few units on Madison Avenue in the UES that that are trading at asking prices too. Other buildings that are self financed and, therefore, not beholden to others are not negotiating either. But, these are few and far between. 

Macro Takeaways:

  • This is probably the single greatest new development buyers market NYC has ever seen in the past 20+ years. 
  • We are not in a financial crisis; we are in a health crisis that likely has been solved.
  • We are not in the same situation as the Great Recession of 2008/2009, 2000 Tech Bubble, or 9/11 when there was fear and no money on the Street.
  • Banks and white collar workers are flush with cash and the DJIA is over 30,000 (not 6,000 like 2009).
  • The fear is in the sellers. Buyers have a short window to take advantage of this fear.
  • For those sitting on the sidelines, remember, you need to make an offer to get a discount. You need to play to win!

As we close out the year, we want to wish everyone a Happy Holiday. We pray that 2021 will be better than 2020. 

November 2020

Manhattan Real Estate Market

Bounces Back In October 2020


To understand in real time what is happening in the New York City real estate market, the first metric we look at is the number of signed contracts during a particular month.  October signed contracts significantly rebounded, topping out at 874 signed contracts, up by 30% from September 2020 and up by 4% from October 2019. This is clear evidence that the Manhattan real estate market has bounced back from the depths of the Covid crisis. In addition, signed contracts in October were higher than any other month during 2020, even before Covid, which is quite evident in the chart below.



Big ticket Manhattan buyers are back

Most of the sale activity was for properties under $3 million, however, several more contracts were signed in the >$25 million segment, hinting that big-ticket buyers were coming back to the market.  While we won’t know what prices these traded at for a few weeks, we noted many, but not all, properties in the >$25 million segment traded at significant discounts. While all sellers are now negotiating, significant discounts haven’t been the case in the <$3 million market. 

Manhattan Inventory seems to have peaked

Inventory, or supply, topped out in mid October at a record 9,628 properties for sale and now looks like it is fading. Monthly new supply was down 21% from September 2020 and down 1.2% from October 2019. This indicates that the growth in inventory has slowed, however, the build up of inventory levels will take a while to get back to normal levels. This is why we think the opportunity for buyers hasn’t yet faded, although we are past peak uncertainty caused by the virus. In the last couple weeks, inventory levels have declined and, as of Friday, November 6th, are down to 9,255 properties for sale. That is a very large number of properties for sale, considering inventory last year at this time was approximately 7,700. 

Home sales in New York City suburbs are past the peak 

While sales remain at a high level in Westchester, Greenwich, Long Island, the Hamptons, sales activity has come down from its peak that hit the New York suburbs this past summer. 

Now that the election is over - well, almost - and Pfizer announced a vaccine that is 90% effective, we believe the market will continue to pick up in Manhattan. 

October 2020

The Best Time to Buy in NYC

in Over 10 Years


We are now three months into the reopening of the NYC real estate market. While there have been many challenges, the city is rebounding. We are starting to see signs of life in terms of increased signed contracts and pending sales. But, we still have a long way to go, which means there is a huge opportunity for smart money.

With restaurants, gyms, offices and museums reopening, NYC has taken on a much busier feel. New Yorkers are social distancing and wearing masks religiously, which has suppressed the virus in the city.

Taking a step back and looking at the big picture of the real estate market from 30,000 feet, we know it is the right time to buy in Manhattan. If you bought in 2001 or 2009, you already know that NYC will rebound stronger than ever. Therefore, I ask you take a moment and think about where you will be in 18 months. For sure, buyers sitting on the sidelines will be regretting that they didn't make a move to buy NYC sooner.


NYC Market Pulse

Here are our main takeaways for what's going on pn the market right now:

  1. Covid has created a temporary opportunity to buy in Manhattan at low prices. 
  2. The Market pulse chart above takes into account pending sales and inventory. It clearly shows that NYC has been in a buyers market and is starting to recover. 
  3. Serious sellers are listing their properties at reasonable prices or are discounting. Especially developers, who are offering price discounts and concessions - unheard of just a couple of years ago...and will be unheard of in a few years time.
  4. While the average discount has been 8%, we are seeing much higher discounts (2x - 3x) on the most expensive properties.
  5. The window of opportunity is now...when will this window close? It will probably close before Q2 2021, with the best deals happening in Q4 2020, followed by good deals in Q1 2021. Once a vaccine is announced as being effective and ready for distribution, sellers will have more confidence - so we suggest striking now!  By the time you close, we’ll be in 2021 and a new market.
  6. $7 trillion of government stimulus (14x more than in 2008) means that the risks are low. This is not 2008. Banks are healthy and Fed support has never ever been greater.
  7. Record high stock market valuations (a by-product of the government stimulus) demonstrates that the Federal Reserve is doing everything it can to stimulate the economy. It also demonstrates that investors have confidence in the US economy, and that Covid will be under control and then history in short order.
  8. NYC has been in suppressing the virus since June, much more effective in its governing than the Federal Government. Residents have been doing their part by social distancing, avoiding large events, and wearing masks to protect their fellow New Yorkers. While a lot of press lumps all of NYC into one lot, the most Covid infections have occurred in Queens and Brooklyn, not Manhattan. We haven't seen this mentioned anywhere in the news.
  9. The sales market is no longer in freefall created by the lockdown. Pending sales have turned a corner, growing substantially in September, as the market has passed the real bottom.

NYC Condo Pending Sales

Courtesy charts from Urbardigs


Our Current Best Picks:

Below are a few of our current best picks. You will note that some have significant discounts. The higher the price, the better the discount. Inventory changes every day, so if you are interested in learning about other picks, let us know your budget and we will send them to you privately.
Park Imperial 3 Bedroom fo Sale

230 West 56 Street - Unit 68B
$3,999,000 / $2,154 per ft²
Sold for $6 million in June 2014

3 Beds / 3 Baths / 1,856 ft²
Maintenance: $2,941 / R.E. Taxes $3,686
This very high floor 3-bedroom apartment at the Park Imperial has amazing helicopter views of the City and Central Park from every window. The original owner paid $6 million for this apartment, so this won't last long, That is a 33% price reduction from the last time this unit traded in 2014. Can't beat this price for the 68th floor!  Learn more.

