 The Torch - Rendering by ODA New York. By Colin O'Leary The Torch is set to become a true game‑changer for the Manhattan skyline, blending bold architecture, entertainment, and hospitality in a way the city has never seen before. Rising at 740 Eighth Avenue on the edge of Times Square and Hell’s Kitchen, this striking 52‑story, 1,067‑foot‑tall mixed‑use tower from developer Extell and visionary architects ODA is already turning heads as construction moves above street level. Once complete, The Torch will feature an 825‑room hotel, ground‑floor retail, an upscale restaurant, VIP lounge, a scenic pool deck, and one of its most headline‑grabbing elements: a public observation deck paired with a thrilling transparent drop ride built right into its vertical core. Construction reached an exciting milestone this summer as the reinforced‑concrete superstructure began to climb. With subsurface work complete, steel‑reinforced columns and core walls have now risen, and second‑floor formwork is taking shape. A mobile crane currently supports progress from West 47th Street until a full tower crane is in place. While an exact topping‑out timeline hasn’t been announced, the steady pace suggests the building could be delivered around 2027. The design itself draws inspiration from the Statue of Liberty’s flame, crowned by a striking 500‑foot spiral of pleated glass that will glow as a dramatic beacon after dark. Green walls and sculptural cutouts bring visual depth to the sleek façade, giving the tower an identity that feels both contemporary and iconic. Visitors to the observation deck will ascend a glass‑clad staircase before stepping out into cantilevered glass boxes, offering breathtaking views of Central Park, the Hudson River, and beyond. And for thrill‑seekers, the 300‑foot‑tall transparent drop ride designed by Intamin will deliver a heart‑racing 90‑second plunge right through the center of the building. More than just another skyscraper, The Torch embodies a new wave of experience‑driven architecture that fuses tourism, entertainment, and design in the heart of Manhattan’s busiest district. Once complete, it will stand as one of the tallest hotel towers in New York City—and one of the most unique, offering locals and visitors a new way to experience the city skyline. If you’re curious about new projects like The Torch—or need expert guidance on buying, selling, or renting in NYC—contact the Big City Team at 646‑300‑2012. We’re here to help you navigate the ever‑evolving real estate market in Manhattan and beyond! (Original reporting and construction update source: New York YIMBY)
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 Photo by Lerone Pieters on Unsplash By Colin O'Leary Summer is in full swing here in New York City. The sidewalks buzz with tourists, rooftop bars overflow at sunset, and many locals escape to the Hamptons, the Jersey Shore, or upstate retreats. But while New Yorkers head for the beaches and mountains, the real estate market back home remains anything but quiet — especially in Manhattan and Brooklyn, where rents are reaching new highs, the luxury sales market is booming, and recent policy changes are shaking up the rental business. In Manhattan, the rental market continues its record-setting streak. In June 2025, the average rent climbed to $5,450, a 7% increase year-over-year and the seventh consecutive month of gains (NY Post, July 2025)¹. Median rent also rose 7.6% year-over-year to $4,625. These figures come just as the newly enacted FAIR Act begins to upend the way business has traditionally been done in the city’s rental market. By restricting broker fees paid by tenants and introducing stricter disclosure rules, the FAIR Act has shifted some costs back to landlords, who in turn have responded by pushing rents even higher. The vacancy rate fell to just 2.14%, down from 2.83% a year ago (NY Post)¹, underscoring strong demand. About 25% of new leases were signed above asking price, with an average premium of 11.2% (MarketWatch, July 2025)². And month-over-month, rents rose roughly 2.4% from May to June (MNS, June 2025)³, showing that the summer market remains intensely competitive. On the sales side, Manhattan’s story is mixed. The median home value across New York County rose 2.9% year-over-year to about $1.22 million (Zillow, June 2025)⁴. Yet single-family homes saw median sale prices fall 10.5% to $5.5 million, condos dropped 4.6% to $1.6 million, and co-ops dipped 1.2% to around $840,000 (PropertyShark, Q2 2025)⁵. The bright spot is the luxury sector, where the median sale price surged 18% to $6.52 million, and an impressive 69% of these deals were completed all-cash (Redfin, July 2025)⁶. Overall transaction volume in Manhattan rose 16% year-over-year, powered mainly by these high-end buyers who are less sensitive to interest rates. Across the