MANHATTAN & BROOKLYN | JULY 2025
East River Swimmers, NYC, 1945 @AlexanderAlland
BIFURCATION
The insights below reflect a luxury market showing continued strength, a Manhattan market demonstrating resilience with selective growth, and a Brooklyn market experiencing adjustment pressures while maintaining pricing power through supply constraints. Recent legislation raising SALT deduction caps to $40,000 starting in 2025 should provide additional tailwinds for high-end markets, though benefits phase out for households earning above $500,000.
Be sure to keep an eye out for the next newsletter, including weekly scoops.
As the grandson of a Jamaican developer and seasoned short-term rental investor, Tarik brings generational real estate knowledge to luxury NYC properties and Greenwich Village specialization. He's passionate about connecting with clients and sharing his expertise while leveraging Corcoran's extensive resources and strong market influence to position you for successful transactions. I'd love to hear all of your real estate questions today!
THE MONTHLY REPORT: JUNE
MANHATTAN | CONDOS & CO-OPS
Market stability with selective growth patterns showing 3% contract increase year-over-year with particular strength in segments above $2M, indicating bifurcated market performance based on price point
Pricing power remains robust with average price per square foot up 12% annually to $1,916, supported by nearly 50% increase in contracts asking over $3,000 per square foot
Accelerated transaction velocity as days on market decreased 4% year-over-year to 111 days, suggesting improved market confidence and buyer urgency despite rate environment
Negotiation dynamics tightening with 75% of contracts signing below ask but discount averaging only 3.9%, indicating sellers maintaining pricing discipline in current conditions
Inventory management supporting price stability with active listings down 2% year-over-year, creating favorable supply-demand equilibrium for sustained pricing momentum
THE MONTHLY REPORT: JUNE
BROOKLYN | CONDOS & CO-OPS
Market correction underway with 11% decline in contract activity year-over-year and lowest June performance in five years, potentially signaling broader affordability pressures and market adjustment
Price appreciation continues despite volume decline with average price per square foot up 5% annually, driven by proportionally fewer low-end transactions rather than fundamental demand strength
Dramatic shift in buyer behavior evidenced by 26% reduction in days on market and 60% of properties selling at or above ask, suggesting urgency driven by rising price expectations
Market polarization intensifying with under $1M segment declining 22% while $1M-$2M segments showed 20-30% growth, indicating middle-market displacement and concentration effects
Seller's market dynamics emerging with sixth consecutive month of above-ask sales averaging 0.6% premium, contrasting sharply with traditional Brooklyn negotiation patterns and suggesting fundamental market shift
Beyond The Doorman™
$4,400,000 | Condo | Brooklyn Heights
Discover this rare Brooklyn Bridge Park waterfront duplex where 3 bedrooms and 2,227 square feet unfold across two levels, each offering private terraces with stunning Manhattan skyline views. From the Gaggenau chef's kitchen to marble-appointed baths, every detail reflects luxury living. Pierhouse's full-service amenities and 85 acres of waterfront recreation complete this exceptional urban retreat. Contact me for more information.
THE MONTHLY REPORT: JUNE
MANHATTAN | $5M+ CONDOS & CO-OPS
Ultra-luxury market demonstrates exceptional resilience with contracts up 14% year-over-year despite broader economic uncertainties, indicating sustained high-net-worth demand and potential safe-haven asset allocation trends
Significant pricing acceleration in premium segment with average price per square foot reaching $3,123 (+20% annually), driven by a threefold increase in contracts asking over $4,000 per square foot
Inventory constraints creating competitive dynamics as active listings dropped 18% year-over-year while days on market plummeted 34%, suggesting supply-demand imbalance favoring sellers
Resale market outperforming new development with strong secondary market activity driving overall gains, potentially indicating buyer preference for established properties over new construction
Ultra-high-end momentum accelerating with sales asking over $20M more than doubling year-over-year, reflecting continued wealth concentration and asset diversification at the highest tiers
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.