200 East 20th is wrapping sales up, Plus A New Gramercy Project is Rising
May 29, 2026
Hello,
The latest data shows NYC is entering a major new housing expansion cycle. Driven by strong demand and the
rollout of the "City of Yes" zoning reforms, permit applications and new construction are surging.
Between 2024 and 2025, new housing permits jumped 15.3% and completed units rose 14.3% to nearly 38,700—the
highest annual total since 1965. Q1 2026 exploded even further, with nearly 28,800 units filed in just three
months, double the 2025 quarterly average.
However, this boom is almost entirely centered on dense multifamily rentals, fueled by tax incentives like
485-X. Meanwhile, the condo market is lagging significantly, with new plan acceptances dropping 31%
year-over-year in 2025.
The Takeaway: While rental construction is thriving, high costs are stalling new condo developments. This
scarcity will likely push the market toward ultra-luxury projects, virtually wiping out the "middle market"
($2,000–$2,200 psf) and amplifying a true "Tale of Two Cities."
Click here for the full report.
Against this backdrop, we are thrilled to be wrapping up sales at 200 East 20th Street (designed by
CetraRuddy/developed by Tidhar Group). Thanks to its exceptional design and prime Gramercy Park location, the
project enjoyed a smooth two-year sales run, and only the penthouse remains.
This sets the stage perfectly for the neighborhood’s next big launch: Legion Investment Group’s 38 Gramercy
Park
East, rising right across the street with direct views of the park.
In other news, we recently sat down with Kael Goodman of Marketproof to chat about NYC taxes, the new
development system, and how AI is shaking up the industry.
Check out the full podcast episode
here.
Happy Spring
Ariel & The Team
