 306 East Mosholu Pkwy South #3K Just listed in The Bronx! Apartment 3K at Bedford House is a spacious 1-bedroom, 1-bathroom co-op offering a perfect opportunity for buyers to create a home that reflects their personal style. The apartment features hardwood floors, classic pre-war proportions, windows in both the kitchen and bathroom, and a bright living room overlooking the building’s serene rear courtyard. Full of character and potential, this is an ideal space for buyers ready to make it their own. Bedford House is a well-maintained Art Deco building with an elevator, video intercom system, onsite laundry, shared courtyard, and the attentive service of a live-in super. Pets are permitted with board approval, and subletting, co-purchasing, gifting, and pied-à-terre ownership are considered on a case-by-case basis. The location is exceptional—just minutes from the New York Botanical Garden, Bronx Zoo, Fordham University, Lehman College, and the restaurants of Arthur Avenue. Daily conveniences such as supermarkets, shops, medical facilities, banks, and green spaces are nearby, while Van Cortlandt Park is easily accessible for outdoor recreation. Commuting is convenient with the B, D, and #4 trains, express buses, Metro-North Railroad, and major highways providing direct access to Manhattan and Westchester. CitiBike and Zipcar stations add even more convenience. Asking $175,000, Apartment 3K represents a great value in today’s Bronx market—a well-sized home in a classic building, ready for your personal touch. Listed by Jonathan Ettricks. Call 347-470-2272 to schedule a showing today. For more details, visit the full listing here: 306 East Mosholu Parkway South, Apt 3K
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 Photo by Diane Picchiottino on Unsplash By Colin O'Leary
New York City’s real estate market remains strong as 2025 winds down. Across all five boroughs, prices and rents are high, demand is steady, and inventory is tight in popular neighborhoods. While higher mortgage rates have slowed some buyers, limited supply and NYC’s global appeal continue to keep the market competitive for buyers, sellers, and investors alike. Manhattan remains the luxury leader. According to Douglas Elliman and Miller Samuel’s Q3 2025 report, the median sale price is around $1.225 million, with price per square foot rising due to new developments and high-end condos. Scarce inventory in neighborhoods like Tribeca, SoHo, and the Upper East Side keeps competition strong. Midtown and Downtown benefit from office-to-residential conversions and a recovering leasing market, helping sustain buyer interest. Demand for luxury condos and investment properties remains particularly high from both domestic and international buyers, while single-family townhouses and co-ops in core neighborhoods are selling quickly, often above asking price. The market also shows a steady rise in interest for amenity-rich buildings, such as those offering gyms, concierge services, and shared workspaces, which continue to influence buyer decisions. Brooklyn shows impressive momentum. Corcoran reports a 16% year-over-year increase in median sale prices, with Williamsburg, Dumbo, and Downtown Brooklyn leading the growth. Brownstone neighborhoods like Park Slope, Carroll Gardens, and Fort Greene remain highly competitive. Buyers priced out of Manhattan are driving demand in walkable, transit-accessible neighborhoods, keeping absorption high despite higher mortgage rates. New development condos are seeing particularly strong interest, while resale properties in well-established neighborhoods are moving quickly due to limited inventory. Brooklyn’s rental market is also robust, with median rents increasing faster than most other boroughs, reflecting a strong influx of young professionals and families seeking lifestyle amenities, schools, and access to Manhattan. Queens is growing steadily. PropertyShark reports a median sale price near $700,000, with Long Island City and Astoria performing strongly thanks to new condos and convenient Manhattan access. Eastern Queens neighborhoods like Flushing, Bayside, and Jamaica continue to attract first-time buyers and investors seeking long-term value. Queens is also benefiting from ongoing transit upgrades and infrastructure projects, which are improving commute times and enhancing neighborhood accessibility. Rental demand remains healthy, especially for newly built apartments and co-op conversions, while more affordable single-family homes in neighborhoods farther from Manhattan are drawing families and investors looking for steady appreciation. The Bronx is emerging as a top investment borough. PropertyShark shows a median sale price of $362,000, slightly down year-over-year, but price per square foot rose 13% to $404. Investment sales jumped 106% in the first half of 2025, according to Ariel Property Advisors. Zoning changes and transit improvements, including the Metro-North Penn Station Access, are fueling growth, making the Bronx a strong choice for buyers and investors. Neighborhoods such as South Bronx, Mott Haven, and Fordham are seeing the most activity, with new development projects and mixed-use properties attracting both renters and long-term owners. The