Real Estate Trends

NYC begins notifying pied-à-terre owners about new tax

Photo by Brett Wharton on Unsplash

July 24, 2026

NYC begins notifying pied-à-terre owners about new tax

By Aaron Ginsburg

New York City has begun alerting pied-à-terre owners about a potential surcharge, marking the first step toward implementing the city's new tax on non-primary luxury homes. Mayor Zohran Mamdani and Department of Finance (DOF) Commissioner Richard Lee this week announced that the city has started notifying property owners by mail that they may be subject to the new tax. The annual tax, approved in May, applies to one- to three-family homes, condominiums, and co-ops valued at $5 million or more whose owners maintain a separate primary residence.
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Harlem to get 11-story condo with 72 residences and a daycare

Credit: Katherine Belove

July 15, 2026

Harlem to get 11-story condo with 72 residences and a daycare

By Aaron Ginsburg

Plans to build an 11-story condominium in Harlem are moving ahead after the development team secured $45 million in construction financing this week. SCALE Lending, the debt financing arm of Slate Property Group, announced Tuesday that it issued the loan to Mass Development for the multifamily project at 264-272 West 135th Street. The ground-up building will feature studio to three-bedroom condos, half of which will include balconies, along with retail space, community facility, and resident amenities.
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Airbnb buys landmarked Gramercy building for $81.5M

Photo by Beyond My Ken on Wikimedia

July 15, 2026

Airbnb buys landmarked Gramercy building for $81.5M

By Devin Gannon

Airbnb plans to turn a New York City landmark into office space. The short-term rental company paid $81.5 million for the six-story limestone building at 281 Park Avenue South. Known as the Church Missions House, the property was built in the 1890s for the Episcopal Church and most recently housed the Swedish photography museum Fotografiska, which closed its doors in 2024.
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Real Estate Trends

Manhattan median rent reached new record of $5,295/month in June

Credit: Daniel Lee on Unsplash

July 14, 2026

Manhattan median rent reached new record of $5,295/month in June

By Aaron Ginsburg

Manhattan and Brooklyn rents have reached new highs as the cost of living continues to rise across New York City. A report from the Corcoran Group found that the median rent for market-rate residential buildings in Manhattan reached $5,295 per month at the start of summer, up 3 percent since May and 8 percent year over year. Across the East River, Brooklyn’s median rent for market-rate units reached $4,350 last month, an 8 percent annual increase. The continued surge reflects the city’s limited housing inventory, with Manhattan’s already-tight vacancy rate falling from 1.57 percent in May to 1.49 percent in June.
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Real Estate Trends

Macy’s former Downtown Brooklyn flagship to become five-floor ‘experiential’ retail destination

Credit: Dreamscape

July 9, 2026

Macy’s former Downtown Brooklyn flagship to become five-floor ‘experiential’ retail destination

By Aaron Ginsburg

After shuttering last year and a brief stint as a light installation, Macy's former Downtown Brooklyn flagship will become a massive five-floor "experiential destination." United American Land on Monday unveiled plans for BKX, a 440,000-square-foot retail hub at 422 Fulton Street. The project, the largest block of retail space available in New York City, could accommodate "flagship retail, immersive entertainment, food halls, destination dining, wellness concepts, cultural programming, and large-format branded experiences," according to the developers.
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Real Estate Trends

Brooklyn Heights townhouse sells for $24.5M, the borough’s priciest sale of 2026

Photos by Roland Spring

July 7, 2026

Brooklyn Heights townhouse sells for $24.5M, the borough’s priciest sale of 2026

By Aaron Ginsburg

A Brooklyn Heights townhouse sold for $24.5 million in an off-market deal, marking the borough's most expensive residential deal of the year. The 6,625-square-foot brownstone at 192 Columbia Heights surpassed this year's record, a penthouse in Dumbo that sold for $16.3 million in March. The transaction ranks as the borough's third-most expensive residential sale ever, according to the New York Times. Just two Brooklyn properties have ever fetched higher prices: a 10,000-square-foot mansion in Gravesend that sold for $32 million in 2025 and a four-story home in Brooklyn Heights that sold for $25.5 million in 2021.
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$5B plan unveiled to finish Brooklyn’s Pacific Park megadevelopment

