Market Update
The story of the past month is the top of the market. Between April 14 and May 10, 133 contracts were signed for Manhattan apartments priced at $4 million or more, and the $10M+ tier was even more striking — contracts there jumped 80% to 34.
All of this is happening against the backdrop of Mayor Mamdani's proposed pied-à-terre tax, an annual levy on non-primary residences valued at $5 million or more, which is still working its way through Albany. Worth keeping an eye on, but for now luxury buyers are clearly still buying.
Citywide the picture is more mixed. 2,386 properties closed in April, down 10.9% year-over-year, with the median price per square foot at $925. Rentals, meanwhile, are at a breaking point: Manhattan's median rent hit an all-time high of $5,099 in April, and the vacancy rate dropped to 1.55%, the lowest in over six years. What that adds up to: entry-level buyers are cautious, luxury and cash buyers are leaning in, and a lot of renters we're talking to are quietly running the numbers on buying. If you're a seller in the right price band, this is a window.
Property of the Month: 303 E 57th St. 20LA
Some apartments photograph beautifully but feel ordinary in person. 20LA is the opposite — it's the kind of home that gets better the longer you stand in it. Four bedrooms, three and a half baths, oversized soundproof windows pulling in city views without any of the noise, and a south-facing terrace that actually catches sun in the afternoon (rarer than you'd think on the Upper East Side).
The kitchen is modern and eat-in, the dining room is formal without being stuffy, and a set of double doors opens into a den and a flex room that works as an office or a guest suite with its own bath.
The primary suite is where storage-fans really get excited: a full wall of custom closets, a walk-in, and a windowed bathroom with heated floors. The building is one of Phillip Birnbaum's 1967 designs and has aged into one of the most reliable full-service addresses in the neighborhood — concierge, doormen, on-site fitness, rooftop, pool, garage, valet.
This is one of those listings that we're really glad to work on. There's a difference between selling a house and selling a home, and a lot of that difference lies in how the previous owner filled their space.
That's the feeling this home has: the feeling of one that's been loved. And doesn't have a leaky sink.
If you'd like to see it in person, we'd love to have you.
NYC Apartment Hunting Myths Everyone Still Believes
(And Really Need to Stop)
1. "Spring is the only time to buy."
Spring is when everyone and their mother is buying, which is exactly why you might not want to. The quiet months — August when half the city is in the Hamptons, December when nobody wants to move boxes in a parka — are when sellers get reasonable and bidding wars get rare. Some of my best deals have closed in flip-flops or in scarves.
2. "I'll wait until rates come down."
Sure. And then so will the other 10,000 buyers currently sitting on their hands, and they'll all show up at the same open house you're at, holding the same Zillow alert. Lower rates mean higher prices. Marry the price, date the rate. Plus with the current environment looks like they aren’t going in the direction we are waiting for in the short term.
3. "Co-ops are a nightmare."
The board package is a chore, I won't lie. You'll discuss your finances as if your accountant is on vacation. But you'll also pay less per square foot, in a better-built building, with lower carrying costs for the rest of your life there— and all the info dumps are confidential and secure. A weekend of paperwork for a decade of savings is a trade I'd make anytime.
4. "It's been on the market three months — something must be wrong with it."
Sometimes. More often it launched at a delusional price, had photos taken on a flip phone, or hit the market the week of a Fed announcement. Stale listings are where the leverage lives. Be the buyer who reads past the days-on-market and into the actual apartment.
5. "I don't need a buyer's agent. I'll save the commission."
You will not save the commission. The commission is baked into the deal whether you bring an agent or not — the only question is whether you have someone in your corner or whether the seller's agent is doing both jobs (guess whose interests win that one). Going it alone in New York is like representing yourself in court to save on lawyer fees. Technically allowed. Rarely recommended.
If any of these have been keeping you on the sidelines and you’re daydreaming on StreetEasy to a degree that feels medically dicey, reach out. The market doesn't reward waiting — it rewards the people who showed up prepared.
Mother's Day
We hosted an evening of mahjong and cocktails this Mother's Day, and to everyone who came — thank you. There was a lot of laughter, a few competitive moments, and the kind of lively, happy energy that only comes from a community devoted to cheerful gatherings and genuine care. It was the best version of a Mother's Day: women showing up for each other, no kids underfoot, plenty of seconds at the bar.
Real estate is a relationship business, but underneath that it's a community business. The neighborhoods we love most are the ones held together by women who organize the carpools, host the parties, and somehow make a city of nine million people feel small. Happy Mother's Day to all of them. ((And we’re already plotting next year's Mother’s Day Extravaganza.))
