Developers Race Against Time to Secure 421a Tax Break

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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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Manhattan Office Market Rebounds With Record Leasing Surge

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Manhattan’s office market is showing renewed strength, with major tenants driving a surge in activity. Deloitte, Guggenheim Partners and Salesforce led the way in the third quarter, pushing total leasing volume to 9.4 million square feet, 27 percent above the five-year average, according to Colliers. Year-to-date activity has already exceeded 30 million square feet, the strongest since 2002, and could surpass 40 million by year-end.

Deloitte’s 807,000-square-foot lease at 70 Hudson Yards was the largest of the quarter, followed by major renewals from Guggenheim and Salesforce. Availability has dropped to its lowest point ...

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The Manhattan Market Pulse – May 2025

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The Contract activity, or the number of signed contracts, is up 13.4% year over year, the same as the monthly historical average, with 1,089 closed contracts.

The median sales price for a Manhattan apartment is $1.19M, reflecting a 5.8% increase compared to a year ago.

The supply, or the number of units available on the market, is really close to last year’s, as it has decreased by just 1% annually.

Meanwhile, the number of pending sales in Manhattan has risen 25.6% yearly.

The Market ...

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Miami’s Cash Home Sales Decline but Remain Historically High

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Cash buyers are stepping back from Miami’s real estate market after their pandemic-era shopping spree. In 2024, about 38% of Miami-area homes were purchased with cash, down from 42% in 2023, according to recent data. While the decline signals a shift, the share of cash transactions remains historically high both in Miami and nationwide.

A Redfin analysis shows that across the U.S., the percentage of cash home purchases dropped to just under one-third last year, the lowest ...

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The Manhattan Market Pulse: February 2024

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The Contract Activity, the number of signed contracts, for the month of January is up 19.4% compared to a year ago and down 6% compared to the monthly historical average.

The Median Sales Price for a Manhattan apartment is $1.13M, which is 5.3% higher than a year ago.

The Supply, the number of units on the market, is down 4.3% compared to the same period of February 2023. Meanwhile, the number of Pending Sales, or the number of units currently in contract, is 43% higher than a year ago.

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The Manhattan Market Pulse: January 2024

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What’s going on in the Residential Market? 

The contract activity, the number of signed contracts, for the month of December is down 4.9% compared to a year ago and also down 18% compared to the monthly historical average.

The Median Sales Price for a Manhattan apartment is $1.16M, and it’s 3.2% up compared to a year ago.

The supply, the number of units on the market, is down 2.9% compared to the same period of January ...

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