Bronx also continues to appeal to first-time buyers due to relative affordability compared to Manhattan and Brooklyn, while investors are targeting multi-family buildings and underdeveloped lots poised for redevelopment. Staten Island continues steady growth. Redfin reports a median sale price of $730,000, up about 4.3% from last year, with price per square foot near $450. PropertyShark confirms gains of around 5%. A record $8.5 million sale in Todt Hill highlights the borough’s luxury market. Staten Island offers larger homes and a suburban feel while staying connected to the city, appealing to families and move-up buyers. Single-family homes with outdoor space remain in strong demand, and waterfront properties continue to draw high interest. Staten Island’s more stable market also makes it a good option for buyers seeking less competition while still enjoying access to the broader NYC area via ferries and highways. Citywide, rentals remain competitive. Realtor.com reports median rents around $3,400 per month, up nearly 5% from last year, with Manhattan above $4,300 and Brooklyn and Queens around $3,300 and $3,000. Vacancy rates remain below 3%, keeping rental supply tight and fueling continued interest in homeownership. Luxury rentals in Manhattan and Brooklyn are particularly competitive, while outer-borough rentals, especially in the Bronx and Queens, are benefiting from families and professionals seeking more space at relatively lower costs. New York City’s real estate fundamentals remain strong heading into 2026. Limited land, high demand, and ongoing infrastructure and development make the market resilient. Buyers will face competition for well-priced homes, sellers can expect strong interest for quality listings, and investors should explore emerging opportunities in the Bronx and Queens. From Manhattan’s luxury towers to Brooklyn’s brownstones and outer-borough growth, New York continues to offer one of the most rewarding real estate markets in the world. If you’re in the market to buy, sell, or rent a home in NYC, contact our team leader Colin O’Leary at 646-300-2012 to schedule a free consultation. (Sources: Douglas Elliman & Miller Samuel Q3 2025 Market Report; Corcoran Q3 2025 Brooklyn Market Report; PropertyShark NYC Residential Trends, September 2025; Ariel Property Advisors H1 2025 Bronx Report; Realtor.com Q3 2025 Rental Market Data; Redfin September 2025 Staten Island Report; New York Post, September 2025.) Welcome to Hawksridge in beautiful Naples, Florida! This spacious 4 Bedroom + Den/Office, 3.5 Bath pool home is tucked away in a quiet, tree-lined gated community with low HOA fees. Ideally located in the heart of Naples, you’ll love being just minutes from world-class beaches, dining, shopping, and entertainment. Built in 1998 with a durable stucco exterior and tile floors throughout, this solid concrete block home with no flood history offers lasting quality and peace of mind. Inside, soaring 12-foot ceilings create an airy, inviting flow between formal and casual living areas—perfect for entertaining. The expansive master suite features two walk-in closets and sliding doors that open to the bonus room and pool area. On the opposite wing, two guest bedrooms share a Jack-and-Jill bath with dual sinks, while a fourth bedroom with its own private bath sits toward the rear for extra privacy. A dedicated den/office provides a comfortable workspace, while the enclosed, air-conditioned bonus room expands the living space and offers a versatile retreat for year-round enjoyment. With its east-facing exposure, the pool and lanai are filled with warm morning and mid-day sunlight, giving every day that vacation feel. Recent updates include a brand-new kitchen, roof, A/C, hot water heater, and pool pump. While some cosmetic updates remain, this home offers an excellent opportunity to customize to your taste and capture instant equity in a desirable Naples neighborhood. Step outside to your own private tropical oasis—a sparkling in-ground pool surrounded by lush landscaping, fruit trees, and a spacious backyard designed for both relaxation and fun. Additional features include a 2-car garage and oversized driveway. As a Hawksridge resident, you’ll also enjoy access to the community center with a tennis court, gym, and children’s playground—perfect for an active Florida lifestyle. The asking price is $1.25 Million. Call/text Colin O'Leary at 239-989-2385 to schedule your private showing today and experience the perfect blend of comfort, location, and resort-style living that Hawksridge and Naples have to offer! See the full listing on Zillow here.  Photo by: Helayne Seidman By Colin O'Leary
