MANHATTAN & BROOKLYN | WEEKLY SCOOP
Look Up 🫣. @tarikpeat
The In-Between
Just like our favorite streaming series, every story has a beginning, an end, and the all-important in-between.
In-between each monthly scoop, NYC’s real estate market continues to churn with transactions. I’m here to keep you in the loop. Expect a concise, weekly snapshot of the market’s latest moves—straight to the point, just for you.
Tarik, a Jamaican developer's grandson, specializes in luxury NYC real estate, and he is an owner of Airbnbs. Tarik enjoys connecting with you and sharing his expertise, as well as utilizing Corcoran's commanding resources and influence to place you in the best possible position to complete a sale or purchase. What questions do you have about real estate?
WEEKLY REPORT: May 10 to 16, 2025
MANHATTAN | CONDOS & CO-OPS
Manhattan contracts declined 3% to 241 deals week-over-week, marking the first consecutive two-week decline since January and signaling potential market cooling after recent strength
New development sales continued underperforming, falling 4% year-over-year for the sixth consecutive week, suggesting developer inventory challenges and buyer hesitation at current pricing levels
Sub-$3M market segment showed resilience, with contracts under $1M declining only 5% weekly while maintaining relative stability compared to luxury segments experiencing steeper drops
Geographic performance varied significantly, with Upper West Side declining 45% weekly while Upper East Side remained flat, indicating neighborhood-specific demand patterns
Ultra-luxury market reached exceptional levels with the top contract at 1125 Fifth Avenue commanding $20M ($4,348 PSF) for a 4,600 sq ft unit, demonstrating continued appetite for trophy assets despite broader market softness
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WEEKLY REPORT: May 10 to 16, 2025
BROOKLYN | CONDOS & CO-OPS
Contract activity strengthened with 84 contracts signed, up 4% week-over-week, marking a recovery from the previous week's decline, though still down 22% compared to the same period last year
Luxury segment ($1M-$2M) drove growth with a 45% weekly increase, representing the only price segment to show annual growth as buyers capitalized on strong sales momentum in Park Slope
Condo market significantly outperformed co-ops, with condo contracts surging 49% week-over-week while co-op activity declined 30%, reflecting buyer preference shifts toward newer inventory
Park Slope/Gowanus emerged as the standout submarket with the highest weekly contract volume (21 deals) and 17% growth, while Brooklyn Heights saw notable strength with 250% weekly gains
Premium transactions reached new heights with the week's top contract being a $3.7M, 1,805 sq ft Bergen Brooklyn penthouse at $2,050 per square foot, indicating sustained ultra-luxury demand
All information contained within this document is intended for informational purposes only and is sourced from sources that are considered reliable. Although the information is believed to be accurate, it is presented subject to omissions, errors, modifications, or withdrawal without prior notice. This is not intended to solicit property that has already been listed. Equal Housing Opportunity.