Market Update
As August settles in, Manhattan real estate is holding steady with the usual seasonal slowdown. The first full week of the month saw a notable uptick in activity, with contracts jumping 23% from the week prior.
Two standout deals made headlines: an $87.5 million penthouse at 140 Jane Street, which could set a new Downtown record, and a $44.95 million townhouse on the Upper East Side—reminders that luxury buyers remain active even in quieter summer weeks.
Month-to-date, 904 contracts have been signed across Manhattan, about 4% higher than this time last year. The median price per square foot is $1,417—slightly softer than June, down 1.4%, but still 3.1% above August 2024. Renovated homes continue to outpace the market, trading at a 16% premium compared to unrenovated units.
Overall, the market is steady but selective. Buyers are showing strong interest in well-renovated, move-in-ready homes, while sellers with unique or high-quality listings continue to attract attention. Even with summer travel pulling some New Yorkers away, demand remains healthy, and the luxury sector, in particular, is proving resilient. We are excited for a busy fall market!
Property of the Month:
Pre-War 3-Bedroom with Wood-Burning Fireplace Accepted Offer!
The benefit of Private Exclusives with Compass…
Before even going public, we were able to secure an amazing offer for our sellers on this extraordinary, light-filled three-bedroom, three-bathroom residence.
The home blends the timeless charm of pre-war architecture with thoughtful modern updates: a gracious living room anchored by a rare wood-burning fireplace, a windowed dining room with custom zebra wood built-ins, and an eat-in kitchen with high-end appliances and a sunny breakfast nook.
This story showcases the power of the Compass Private Exclusive program. As Compass agents, we’re able to give our buyers early access to select homes before they officially hit the market, while offering sellers the chance to test pricing and demand privately. In this case, the home got an accepted offer quickly—saving our clients valuable time and sparing them the stress of public open houses and repeated showings.
Private Exclusives are a win-win: motivated buyers get first look at unique properties, and sellers benefit from a streamlined, discreet selling experience. We’re thrilled to have guided this home’s journey from quiet launch to successful offer.
A Very Ferry Summer
When the city’s baking and the sidewalks start to sizzle, there’s nothing like catching a breeze on the water. The NYC Ferry isn’t just public transit—it’s a perfect summer hack.
Hop on a boat to Governors Island and you’re in a whole different world in under ten minutes. There’s something magical about biking along car-free paths, lounging in a hammock with skyline views, or grabbing a cone from one of the seasonal food trucks parked near the pier.
Need a new adventure? Red Hook is a dreamy waterfront pocket full of surprises. You can spend the afternoon wine tasting, slurping oysters, or just strolling the quiet, cobbled streets. Somehow, it all feels like a vacation—especially when you’ve arrived by ferry.
And yes, Rockaway Beach is 100% ferry-accessible. In just under an hour, you can swap skyscrapers for sand and surf. Hit the taco stands, stretch out with a book, or dive in. It’s the kind of day trip you’ll want to turn into a weekly ritual.
Even short ferry rides feel like something special. Whether you're cruising past the Brooklyn Bridge or gliding toward Roosevelt Island, it’s hard not to fall in love with the city all over again. And the best part? You’re doing it all without traffic, subway delays, or sweltering platforms.
So this summer, skip the stress and set sail. Your next great New York day could be just one ferry ride away.
P.S. Waterfront living has its perks—ask us about listings near ferry stops and scenic shores...
See the City, for Free: Museum Nights & Free Fridays
One of New York’s greatest luxuries? Access to world-class art, culture, and history—without spending a dime. Whether you're entertaining summer visitors or rediscovering the city yourself, these free entry nights are a perfect way to soak up some inspiration (and air conditioning).
Here are some of our favorite no-cost cultural gems:
The Museum of Modern Art (MoMA) Free Fridays from 4:00–8:00 PM View Warhols, Picassos, and Pollocks without the ticket price. MoMA’s iconic galleries are a must-see for anyone living in or visiting New York. Entry is first-come, first-served—arrive early and plan to linger.
The Whitney Museum of American Art Pay-what-you-wish on Fridays from 5:00–10:00 PM
Enjoy rooftop views and a rotating cast of contemporary exhibits that spotlight American art in all its boldness. Grab a drink at the café or walk the nearby High Line before heading up for sunset views and cultural immersion.
The Morgan Library & Museum Free Fridays from 5:00–7:00 PM
Step inside a 1906 Gilded Age mansion turned museum, where rare books, manuscripts, and stunning interiors transport you into another era. A perfect spot for quiet inspiration—and one of Midtown’s best-kept secrets.
The Brooklyn Museum First Saturdays of each month (except January and September), 5:00–11:00 PM
These lively community evenings are a Brooklyn staple. Enjoy live music, film screenings, artist talks, and open galleries with a side of food trucks and dancing in the courtyard.