Photo by CityLimitsJunction via WikiCommons

June 30, 2026

$5B plan unveiled to finish Brooklyn’s Pacific Park megadevelopment

By Aaron Ginsburg

Brooklyn's long-stalled Pacific Park megadevelopment inched closer to the finish line this week as developers unveiled a $5 billion plan to complete the project. Empire State Development, Cirrus Workforce Housing, and LCOR released a plan on Monday for the second phase of the project, formerly called Atlantic Yards, calling for seven new towers with 5,600 housing units, including roughly 1,242 affordable homes for low- and moderate-income households. The plan marks the start of the final chapter of the delayed megaproject, which saw its future thrown into doubt after a foreclosure and a change in developers last October.
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Extell secures density bonus for 71-story mixed-use project at Wellington Hotel site

Rendering of proposed tower at 871 7th Avenue. Credit: NYC CPC

June 23, 2026

Extell secures density bonus for 71-story mixed-use project at Wellington Hotel site

By Aaron Ginsburg

Extell Development last week secured a zoning bonus from the city required for the firm's proposed 1,130-foot-tall tower at the site of Midtown’s former Wellington Hotel. The City Planning Commission last week granted the project at 871 7th Avenue a nearly 120,000-square-foot density bonus; in exchange, Extell will upgrade the nearby 50th Street subway station to be fully accessible. The approval allows for the project to expand by 20 percent, transforming it from a 27-story hotel into a 71-story mixed-use tower with 130 residential units and 156 hotel rooms. As first reported by Crain's, the expansion utilizes the city’s Zoning for Accessibility (ZFA) program, which offers density bonuses to developers in exchange for transit improvements.
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Whole Foods to open new stores in Bushwick, Cobble Hill

Streetview of 1224 Flushing Avenue © 2021 Google

June 8, 2026

Whole Foods to open new stores in Bushwick, Cobble Hill

By Aaron Ginsburg

Whole Foods continues to expand in Brooklyn. The Amazon-owned supermarket chain is set to open a new store at 1224 Flushing Avenue in Bushwick after signing a 15-year lease for a 10,000-square-foot space where it is expected to open one of its small-format convenience stores, according to Crain's. The Bushwick location is the second new lease the supermarket giant signed for a Brooklyn store last week, following a 10-year deal at a former Rite Aid at 182 Smith Street in Cobble Hill.
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Real Estate Trends

A renter’s guide to Midtown West, from Hell’s Kitchen to Hudson Yards

Hell’s Kitchen. Photo by Josh B on Flickr

June 5, 2026

A renter’s guide to Midtown West, from Hell’s Kitchen to Hudson Yards

By Michelle Cohen

Stretching from Fifth Avenue to the West Side Highway and 34th Street to the southern tip of Central Park, Midtown West includes iconic Manhattan districts like Times Square, Clinton (also known by its classic moniker, Hell's Kitchen), the newly-minted Hudson Yards, and Central Park South. From architecture, music, and theater to restaurants, bars, and shops, Midtown West is a study in New York City diversity and a destination for visitors from all over the world.
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Waterfront living in NYC: Inside resort-style rentals in every borough

Photo by Mike Sinko on Flickr

May 29, 2026

Waterfront living in NYC: Inside resort-style rentals in every borough

By Devin Gannon

Waterfronts across New York City are being developed, many with ultra-luxe high-rise condos with sweeping views. But thanks to rezoning and climate resiliency efforts, as well as the launch of NYC Ferry almost a decade ago, several rental buildings have popped up along shorelines in every borough, making resort-style living slightly more attainable. With beautiful views and amenities to match, and now, a quicker commute via new, expanded ferry service, riverside (and seaside!) living in New York is more appealing than ever. To explore what waterfront life is really like in NYC, we took a look at a few rentals along the water's edge, from glassy high-rises in Greenpoint to modern homes a block from the beach in the Rockaways.
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New York passes pied-à-terre tax for luxury NYC second homes

Billionaires’ Row from Harlem. Photo by joiseyshowaa on Wikimedia

May 28, 2026

New York passes pied-à-terre tax for luxury NYC second homes

By Devin Gannon

New York City is getting its pied-à-terre tax. State lawmakers on Wednesday approved the $268.5 billion 2027 state budget, which included a new annual surcharge on second homes in the city valued at $5 million or more. First announced last month by Gov. Kathy Hochul, the new tax will take effect July 1 and could potentially generate $500 million in revenue for the city each year. According to the governor, the tax ensures those who own luxury properties as their second homes are still "fairly contributing towards the funding of essential services," like police and fire departments, sanitations, parks, and more.
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13 best NYC rental buildings with outdoor pools

