{06.2025} Still Waters, Strong Undercurrent: NYC Real Estate Awakens
Three key themes continued to dominate the market over the past couple of months:
The stock market remained strong.
Interest rates stayed high.
The rental market grew even more competitive.
In this environment, demand kept building. We saw this reflected in more contracts being signed, higher price per square foot, and fewer days on market. Meanwhile, inventory—especially in New Construction—continued to decline. Both forces were happening very gradually. These dynamics are slowly and quietly nudging us out of the buyer’s market we have been in for years.
I recently had a conversation with a long-time client—someone who’s always been a cautious investor. We talked about the possible impact of a mayoral change, and how the NYC market never seems to catch a break from external shocks. But even she acknowledged that, based on current metrics—high rents and relatively low purchase prices—now is a smart time to buy.
Overall, the market still feels relatively quiet. But the buyers who are out there? They’re serious.
On a Personal Note
It’s summer—and that means travel time! My older daughter recently spent a week at a camp in Mogan Mountain, China. When she came back, she had some fun observations about the differences between American and Chinese kids:
Chinese kids have phones too—but seem less addicted (to be verified I say).
On the surface, everyone looks super serious—but underneath, there’s the same wild energy.
Some kids were initially wary of her dyed hair and painted nails (banned in Chinese schools), but they quickly realized she’s actually pretty chill.
Her takeaway? Deep down, kids are kids—everywhere. We’re all more alike than we think.
New Construction Spotlight
Naftali Group is at it again—this time with The Willow in Kips Bay. This boutique 19-story condo has just 69 units. Sales launched two months ago, and already 26% are in contract.
The unit mix:
50% one-bedrooms
10% two-bedrooms
40% three-bedrooms
In this environment, demand kept building. We saw this reflected in more contracts being signed, higher price per square foot, and fewer days on market.