East River, Brooklyn’s rental market is also climbing, although at a gentler pace than Manhattan. Median rent reached $3,733, up about 1% year-over-year (NY Post)¹, and average rent hit $4,210, marking a 2.8% increase year-over-year and the ninth straight month of growth (MarketWatch)². The FAIR Act’s effect is felt here too: landlords have responded by keeping prices high and negotiating more aggressively. Roughly 32% of leases were signed above asking price, with an average premium of 12.6% (Rocket Homes, June 2025)⁷. The average rent per square foot rose to a record $60.89, up 6.2% year-over-year (Redfin)⁶. Brooklyn’s sales market remains steady and balanced. Depending on the source, median sale prices ranged from $850,000 to just over $1 million. PropertyShark reported a flat median of $850,000 in May (PropertyShark)⁵, while Realtor.com showed $875,000 in June, up 4.8% year-over-year, and Rocket Homes reported $1.019 million, up 4.4% year-over-year (Rocket Homes)⁷. Inventory fell about 5% month-over-month to roughly 4,500 homes, and homes are selling faster: average days on market dropped nearly 20% year-over-year to around 92 days. About 60% of homes sold at asking price, 9% above, and 41% below (Rocket Homes)⁷ — a sign of a still-competitive but healthier market compared to Manhattan’s extremes. Adding to the market’s complexity this summer are mortgage rates, which remain elevated. As of July 2025, the average 30-year fixed mortgage rate is around 6.9%, while the 15-year fixed rate sits near 6.4% (Freddie Mac, July 2025)⁸. These higher rates are largely influenced by the Federal Reserve’s ongoing efforts to control inflation. The Fed recently held the federal funds rate in the range of 4.25% to 4.5%, signaling a continued pause after a series of hikes over the past two year (Federal Reserve, July 2025)⁹. Officials have emphasized that future decisions will depend on incoming economic data, maintaining a cautious approach. This has helped mortgage rates stabilize somewhat, though they remain well above the historic lows seen during the pandemic. These conditions continue to challenge some buyers, encouraging others to adjust their strategies, while cash buyers and investors remain less affected. Overall, while many New Yorkers spend weekends at the shore or in the mountains, the city’s real estate market stays hot. Manhattan’s rental and luxury sales markets continue to lead, driven by record demand, policy shifts, and cash-rich buyers. Brooklyn shows steadier mid-market growth, with year-over-year price gains of about 4–5% and a faster pace of sales. Manhattan rents are up 7% year-over-year compared to 2.8% in Brooklyn, and luxury home prices in Manhattan have surged 18%. As we head deeper into summer, inventory remains tight, mortgage rates stay high, and new policies like the FAIR Act are reshaping how deals get done — all signs that competition won’t let up soon. Whether you’re house hunting, renting, or just following the numbers, it’s clear: even in summer, the NYC market rarely takes a break. For personalized guidance and expert support navigating the fast-moving NYC real estate market, contact The Big City Team at 646-300-2012. Whether you’re buying, renting, or selling in Manhattan or Brooklyn, we’re here to help you make smart, confident decisions every step of the way. Sources: ¹ NY Post, “NYC rents continue to surge to record highs,” July 10, 2025 ² MarketWatch, “NYC’s sky-high rent and bidding wars,” July 2025 ³ MNS, Manhattan Rental Market Report, June 2025 ⁴ Zillow, New York County Home Values, June 2025 ⁵ PropertyShark, NYC Market Trends, Q2 2025 ⁶ Redfin, NYC Housing Market Data, July 2025 ⁷ Rocket Homes, Brooklyn Market Report, June 2025 ⁸ Freddie Mac, Primary Mortgage Market Survey, July 2025 ⁹ Federal Reserve, “Federal Open Market Committee Statement,” July 2025  5 Times Square: Office to Residential Conversion By Colin O'Leary
The iconic tower at 5 Times Square, once the bustling headquarters of Ernst & Young, is poised for a major transformation. In a bold move that reflects changing trends in urban living and work, nearly 918,000 square feet of vacant office space will be converted into residential units. The project will bring 1,250 rental apartments to the heart of Midtown Manhattan, including 313 units reserved as permanently affordable housing. This conversion is among the largest of its kind in New York City history and is being hailed as a milestone in reshaping Midtown’s commercial core into a more livable, mixed-use neighborhood. Led by RXR in partnership with Apollo Global Management and SL Green Realty, the redevelopment is part of a broader push to adapt underutilized office buildings into much-needed housing. Gensler, a global architecture and design firm, is behind the redesign. The conversion is made possible through policy changes under