3 bedroom for sale at 40 East End Avenue
 40 East End Avenue - Unit 12B
$4,735,990 / $2,417 per ft²
Reduced $495,000  -  60 days ago

3 Beds / 3.5 Baths / 1,959 ft²
Maintenance: $2,088 / R.E. Taxes $2,978
This gorgeous new development condo in the East End Avenue neighborhood of the Upper East Side was just reduced 12%. This 3 bedroom is a 2-minute walk to Chapin and Brearly, two of the top 10 private schools in the US.  Learn more.
64 East 1 Street Condo
$2,995,000 / $1,657 per ft²
Reduced $280,000  -  53 days ago
Sold for $3.4 million in 2017

2 Beds / 2.5 Baths / 1,807 ft²

Maintenance: $1,955 / R.E. Taxes $2,972


This reduced priced oversized 2 bedroom in the East Village originally sold as new construction for $400K more that the list price at $3.4 million in 2017. This is a 2015 boutique building with amazing casement windows. Learn more.


Baccarat Condo Apartment 22A


20 West 53 Street - Unit 22A
$4,750,000 / $2,748 per ft²
Reduced $600,000 / Sold for $5.7 million in 2017

2 Beds / 2.5 Baths / 1,728 ft²
Maintenance: $3,792 / R.E. Taxes $2,414

Live at the Baccarat Hotel and Residences, one of the best hotels in New York City. The original owner paid $5.7 million for this apartment, so they are very motivated at a $1 million discount. Learn  more.


Studio for Sale in West Chelsea NY


540 West 28 West Street - Unit 3A
$885,000 / $1,560 per ft²

Studio / 1 Bath / 567 ft²
Maintenance: $606 / R.E. Taxes $629


This studio at +Art in West Chelsea is priced really well at $885K. Finally, sellers are listing apartments priced to sell, not the aspirational prices of a few years ago. Close to Hudson Yards and the High Line! Learn more.


To finalize, if you would like to have a zoom call to discuss the market in more detail, just pick a time slot with me below:

Schedule a Call

July 2020

A Different NYC Summer 


Around this time of year, I usually give an update of the Q2 Manhattan Market Reports. However, Q2 2020 is a completely different animal, as the Manhattan real estate market was shut down for 12 of the 13 weeks that make up the 2nd quarter. 

For those who are not aware of what went on in NYC, on March 23, 2020, NYC went into lockdown mode and reemerged 90 days later on June 22, 2020. No physical showings were allowed during this time. Inventory dropped significantly during the crisis, as sellers withdrew properties on the market or delayed listing. Now, however, properties are back on the market, with inventory up 8% from the same time last year.  

The market over the last month is slowly coming back, but not necessarily to normal levels just yet. Since reopening 5 weeks ago, we have seen:

  • 84% of signed contracts were under $3 million segment.
  • A surprising urgency in some of these buyers, as they know NYC will go back to some semblance of normalcy soon. 
  • Not much happening on the high end of the market, as many people are still in their summer homes and travel restrictions are still in place.
  • Mortgage interest rates hitting record lows (under 3%), as the Fed reduced the funds rate to zero.
  • Overall indicators suggest pricing 8-10% below pre-Covid levels, but not at all price points. 
    • For new development, combined closing costs and price reductions around 8-12% depending upon the project. 
    • The largest discounts have been in the high-end market, where some developers have repriced their listings and are picking up most of the buyer’s closing costs, offering very attractive incentives to transact now.  
    • Resales at $5 million and above receive no requests to show week after week. Therefore, serious sellers of a larger property must be prepared to discount at least 10%, and probably more, from pre-COVID pricing. 
    • Discounts decline as prices descend, with few discounts, if any, below the $1 million mark.


  • Although rental inventory is high, the market is also seeing a steady stream of signed leases, especially at $10,000 per month and under. Albeit at discounts! 

What’s next?

We are still in the early stages of a new reality, however, in terms of COVID, New York City is now a safer bet than 80% of the country!  

If New York can maintain its safety protocols and keep viral infections low, and there continues to be very positive news on vaccination trials and therapeutic drugs (like Remdesivir), history suggests NYC real estate will recover quickly.  

Right now, we are past peak-uncertainty, which for NYC was the April / May timeframe, so maybe the best of the best deals are behind us. But, we believe that buyers will have the next 4 -5 months to get great deals as well. Once there is a vaccine that is known to work, and odds are we will see one in the fall, New York City will be back better than ever. 

Questions? Schedule a time to chat with me

Enjoy your summer! 




May 2020

The Coronavirus' Effect on Manhattan Real Estate Prices


In the midst of this unprecendented global crisis, we have received several questions regarding the impact of COVID-19 on Manhattan real estate market prices. I hope everyone is staying safe and healthy during this tumultuous time. While the jury’s out on what happens next, here’s the latest information on the NYC real estate market.

In late March, New York City was put into a “medically-induced coma” so it could get ahead of the public health crisis. As a result, the New York real estate market has been totally frozen in time with minimal new contract activity over the last two months. Physical showings of Manhattan condos, apartments and homes have been banned by New York State. And, New York City has been pretty much on lockdown since mid March. However, those deals that have been in the works before the pandemic hit have been able to close virtually and banks have continued to fund mortgages

It’s now mid-May and New York is one month past the crisis peak and has awoken from its self-induced coma. Thanks to the leadership of New York Governor Andrew Cuomo, New York has successfully flattened the curve and is managing its way out of this crisis. While we are not 100% out of the woods yet, a staged reopening is being planned over the next few weeks and months. Many Manhattan condo buildings will be lifting their moratorium on move-ins and move-outs as of May 15th and we expect the moratorium on showings to be lifted sometime in June. 

Looking in the rear view mirror to January and February 2020, contract activity was up 15% over the same periods last year, promising Spring 2020 to be a very solid selling season. Unfortunately, this is no longer the case! Currently, condo and coop inventory for sale contracted dramatically, with only 5,000 units listed for sale, 50% lower than usual Spring selling season inventory levels. Even the days on the market calculation, which counts the number of days a property has been listed for sale, has been frozen by the listing portals, as that calculation became meaningless once the moratorium on property showings was implemented. So, what has been the effect on Manhattan real estate prices?

While it is premature to draw inferences from the virus’ impact on the Manhattan real estate prices, former Federal Reserve Bank Chairman, Ben Bernanke, noted that this economic halt is more like a natural disaster than an economic depression. This is not a result of a breakdown in a financial system like in 2008 or the Great Depression. Banks are strong and well capitalized.  Thankfully, the Fed moved quickly on monetary stimulus and the administration moved quickly on fiscal stimulus. 

The silver lining in all of this is that NYC real estate prices will significantly benefit from record low interest rates and record quantitative easing. Asset price inflation is the intended purpose of quantitative easing, although it may take some time for the opportunity to present itself. Regardless of the level of Manhattan real estate price inflation from this record QE stimulus, ultimately, NYC is still one of the top cities worldwide and people still need housing to either buy or rent. 

