Market Update
The New York market entered summer 2026 on steady footing, with tight inventory continuing to support prices even as fewer homes changed hands. Per PropertyShark, June's citywide median sale price was $820,000, up 1.2% year-over-year, across roughly 1,960 transactions.
This is down nearly 15% from a year earlier, reflecting a supply shortage more than cooling demand. Manhattan held its premium position: Redfin puts the spring median around $1.4M, up 5.7%, while Douglas Elliman/Miller Samuel data shows strength concentrated at the top, with sales above $3 million up 10% year-over-year.
Rentals were the real story. Per Corcoran's June report, the median Manhattan rent hit a new record of $5,295, up 8% annually, as available listings fell 16% year-over-year and apartments rented in just 36 days. Brooklyn set its own record at $4,350. The takeaway for buyers and renters alike: inventory is tight on both sides of the market, keeping prices firm and competition brisk — so preparation and speed matter, especially if mortgage rates ease later this year as some expect.
Property of the Month
219 West 81st Street, #11G
There's a particular pleasure in a prewar apartment brought fully into the present without losing its bones, and Residence 11G makes the case beautifully.
Taken down to the studs and rebuilt, this two-bedroom, two-bathroom home pairs nine-foot ceilings and wide herringbone white oak floors with a renovation confident enough to feel quiet rather than showy. Light arrives from two directions, north and east, across a genuinely generous living and dining area.
The windowed kitchen trades prewar preciousness for restraint — quartz surfaces, open eastern views, and a detail connoisseurs will notice immediately: a range hood vented directly outdoors, a rarity in buildings of this vintage. The bathrooms lean toward the spa, with heated floors and towel warmers, and even the in-unit laundry vents outside.
What ultimately distinguishes the home, though, is the work you can't see: three-zone central air, new plumbing, new double-paned windows, and upgraded insulation that buys both thermal comfort and, just as valuable in Manhattan, silence. The prewar character is intact and nothing behind the walls is a compromise — all of it inside a full-service 1912 condominium on the corner of Broadway and West 81st, steps from Central Park and Zabar's. Reach out to arrange a private viewing.
Our Summer Ice Cream Roundup
Nothing says a New York summer like a cone in hand. Here are seven of our favorite scoops around the city:
Caffè Panna (Gramercy): Rotating flavors finished with panna, a light Italian whipped cream. Worth the famously fast-moving line.
Il Laboratorio del Gelato (Lower East Side): Around 200 flavors, from classic pistachio to olive oil and lavender.
Salt & Straw (Upper East Side): A Portland import with a new themed menu every month, often made with local collaborators.
Chinatown Ice Cream Factory (Chinatown): A family-run institution since 1977, scooping lychee, black sesame, and red bean alongside the classics.
Van Leeuwen (multiple locations): Started as a single yellow truck and grew into a beloved staple, known for rich flavors and standout vegan options.
Morgenstern's (Lower East Side): A perennial favorite topping best-of lists, with an inventive, ever-changing flavor menu.
Sugar Hill Creamery (Harlem): A neighborhood gem with playfully named small-batch scoops and seasonal flavors, open late on weekends.
Know Before You Buy:
NYC's New Pied-à-Terre Tax
A significant change landed this summer for second-home owners. The New York State Legislature approved a NYC pied-à-terre tax on May 27, 2026, as part of the state budget, effective for fiscal years beginning July 1, 2026. It's an annual surcharge on NYC homes that aren't the owner's primary residence, and it's scheduled to sunset on June 30, 2031, unless renewed.
The rollout comes in two phases. In the first phase, condos and co-ops that the city values above $1 million face rates of 4% ($1–3M), 5.25% ($3–5M), and 6.5% (above $5M), while one-to-three-family homes are covered at $5 million and up. One important nuance: the city's market values for condos and co-ops run well below actual market prices, so the $1M assessed threshold reflects a much higher real-world value.
The single deciding test is primary residence — owners who pay NYC resident income tax are exempt regardless of value. The Department of Finance will notify affected owners by August 30, 2026, with an opportunity to contest. If you own or are considering a non-primary NYC residence, it's worth a conversation with a tax professional — this column is informational, not tax or legal advice.
