 Photo by Ricky Singh on Unsplash 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
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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 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. Here's a comprehensive look at the latest data, from Manhattan to Staten Island. Overall Market Overview The city's total property market value is projected to rise by 5.7% to an impressive $1.6 trillion in fiscal 2025, a sharp improvement from the previous year. Residential properties, including co-ops, condos, and rentals, are leading the way with a 7.3% increase. However, housing inventory remains tight statewide. In February 2025, the available housing inventory statewide recorded only 22,518 units, the lowest level since 1997 and a 5.3% drop from the previous year. Despite this, the average home value across NYC climbed to $763,358, reflecting a 4.2% year-over-year increase. Manhattan Manhattan’s real estate market is enjoying a remarkable resurgence:
Brooklyn The Brooklyn market continues to show its vibrant appeal:
Queens Queens is experiencing consistent growth in its residential market:
The Bronx The Bronx has become a popular choice for those seeking affordable urban living:
Staten Island Staten Island's market continues to attract families seeking more space:
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 our 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: credaily.com, nysar.com, zillow.com, inhabit.corcoran.com, crainsnewyork.com, nypost.com, propertyshark.com, garfieldbrooklyn.com.  Rendering by: ONE Architecture & Urbanism The City of New York has unveiled an ambitious plan to revitalize Coney Island's western waterfront, aiming to transform the area into a vibrant residential and recreational hub. Announced by Mayor Eric Adams and the New York City Economic Development Corporation (NYCEDC), the "Coney Island West" initiative seeks to introduce 1,500 mixed-income housing units, enhance retail spaces, and upgrade public amenities, including the historic Riegelmann Boardwalk. This initiative builds upon the momentum generated by the 2009 Coney Island rezoning, which has already facilitated the construction of over 3,400 housing units on the peninsula. The Coney Island West project aims to further this progress by creating a dynamic environment where residents can live, work, and enjoy recreational activities. The plan includes mixed-income housing development, with a specific focus on Parcel A, an 80,000-square-foot site on Surf Avenue between West 21st and West 22nd Streets. The city has issued a Request for Proposals (RFP) for this location, envisioning 500 mixed-income apartments, with 25% designated as affordable housing, alongside ground-floor retail spaces and public parking facilities. Enhancements to public amenities are also a priority, including a $42 million renovation of the Abe Stark Sports Center, which has been a community staple since 1970. Planned upgrades encompass a new entrance, updated signage, and improved amenities to better serve residents and visitors. Additionally, the historic Riegelmann Boardwalk will undergo phased renovations to bolster its structural integrity and incorporate coastal resilience features, ensuring its longevity as a cherished public space.  Infrastructure and community improvements are also integral to the plan. The development will introduce new thoroughfares, including Ocean Way and the pedestrian-friendly Parachute Way adjacent to Maimonides Park, enhancing connectivity and accessibility within the neighborhood. Comprehensive infrastructure improvements, including sewer and street upgrades, are planned to support anticipated growth and ensure the area's sustainability. Mayor Adams emphasized the significance of this development, stating, "Coney Island is America’s playground—home to iconic venues and parks, countless small businesses, and a hard-working community. Our administration is advancing a vision to turn this waterfront district into a great place to live, work, and play." As the project moves forward, the city is actively seeking developers who share this vision and are committed to honoring Coney Island's rich history while contributing to its bright future. For those interested in real estate opportunities in the NYC market, including developments like Coney Island West, contact The Big City Team and our team leader Colin O'Leary, at 646-300-2012 for expert guidance and assistance.  Photo by Cody Nottingham on Unsplash As New York City’s real estate landscape continues to evolve, certain neighborhoods are emerging as prime spots for both buyers and renters in 2025. According to StreetEasy, many of these areas offer a mix of affordability, community charm, and convenient access to the city’s core. If you’re considering a move or investment in NYC, here are the neighborhoods to keep on your radar.  1. Ridgewood, Queens For the second consecutive year, Ridgewood tops the list as NYC’s neighborhood to watch. With its historic rowhouses, growing arts scene, and strong community vibe, Ridgewood has become a sought-after alternative to nearby Bushwick. Buyers and renters alike are flocking here, driving up home values and rental demand. 