Ultimately, this is a health issue that can be solved, especially now that everyone is focused on the problem of Covid 19. 

If you would like to have a zoom call to discuss the market in more detail, just pick a time slot with me below:

Schedule a Call

February 2020

6 Things You Should Know About the NYC Real Estate Market this February


1. Significant Increase in Sales Activity over Last Year

  • Pending sales up 17% - Overall market
  • Pending sales up 25% - $600K - $1 Million  
  • Pending sales up 21% - $1 million to $2 million 

This demonstrates that the sales activity is up significantly over last year, which was the bottom of the market in terms of activity. Properties in the lower price points under $2 million are seeing the biggest rebound. We are finally seeing that demand is outpacing supply, something we haven’t seen in a while in NYC. Contracts signed in Manhattan have been up double digits in November 2019, December 2019, January 2020, and February 2020. A leading indicator, a prolonged bump in contract signed activity usually precedes price action. An unusually slow month, January saw an impressive number of contract signs, which is not common for the coldest month of the year. 

Anecdotally, we have noticed when calling other brokers to set appointments, at least 25% of the time these units already have Accepted Offers. Nothing like 12 months ago. The units that are going into contract either have been on the market for a while and went through several price cuts, or new ones that were correctly priced from the get go. Also, in the last case, we are seeing packed open houses & a few bidding wars (a remnant of a different era).

2. Luxury Market Activity Strengthens on Discounts

Discounts across New York are getting deals closed and in January we saw a median listing discount of 6.4% (a high rate for New York) which shows sellers have capitulated and deals are not getting done. While the highest increase in sales activity has been for units below $3 million, we have seen some improvement on the high end as well. 

For instance, the Olshan report noted: "Twenty contracts were signed last week at $4 million and above, the third straight week of 20 or more sales. The average price-drop from the original asking price was 18%, a total that was skewed by the top 2 sales."

"The average days on market was 803, a total that was elevated because half of the properties were sold by developers and had been on the market for years. That was the highest total this report has ever recorded since we began tracking this particular stat in 2012."

Central Park Buyers: If you’ve been watching the Billionaire's Row and Central Park market, opportunities are out there. Now may be the time to jump in before the market turns around. For example, for someone willing to live at Trump International Hotel and Tower in Columbus Circle, one can pick up a great direct Central Park view 3 bedroom for $3,300 per square foot (below). DJT won’t be president forever and this building will bounce back at some point. In addition, we have seen strong discounts at One57 and Time Warner Building as well, although the price floor for direct Central Park view in these and other ultra luxury buildings is hovering around $4,500 per square foot. 

Manhattan real estate prices for 1 Central Park West

Note that we keep hearing from buyers in this segment that they hear more inventory is coming on the market. While that may be the case for other neighborhoods, there are no new buildings coming into Billionaire’s Row. Furthermore, the inventory level below $20 million with an unobstructed Central Park view is limited, as most of these buildings have an average sale price of $30+ million. 

3. New Developments Vs Resales

New Developments priced 2-3 years ago are lagging on the market and the reason for that is that there’s a disconnect between developers and their banks and investors. 

What we are telling our buyers: there are tons of opportunities in the resale market with properties priced anywhere between $1,100 per sq. ft. to $1,800 per sq. ft. 

Of course, there are opportunities in the new development segment and have seen discounts of 15% in some buildings. Many of those buildings where you are seeing double digit discounts, however, were launched years ago. In contrast, we have seen buildings launched in 2019 with pricing that reflects the current market, offering few discounts from low asking prices, but still picking up many of the buyers closing costs.

The market is very price sensitive and dollar motivated. Is well known that a shadow inventory exists. These are units that were taken off the market from unrealistic sellers, or new development projects in fringe neighborhoods.  Buyers are very savvy these days and know how to spot a good value. If you purchased it in the last 5 years and are trying to sell it now, you are probably under water or at break even. Therefore, prepare for a bumpy ride. Gimmicks and tricks - there are many - won’t make an overpriced property sell.

New Developments Properties for Sale

Latest Apartments for Sale in Manhattan

4. Rents are Up 

After some softness over the last couple of years, rental rates are up significantly year-over-year. From the Real Deal - As apartment hunters try to figure out what on earth is going on with broker fees, they now have other news to give them pause: Rents were 5 percent to 6 percent higher last month than a year earlier in all three boroughs covered by the Douglas Elliman market report.

5. Mortgage Rates

Mortgage interest rates have plummeted since the same time last year and are resting near record lows. The 30-year fixed mortgage rate clocked in at 3.65%, while the stock market was close to a record high of over 26,900. In comparison, over the last 30 years, the same mortgage rate has averaged about 6.25%. In the last 10 years, the only 2 times that the rate has been lower was in September 2016, with a low of 3.42%, and in November 2012, with a low of 3.32%.

It is unlikely rates can go much lower, as we are already near historic lows. We are, therefore recommending that our clients refinance now or finance their new property purchases to take advantage of this artificially low mortgage rate phenomenon before it's too late. 

5. Coronavirus and Foreign Buyers 

While it is too soon to determine what the impact of the health scare may have on the real estate market, it should be noted that the New York real estate market has been anchored by domestic buyers and foreigners have been all but absent. Mainland Chinese buyers have been absent in the NYC market since 2016, Europeans have been absent as their currency has been low for an extended number of years. Latins and Brazilians have been largely missing as their currencies have depreciated.

Therefore, we don’t expect this to negatively affect the NYC market in the near term. Should the dollar fall and the health scare abate, the market might take off. Finally, certain Asian countries may see limited investment opportunities while authorities try to stem the spread leading to more investment in New York City, a risk free locale. 

January 2020

A Video Update from Urbandigs

A lot of clients have been asking what is going on in the NYC market, so I wanted to send you a quick update via a video from Noah at He has done a a great job of distilling what is going on in the Manhattan real estate market.

The video main takeaways are:


  • Policy driven reset for the Manhattan Market in 2019
    • Federal TJCA tax law change beginning in 2018 that limited SALT deductions to $10,000 made it more expensive for primary homeowners (not investors).
    • Mansion Tax increased as of July 1, 2019 to a sliding scale affected timing of purchases throughout 2019.
  • Market has been stabilizing: sales moderated, signed contract improved, and supply growth slowed.
  • Pending sales up 7%
  • Bottom of the market happened in Q4 2018
  • "The hit already happened", so it may be a good time to buy now.
Are you in the market to buy in NYC in 2020?  If so, let me know what size property you are considering and I will send you a small selection of the best buys we are seeing for sale right now. The 4th quarter has seen some pricing at 2014 / 2015 levels. We don’t expect the market to deteriorate further, especially now that the tax changes have been baked into the new market.

