MANHATTAN & BROOKLYN | May 2025

SALT

As talk of SALT deduction restoration builds, April 2025 revealed key shifts in NYC real estate. Manhattan held steady in pricing but softened in contract volume. Brooklyn experienced its strongest April since 2021, while the luxury market saw fewer trades but stronger pricing. Rising inventory across boroughs presents both challenge and opportunity as buyers weigh tax policy, rates, and long-term value.

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

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This rare 3-bed (easily converts to 4) corner home with 3,200+ SF of indoor/outdoor space in the Upper East Side. Enjoy panoramic East River views from wraparound terraces, a grand great room, a designer kitchen by Smallbone, and a luxurious primary suite with a private terrace. Radiant heated floors, Control4 automation, and top-tier finishes throughout. Contact me for more information.

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

• Stable Pricing Amid Macro Pressure: The median price held at $1.1M year-over-year, while the average rose 8% to $2.2M, largely due to increased activity in larger, high-end units. This pattern reflects a bifurcated market where wealthier buyers remain engaged despite rate headwinds.

• Inventory Build-Up Signals Opportunity: Inventory surged 17% YoY, reaching the highest April count in five years. Rising listings create more leverage for buyers but also highlight potential for price competition in oversupplied segments.

• Contract Activity Weakened: Signed contracts fell 11% YoY, a continuation of buyer caution due to higher mortgage rates, economic uncertainty, and anticipation around possible tax reform.

• Shifting Co-op vs Condo Demand: Condo sales volume increased 3% YoY, while co-ops declined 18%, underscoring buyer preference for flexibility and ownership rights in a modern regulatory environment.

• Longer Selling Times: The average days on market climbed to 108, a 10% increase YoY, suggesting buyers are negotiating harder or waiting for more favorable pricing.

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

• Strongest April Since 2021: Closed sales rose 16% YoY, marking Brooklyn’s best April in four years. Buyers are returning with confidence, especially in neighborhoods with access to new developments.

• Median Price Growth Reflects Demand: Prices rose modestly, with the median up 3% to $805K. First-time buyers and move-up purchasers continue to drive action in mid-market price points.

• Inventory Push Driven by New Construction: Inventory increased by 11% YoY, primarily from an influx of new condo listings in North Brooklyn, signaling strong developer confidence in future demand.

• Contract Activity Nearly Flat: Signed contracts were down just 1% YoY, revealing a steadier pace of deal flow compared to Manhattan and indicating resilient buyer interest.

• Hot Neighborhoods Outperform: Williamsburg and Downtown Brooklyn led in contract volume, fueled by walkability, access to amenities, and proximity to Manhattan job centers.

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

• Luxury Sales Volume Dips but Stability Remains: April saw 28 sales over $5M, down from 35 in March. This seasonal dip may also reflect paused decisions as high-net-worth buyers assess tax and rate conditions.

• High-End Prices Remain Strong: The average sale price in this tier rose slightly to $8.3M, supported by large transactions in Downtown Manhattan and a smaller, more committed buyer pool.

• Condo Market Dominates: Condominiums made up 86% of all $5M+ transactions, reaffirming their appeal due to lifestyle amenities, flexibility, and investor interest.

• Downtown Leads the Pack: Nearly half of April’s top sales were in Downtown Manhattan, driven by premier developments and buyer preferences for full-service living.

• Quicker Turnaround for Trophy Assets: Days on market for $5M+ listings dropped from 158 in March to 143, indicating increased velocity for well-priced, top-tier properties.

NYCxDESIGN's Festival
The NYCxDESIGN Festival returns May 15–21, turning all five boroughs into a showcase of creativity through exhibitions, talks, installations, and more. This year's theme, "Design is for Everyone," highlights the power of inclusive and impactful design. Be sure to check out the calendar of events below!
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DanceAfrica 2025
The Brooklyn Academy of Music's longest-running program, DanceAfrica, returns for its 48th year this Memorial Day weekend, May 23-26. This year's theme, "Mozambique: Movement! Magic! Manifestation!", is a vibrant celebration of Mozambican culture through dance and music. Enjoy dynamic performances, hands-on workshops, and the beloved outdoor bazaar with over 150 vendors. Read more at the link below.
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Memorial Day weekend is a time to enjoy sunshine, good company, and summer vibes—but also to pause and honor the brave men and women who gave their lives in service to our country. Whether you're at the beach or hosting a BBQ, check out our list below for meaningful ways to celebrate.

• Attend the 158th Annual Brooklyn Memorial Day Parade

• Watch the National Memorial Day Concert

• Visit The Intrepid Sea, Air, and Space Museum

• Attend the Little Neck-Douglaston Memorial Day Parade

• Donate flowers

• New York Philharmonic Free Memorial Day Concert

• Visit one of NYC's beaches