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Contract activity is up 5.3% year over year, 13% above the monthly historical average, and an impressive 38.9% higher than last month.
The median sales price for a Manhattan apartment is $1.11M, down 3% from last year.
The supply, or the number of units available on the market, has decreased by 0.5% year over year.
Meanwhile, pending sales (units under contract) have risen by 7.5%
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21
NOV
2025
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New York developers are rushing to complete their 421a projects before the June 2026 deadline, when the city’s long-standing tax exemption program officially ends.
The state’s extension gave developers extra time but demanded deeper affordability, eliminating the 130% AMI option that had made projects financially viable for many. Smaller firms now face tighter margins as rents for affordable units drop, reducing long-term income potential. Despite these challenges, developers are racing to finish, aware that losing 421a could slash project values by as much as 15%.
(source: The Real Deal, picture: Robert Bye)
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March was a hot month across the city
The monthly contract activity stood at 1,164 in March, down 22% compared to last year, up 2.2% from the 1138 historical average for the month of March, and 39% more deals closed than in February. Newly built or newly converted apartments across the city saw a 25% increase in deals compared to pre-pandemic averages for the month. The largest contract to close in March was a $66.5 million sale for two penthouse apartments at Naftali Group’s ...
