{04.2025} Caution Returns as Recession Fears Rise
In April, concerns about tariffs and a potential recession continued to weigh on buyers’ minds. Mortgage rates have remained relatively steady, hovering between the high 6s and low 7s since last November. A few buyers asked whether a recession would trigger a drop in NYC real estate prices, while a couple of our overseas clients wondered if they should sell, citing the current chaos in the U.S. Over the past few weeks, we’ve seen a noticeable dip in listing inquiries and buyer activity.
Meanwhile, the rental market was on fire. Many of our listings were rented within days—so long as the asking price was right. We had several renter clients searching in Long Island City, where quite a few buildings were already fully leased. Some buildings had such high demand that showing appointments were booked solid two weeks in advance.
The strong optimism we saw at the beginning of the year has now shifted to a more cautious tone—yet again.
On a Personal Note
I’m feeling calm today, having just completed a four-day water fast. I have also significantly reduced the amount of news I consume. The world affairs are a mess. Our industry seems to be embroiled in a fight over exclusives, after barely moving on from the commission battle. I now know how my 6th grader feels in her middle school cafeteria every day, where raw power struggles and pure chaos reign.
Let’s shift gears—tell me something fun. Got any upcoming travel plans? We’re heading to Greece this summer, and I’m already counting down the days. Still thinking about moving to NYC? It’s still worth it, I promise. Reach out—I’d love to catch up and chat.
New Development
Another skyscraper is rising on Lower Fifth Avenue — and it’s poised to become the finest residential building in New York City, both in design and engineering. Located at 29th Street and Fifth Avenue, the residences offer true downtown loft living, completely free of structural columns that disrupt flow or views. From the striking exterior to advanced air filtration systems, every detail has been meticulously considered, with interiors crafted by renowned Scandinavian design firm Norm.
In April, concerns about tariffs and a potential recession continued to weigh on buyers’ minds. Mortgage rates have remained relatively steady, hovering between the high 6s and low 7s since last November.