the “New” New York Action Plan and the Midtown South rezoning initiative, which lifted zoning and floor area restrictions to encourage conversions. Additionally, the project will benefit from the 467-m tax incentive, which is designed to support residential construction in former commercial buildings. The new building will offer a mix of units geared toward singles and young professionals, with 1,050 studios and 200 one-bedroom apartments. Affordable units will be available to households earning at or below 80 percent of the area median income, ensuring that the development includes a diverse mix of residents. The project will also preserve 37,000 square feet of ground-floor retail and is ideally located near 12 subway lines, making it exceptionally transit-friendly. Construction is expected to begin by the end of 2025, with the first phase slated for completion by 2027. In addition to addressing the city’s housing shortage, the project will generate approximately 1,400 construction jobs and 830 permanent jobs. The conversion reflects a growing trend as office buildings, many of which remain significantly vacant post-pandemic, are repurposed to meet the city's residential needs. In the case of 5 Times Square, the vacancy rate has hovered around 77 to 80 percent, underscoring the urgency and opportunity of the conversion. This project is emblematic of a broader vision to breathe new life into Midtown Manhattan, making it a true 24/7 neighborhood rather than a district that empties out after office hours. With its strategic location, robust amenities, and a blend of market-rate and affordable housing, the transformation of 5 Times Square stands as a hopeful symbol of New York City's adaptability and resilience. If you're thinking about making a move in NYC—whether buying, selling, or renting—The Big City Team is here to help you navigate the evolving real estate landscape. Reach out to us today at 646-300-2012 to schedule a free consultation.  Photo by Lumin Osity on Unsplash By Colin O'Leary Summer in New York City is buzzing with energy, events, and endless experiences. Whether you're looking for outdoor adventures, cultural gems, or food and drink with a view, NYC has something for everyone. Here are 21 fun things to do this summer in the Big Apple: 1. Watch a Movie in the Park Enjoy free outdoor movies in parks across the city like Bryant Park, McCarren Park, and Pier 63. Bring a blanket, some snacks, and a few friends for a relaxing night under the stars. Films range from family favorites to cult classics, and the atmosphere is unbeatable. 2. Bike Around Governors Island Just a quick ferry ride from Manhattan or Brooklyn, Governors Island is a peaceful getaway with wide open space, art installations, and historic landmarks. Rent a bike or bring your own and explore the island’s many scenic paths. There are also food vendors and shaded spots perfect for a summer picnic. 3. Cool Off at a City Pool NYC public pools open in late June and offer a free and refreshing way to beat the summer heat. The Astoria Pool in Queens is one of the largest and most popular, while McCarren Park Pool in Brooklyn is a favorite with locals. Don’t forget your swimsuit and lock for the lockers! 4. Ride the Staten Island Ferry This iconic, free ferry offers unbeatable views of the Manhattan skyline, the Statue of Liberty, and the Brooklyn Bridge. It’s perfect for a breezy summer ride, especially at sunset. No tickets required—just hop on and enjoy the ride. 5. Stroll the High Line The High Line is an elevated park built on a former rail line on Manhattan’s West Side. With beautiful gardens, public art, and unique views of the city, it’s a great place for a walk, especially in the evening when the city lights begin to glow. 6. Catch a Yankees or Mets Game Whether you're in the Bronx cheering for the Yankees or in Queens rooting for the Mets, a ballgame is a quintessential NYC summer experience. Enjoy classic ballpark snacks, lively crowds, and maybe even a fireworks night. 7. Explore Little Island Little Island at Pier 55 is a unique floating park with winding pathways, grassy knolls, and performance spaces. It’s a relaxing spot to unwind or catch a live show. With incredible landscaping and river views, it's unlike any other park in the city. 8. Take a Sunset Harbor Cruise Enjoy panoramic views of NYC from the water with a harbor cruise at sunset. Many cruises offer cocktails, music, and light bites. It's a romantic and memorable way to see landmarks like the Statue of Liberty and One World Trade Center. 9. Visit the Brooklyn Botanic Garden Escape into nature with a visit to this 52-acre oasis in the heart of Brooklyn. Summer brings vibrant blooms, peaceful walking trails, and plenty of shaded areas. Check out their special events and extended hours on select evenings. 