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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.

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WEEKLY REPORT: May 10 to 16, 2025
MANHATTAN | CONDOS & CO-OPS

• Manhattan contracts declined 3% to 241 deals week-over-week, marking the first consecutive two-week decline since January and signaling potential market cooling after recent strength

• New development sales continued underperforming, falling 4% year-over-year for the sixth consecutive week, suggesting developer inventory challenges and buyer hesitation at current pricing levels

• Sub-$3M market segment showed resilience, with contracts under $1M declining only 5% weekly while maintaining relative stability compared to luxury segments experiencing steeper drops

• Geographic performance varied significantly, with Upper West Side declining 45% weekly while Upper East Side remained flat, indicating neighborhood-specific demand patterns

• Ultra-luxury market reached exceptional levels with the top contract at 1125 Fifth Avenue commanding $20M ($4,348 PSF) for a 4,600 sq ft unit, demonstrating continued appetite for trophy assets despite broader market softness

WEEKLY REPORT: May 10 to 16, 2025
BROOKLYN | CONDOS & CO-OPS

• Contract activity strengthened with 84 contracts signed, up 4% week-over-week, marking a recovery from the previous week's decline, though still down 22% compared to the same period last year

• Luxury segment ($1M-$2M) drove growth with a 45% weekly increase, representing the only price segment to show annual growth as buyers capitalized on strong sales momentum in Park Slope

• Condo market significantly outperformed co-ops, with condo contracts surging 49% week-over-week while co-op activity declined 30%, reflecting buyer preference shifts toward newer inventory

• Park Slope/Gowanus emerged as the standout submarket with the highest weekly contract volume (21 deals) and 17% growth, while Brooklyn Heights saw notable strength with 250% weekly gains

• Premium transactions reached new heights with the week's top contract being a $3.7M, 1,805 sq ft Bergen Brooklyn penthouse at $2,050 per square foot, indicating sustained ultra-luxury demand