For a while now, we have been telling our clients that the bottom of the market, in terms of activity, was around Nov & Dec of 2018. The numbers in November and December 2019 confirmed our view, as contracts signed increased in the double digits compared to the same month last year. Due to the weather in NYC, we have some distinct selling seasons, so we always need to look to the prior year month or quarter to see how we are doing. [Toward the end of the Urban Digs video, he confirms what we have been telling our clients by comparing Pending Sales].

The numbers for 2019 were confusing because a hike in mansion taxes were announced in April for purchases after June 30, 2019. This brought forward a significant number of high dollar sales into Q2 that would have naturally closed in Q3. This made Q3 2019 look terrible, in comparison, but when comparing a combined Q3 and Q4 in 2019 to the same period in 2018, sales volume was down only 4%.

The bad press from a disastrous Q3 2019, however, resulted in sellers (including developers) offering higher discounts. This, in turn, has resulted in an increase in transactions, both in the resale market and the new development market.

We firmly believe that the market correction in Manhattan is purely a policy driven reset in pricing caused by the $10K SALT cap. Robert Schiller estimated that NYC properties lost 11% in value because of this new tax law. The press discusses a supply issue too, but we don't necessarily see excess supply in the most prime neighborhoods. Of course, there is excess supply "C" neighborhoods like Financial District and Lower East Side, but prime UWS, UES, Greenwich Village, Tribeca, there just isn't. That being said, developers and sellers are offering some good discounts to move the product knowing the people tend to real the headlines and not focus on the details.

Contract activity is a leading indicator of pricing. If we continue to see double digit increases in contracts signed, we expect that pricing will rise and these discounts will shrink.

Request a Selection of NYC Properties

December 2019

Bright signs for NYC Condos in November

On average, buyers received a discount of 5.7% from the Last Asking Price to Final Selling Price in November 2019. That discount was the greatest in more than 8 years!  That's a pretty big spread for NYC and a great opportunity for buyers. 

Smart buyers have taken notice of the discounts available in the market and, as a result, contract activity of condos rose by 15% versus November 2018. A bright sign after a tumultuous year for NYC real estate (i.e., SALT caps, Mansion Tax changes and WeWork).


Opportunities at 35 Hudson Yards - up to 30% Discount on a handful of Units

The Related Group needs another 5-7 units for the Offering Plan of 35 Hudson Yards to be effective (they need 15% sold before people can move in), so they are offering some steep discounts on a few units for a short time. 

With the discount applied, the price per square foot for these units, which start on the 57th floor, is between $2,250 and $2,400 per square foot! Quite inexpensive for what they are delivering. 35 Hudson Yards has Four Season-style finishes that are some of the best we have seen in Manhattan.

Foreigner friendly with hotel services (a la carte) from the Flagship Equinox Hotel in the base of the building, residents of 35 Hudson Yards will experience true five-star living.  

35 Hudson Yards apartments

If you are not interested, do you know anyone who might be? You don't see this every day in NYC, and especially with the Related Group.

Let us know if you would like to learn more about this price incentive at Hudson Yards. We would be happy to share the images and video tours of each of these units. 


The Park Loggia at 15 West 61 Street

As predicted by us, 15 West 61 Street continues to be the best selling new development in Manhattan. In only 6 months Park Loggia sold over 65 units as off December 1st.

And why? Location, Location, Location!

The Park Loggia Columbus Circle

  • At the corner of Broadway and West 61st Street, just one block north of Columbus Circle, this 32-story tower will bring 172 apartments to the Upper West Side.
  • This is the first reasonably priced new development condo building built in the Columbus Circle area in over 15+ years
  • Priced for today's market, not the peak of the market 3 years ago. 
  • There is a constant lack of existing & new development options in this particular gem of a neighborhood in the UWS


Lantern House Launched Sales in West Chelsea

After 3 weeks on the market, The Lantern House is signing lots of contracts. No doubt the pricing and location have intrigued buyers.  Meatpacking District and the West Village are only 4 blocks south. The Hudson Yards is 10 blocks north, a straight shot up Tenth Avenue or along the High Line. The area around the High Line is now fully built, so we won't see any more buildings here. It is what it is....and West Chelsea is now one of the most expensive neighborhoods in Manhattan.

That's why it is refreshing to see such good entry level prices at Lantern House. It is the only new development on the High Line that has 1 bedrooms under $2 million (with very few as low as $1.45 million and 2 bedrooms under $3 million (with very few as low as $2.4 million). Of course, if you want River views, Manhattan real estate prices are higher, but still not at crazy levels like its neighbor XI.

Lantern House West Chelsea

Related needs to sell 15% or 28 units before they can declare the Offering Plan effective and start closings. Closings are anticipated for September 2020. Developers are always the most motivated when selling the first 15% of the units, so they can move to closings quicker. It is the best time to get the best deal. After the offering plan is effective, developers will raise prices. 

New York City Tech Sector is on Fire

In the last few weeks, NYC has solidified its position as the second most important tech hubs in the world with massive leases signed in and around the Hudson Yards neighborhood. Tech companies are scrambling for prime Manhattan real estate to attract the city’s large and well-educated talent pool. The synergy with related industries makes NYC the right choice for these Tech giants. 

Read More

October 2019

Don't Believe Everything You Read

Manhattan Condo Prices Market Slowdown

These sensational headlines sell a lot of newspapers and clicks, but don’t serve their readers in telling them what really is going on Manhattan real estate prices

Yes, the 3rd quarter sales activity and prices were way down, but that was really because buyers rushed to bring sales forward to the 2nd quarter to avoid an increase in the mansion tax. Plain and simple. 

What is this tax about? On July 1, 2019, the mansion tax, a NY tax paid by the buyer at closing, rose from a flat 1% for properties $1 million and over to a sliding scale percentage ranging from 1.25% to 3.9% for the most expensive properties.  

While not booming, the Manhattan real estate market isn’t quite as bad as described in these headlines. 

  • A leading indicator, Contracts Signed, declined only 2% in the quarter compared to last year. Far from a bloodbath! 
  • The most prime neighborhoods don’t have excess new development, although there has been overbuilding in some segments - the super and ultra-luxury segments. As we have noted before, there has been overbuilding in fringe neighborhoods like the Financial District, Lower East Side, and the Far Upper West Side, for example. Read more about this.