10. Attend Shakespeare in the Park Held at the Delacorte Theater in Central Park, this free event features professional actors performing beloved Shakespeare plays. It's a cherished NYC tradition with a magical open-air setting. Get there early or enter the digital lottery for tickets. 11. Walk the Brooklyn Bridge Take a scenic stroll across one of NYC’s most famous landmarks. Start from either side and enjoy views of the skyline, East River, and Statue of Liberty. End your walk with food and fun at Brooklyn Bridge Park. 12. Check Out a Summer Music Festival From Central Park's SummerStage to the BRIC Celebrate Brooklyn! Festival, there’s live music for every taste. Enjoy performances from local bands, international artists, and DJs at venues all over the city. 13. Eat Your Way Through Smorgasburg This open-air food market is a haven for foodies, with vendors offering everything from lobster rolls to vegan donuts. Smorgasburg takes place in Williamsburg and Prospect Park on weekends. It’s a perfect spot to try something new. 14. Visit the Rooftop at The Met The Metropolitan Museum of Art offers a rooftop garden and bar with sweeping views of Central Park. Enjoy drinks and modern art installations high above Fifth Avenue. It’s a hidden gem for culture and cocktails. 15. Spend a Day at the Rockaways Accessible by subway or ferry, Rockaway Beach is a city escape that doesn’t require leaving the five boroughs. Enjoy beachside tacos, surf lessons, or just a quiet spot in the sand. Don’t forget sunscreen! 16. Tour a Museum Late-Night Many NYC museums offer special summer evening hours with live music, drinks, and activities. It's a fun, low-key way to explore art without the crowds. The Whitney, MoMA, and the Rubin Museum are a few popular options. 17. Take a NYC Food Tour Join a guided walking tour to sample local eats in neighborhoods like Chinatown, the Lower East Side, or Greenwich Village. It’s a tasty way to explore the city’s history and diversity through food. 18. Go Kayaking on the Hudson Free kayaking programs are offered all summer at places like Pier 96 and the Downtown Boathouse. It’s a fun, active way to cool off and see the skyline from the water. No experience necessary! 19. Dance at a Free Outdoor Party NYC summers are full of free dance events and live DJ sets. Whether it’s salsa at Lincoln Center or hip-hop in Brooklyn parks, you’re sure to find a groove. 20. Find a Hidden Speakeasy Discover one of NYC’s many secret bars tucked behind phone booths, pizza shops, or storefronts. Favorites include PDT (Please Don’t Tell) and Attaboy. These hidden spots often have creative cocktails and cozy vibes. 21. Take in the City from a Rooftop From rooftop bars like 230 Fifth to rooftop yoga classes in Brooklyn, the views are always worth it. Whether you're sipping a cocktail or practicing sun salutations, there’s no better backdrop than the NYC skyline. Thinking About Buying, Selling, or Renting in NYC? If you're planning a move in New York City—whether it's buying your first home, selling your current one, or finding the perfect rental—The Big City Team is here to help. Call us at 646-300-2012 to schedule a free consultation. Let’s talk about your goals and how we can help you make your next big move.  Renderings by Bjarke Ingels Group By Colin O'Leary A major transformation is on the horizon for Gowanus, Brooklyn, as the latest design has been revealed for 175 3rd Street—a $1 billion mixed-use residential project from the acclaimed architecture firm Bjarke Ingels Group (BIG). Spearheaded by developers Charney Companies and Tavros Capital, this new development is poised to be the tallest and most prominent building in the neighborhood, marking a significant milestone in Gowanus’ ongoing evolution. The project will rise 27 stories and span over 1 million square feet, introducing approximately 1,000 rental units to the area. Designed in a bold U-shaped formation, the building will feature a modern grid of floor-to-ceiling windows set within textured architectural concrete, drawing inspiration from the neighborhood’s industrial roots. The massing of the structure incorporates stacked box forms with chamfered corners, creating unique setbacks, outdoor terraces, and enhanced natural light throughout the building. In keeping with New York City’s Mandatory Inclusionary Housing program, 25% of the residential units will be designated as affordable. Residents will also have access to a wide variety of lifestyle amenities, including rooftop lounges, two outdoor pools, sports courts, a dog run, and a lush three-acre landscaped courtyard. The design includes approximately 35,000 square feet of indoor amenity space as well, aimed at fostering community and connectivity among residents.  