2. Greenwood Heights, Brooklyn Nestled between Park Slope and Sunset Park, Greenwood Heights offers a quieter, more affordable option with access to Green-Wood Cemetery’s lush landscapes. The area has seen an increase in buyer interest while maintaining a relaxed, residential feel. 3. Long Island City, Queens Long Island City continues its upward trajectory, boasting sleek high-rises, stunning waterfront views, and easy access to Midtown. With a mix of new developments and a flourishing restaurant scene, LIC remains one of the hottest spots in NYC real estate. 4. Sunnyside, Queens Sunnyside’s tree-lined streets, pre-war co-ops, and tight-knit community have made it an increasingly popular choice. With a balance of affordability and accessibility, it’s an excellent option for those seeking a neighborhood feel within close reach of Manhattan. 5. Windsor Terrace, Brooklyn For those who love Prospect Park but want a quieter alternative to Park Slope, Windsor Terrace is the place to be. This neighborhood continues to attract families and professionals looking for green space and a strong sense of community.  6. Sunset Park, Brooklyn A neighborhood rich in cultural diversity, Sunset Park is gaining attention for its vibrant restaurant scene, waterfront access, and the continued expansion of Industry City, making it a prime spot for real estate growth. 7. Astoria, Queens Always a favorite among renters, Astoria continues to shine with its blend of affordability, diverse dining options, and easy commute to Manhattan. With new developments on the rise, this neighborhood remains a top contender. 8. Crown Heights, Brooklyn Crown Heights has become one of Brooklyn’s most dynamic neighborhoods, attracting buyers and renters with its mix of historic brownstones, cultural institutions, and exciting nightlife. 9. Bay Ridge, Brooklyn Bay Ridge offers a suburban feel within the city, with waterfront parks, excellent schools, and an affordable housing market compared to other parts of Brooklyn. It remains a hidden gem for those seeking space and value. 10. Washington Heights, Manhattan One of the few Manhattan neighborhoods still offering relative affordability, Washington Heights has seen a steady rise in interest. Its rich history, scenic views, and proximity to public transit make it a standout choice. Final Thoughts Whether you’re looking to buy, sell, or rent in NYC, these neighborhoods are poised for continued growth in 2025. If you’re considering a move, our team at The Big City Team is here to help you navigate the market and find the right opportunity. 📩 Contact us today at 646-300-2012 to explore these exciting neighborhoods!  Rendering courtesy of Streetsense The Financial District (FiDi) in Manhattan is undergoing a historic transformation with the launch of SoMA (South Manhattan) at 25 Water Street, the nation’s largest office-to-residential conversion. Originally built in the 1960s as an operations center for Manufacturers Hanover Trust Company, this massive structure has been meticulously redeveloped over the past two years by GFP Real Estate, Metro Loft, and Rockwood Capital, in collaboration with the architectural firm CetraRuddy. The original building, known for its Brutalist architecture and minimal windows—originally designed to house computer systems—has undergone significant modifications. To introduce natural light and modern aesthetics, two central light wells were carved into the structure, and large sections of the façade were replaced with expansive windows. Additionally, a 10-story overbuild has extended the building to 32 stories, accommodating a total of 1,320 luxury residential units. SoMA offers a variety of residences, including studios, one-, two-, and three-bedroom apartments, as well as exclusive penthouses. Each unit is designed with modern features such as home offices, high ceilings, custom Italian kitchens with paneled appliances, in-unit washer-dryers, custom solar shades, and stunning water views. Rental prices start at $3,436 per month for studios, while three-bedroom units are priced around $10,000 per month, with premium units on higher floors reaching up to $12,000 per month. In addition to its upscale living spaces, SoMA boasts 100,000 square feet of luxury amenities, offering residents an unparalleled living experience. These amenities include a state-of-the-art fitness center, a spa with a steam room, Himalayan salt room, infrared sauna, relaxation and treatment rooms, co-working spaces, a private bowling alley, karaoke room, rooftop terrace, on-site basketball court, two pickleball courts, and two swimming pools. As part of its commitment to accessible housing, approximately 25% of the units at SoMA are designated as affordable housing, aligning with the city’s 467-m tax incentive program to create more inclusive living opportunities in prime locations. The successful conversion of 25 Water Street into SoMA sets a new benchmark in urban redevelopment. It exemplifies innovative approaches to repurposing commercial buildings to meet the city’s growing housing demand while preserving the historical and architectural integrity of Manhattan’s Financial District. For more information about SoMA and available units, visit SoMA NYC.  