Market Update
Fall is in the air, and so is activity in the NYC real estate market. Manhattan listings are up about 20% compared to summer, giving buyers more choices, while contract signings remain strong—11% higher than last year. Brooklyn and Queens continue to shine for affordability, with steady year-over-year growth and plenty of options for buyers.
Pricing in Manhattan is holding around $1.4 million, with the median across the city at $1.1 million. Mortgage rates have eased slightly, giving buyers a little breathing room and helping keep momentum alive. Historically, October listings sell faster than other months, and mid-October looks particularly active—perfect timing for buyers and sellers to make moves before the holidays.
Manhattan is also seeing an exciting trend: office-to-residential conversions. Through August 2025, 4.1 million square feet of office space have been transformed into apartments, including major projects at 5 Times Square and the former Pfizer headquarters. These conversions are helping address the city’s housing shortage while opening new opportunities for buyers and investors.
Overall, the NYC market is dynamic and full of possibilities. With more inventory, slightly lower rates, and creative new developments, this fall is a great time for buyers to act and for brokers to guide clients toward smart decisions. Whether you’re looking for your next listing or helping a client find their dream space, the market is ripe for opportunity—and it’s moving fast.
Property of the Month: Private Exclusive for Stunning Soho Loft
This month’s spotlight is a stunning Compass Private Exclusive loft in the heart of SoHo.
Spanning approximately 1,400 square feet with soaring 11-foot ceilings, oversized windows, and exposed brick walls, this floor-through two bed, one and a half bath home perfectly blends pre-war charm with modern luxury.
What makes this home truly special is not just the design—it’s the Compass Private Exclusive experience. With Early access available only to Compass brokers, this exclusive opportunity allows motivated buyers early access to a one-of-a-kind property in one of SoHo’s most desirable neighborhoods. Sellers benefit from a streamlined, private approach, testing demand and pricing discreetly while avoiding the stress of public open houses.
Private Exclusives are a win-win: buyers enjoy first look at unique, off-market properties, and sellers gain a seamless, confidential selling process. This SoHo loft exemplifies how Compass connects clients to extraordinary homes while providing unparalleled service in New York’s most vibrant neighborhoods.
Mahjong Madness: Traditional Tiles, NYC Style
If you’ve been hearing a suspicious amount of tile clacking lately, that’s not construction — it’s mahjong. The century-old Chinese tile game is back at the center of New York’s social scene, and it’s more stylish (and competitive) than ever.
Mahjong originated in China during the Qing dynasty, evolving from card games into the 144-tile version we know today. Each tile carries symbolic meaning — dragons, winds, and seasons — reflecting balance and fortune. Chinese immigrants brought the game to the U.S. in the 1920s, and by the 1930s and 40s, it had become a fixture in New York, especially in Chinatown and Jewish-American communities. It wasn’t just a game — it was a social ritual, a status symbol (especially for the winners), and more than anything else, a fun way to connect.
Fast forward to today, and mahjong is officially having a renaissance (although to imply it ever truly left New York's social vocabulary would be heresy). Rooftop apartments, SoHo lofts, and Upper West Side brownstones host game nights with snacks, cocktails, and acrylic sets that are almost too pretty to play with. Friends form leagues, compete in tournaments, and someone is always yelling “PUNG!” like it’s Broadway.
In true New York style, mahjong tables are more than a game — they’re networking hubs. Deals are whispered between rounds, collaborations spark over lost tiles, and being invited to the right table is almost as coveted as a reservation at a hot new restaurant.
At its heart, mahjong is about connection — to tradition, community, and the city itself. So grab three friends, a lucky charm, and maybe a bottle of wine — because in New York, mahjong night isn’t just game night. It’s a centuries-old tradition thriving in the city that never sleeps.
2025 Kips Bay Decorator Show House: Philanthropy Never Looked So Good
This fall, the Kips Bay Decorator Show House celebrated its 50th anniversary with a bold move downtown to a historic six-story townhouse at 20 West 12th Street in Greenwich Village. The iconic event transformed a 9,000-square-foot 1900s residence into a stunning showcase of contemporary design, blending history and modern elegance.
Inside, 21 renowned designers—including Jamie Drake, Alexa Hampton, and Corey Damen Jenkins—reimagined every space, from a whimsical Victorian-inspired dining room to serene salons perfect for reflection or conversation. The attention to detail, clever use of color, and mix of textures made every corner feel both luxurious and inviting.
We were personally invited to an exclusive tasting in the home’s beautifully designed kitchen, hosted by a James Beard Award-winning chef. Experiencing the chef’s menu amidst such thoughtful design was unforgettable — a perfect mix of culinary excellence and interior artistry.
Beyond the glamour, the Show House serves a greater purpose. Proceeds benefit the Kips Bay Boys & Girls Club, supporting after-school programs and enrichment opportunities for youth in the Bronx. Since 1973, the event has raised millions for this vital cause, proving that design can make a meaningful impact.
The 50th Anniversary Kips Bay Decorator Show House is a must-visit for anyone who loves design, culture, and giving back. Be sure to check the Kips Bay Designer Show House website to stay in the loop and be the first to snag tickets for the next one!