Renderings by Bjarke Ingels Group One of the most striking aspects of the development is its waterfront setting. Situated along the Gowanus Canal, the project will include a 30,000-square-foot public park and esplanade designed by Field Operations—the landscape architects behind the High Line. This green space will feature a 250-foot-long boardwalk, providing much-needed public access to the canal and helping to integrate natural beauty into the urban fabric. The 175 3rd Street development is part of the broader Gowanus Wharf master plan, which includes several nearby projects such as Union Channel, Douglass Port, and Nevins Landing. Together, these initiatives are set to bring over 2 million square feet of new residential development and more than 2,200 new housing units to the neighborhood. Construction on 175 3rd Street is expected to begin in mid-2026, following the completion of the earlier phases of the master plan. All project details and updates were originally reported by New York YIMBY. By Colin O'Leary Congratulations—you’ve made it to the co-op board interview! That means your offer was accepted, your finances passed the board’s initial review, and your board package made it through one of the most selective screening processes in NYC real estate. That alone is a huge accomplishment—especially as a first-time buyer. Now comes the final step in the process: the co-op board interview. While the idea of being interviewed by a group of strangers might sound intimidating, it’s really just a final formality. The board wants to meet you in person, confirm the details in your application, and get a sense of whether you’ll be a responsible and respectful addition to the building. Most interviews are short, polite, and—if you’re prepared—entirely manageable. So how should you prepare for this uniquely New York rite of passage? First, be ready to speak confidently about the financials you submitted in your board package. Know your income, your employment history, and any relevant debts, like student loans. The board may ask you to explain anything unusual, such as freelance income, a recent career change, or a gap in employment. Don’t worry about having the “perfect” financial profile—just be honest, clear, and calm in your explanations. It also helps to understand the vibe of the building. Every NYC co-op has its own culture: some are more traditional and rule-oriented, while others are a bit more relaxed. Your real estate agent can often provide insight into the board’s general demeanor, expectations around noise, guests, renovations, and other building norms. You don’t need to pretend to be someone you’re not, but aligning your tone and answers with the building’s culture can go a long way. During the interview itself, expect questions like: Why did you choose this building? Will anyone else be living with you? Do you plan to work from home? Are you planning to renovate? What’s your long-term plan for the apartment? Keep your answers straightforward, respectful, and low-drama. Avoid saying anything that might raise red flags, like plans to sublet, use the apartment as a pied-à-terre, or challenge building rules. Boards are generally looking for buyers who plan to be stable, long-term, low-maintenance neighbors. In terms of appearance, treat this like a professional meeting. Business casual attire is usually best. Even if the building has a relaxed vibe, showing up neat, polished, and prepared signals that you take the opportunity seriously. Be courteous and warm—but avoid overly personal anecdotes, humor that might not land, or controversial topics. The safest approach is to be brief, kind, and authentic. Most interviews last less than 30 minutes. If it feels short or casual, that’s usually a good sign. Once the interview is over, the board will meet privately to vote. You’ll typically hear back within a few days to a week. If approved, you’ll proceed to closing. If you’re not approved, don’t panic—it happens. Your agent can help you understand what went wrong and guide you toward other opportunities. The good news is you’re now far more prepared for whatever comes next. The NYC co-op process is famously intense, but the fact that you’ve reached the interview stage says a lot about your readiness and determination. At this point, the finish line is in sight. With a little preparation, a respectful presence, and a clear understanding of what the board is looking for, you’re in a great position to succeed. If you're in the market to purchase a home in NYC, contact Colin O'Leary, team leader of The Big City Team at Berkshire Hathaway HomeServices Fillmore Real Estate, at 646-300-2012 to schedule a free consultation. We specialize in guiding first-time buyers through every step of the NYC real estate journey—with clarity, confidence, and results.  Photo by Thomas Wolter on Unsplash By Colin O'Leary