In addition to Record Low Mortgage Rates and Trump's détente with China (as of today), as the NY Post notes, there is “reason to cheer” if you are a buyer.

Knowing that these headlines will stick around in buyers minds for the quarter or longer, some developers of newly released projects have significantly dropped prices just in the past week. Notably, two of our favorite UES new developments (Hayworth and Beckford) dropped pricing 8-11% on in the last few days. See more info about them below:

It is clear that the Manhattan real estate market has gone through a reset. This was brought on by the 2018 tax law which made owning a primary home in New York more expensive. Now that the market has reset, we feel that there are opportunities for long term investors.

Interest rates are artificially low and it appears that positive steps are being made toward Trump's trade war, as we had predicted. It is impossible to time the bottom of a market, but we think we are past the worst of it.


New Developments' Price Cuts

The Beckford House and Tower, just received a significant price adjustment 2+ weeks after its soft launch. Thanks to the media, I’m sure! 

As we noted in our September 21st newsletter, we consider this project one of the best new developments in New York. Now, with a discount of 8-11% from their initial launch prices, it’s even a better deal now. The quality of the building and its finishes are comparable to 135 East 79 Street & 20 East End Avenue. And, we expect similar rental rates for Beckford, over $100 per square foot per year when delivered (in Spring 2020 for Beckford House and in Spring 2021 for Beckford Tower). 

Beckford House UES

Request Prices & Floorplans for The Beckford House & Tower


The Hayworth, another UES project that launched during the Summer, just reduced their prices today. For example, apartment 8A just got a price cut of 11%. With this reduction, 8A is priced at $2,101 per sq.ft., an outstanding price for this caliber of product. The Hayworth is a boutique building with only 61 units is situated at the corner of Lexington and 86 Street and across The Lucida. It will be one of the best condo buildings in the UES when completed in Spring 2020. 

The Hayworth

Request Prices & Floorplans for The Hayworth


Resale Market

Many seller's have finally come to terms with the market resulting in significant price cuts. In some cases, we are seeing a return to 2014/2015 pricing for resale units. Not in all cases, but certainly for some. Those properties that are not priced to the current market, however, will languish on the market. Those that are well priced have been selling. 

With a strengthening rental market and declining real estate prices, yields are quite good, considering yields worldwide are compressing because of negative rates.

New Developments Properties for Sale

Latest Apartments for Sale in Manhattan

May 2019

Manhattan Condo Market Update

Those trying to time the absolute bottom of any market (real estate or stock market) will find it next to impossible, but sometimes there are clear signs...

A significant uptick in sales activity in April suggests the bottom may have passed!

What's Really Happening

April signed contracts in Manhattan rose by double digits compared to last March (up 15.6%) and same time last year (up 11.6%), according to Urban Digs. Signed contracts are a leading indicator in any real estate market. A significant increase in the number of signed contracts usually precedes positive price movement. We will be keeping an eye on this number as we move forward in 2019, but these green shoots are a very good sign that the market is stabilizing and even starting to turn around. Very welcome news after a disappointing first quarter.

The new tax law that was passed in December 2017 really sucked the life out of the Manhattan market over the last year. But, now that people have a better understanding of its affects after filing their 2018 taxes (due April 15th) some of that uncertainty has dissipated. If you recall, the law capped at $10K the amount of state income and local taxes (i.e., property taxes) (SALT) that a primary homeowner could deduct from their federal tax return, a miniscule amount for a New York primary homeowner.  This was a total surprise to most New Yorkers and caught many off guard. But, while the SALT cap did suck the life out of the market due to uncertainty, it had less of an impact on the high end of the market because of offsets in the form of lower tax rates, a higher AMT threshold and other loopholes.

With the tax change behind us and a tick up in sales activity, we think 2019 is the right time to buy a condo in Manhattan.  Consider the following on this report from Douglas Elliman:


  • Slow sales in 2018 have led sellers to adjust their expectations to a lower level. Numbers provided by Jonathan Miller Samuel.
  • Buyers now have more options to choose from, as inventory has built up from slower sales volume. This also puts downward pressure on prices.
  • Mortgage interest rates have declined 40 basis points (almost ½ point) since last May, making the financing environment very appealing.
  • GDP of 3.2% in Q1 2019 and killer job growth (lowest unemployment rates since 1969), all while inflation data is muted, keeping interest rates at reasonable levels to help fuel the recovery.

With lower prices, adjusted seller expectations, recently cut rates, certainty about the tax change’s impact and latest sign of a booming NYC and US economy, buying now is very attractive.  We expect to look back on Q1 2019 as the absolute bottom of this market cycle.


Featured blog:

"9 Tips for Buying Luxury Real Estate in New York"

February 2019

It's a Buyers' Market in New York City

Today, we feel that the current Manhattan housing market is a once-in-a-decade or possibly a once-in-a-generation investment opportunity. In Q4 2018, Manhattan evolved into a pronounced buyers market, as inventory rose, sales slowed and median asking prices declined. There is significant new supply coming online this year at a time when there are still unsold new development units from the past 2 years. The market has been weak and sellers are highly negotiable. At the same time, New York City's economy is robust. We believe the combination of these factors make it a great time to make a long-term investment - setting up 2019 as the perfect time to buy.

This is a very rare occasion. Over the last 20+ years, Manhattan has been in a buyers market only two other times: in 2001 right after 9/11, which lasted just six months, and in 2008-2009 after Lehman Brothers collapsed triggering a credit crisis that lasted one year. The current buyers’ market began in late 2015, but only in the ultra-luxury segment, a small sliver of the market. Since then, however, the buyers’ market has widened. First to the luxury segment in 2016 and 2017 and now to all inventory segments, especially in 2018 after the new unfavorable federal tax law was enacted (discussed at length in our previous updates) which pushed many buyers to the sidelines.

As you can see from the chart below from Compound, if you buy Manhattan real estate at the right time (i.e. during a buyers market), the rewards can be plentiful:


Manhattan Condo Market News

As for details on how the 4th Quarter of 2018 performed:

  • Q4 2018 contracts signed were down 3% over the same quarter last year, the lowest level since 2012. The 3% decline, however, is attributed to a huge 19% decline in contracts signed for condos, offset by a large increase in contracts signed for coops.
  • Contract prices were down across all inventory types. Contract activity is more representative of the health of the current market than closed sales data, which often include legacy contracts entered at a time not necessarily representative of today’s market conditions.
  • In terms of closed sales, the median condo sales price has fallen by 8.1% to $1.48 million, the lowest it’s been in several years.
  • The number of condos sold in the fourth quarter fell from the third quarter by 22.7% and by 13.0% year-over-year, which means that sales volumes are slower than they’ve been in a very long time.
  • The median sales price per square foot rose, but the increase was skewed by very large dollar closings at two ultra-luxury buildings that started closings, 520 Park Avenue and 220 Central Park South.

