MANHATTAN & BROOKLYN | WEEKLY SCOOP

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.

WEEKLY REPORT: DEC 28 to Jan 3, 2025
MANHATTAN | CONDOS & CO-OPS

• Overall Market Trends. A total of 115 contracts were signed last week in Manhattan, representing a 5% decrease week-over-week and a 21% decrease year-over-year. This marks the first year-over-year drop in signed contracts since October. The proximity of the New Year’s holiday likely influenced the lower activity, indicating a temporary market fluctuation.

• New Development Sales. Sales in new development properties increased 5% year-over-year, though this equated to only one additional sale compared to the same week last year. This sector was the only one to show annual growth, highlighting buyer preference for newly built properties even in a declining market.

• Luxury Market Performance. Contracts for properties priced above $5 million rose 27% year-over-year, with three additional sales compared to the same period last year. This suggests continued strength in the high-end segment, possibly driven by affluent buyers.

• Top Transactions. The top two contracts were penthouses at Corcoran Sunshine Downtown developments with Hudson River views: 67 Vestry PH: Listed at $48M ($7,733 per square foot) & 140 Jane PH10: Listed at $41M ($7,440 per square foot). These premium deals highlight the resilience of ultra-luxury properties in attracting buyers.

WEEKLY REPORT: DEC 28 to Jan 3, 2025
BROOKLYN | CONDOS & CO-OPS

• Overall Decline in Contracts Signed. Total Contracts: 21 contracts signed last week, reflecting a 32% week-over-week decline and a 58% year-over-year decrease. This indicates a significant cooling of the Brooklyn market compared to previous periods.

• Segment Performance. Co-op sales dropped 41% year-over-year, while condo sales fell 67%, showcasing the sharper decline in condo demand.

• Price Segments. Sales under $2M dropped a staggering 71% year-over-year. Conversely, sales over $2M tripled, pointing to relative resilience in Brooklyn’s luxury market.

• Luxury Sales Resilience. High-Value Sales: The shift in activity toward properties over $2M highlights the continued demand for luxury real estate in Brooklyn, even amid market contraction.

• Top Sale of the Week. The most expensive sale was a full-floor, three-bedroom unit in a 36-foot-wide Brooklyn Heights brownstone at 170 Hicks Street, emphasizing the premium placed on unique and spacious properties.