The U.S. housing market in 2025 continues to show sharp regional contrasts in home prices, sales activity, and buyer sentiment. Nationally, existing home sales fell 0.5% in April to a seasonally adjusted annual rate of 4.00 million units, the slowest April since 2009. However, new home sales surged 10.9% during the same period, reaching the highest level since February 2022. This increase was largely driven by builder incentives and price reductions that have appealed to budget-conscious buyers. Meanwhile, the inventory of existing homes rose to 1.45 million units, reflecting a 9% month-over-month and 20.8% year-over-year increase, providing more options for buyers in a market still challenged by high mortgage rates, which average 6.97% nationally as of May 26, 2025 (bankrate.com). In the Northeast, price appreciation is leading the nation, with a 10.3% year-over-year increase during the first quarter of 2025. This growth is paired with tight inventory and minimal price reductions. Cities like Buffalo, NY, and Trenton, NJ, remain in high demand due to their relative affordability and proximity to larger employment hubs. The New York City housing market remains active, with the median home sold price reaching $870,078 in April 2025, a 3.2% increase year-over-year. Manhattan led with a 12% rise in median sale price to $1.175 million, while resale condos jumped 18% to $1.595 million. Brooklyn and Queens also saw solid growth, with median prices up 8% and 9%, respectively. Sales activity rose sharply, with over 2,500 condo and co-op transactions in Q1. On the rental side, Manhattan saw average monthly rents increase 7% year-over-year to $5,194, and while a wave of new inventory is expected this year, affordability remains a major concern, especially as rent-stabilized units face potential foreclosure and tax lien challenges. The South, which accounts for 44.9% of all existing-home sales, has a mixed outlook. Home prices in the region increased just 1.3% year-over-year. While some markets, such as parts of Florida and the Carolinas, remain resilient due to job growth and population inflow, other metros are cooling. Austin, Texas, and Atlanta, Georgia, saw notable year-over-year price drops of 5.9% and 1.8%, respectively. Persistent high mortgage rates and buyer hesitation have led to growing inventory and longer time on the market in these cities. However, recent data from May 2025 shows that cities like Nashville, Tennessee, and Raleigh, North Carolina, are bucking the trend with moderate price gains of 3.4% and 2.9%, respectively, driven by strong tech sector expansion and inbound migration. Tampa Bay is also stabilizing with home sales rising 4.5% month-over-month, fueled by new developments targeting first-time buyers. The Southeast’s rental market remains active, with average rents increasing 4.8% year-over-year, notably in Orlando and Charlotte, where rental demand is boosted by a surge in young professionals and remote workers relocating from higher-cost regions. The Midwest has become one of the strongest-performing regions, driven by affordability and steady labor markets. Milwaukee led the region with a 20% year-over-year increase in home prices. Meanwhile, cities like Detroit and Cleveland continue to be among the most affordable in the nation, with median home prices of $180,000 and $217,750, respectively. These low price points and rising interest in homeownership are driving strong demand and competition, positioning the Midwest as a standout in today’s national housing landscape. In addition, Minneapolis and Columbus have seen increased buyer activity, with home prices rising 6.5% and 5.8% year-over-year, supported by robust job growth in manufacturing and healthcare sectors. Inventory in these markets remains tight, with months of supply hovering around 2.1 to 2.5, leading to faster sales cycles despite mortgage rate pressures. Rental vacancy rates in the Midwest remain low at approximately 5.3%, further underscoring strong housing demand. Out West, market trends are mixed. Pandemic boomtowns like Salt Lake City are seeing price corrections, with values down 2.1% year-over-year as remote work demand declines. On the other hand, tech-driven markets like Denver and Seattle are rebounding. Denver posted a 5.1% increase in home prices, while Seattle saw a 3.7% uptick. These cities also report fast-moving inventory, with median days on market as low as 10 to 12 days in places like San Jose and Seattle. Meanwhile, California’s Inland Empire is experiencing moderate growth, with home prices rising 2.8%, thanks in part to increased new construction. San Francisco and Los Angeles markets have shown some stabilization with modest price gains of 1.5% and 1.2% year-over-year, respectively, aided by easing inventory shortages and a slight uptick in luxury home demand. Conversely, Portland, Oregon, and Boise, Idaho, are experiencing slowdowns, with prices declining 1.4% and 