City at a Crossroad. What's Next for NYC?
June 30, 2025
Happy 4th of July Weekend!
The big topic around town? The Democratic mayoral primaries—and the ripple effects already hitting the real estate market. History shows that well-meaning policies often backfire.
Take the FARE Act, meant to save renters on broker fees... instead, rents in some neighborhoods jumped 16% overnight (thanks, unintended consequences!). Or the 2019 Housing Stability Act, designed to control rent hikes, which ended up shrinking inventory and driving rents higher.
While November’s general election outcome is still up in the air, the trend is clear: quick-fix promises often come with hidden costs.
On a brighter note:
NYC’s office market is quietly rebounding—with 11 million SF leased in 2024, and an active 2025 so far, including big deals like the $1B+ sale of the Sony Building at 590 Madison.
Streets are full, energy is back, and even with high interest rates, sales volume is holding steady with the 10-year average.
In the luxury sector (over $4M), we’re seeing strong absorption, especially in older new developments that have adjusted pricing to meet the market.
What's happening with us?
Over the first half of 2025 we have closed 38 transactions and listed 21 properties. A notable recent contract was the sale of 2505 Broadway, 2B, which was featured in the Olshan Report this month.
To see all of our listings and contracts, please click here.
Wishing you a safe and happy summer.
Ariel