May 13, 2026

13 best NYC rental buildings with outdoor pools

By Aaron Ginsburg

Summer is on the horizon in New York City, bringing with it poolside lounging and dips in the ocean. While the beach is great for a day trip, and hotel pools offer a fun experience, renters who are lucky enough to live in an apartment building with an outdoor pool can enjoy a resort-style getaway without ever leaving home. With the weather finally warming up, we took a look at the best rental buildings across New York City that offer outdoor pools.
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Cobble Hill’s most expensive home finds a buyer

Photos by DD Reps

May 7, 2026

Cobble Hill’s most expensive home finds a buyer

By Aaron Ginsburg

Cobble Hill's most expensive home, a five-story brownstone last asking just under $17 million, has entered contract. The 1850s home at 205 Clinton Street reportedly found a buyer after first hitting the market for $22 million last fall. In addition to being a new neighborhood record, if the home fetches near the 16.995 million ask, the property would be the most priciest deal in Brooklyn this year, surpassing the $16.25 million penthouse sale at Olympia Dumbo in February.
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149-unit rental building coming to Hudson Square parking lot

Credit: MAG Partners

May 4, 2026

149-unit rental building coming to Hudson Square parking lot

By Aaron Ginsburg

Two prominent New York City developers have teamed up to build a 149-unit rental tower on a parking lot in Hudson Square. MAG Partners and Global Holdings last week signed a long-term lease with Trinity Church for 122 Varick Street, where the joint venture plans to construct a 192,000-square-foot project employing the 485-x tax abatement program. The development will include more than 5,000 square feet of ground-floor retail, and 25 percent of the units will be permanently affordable as required by the tax incentive program.
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NYC pied-à-terre tax could raise less than Hochul’s $500M estimate, report finds

Credit: Andy on Unsplash

May 1, 2026

NYC pied-à-terre tax could raise less than Hochul’s $500M estimate, report finds

By Aaron Ginsburg

Gov. Kathy Hochul's proposed pied-à-terre tax could generate up to $500 million annually, but multiple variables could affect the final revenue, according to a report released Thursday by New York City Comptroller Mark Levine. Introduced last month, the governor's proposed tax, which would place a surcharge on secondary homes in the five boroughs valued at $5 million and above, could generate nearly $500 million from just over 11,200 properties. The comptroller's analysis examines several factors, including exclusions for rented units and "behavioral responses" to the tax, which could lower the actual revenue to between $340 million and $380 million.
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Extell files plans for 86-story, 430-unit apartment building on the Upper West Side

Looking at West 66th Stret from Columbus Avenue. Photo © Ondel Hylton

April 24, 2026

Extell files plans for 86-story, 430-unit apartment building on the Upper West Side

By Aaron Ginsburg

Extell Development this week filed plans for an 86-story residential tower on the Upper West Side, advancing a proposal for the neighborhood's next tallest building. Plans filed Wednesday with the city’s Department of Buildings (DOB) call for a 1,200-foot-tall tower with 430 apartments at 80 West 67th Street, also known as 77 West 66th Street, on the former Disney campus. The project would surpass Extell’s tower across the street at 55 West 66th Street by more than 400 feet, becoming the tallest building in the neighborhood.
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Mamdani proposes city-backed insurance program to cut costs for some NYC landlords

Credit: Jason Hawke CA on Unsplash

April 16, 2026

Mamdani proposes city-backed insurance program to cut costs for some NYC landlords

By Aaron Ginsburg

While Mayor Zohran Mamdani's administration has so far focused on affordability for renters, the mayor announced a plan to help landlords on Thursday. A new program managed by the city will reduce the cost of property and liability insurance for affordable and rent-stabilized housing. As the New York Times reported, the proposal is seen as a peace offering to property owners, whose interests have often been at odds with the administration. According to the city, the self-sustaining program will help address the rising cost of insurance, which has more than tripled since 2017.
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Hochul proposes pied-à-terre tax on NYC second homes worth over $5M

Photo by Jakub Hałun on Wikimedia

April 15, 2026

Hochul proposes pied-à-terre tax on NYC second homes worth over $5M

By Devin Gannon

Governor Kathy Hochul on Wednesday proposed a yearly tax on non-primary residences in New York City. After resisting calls to tax high-income earners led by progressive leaders like Mayor Zohran Mamdani, the governor is now embracing a surcharge on secondary homes in the five boroughs valued at $5 million and above. Known as pieds-à-terre, these properties are occupied by part-time residents who usually stay there while working or visiting the city. While it's not the first time such a tax has been proposed in recent years, the new push for the surcharge comes as the city deals with a multibillion-dollar budget gap.
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Pink buys historic yellow Greenwich Village townhouse for $21.5M

Photo of the facade courtesy of Michael Weinstein of MW Studio. All others, courtesy of Shannon Dupre’ of DD Reps.