Well, what does all of this mean? 

  • There is a window of opportunity to buy now.
  • Buyers have more spending power than before.
  • Buyers also have many more options from which to choose.
  • Developers have gotten more creative by offering new incentives, while individual sellers are significantly negotiating on price.
  • Buyers have leverage in demanding things that two years ago were a deal breaker for a seller, such as allowing mortgage contingencies or covering transfer tax and common charges.

Keep in mind that this rare occasion is happening at the same time the NYC economy is booming and in a position to keep growing and growing in years to come (i.e Google West Soho expansion, Hudson Yards opening in March 2019, etc.).

While deals are happening, a lot of potential buyers are sitting on the sidelines in a wait-and-see mode. Our caution to them is that it is impossible to time the bottom of any market. Often, a buyer will wait too long, miss the dip and lose their leverage. Interest rates have come off their 2018 highs, making it a good time to enter or renter the market, before they start ascending again. 

October 2018

Why Now is The Right Time to Invest in The Manhattan Condo Market

Warren Buffett said it best, "Price is what you pay, value is what you get . . . It is wise to be fearful when others are greedy and greedy when others are fearful."

Some recent reports on real estate in New York City have made some people fearful. When we look at the broad picture and the overall statistics in those reports it is fairly clear as to why those people are fearful, however, one must dig deeper to understand the whole story.

Manhattan condo buyers remained cautious in the 3rd quarter 2018 due to concerns over the new tax law (FN1) implemented at the end of 2017, despite a very strong economy, record breaking stock market, and still relatively low, although rapidly increasing, interest rates.

Manhattan real estate is seldom in a buyers market, so if you are interested in a safe long term investment, now may be the time to buy. This is not going to be a prolonged event or repeated any time soon. In fact, during Q3, the high end of the market (>$5M), which began a correction in 2016, started to bounce back somewhat, as discussed below.


Headlines Don’t Tell the Whole Story

While headlines regarding the quarter have been concerning, they don't tell the entire story. We need to look at what is happening today in the market and not 1, 2 or 8 quarters ago, which is what the quarterly market reports usually focus on. If you look at the number of Contracts Signed in the quarter, a leading indicator, this quarter was roughly the same as the same quarter last year.

  • Signed contracts in Manhattan showed a slight 1% decrease over the number signed in Q3 2017.

  • The best performing segment in terms of contracts signed was $5M - $10M (which saw a 30% increase in contracts signed primarily driven by sales at two new development, The Belnord and 100 E 53rd).

  • The second best segment was for homes price at $10M+, which saw a 10% increase in activity.

  • While we won’t know what units are under contract for, prices these units will be ultimately traded at until they close and are recorded, which could be many months from now, the bounce back in activity from a prolonged slumber is reassuring. For sure, discounting played a role in these sales.

Closed sales in the 3rd quarter 2018, however, show a different picture. When looking at closed sales, you are assessing only units that closed in the quarter, regardless of when the contract was signed. In the case of New Development, that could have been 3 years ago in some instances. Therefore, closed sales info can be somewhat dated, albeit still good information to capture trends.

  • Overall closings in Manhattan fell 8% (although up 5% over Q2 2018)
  • New development closed sales tanked, with a drop of 37%. This led some developers to significantly discount new development prices on those buildings that were overpriced to begin with or outside of the most prime in demand neighborhoods. Core Group reported the average new development discount at a near record 14% in the quarter, up from 8% last year.
  • Buyers driven away from the lofty prices of new development turned to resale condos, which increased 2%, while coop closed sales declined 8%.
  • Inventory in the quarter grew significantly, at 13%, which will result in longer future marketing times.
  • Resale coop inventory rose the most at 26%, while resale condo inventory rose 4%. New development inventory was down 5%.
  • The average price of a condo was $2.66 million, down 2.3%. The average price per square foot for resale condo units declined 5%.  
  • The average price of a new development was $4.33 million while new development price per square foot rose 4%.
  • The average price per square foot for the luxury market (top 10% of sales) rose 2.7% and the luxury entry threshold fell to $3.85 million.


NYC Real Estate News | Manhattan Market report
Photo credit: 111 Murray

The Macro Enviroment

  • The Dow and NASDAQ are riding high. Profit-taking may well make prices fall but, regardless of talks about international trade wars, stocks are high, and profit-taking looks very attractive.
  • Unemployment rate is down, and, statistically, the USA has full employment. Full employment encourages spending. Spending by consumers generates more profits for stockholders.
  • Deregulation is in full swing, so business development is very likely to continue on its upward drive.
  • There is no credit bubble, but the Chairman of the Fed says interest rates will go up incrementally through 2019. Higher interest rates encourage buyers to take out fixed-rate mortgages sooner rather than later.
  • High growth rates across the economy tend to make people wonder how long it will all last, so many hold back on major purchases. Economists, today, say there is no credit bubble on the horizon, so the consumer-driven economy looks sound.


Why We Are Confident in The NYC Market

To sum it up, we feel that this is a pretty good buyers’ market to be in, especially compared to 2008.

  • With sellers finally negotiating, buyers now have power
  • Interest are relatively low historically
  • The economy is booming
  • Deregulation is in full swing
  • Lowest unemployment in 69 years
  • New York City has the highest employment level in 50 years and NYC Industry is now well diversified outside of just finance
  • No Credit Bubble like 2008; Banks have tough requirements and do their due diligence
  • Company profits have never been higher, especially with the new low rate of 21%
  • Overbuilding in urban markets is generally absorbed quickly

Drilling down into the detailed numbers suggests New York City real estate market is strong. Most people will read the broad reports, but the astute buyer will listen to real estate specialists. To paraphrase Warren Buffett said when others are fearful this may just be the right time to buy in NYC.

May 2018

The New US Tax Law Effect in Manhattan 

The new US tax law, implemented on January 1, 2018, has created a lot of noise in the media. If you look at the fine print, however, the law will be a boon to corporations and real estate investors, including foreign buyers. For current homeowners, especially in Manhattan, it's a bit more complicated.

In Manhattan, uncertainty around the ultimate effects of the new law, which limits state and local tax deductions and reduces the amount of deductible interest on primary homes from $1 million to $750K, created a jittery market and is reflected in the latest Q1 market reports, which show Q1 activity down by 10%, according to Corcoran. The weakness in volume was found across price points, but, especially, was felt in the high end. Q2 sales activity appears to be recovering.