Rendering of The Orchard in Long Island City: Photo by Binyan Long Island City is making headlines with The Orchard, Queens’ tallest building to date. Officially topping out this week at an impressive 823 feet, this 70-story rental tower developed by BLDG Management Company and designed by Perkins Eastman is redefining the skyline and luxury living in the borough. Located at Orchard Street and Jackson Avenue in the Court Square neighborhood, The Orchard will feature 824 apartments, ranging from studios to three-bedroom units, with 248 designated as affordable housing. The development strikes a balance between luxury and accessibility, adding to the neighborhood’s transformation into a dynamic urban hub.  Rendering of The Orchard in Long Island City: Photo by Binyan The building boasts over 100,000 square feet of amenities, offering an unparalleled living experience. Outdoor features include a massive backyard with a swimming pool, three pickleball courts, an outdoor movie theater, a running track, an orchard grove, and green spaces for yoga, children’s play, and dogs. Residents will also enjoy private cabanas with grills and fire pits. Indoor amenities are equally impressive, with a sky lounge on the 70th floor providing panoramic Manhattan views, a bar, chef’s kitchen, and private dining space. Wellness options include an indoor pool, basketball court, state-of-the-art fitness center, spa, steam room, and fitness studios. Entertainment spaces include game rooms, private theaters, and multimedia rooms.  Rendering of The Orchard in Long Island City: Photo by Binyan Designed with modern professionals in mind, The Orchard features conference rooms, work pods, a business center, and even a podcast studio. These spaces make it easier for residents to work from home while enjoying a dynamic and community-oriented environment. Joining Long Island City’s growing skyline, The Orchard rises above neighboring towers like Skyline Tower (778 feet), Sven (755 feet), and Lumin LIC (731 feet). The tower is expected to welcome its first residents in January 2026, with marketing and leasing managed by Corcoran New Development.  Rendering of The Orchard in Long Island City: Photo by Binyan  450 Union Street - Renderings by SO-IL Exciting new renderings have emerged for 450 Union Street, a 19-story residential building poised to rise in the Gowanus neighborhood of Brooklyn. Designed by SO-IL in collaboration with Magnusson Architecture & Planning, with development led by Tankhouse and McArthur Holdings, this 203,000-square-foot project will bring a mix of market-rate and affordable rental units to the area, complemented by ground-floor retail spaces. Located at the prominent intersection of Union and Bond Streets, the development aims to enhance the local landscape with a thoughtfully designed, visually compelling structure. The aerial renderings present a stunning view of 450 Union Street from across the Gowanus Canal, revealing a landscaped public waterfront plaza that will serve as a welcoming communal space. At the heart of the building’s eastern façade, a two-story glass volume highlights the main entrance, adding an inviting, modern aesthetic. A street-level view from Union Street showcases a unique architectural element: a cutout separating floors three through seven, with balconies bridging the space across the void. Additional renderings reveal the building's cascading design, with angled volumes climbing from the base to the top. This dynamic structure combines tiered setbacks and terraces that create a striking play of light and shadow, lending both depth and vertical emphasis to the overall design. The lower levels align with the adjacent two-tower residential complex at 313-315 Bond Street, while setbacks push the upper stories toward the center of the site, offering a blend of privacy and visual intrigue. The building’s façade features gray brick accented by a grid of floor-to-ceiling windows framed by slender white mullions. Close-up renderings spotlight the ground-floor retail frontage, the striking cutout between the second and third floors (complete with terraces and hanging vegetation), tree-lined sidewalks, and a garden-inspired streetscape. This unique brickwork pattern and attention to detail make 450 Union Street a distinct addition to Gowanus. Drawing from SO-IL’s previous Brooklyn projects like 9 Chapel Street, 144 Vanderbilt Avenue, and 450 Warren Street, the design reflects a familiar architectural language while introducing fresh elements to the neighborhood. Residents will have access to a wide range of amenities, including private parking, a fitness center, a children’s playroom and art studio, lounge areas with a commercial kitchen, and flexible workspace designed for remote professionals. Conveniently located just blocks from the Union Street R train station, 450 Union Street will provide residents with quick access to public transportation and the surrounding community. The project is scheduled for completion in 2026, promising a vibrant new chapter for the Gowanus landscape.  