Manhattan Market Intelligence

Rents are climbing once again, with Manhattan’s median rent rising 6.4% year-over-year to $4,500. This marks the fifth consecutive increase across the Manhattan, Brooklyn, and Queens rental markets—an unusual trend for February, typically a slower period. However, bidding wars have continued to drive prices higher in both Manhattan and Brooklyn. The luxury sector has also seen a sharp uptick , with median rent jumping 8.4% to $10,600. The price per square foot is now at a re

With interest rates declining for the sixth consecutive week—bringing the average 30-year fixed rate down to 6.67%, its lowest since October— mortgage applications have risen by 7% , with weekly demand surging 11%. As homebuying season gains momentum, sellers responding to this increased demand should carefully price their homes to attract buyers and minimize time on the market. John Walkup, co-founder and partner at UrbanDigs Analytics, recently shared insights on pricing ho

Some of you may have heard about Local Law 97, a key piece of NYC legislation enacted in 2019 to reduce greenhouse gas emissions from buildings , which account for about 70% of the city’s total emissions. The law requires buildings over 25,000 square feet to cut emissions by 40% by 2030 and 80% by 2050. The first compliance period (2024-2029) is already underway, requiring owners to upgrade insulation, heating, and cooling systems—or face fines. While the law promotes sustain

You might recall that last week I mentioned how buyers are increasingly favoring new developments over traditional co-ops on prestigious NYC addresses. Since it’s been a few years since I last covered the pros and cons of co-ops vs. condos, I thought now—on the cusp of an active spring market—was the perfect time to revisit the topic. One of the most common questions I get is: Why would someone choose a co-op over a condo, given the challenges of board approvals? The simple