To mitigate the tax law’s negative effects, Governor Cuomo has made significant efforts to change state tax rules. We expect some uncertainty to remain in the market, which will put buyers in the driver's seat for the next few months, at least until the economy starts to heat up, an anticipated byproduct of tax reform.

It is worth noting, however, that many luxury buildings in prime Downtown Neighborhoods like NoHo, SoHo, Tribeca, West Village and Flatiron, and the core of the Upper West Side, for example, are faring quite well. Well-priced condos are still moving fast, pending sales are up over prior month and year, and we are still seeing 20% of deals being made above asking price, not an insignificant number.

March 2018

Manhattan House Prices Report 

The US Economy and New York City, in particular, have been experiencing strong economic performance in early 2018.  

  • New York City employment rose to an all-time high of 4.426 million people. NYC gained 702K jobs since 2009, an 18.9% increase, which is the highest increase since WWII and much higher than the nation, which added 11.5% new jobs. Technology, media, healthcare and tourism-related businesses were the industries that drove the most hiring over the last 10 years.
  • Dow Jones average has increased 25% since one year ago, clocking in at 25,000. With almost all companies reported for 2017, 75% of companies reported that their fourth-quarter profits beat expectations.
  • February jobs were up 313,000, exceeding expectations by 100,000, while the unemployment rate was a low 4.1%.

We expect to see more positive effects of the new tax reform later in the year and potential Phase II tax reform reducing capital gains taxes.  Stay tuned...

New York Property Management For Investors and Condo Owners

October 2017

Manhattan Market Report

There continues to be strength and activity in the core Manhattan market for condos. Record high equity markets, inexpensive and readily available financing, and clarity have helped propel the market. One year ago, there was great uncertainty regarding the US Election, interest rates were prematurely spiking and everyone was shocked by Brexit. Select statistics for Q3 2017:

  • Condo contracts signed between $1M - $3M increased 11% year-over-year
  • Condo contracts signed between $3M - $5M increased 8% year-over-year. 
  • The ultra-luxury condominium market ($10M+), however, continues to face headwinds, although this quarter saw 12% higher number of contracts signed >$10M.
  • Resales - $1,774 average price psf
  • New Developments - $2,320 average price psf
  • Luxury - $2,780 price psf, with an entry level price for Luxury (top 10% of sales) at $4.1 million.

February 2018

How Are Resale Inventory Levels in the Manhattan Real Estate Market?

"Buyers — A price correction already occurred, and over the last year or so the broader market has shown signs of stabilization and normalization. If you have a real need to buy and you find the right property, utilize this slow period for any leverage you can get in negotiations — you never know when a seller has had enough, and is ready to hit that bid."

Read the full article at:

We agree with Urban Digs. The Manhattan RE market has already corrected, especially in the luxury segment, and buyers have more leverage now than they did than from 2014 - 2016. We expect this leverage to continue in 2018, as confusion about new tax changes takes place.  We have found, however, that resale inventory supply is still low. 

We have looked at resale inventory supply levels in four prime neighborhoods that are popular with our primary home buyers and investors: Tribeca, Chelsea, Upper East Side and Upper West Side. We looked at the $5 - $10 million segment, $2 - $5 million segment and $1 - $2 million segment. 

Of all Manhattan real estate for sale in the $5 - 10 million segment, there were only 17 resale units for sale in Tribeca, 8 resale units for sale in Chelsea, 5 resale units for sale in the Upper East Side, and 4 resale units for sale in the Upper West Side. That's a total of 34 resale units in these four neighborhoods, which cover a lot of the island of Manhattan. 

Shifting down market, of all Manhattan real estate for sale in the $2 - 5 million segment, there were only 22 resale units for sale in Tribeca, 15 in Chelsea, 21 units in Upper East Side, and 32 units in the Upper West Side (including the Riverside). That's only 90 units available in the $2 - $5 million segment across these four neighborhoods.  

In the entry level market, of all Manhattan Real Estate for sale between $1 - $2 million, there were only 2 resale units available in Tribeca, 11 resale units in Chelsea, 15 resale units in the Upper East Side and 19 resale units in the Upper West Side. That's a total of 47 resale units available for sale in the $1 - $2 million segment across these four large neighborhoods. 

As Urban Digs noted, it is true that seller's are more receptive to negotiations these days, especially compared to 2014 - 2015, but the supply of good resale condos is still relatively low. And, new development is selling at a high premium. When we start narrowing down to the best Manhattan real estate available for sale, by particular building, exposure, those that are not overpriced, the number of good options drops significantly. Therefore, if you are a buyer that has housing needs or looking for investment, keep this short supply story in mind.


Upper East Side 

NYC real estate market prices for Upper East Side

Upper West Side

NYC real estate market prices for Upper West Side


NYC real estate market prices for Chelsea


NYC real estate market prices for Tribeca

Charts courtesy of UrbanDigs

January 2018

Manhattan Market Update Q4|2017

The fourth quarter of the 2017 real estate market in Manhattan is one best described as stable, with the last three out of four quarters showing an increase in closed sales activity. 2017 was a much better year than 2016, although there has been a marked drop in the number of signed contracts in the quarter year-over-year that can be primarily attributed to non-market factors such as tax reform and political climate.

When looking more closely at the property types, however, we see significant variation. Resale co-ops segment was the most active with a third consecutive quarter of growth in sales. Signed contracts for resale condos, however, have been hurt by continuing high prices, and new development closed sales were faced with a 12% decrease due to the current cycle and timing of building developers. With all of this in mind, and uncertainty around the new tax reform, we can surmise that Manhattan real estate is slowly becoming a buyer’s market.

Resale Condos

  • The average price per square foot was $1,759, flat year over year.
  • The number of sales in this market fell 3% to 929, the lowest since Q4 of 2011.
  • Days on the market was 116 days, flat year over year.
  • The inventory declined 4% to 2,485 units for sale.

Uncertainty regarding tax reform effects played out in Q4 in the resale condo sector, causing a decline in sales activity and flat prices. For the second consecutive year, the market underperformed and saw the fewest sales since 2011. Inventory of available units fell correspondingly with a 3% decrease across the board. Many are pointing to a disconnect in pricing, as active inventory was saddled with a double-digit premium per square foot when compared to Q4 closed sales.

Resale Co-ops

  • The average price of a Co-op was $1.26 million
  • The average price per square foot was $1,167, representing a 1% increase over last year
  • The number of sales in this market rose by 4%, up to 1,733 properties.
  • Days on the market was 88 days, a 5% decrease over last year.
  • Inventory rose by 15% to 2,824 units for sale.

