MANHATTAN & BROOKLYN | April 2025

Tariffs

Manhattan and Brooklyn real estate activity remained resilient in March despite elevated mortgage rates, tariff pressures, and political headlines. While “Liberation Day” stirred market sentiment, its impact isn’t yet reflected in the data provided. Luxury and high-end segments continued to outperform, supported by tight inventory and rising buyer urgency. With price per square foot climbing and negotiability tightening, well-positioned properties are commanding strong interest heading into spring.

Be sure to keep an eye out for the next newsletter, including weekly scoops.

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THE MONTHLY REPORT: MARCH
MANHATTAN | CONDOS & CO-OPS

• Contract Activity Continues to Climb: A total of 1,087 contracts were signed in March, marking a 3% increase year-over-year and a 13% rise month-over-month—making this the 10th consecutive month of annual growth.

• Luxury Sales Lead the Charge: High-end activity remained strong, with contracts over $5M rising 44% year-over-year, while the $3M–$5M category also saw a 16% jump in contract volume.

• Prices and Speed Improve: The average price per square foot climbed to $1,993 (up 14% YoY), while average days on market fell to 122—the lowest March figure since 2022.

• Sellers Gaining Leverage: Discounts tightened across the board, with an average 2.0% off last ask, and fewer sellers accepting below-ask offers compared to the prior month.

THE MONTHLY REPORT: MARCH
BROOKLYN | CONDOS & CO-OPS

• Steady Contract Activity with Luxury Growth: Brooklyn saw 348 contracts signed, just 1% below last year’s total, but sales above $3M jumped 55%, making it the second-strongest luxury month in two years.

• Prices Continue Upward Momentum: The borough’s average price per square foot increased 5% year-over-year, driven by sustained demand across both co-ops and condos.

• Inventory Expands but Remains Low: Active listings rose 12% annually, marking the 11th straight month of rising supply, though overall inventory remains one of the lowest for any March in the last eight years.

• Faster Turnaround on Listings: Properties, particularly condos, are moving faster—bringing the average days on market down 13% compared to last year.

THE MONTHLY REPORT: MARCH
MANHATTAN | $5M+ CONDOS & CO-OPS

• Momentum Holds in the High-End Segment: The luxury market continues to perform well, supported by both high-end resales and new development deals that attracted motivated buyers.

• Pricing Holds Strong in Prime Locations: Several top-tier properties signed close to or above asking prices, showing buyers are willing to pay a premium for exceptional homes.

• Tight Inventory Boosts Competition: Supply in the $5M+ range remains limited, keeping well-finished and well-located listings in high demand.

• Discerning Buyers Still Rule: Despite renewed confidence, luxury buyers remain selective, with a clear focus on quality, location, and long-term value.

New York City Ballet – Spring 2024
If you are a fan of the arts, you're probably no stranger to the New York City Ballet. Beginning on April 22nd and running through May, discover the sublime artistry of the NYCB Spring Showcase. From timeless classics to innovative performances, it's a season you won't want to miss!
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Earth Day Initiative at Union Square
Celebrate spring and sustainability at the Earth Day 2025 Festival in Union Square on April 17! Enjoy live performances, workshops, and eco-friendly exhibits while learning how to make a difference. Check out more at the link below!
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Visit The Frick Collection
The Frick Collection reopens this April after a stunning renovation, welcoming visitors back to its iconic Gilded Age mansion. Don't miss the chance to rediscover masterpieces by artists like Rembrandt and Vermeer in this beautifully transformed space!
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Spring is a season of fresh starts, warm sunshine, and nature coming alive in full bloom. After a long winter, many of us are eager to soak up the outdoors and enjoy the vibrant beauty that spring has to offer. If that sounds like you, it's the perfect time to explore some of the top spots around NYC to catch the stunning cherry blossoms at their peak.

• Brooklyn Botanic Garden, Brooklyn

• Central Park, Manhattan

• Flushing Meadows Corona Park, Queens

• New York Botanical Garden, The Bronx

• Roosevelt Island, Manhattan

• Sakura Park, Manhattan