MANHATTAN & BROOKLYN | WEEKLY SCOOP
The In-Between
Hi {{ First Name | Scooper }}! Headlines cover the market monthly. Deals happen daily. This is what moved in between — one week of Manhattan and Brooklyn contracts, distilled to what matters.
WEEKLY REPORT: Aug 15 - 21, 2026
MANHATTAN | RESIDENTIAL SALES
Third consecutive week of annual declines—first time since April: 189 contracts (-7% YoY) marked the slowest third week of August since 2018 (excluding 2020), as the summer lull extended into its third straight week of year-over-year contraction.
New development posts 30%+ annual decline for fifth consecutive week: 21 contracts (-30% YoY) extended the longest sponsor slump since January 2023, even as resale condos (+16% YoY) continued outperforming.
Under $1M the only price tier posting annual gains: 93 contracts (+4% YoY) confirmed that entry-level buyers remain active while the $3M–$5M tier (-44% YoY) and luxury above $5M (-27% YoY) continued contracting.
No sales over $15M for second time in six weeks: The five-year average for $15M+ contracts in the third week of August is two deals—this week posted zero, signaling that ultra-luxury has paused for summer.
Midtown and Upper Manhattan both surge: 46 contracts in Midtown (+44% YoY) and 22 in Upper Manhattan (+69% YoY) drove submarket gains, while Upper East Side (-26% YoY) and Upper West Side (-42% YoY) continued softening.
Tarik's Scoop – Beyond the Numbers 💡
Why New Development Keeps Underperforming
New development has now posted 30%+ annual declines for five consecutive weeks—the longest streak since January 2023.
This isn't just summer softness. It's a pricing correction in real time.
When the market was rising, buyers paid premiums for new construction: modern finishes, tax abatements, amenity packages. But those abatements expire. Common charges on new buildings tend to run higher than comparable co-ops—sometimes significantly so. And "new" becomes "10 years old" faster than the mortgage amortizes.
Meanwhile, resale condos posted gains again this week. Buyers are doing the math—and the math increasingly favors inventory that's already seasoned, already assessed, and already priced to reflect what it actually costs to own.
The premium for new isn't gone. It's just getting scrutinized—let's run the numbers on what you're actually comparing.
WEEKLY REPORT: Aug 15 - 21, 2026
BROOKLYN | RESIDENTIAL SALES
Resale co-ops surge 81% year-over-year as condos pull back: 29 contracts marked the strongest co-op performance in months, while resale condos (-32% YoY), new development (-24% YoY), and single-family (-50% YoY) all declined.
Under $1M rises 9% while over $1M falls 20%: Entry-level strength continued with under $500K (+55% YoY) and $750K–$1M (-5% YoY) posting solid results, while the $1M–$2M tier (-29% YoY) and $2M–$3M (-20% YoY) contracted.
Fort Greene posts largest annual increase: 9 contracts (+80% YoY, +4 deals) made this submarket the standout performer, driven by strong co-op activity—while Park Slope (-53% YoY) and single-family townhouses continued softening.
$3M–$5M more than doubles week-over-week: 8 contracts (+167% WoW, +33% YoY) marked a rebound at the high end, with over $5M also rising 50% annually from a base of two contracts.
7 Saint Marks Avenue leads with Gothic Revival scale: The $6.75M contract ($1,561 PPSF) for this 23-foot-wide four-family townhouse in Prospect Heights became Brooklyn's top sale—confirming sustained demand for architecturally significant multi-family product.
Grandson of a Jamaican developer. Corcoran agent. Short-term rental owner. I help executives, founders, and investors buy, sell, and hold across Manhattan and Brooklyn. I'm behind Tarik's Scoop because the market moves fast and busy people deserve clean signal, not noise.
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Thinking about buying or selling in NYC? I work with executives, founders, and investors across Manhattan and Brooklyn. |
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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.