Downtown Brooklyn is experiencing an unprecedented housing boom, a milestone moment that is reshaping the neighborhood’s identity and market dynamics. According to a recent report in the New York Post, the area is adding new housing at a record-setting pace. In just the first half of 2025, Downtown Brooklyn delivered more than 3,700 residential units, including 1,048 affordable apartments. That figure already surpasses the total number of units built in all of 2022 and represents the most rapid housing growth since the 2004 rezoning that transformed the district from a commercial hub into a vibrant mixed-use community. Much of the surge is being driven by large-scale projects like The Rocklyn at 20 Rockwell Place, which brought 1,098 units, and The Everly at 180 Ashland Place, which added 569 units. With these developments and others, Downtown Brooklyn has now surpassed Park Slope and Williamsburg in terms of housing availability, further cementing its role as one of the most active real estate markets in New York City. The Post also noted that Downtown Brooklyn is quickly evolving from a 9-to-5 business district into a true 24/7 neighborhood. Residential foot traffic has risen nearly 97 percent above pre-pandemic levels, boosted by unmatched transit access with 12 subway lines, Atlantic Terminal, and a growing mix of amenities that support full-time living. While this new construction provides much-needed housing variety, affordability remains a challenge. Many of the units entering the market are luxury rentals, raising concerns that overall housing costs could continue to rise. Still, the inclusion of more than a thousand affordable apartments offers opportunities for a broader range of residents to call Downtown Brooklyn home. Looking ahead, growth shows no signs of slowing down. Another 1,183 units are expected to be completed by the end of 2026, and several affordable housing lotteries are currently underway at developments such as The Brook, 150 Lawrence Street, and Rockwell Place. This continued pipeline of housing ensures that Downtown Brooklyn will remain at the center of New York City’s real estate conversation for years to come. For buyers, renters, and investors, this rapid transformation presents both opportunities and challenges. Downtown Brooklyn’s momentum makes it one of the most exciting places to live, but navigating such a fast-changing market requires local expertise. The Big City Team is here to help clients understand the latest developments and make confident decisions in one of Brooklyn’s most dynamic neighborhoods. Contact The Big City Team at 646-300-2012 to schedule a consultation if you are planning to buy, sell, or rent in New York City. By Colin O'Leary We’re excited to present an exceptional opportunity to own a legal two-family brick home in one of Brooklyn’s most dynamic and desirable neighborhoods. 1325 Dahill Road is hitting the market for the first time in decades, offering an abundance of space, flexibility, and value—whether you’re looking for a forever home, a multi-generational living arrangement, or a prime investment property. This expansive residence spans over 3,300 square feet across four full levels, featuring eight bedrooms and four and a half bathrooms. The top floor offers a bright and airy three-bedroom, one and a half bath layout that’s perfect as a rental unit, guest space, or extended family quarters. The owner’s triplex occupies the first and second floors as well as a fully finished basement, providing five bedrooms, two full baths, two half baths, and direct access to a private backyard—ideal for summer barbecues, entertaining guests, or enjoying a peaceful retreat. Each level has its own private entrance, offering unmatched privacy and flexibility for a variety of living arrangements. The finished basement is a versatile space with a full kitchen, half bath, and laundry area, making it ideal for guests, recreation, or additional living quarters. Meticulously maintained, the home features gleaming hardwood floors, updated utilities, a brand-new roof, and multiple balconies. Parking is easy and secure with space for two vehicles, including a gated driveway and private garage. Located at 1325 Dahill Road, Brooklyn, NY 11204, this property sits at the crossroads of Bensonhurst, Mapleton, Borough Park, and Midwood. The neighborhood offers an incredible variety of dining, shopping, and cultural attractions, and with the F train at Avenue N just steps away, you can reach Manhattan in only 30 minutes. This rare property is offered at $1,950,000 and is listed exclusively by Colin O'Leary and Leah Garcia with The Big City Team at Berkshire Hathaway HomeServices Fillmore Real Estate. Call The Big City Team at 646-300-2012 today to schedule your private tour.  By Colin O'Leary
If you’ve spent any time browsing real estate listings in New York City, you’ve probably seen properties advertised with either a balcony or a terrace. While the two may sound similar—both offering the coveted perk of private outdoor space—they’re actually quite different in form, function, and value. Understanding the distinction can help you make a smarter decision whether you're buying, renting, or investing in NYC real estate. A balcony is typically a small, elevated platform that extends outward from the side of a building. It’s usually connected to one room within the unit—most often a bedroom or living room—and is supported by brackets or cantilevered from the facade. Balconies are often enclosed with a railing and may only have enough space for a chair or two, maybe a small table. In New York City, balconies are common in high-rise buildings and can offer great views, but their limited size usually makes them best suited for a quick coffee break or a breath of fresh air rather than entertaining or