April 13, 2026

Pink buys historic yellow Greenwich Village townhouse for $21.5M

By Devin Gannon

Pink bought a yellow Greenwich Village townhouse. The pop star paid $21.5 million for the historic six-story home at 125 West 11th Street, as the Wall Street Journal first reported. Built in 1849, the cheerfully painted Greek Revival mansion has served as a haven for artists for over a century, most recently the same family for 70 years. Following a three-year renovation, the roughly 7,900-square-foot home first hit the market for $25 million in 2024 before being reduced by $3.5 million last fall.
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Thomas Juul-Hansen to design 22-story condo in West Chelsea

All renderings courtesy of Visualisation One, unless noted otherwise

April 8, 2026

Thomas Juul-Hansen to design 22-story condo in West Chelsea

By Aaron Ginsburg

Here's a first look at the new condo rising on one of the largest last undeveloped waterfront sites in West Chelsea. Developer Legion Investment Group last week announced Thomas Juul-Hansen as the architect of 550 West 21st Street, a 22-story, limestone-clad tower situated between Hudson River Park and the High Line. The development includes 83 residences, starting at $2.5 million. Sales will launch this year, and construction is expected to wrap up late 2027.
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RXR files plans for 95-story supertall next to Grand Central

Renderings courtesy of SOM

April 7, 2026

RXR files plans for 95-story supertall next to Grand Central

By Aaron Ginsburg

After receiving approval five years ago, a plan to build a supertall next to Grand Central Terminal is moving forward. Last week, RXR Realty filed the first permits for a 95-story tower at 175 Park Avenue, the site of the former Grand Hyatt Hotel, which the City Council approved in 2021 as part of the hotel’s redevelopment. The project is 12 stories taller than previously reported and would include office space and hotel rooms spanning nearly 3 million square feet. The tower had appeared stalled but was revived last month after RXR met with JPMorgan clients to gauge interest in funding the project, which the firm says is expected to cost $6.5 billion, according to Crain’s. Construction could begin in June.
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West Village megamansion enters contract for over $70M

All photos courtesy of Hayley Ellen Day

April 6, 2026

West Village megamansion enters contract for over $70M

By Devin Gannon

Two multi-family townhouses that were combined into one megamansion in the West Village found a buyer this month. As first reported by the Wall Street Journal, the unique property at 105-107 Bank Street entered contract for over $70 million, set to become one of the most expensive homes ever sold in downtown Manhattan if the deal closes at that price. Robert A.M. Stern Architects designed the double-wide residence, which is six stories and measures over 13,000 square feet.
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Real Estate Trends

Oleg Cassini’s former UES mansion sells for $34.5M after lengthy bankruptcy battle

Photo credit: Evan Joseph for Sotheby’s International Realty

April 1, 2026

Oleg Cassini’s former UES mansion sells for $34.5M after lengthy bankruptcy battle

By Aaron Ginsburg

An Upper East Side townhouse tied to late fashion designer Oleg Cassini has sold for $34.5 million, bringing a years-long legal and bankruptcy battle to a close. The five-story home at 15 East 63rd Street was at the center of a high-profile dispute involving Cassini’s widow, Marianne Nestor, and her sister, Peggy Nestor, who filed for bankruptcy in 2023 after creditors moved to foreclose on the Beaux Arts limestone townhouse. The pair had filed, and lost, nearly 20 court appeals to delay the case and keep the residence, according to Crain’s.
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Meta to open first NYC flagship store on Fifth Avenue

Images courtesy of Meta

March 18, 2026

Meta to open first NYC flagship store on Fifth Avenue

By Aaron Ginsburg

Meta will open its first flagship store in New York City. Vornado Realty Trust on Wednesday announced retail store Meta Lab will occupy the five-story townhouse at 697 Fifth Avenue, next to the St. Regis Hotel. Last November, the company opened a pop-up shop at the building, which was painted bright blue and offered Meta's AI glasses and virtual-reality headsets to test. With existing office space at The Farley Building, Meta's 10-year agreement with Vornado adds to its NYC footprint.
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