3.2% year-over-year, reflecting shifting migration patterns and affordability constraints. The Western rental markets remain competitive, with vacancy rates below 4% in most major metros, pushing rents up 6% year-over-year, particularly in urban cores where tech job growth is rebounding. Overall, the 2025 housing market remains shaped by high mortgage rates, rising inventory, and a strong regional divide. Affordability continues to be a top concern for many buyers, while shifting demand and local economic factors are driving distinctly different outcomes across the country. Sources: National Association of Realtors (NAR), Existing Home Sales Data, April 2025 U.S. Census Bureau, New Residential Sales, April 2025 Bankrate.com, 30-Year Mortgage Rates, May 26, 2025: bankrate.com Zillow Research, Regional Housing Market Reports, Q1 2025 Redfin Data Center, Housing Market Trends by City, May 2025 Apartment List, Rental Market Report, Q1 2025 Local real estate boards and MLS reports for NYC, Southeast, Midwest, and Western metro areas  Photo by Ricky Singh on Unsplash By Colin O'Leary If you’ve ever rented an apartment in New York City, you know the sting of writing a large check for a broker’s fee — sometimes thousands of dollars — just to move into your new home. It’s long been a standard practice in NYC for renters to pay these fees, even when the broker was technically representing the landlord. But all that is about to change. On June 11, 2025, a new law known as the Fairness in Apartment Rental Expenses (FARE) Act is scheduled to take effect, marking a major shift in how broker fees are handled in residential rentals across the city. The law was passed by the New York City Council in 2024 and is designed to make renting in the city a little more affordable — and a lot more transparent. Under the FARE Act, landlords will now be required to pay the broker’s fee when the broker is working on their behalf to market or lease an apartment. Renters, on the other hand, will only be responsible for a broker’s fee if they personally hire a broker to help them search for and secure a home. It’s a change that puts financial responsibility back where the relationship lies — with the party that hired the broker. This is welcome news for many New Yorkers, especially those who’ve struggled to come up with several months’ worth of rent just to move in. Broker fees in NYC have traditionally run as high as 15% of the annual rent, a hefty cost in a city where rent itself is often sky-high. The FARE Act promises to ease that burden by shifting those costs away from tenants in most cases. But not everyone is on board. The law is currently facing legal challenges from industry groups, including the Real Estate Board of New York (REBNY), which filed a lawsuit in late 2024. They argue that the law conflicts with existing state regulations and infringes on the rights of property owners. Despite the pending litigation, the FARE Act is still on track to be enforced beginning June 11, 2025 — though that could change depending on the outcome of the court case. So what happens if a landlord or agent tries to charge a tenant a fee in violation of the new rules? There are consequences. The Department of Consumer and Worker Protection (DCWP) will be overseeing enforcement, and landlords or brokers found to be in violation could face fines ranging from $500 to $2,000 per incident. In addition, brokers risk disciplinary action from the New York State Department of State, which oversees licensing. For renters, the takeaway is clear: starting next summer, you shouldn't be paying a broker fee unless you’ve hired the broker yourself. That means it’s more important than ever to understand who the broker is working for. If they’re representing the landlord, the fee is on the landlord — not you. For landlords, this means budgeting will need to shift. Broker fees may now become a standard part of the cost of doing business, similar to marketing expenses or maintenance. It’s also a good time for landlords to review their relationships with brokers and ensure they’re working with professionals who stay up to date with local laws. At The Big City Team, we’re preparing our clients — both renters and landlords — for this transition. We’re committed to full transparency, ethical service, and staying ahead of the curve when it comes to legal compliance. We’ll continue to monitor the court proceedings closely and will keep our clients informed of any changes that could impact their leases or listings. Navigating NYC’s rental market has never been simple, but this law is a big step toward leveling the playing field. If you’re unsure how these changes affect your upcoming move or rental strategy, reach out to us. Whether you’re renting your first NYC apartment or listing your next investment property, we’re here to guide you through it