gardening. In contrast, a terrace is generally much larger and can either be flush with the building’s structure—like on a setback—or located on the rooftop. Terraces can vary widely in size and may be either private or shared with other residents. What makes a terrace especially desirable is its flexibility: many offer enough space for outdoor dining, entertaining, gardening, or even installing outdoor kitchens or lounge areas. They’re often finished with pavers or decking and can include planters, lighting, and other design features that transform the space into a true outdoor extension of the home. The main differences come down to location, size, and usability. A balcony typically juts out from the unit’s exterior and is small and private, while a terrace is usually larger, more versatile, and integrated into the building’s layout—either on a setback, a rooftop, or occasionally at ground level. Balconies offer just enough room for a small seating setup, whereas terraces can accommodate full dining sets, loungers, and more. So, which one is better? It really depends on your lifestyle. If you’re simply looking for a quiet place to step outside, a balcony may be just right. But if you love to entertain, garden, or enjoy spacious outdoor living, a terrace will be far more functional—and, in many cases, more valuable. From an investment standpoint, properties with terraces tend to command a premium because of their size, privacy, and versatility. In a city where outdoor space is at a premium, even a small balcony can feel like a luxury. But knowing the difference between a balcony and a terrace will help you ask the right questions during your search and make informed decisions about what best fits your needs. Whether you’re a buyer, renter, or investor, understanding this distinction is a small detail that can make a big difference. Looking for a NYC home with outdoor space? Whether you dream of sipping coffee on a balcony or hosting summer dinners on a private terrace, I can help you find the right property. Reach out to The Big City Team at 646-300-2012 anytime—we’d love to guide you through your search.  270 Park Ave: Rendering by Foster + Partners By Colin O'Leary New York City’s skyline is an ever‑evolving masterpiece—constantly reshaped by daring architecture, ambitious development, and the city’s unrelenting drive to reinvent itself. Right now, that transformation is happening in real time, with cranes rising across Manhattan and Queens as a new generation of residential towers, mixed‑use icons, and creative conversions takes shape. From supertalls redefining the Midtown silhouette to adaptive reuse projects breathing fresh life into the Financial District, these under‑construction developments tell the story of a city always building toward the future. Here’s a closer look at ten of the biggest residential and commercial projects actively under construction across NYC in mid‑2025—projects that promise to change not just the skyline, but how New Yorker's live, work, and experience the city. 1. The Torch (740 Eighth Avenue) – Midtown Manhattan Work is back in full swing on The Torch, a striking 52‑story, 1,067‑foot supertall hotel tower developed by Extell and designed by ODA. After pausing in late 2024, construction resumed in spring 2025, with cranes now active and steelwork rising steadily. The building’s defining feature is its dramatic spiraling glass “torch,” inspired by the Statue of Liberty, which will crown the structure and light up the skyline. Inside, the project will bring an observation deck, a thrilling drop‑tower ride, a sky lounge, pool deck, and over 800 hotel rooms. Completion is expected in 2027, and The Torch is set to become one of Midtown’s most iconic new landmarks. 2. 125 Greenwich Street – Financial District This slender 912‑foot, 72‑story condominium tower, designed by the late Rafael Viñoly, has now topped out and is advancing through interior fit‑out and façade installation. Construction had slowed in recent years, but activity ramped up in early 2025 with crews focusing on luxury finishes and amenity spaces. The building is designed to deliver sweeping views of Lower Manhattan, the Hudson River, and New York Harbor, and its crown will house a wellness center with a pool, gym, and spa. With over 270 high‑end residences, 125 Greenwich Street is targeting a market launch and first closings by late 2025 or early 2026, reinforcing the Financial District’s evolution into a live‑work‑play neighborhood. 3. The Orchard – Long Island City, Queens In Queens, The Orchard is rising quickly as it nears its final height of 823 feet across 69 stories. Developed by BLDG Management and designed by Perkins Eastman, this tower will become the tallest purely residential building in Queens once completed. The Orchard will include 824 rental apartments, with approximately 200 designated as affordable units, as well as retail at the base and over 50,000 square feet of resident amenities. Glass installation is well underway, and interior build‑out is progressing to meet the targeted delivery in late 2025. The project is central to Long Island City’s ongoing transformation into a dense, skyline‑defining residential hub. 4. 