Photo by Tom Ritson on Unsplash New York City is a dynamic landscape, where real estate markets are constantly evolving and new neighborhoods rise to prominence. If you're looking to invest in property, rent, or simply explore a fresh part of the city, here are seven up-and-coming neighborhoods you need to keep an eye on. 1. Bushwick, Brooklyn Bushwick has transformed from an industrial zone into one of Brooklyn’s trendiest enclaves. Known for its vibrant street art, burgeoning culinary scene, and a strong community of creatives, Bushwick offers a unique blend of grit and charm. The neighborhood is becoming increasingly popular with first-time homebuyers and renters due to its relatively affordable prices compared to neighboring Williamsburg. Trendy coffee shops, art galleries, and boutique stores are constantly popping up, making this a prime spot for future growth. 2. Mott Haven, The Bronx Located just across the Harlem River from Manhattan, Mott Haven is experiencing a rapid revitalization. With its proximity to the 4, 5, and 6 subway lines and direct access to the expressways, it’s perfect for commuters. The neighborhood is now seeing the development of luxury waterfront condos, trendy bars, and art spaces. As The Bronx begins to shed its old reputation, Mott Haven is emerging as one of the most exciting investment opportunities in the city. 3. Bedford-Stuyvesant (Bed-Stuy), Brooklyn Bed-Stuy has a rich history, known for its beautiful brownstone-lined streets and cultural significance in the African American community. Over the past few years, the neighborhood has seen a surge in development, with new condos, co-ops, and rental buildings offering a variety of living options. The arrival of new restaurants, coffee shops, and vintage boutiques has attracted a younger, more diverse crowd. While prices are rising, Bed-Stuy remains a more affordable alternative to nearby neighborhoods like Clinton Hill and Fort Greene. 4. Ridgewood, Queens Ridgewood is a neighborhood that has flown under the radar for years but is now drawing attention. Located on the border between Brooklyn and Queens, this residential area combines the quiet charm of Queens with the cultural buzz of nearby Bushwick. Ridgewood offers more space for your money, with a mix of old-world charm in its pre-war apartment buildings and modern developments. The neighborhood has seen an influx of young families and professionals, drawn to its community atmosphere and local businesses. 5. East Harlem (El Barrio), Manhattan East Harlem, or "El Barrio," has been a cultural hub for NYC’s Puerto Rican and Latinx communities for decades. Now, with ongoing rezoning efforts and increased real estate interest, the area is poised for significant development. New condos and mixed-use buildings are changing the landscape, while local cultural institutions and long-standing eateries continue to preserve the neighborhood’s unique identity. East Harlem is becoming more appealing to those seeking affordable living options in Manhattan, with new dining and retail spots appearing regularly. 6. Greenpoint, Brooklyn Once an industrial hub, Greenpoint has grown into one of Brooklyn’s most desirable waterfront neighborhoods. Known for its Polish roots and creative community, Greenpoint offers stunning views of Manhattan, a thriving nightlife scene, and a growing selection of luxury condos. New developments along the waterfront are transforming the neighborhood into a residential hotspot, attracting professionals and families alike. While prices are increasing, Greenpoint still offers more space and a quieter atmosphere compared to Williamsburg. 7. Woodside, Queens Woodside is one of Queens' hidden gems. With a strong Irish, Filipino, and South Asian community, this neighborhood boasts a rich cultural heritage and a diverse range of dining options. Its location along multiple subway lines and the Long Island Rail Road makes it an appealing option for commuters. The real estate market in Woodside is growing, with new residential projects offering affordable living spaces. As more people discover Woodside’s charm, the area is poised to become a top choice for NYC homebuyers and renters. Conclusion: These seven neighborhoods offer unique opportunities for those looking to live, invest, or explore New York City’s real estate market. Whether you’re drawn to Brooklyn’s artistic scene, the Bronx’s evolving waterfront, or Queens’ diverse communities, NYC has something for everyone. If you're in the market for a new home or an investment property, contact The Big City Team at 646-300-2012 to connect with one of our real estate advisors. Follow us on social media at @thebigcityteam. We're here to help you find your perfect NYC home! |
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