with clarity and care. Need help navigating the NYC rental market? Contact The Big City Team at Berkshire Hathaway HomeServices Fillmore Real Estate. Colin O'Leary Founder & Team Leader 📞 646-300-2012 📧 [email protected] 🌐 www.thebigcityteam.com 📱 Follow us: @thebigcityteam We’re thrilled to present 173 Hicks Street Apt 4E — a sun-filled, charming one-bedroom co-op now available in the heart of historic Brooklyn Heights. This bright corner residence welcomes you with a wide foyer and a spacious living area, perfect for relaxing or entertaining. Oversized windows and a Juliet balcony fill the space with natural light and fresh air. The king-sized bedroom features beautiful hardwood floors and a large closet, while the kitchen offers abundant cabinet space. A classic white-tiled bathroom completes the thoughtful layout with timeless style. Located in a well-maintained, boutique elevator building, the co-op boasts recent upgrades including a new roof, a modernized boiler, and an updated laundry room. With no underlying mortgage, a flexible sublet policy after two years, and a cat-friendly environment, this is a rare Brooklyn Heights opportunity. Tucked on a picturesque tree-lined street, you’ll enjoy easy access to the Brooklyn Heights Promenade, Brooklyn Bridge Park, DUMBO, Vinegar Hill, and multiple subway lines, as well as the Pier 6 Ferry. Shops, restaurants, and neighborhood gems are all just a short stroll away. Asking Price: $700,000 View the full listing on Zillow here For more information or to schedule a private showing, contact: Beth Davis at (914) 574-3169 Jonathan Ettricks at (347) 470-2272 Listed by Beth Davis & Jonathan Ettricks of The Big City Team at Berkshire Hathaway HomeServices Fillmore Real Estate.  Photo by Florian Wehde on Unsplash By Colin O'Leary The New York City residential real estate market continues to show resilience and strength across all boroughs as we move through the spring of 2025. The city’s total property market value is projected to rise by 5.7% to an impressive $1.6 trillion in fiscal 2025, marking a sharp improvement from the previous year. Residential properties—including co-ops, condos, and rentals—are leading this growth with a 7.3% increase. Despite this positive momentum, housing inventory remains tight statewide. In February 2025, the available housing inventory statewide was only 22,518 units, the lowest level since 1997 and a 5.3% drop from the previous year. Nonetheless, the average home value across NYC climbed to $763,358, reflecting a 4.2% year-over-year increase. Manhattan’s real estate market is enjoying a remarkable resurgence. The median sale price rose 12% year-over-year to $1.175 million, while resale condos saw an even larger jump, with the median price hitting $1.595 million—an 18% increase. Sales activity was robust as well, with condo and co-op sales surging 28.8% year-over-year to 2,560 transactions in the first quarter of 2025. Brooklyn continues to demonstrate its vibrant appeal. The median sale price increased 8% year-over-year to $980,000, and resale condos followed suit with a median price of $1.26 million, up 14%. Sales activity rose by 17.5% year-over-year, with 1,915 transactions recorded in Q1 2025. Queens is also experiencing consistent growth in its residential market. The median sale price climbed 9% year-over-year to $750,000, and resale condos saw a 10% increase with a median price of $895,000. Condo sales in Queens increased by 15%, totaling 1,470 transactions in the first quarter. The Bronx has become a popular choice for those seeking affordable urban living. The median sale price rose 7% year-over-year to $525,000, while resale condos increased 8% to a median of $675,000. Sales saw a 12% year-over-year boost, with 1,150 transactions recorded in Q1 2025. Staten Island’s market continues to attract families seeking more space. The median sale price increased 6% year-over-year to $650,000, and resale condos reached a median price of $635,000, a 9% jump. Condo and co-op sales rose 10.5% year-over-year, with 900 transactions in the first quarter. As we enter the spring season, it’s clear that NYC’s real estate market is thriving with continued growth across all boroughs. Whether you’re looking to buy, sell, or rent, there are significant opportunities to explore. Contact The Big City Team at 646-300-2012 if you're in the market to buy, sell, or rent a home in NYC. We’re here to help you navigate this dynamic market with confidence! Sources:
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June 2025
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The Big City Team
Berkshire Hathaway HomeServices Fillmore 4717 Avenue N, Brooklyn, NY 11234 Colin R. O'Leary Founder & Team Leader Licensed R/E Salesperson Call/Text: 646-300-2012 [email protected] |
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