520 Fifth Avenue – Midtown Manhattan This elegant 76‑story supertall tower, developed by Rabina and designed by Kohn Pedersen Fox, topped out at over 1,000 feet in late 2024 and has since moved into façade work and interior construction. Combining luxury condominiums, state‑of‑the‑art office space, and street‑level retail, the project’s design includes signature spiral terraces and a limestone and glass exterior that reinterprets Fifth Avenue’s classic architecture for the modern era. With leasing interest reported to be strong, the tower is on track to open in late 2025, adding a sophisticated mixed‑use anchor to one of Manhattan’s busiest corridors. 5. 50 West 66th Street – Upper West Side This 52‑story, 775‑foot condominium tower by Extell and Snøhetta is now structurally complete, with façade installation and interior fit‑out advancing toward a 2025 opening. Its bronze‑framed glass and limestone façade blends the elegance of historic Upper West Side architecture with a contemporary profile. Planned amenities include indoor and outdoor swimming pools, communal terraces, and resident lounges. Once finished, it will be the tallest building north of 59th Street, offering residents sweeping views of Central Park and the Hudson River, while carefully respecting the surrounding neighborhood’s architectural heritage. 6. 270 Park Avenue – Midtown Manhattan JPMorgan Chase’s new global headquarters is rising fast above Midtown as crews complete steelwork, glazing, and interior construction on what will be a 70‑story, roughly 1,388‑foot tower designed by Foster + Partners. This project will provide about 2.5 million square feet of next‑generation office space, advanced ventilation systems, outdoor terraces, and a public plaza and retail at street level. Construction remains on schedule for completion in 2025, and when finished, it will become one of the tallest office buildings in New York City, redefining the Park Avenue skyline. 7. 2 World Trade Center – Financial District After years of delays, construction on 2 World Trade Center resumed in mid‑2025, and the steel superstructure is now rising steadily above street level. Designed by Bjarke Ingels Group, this tower will eventually climb to around 1,300 feet and contain roughly 2.8 million square feet of office space tailored for creative, media, and technology tenants. The design’s signature stacked‑box form will add sky gardens and terraces, blending workspaces with green public spaces. Targeted opening is currently projected for 2026, and completion of this tower will mark a major milestone in finishing the World Trade Center campus. 8. 989 Sixth Avenue – Herald Square / Garment District This 68‑story, 785‑foot mixed‑use tower is rising quickly, with its steel frame about halfway complete by mid‑2025. Once finished, it will bring roughly 300 new condominium residences to the area, along with around 86,000 square feet of commercial space. The project’s modern design aims to complement the historic Garment District streetscape while adding new residential options to the bustling Herald Square corridor. Construction is scheduled to continue into 2026, contributing to the steady transformation of Midtown’s west side. 9. 55 Broad Street – Financial District An important example of office‑to‑residential conversion, the transformation of this former 36‑story office building into 571 rental apartments is moving forward with interior demolition complete and residential fit‑out underway. Led by Metro Loft and Silverstein Properties, the project also includes plans for a rooftop pool, co‑working areas, fitness center, and other amenities tailored to today’s urban renters. Scheduled for completion in late 2025, 55 Broad Street illustrates Lower Manhattan’s shift from a strictly commercial district to a vibrant mixed‑use neighborhood. 10. 80 Pine Street – Financial District Another large‑scale office‑to‑residential conversion, 80 Pine Street is being redeveloped by Bushburg Properties into approximately 500 residential units, along with ground‑floor retail and retained office space. Construction crews are actively transforming interiors and retrofitting systems to meet residential codes, aiming to deliver modern apartments eligible for long‑term tax incentives under New York’s latest housing legislation. Expected completion is in late 2025 or early 2026, adding critical housing stock and reenergizing this corner of the Financial District. Together, these ten projects capture the spirit of New York City’s real estate today: an ever‑evolving blend of visionary design, new housing supply, workplace reinvention, and neighborhood transformation. If you'd like to learn more about any of these developments—or explore what they might mean for buyers, renters, investors, or local communities—reach out to The Big City Team. We're here to help you navigate NYC’s next chapter.  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)  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. |
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October 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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Your Trusted Partners in Real Estate Across the NYC Metro Area
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