Resale Co-ops ended 2017 as the year’s best selling real estate product, continuing to outperform other options by increasing in sales for the third consecutive quarter. Additionally, the high demand for co-op resales found the average length of a property remaining on the market dropping by 5%. In so doing, the market responded by increasing the available inventory by 15%.

New Development

  • The average price of a new development condo was $3.92 million.
  • The average price per square foot was $2,253, which dropped 17% over last year, as the number of super-luxury and ultra-luxury closings declined.
  • The number of sales in this market fell 12%, from 527 to 463.
  • The inventory grew by 30%, with 1,074 units now listed for sale.

As one might expect, the new development condo market numbers tend to increase or decreased based on the progress of ongoing building construction. No new buildings commenced closings in the 4th quarter and a number of large developments, such as 125 Greenwich and 91 Leonard launched sales, causing inventory to soar by 30%.


  • The average price of a luxury NYC apartment was $7.24 million in Q4.
  • The average price per square foot declined 12% to $2,625.
  • The luxury threshold was $3.882M.

The luxury segment is determined by the top 10% of closed sales based on price. The entry-level price, or “threshold”, fell by roughly $500,000, ending at $3.882 million. Additionally, the average price dropped by 10%, and price per square foot fell by 12%. These drops can be attributed to a shift in closings in the quarter from ultra-luxury and super-luxury closings, such as 432 Park, Greenwich Lane, and 56 Leonard, at the end of 2016, to more modest luxury buildings in outlying locations, such as One West End and 252 East 57th St. However, we have seen a more competitive market with an increased inventory, leaving sellers with little other option than to drop the prices to satisfy customer demand. This represents a real potential for investors in the luxury segment, as these luxury units are low and ready to move.

In conclusion, the Manhattan market remains stable and 2017 was healthier than 2016. That being said, the market continues to show trends skewing toward the side of the customer, or in other words, becoming a “buyer’s market”. An increase in available inventory, new development projects, and a lowering of the luxury threshold have created a market in which owners and developers are inclined to discount prices to keep up with dwindling sales. Because of uncertainty with the tax reform, 2018 will be a good year for the buyer, and not so good for the seller. For those standing on the sidelines, it might be a good time to enter the market, before the positive effects of Trump’s tax reform kick in.


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November 2016

How will President Trump affect US Real Estate?

Never before has America had a New York City property developer and real estate broker (yes, he has a NYC broker’s license) sitting in the White House. While many of us may not agree with Trump’s behavior and policy positions, one thing for sure is that Trump will be pro-property and pro-real estate.

While some postulated that a Trump presidency would be a black swan event, rather than plunging, both the US dollar and stock market rose today!

If you are wondering how the policies of President Trump affect US Real Estate, here are insights as to how Trump will likely operate once in office.

Will he use real estate to kickstart the economy?

Trump is a property developer and real estate broker. He has used real estate himself as an investment all his life and has said that he’s interested in boosting homeownership. Given that his family business is real estate, either through his own company, the Trump Organization, or his son-in-law’s, Kushner Properties, we expect Trump to continue his love affair with property.

What will happen to mortgage rates?

Rates are poised to remain low for a while. “Mortgage rates are falling because investors are seeing safe yields in U.S. mortgage backed securities, reflecting their confidence in the relative safety of the U.S. housing market,” wrote Trulia chief economist Ralph McLaughlin in a statement the day after the election. “Furthermore, the Fed is likely to delay a December rate hike because of global economic turmoil. Both effects mean short term win for borrowers, and we’ll likely see an increase in mortgage refinancing if rates continue to plummet.”

Will he lower taxes for real estate investors?

Republicans retained control over the House and Senate. As a result, the republicans have unfettered control over the future of tax policy, meaning there will some big changes that will affect taxes for real estate investors. Trump has proposed to:

  • Lower tax rates, with capital gains tax at a top rate of 20%.
  • Eliminate the estate or death tax
  • Reduce corporate taxes from 35% to 15%

And while he may not get everything he wants in terms of tax reform, our tax law is ripe for change (both the Republicans and Democrats have called for this), and that change is likely to come before August 2017 before election season begins for 2018.

Could it become easier to borrow money?

Reduced regulation, one of the hallmarks of his campaign, would allow banks to step up lending, something that has been very subdued since 2008.  Another way that a Trump presidency could make it easier for consumers to own homes would be to lower premiums for FHA loans or cutting guarantee fees for Fannie Mae or Freddie Mac.

How will regulations be affected?

Much of Trump’s platform has centered around deregulating the financial market in order to more fully revive it, and that alone could also give a boost to real estate. This is something that Trump — and the Republican party as a whole — has been vocal about.

Trump has proposed to reduce both Banking regulations and Building regulations. Loosening regulation on lending could boost homeownership by making it easier for consumers to obtain loans. As for Building regulations, at a National Realtor Association meeting, Trump estimated that 25% of costs to build a house related to regulations. He would like to get that down to 2%. If construction is deregulated, this would mean more affordable homes for consumers.

Will the mortgage interest deduction go away?

No! Last year, a tax plan that Trump shared specifically and explicitly mentioned that he would preserve the mortgage interest deduction.

Will he continue the 1031 exchange program?

Trump, who came under immense criticism for aggressively using the tax code to reportedly not pay federal taxes, would likely preserve the controversial 1031 tax-free exchanges, which allow landlords to sell property without paying capital gains taxes if they plow the proceeds of a sale into other real estate investments.  This 1031 exchange program policy is one of the underlying bedrocks of the real estate industry and Trump will preserve this policy.

What about immigration?

Trump’s immigration policy has undergone many changes since he first announced his candidacy, and immigration reform won’t be an easy bill to push through Congress or the Senate, so it’s difficult to determine whether this will influence the NYC real estate market to any large degree.

Will Trump be able to implement all his campaign positions?

For those of you who are feeling emotional about Trump being president after some of his outrageous rhetoric and behavior, remember that the US President does not have unrestrained power. Our founders did not want power to be controlled by just one man or one group with the possibility of winding up under the rule of another dictator or tyrant. Accordingly, our government is divided into three branches: the executive branch, the legislative branch, and the judicial branch. This is why many of Trump’s more outrageous campaign policy positions will not be a reality – either they will be opposed in the legislative branch or overturned by the judicial branch.

No question that this election was very divisive. But, now that the election is over, the American people will come together as we have always done. As Obama said of Trump: “We are all rooting for his success”.


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