Real Estate News & Updates
Historic Wythe Diner site sold
Williamsburg’s iconic diner plot closed at $12.5M, with plans for a six-story mixed use building featuring 28 residences above retail space. The original prefab diner will be preserved and relocated.
Flatiron Building transformed
The 123 year old landmark is being converted into luxury condos and, for the first time, will be illuminated externally, marking a major preservation + modernization effort
Lincoln Square ultra-luxe towers
Extell’s development at 50 West 66th Street is erecting a 775 foot building with 127 ultra‑high‑end units (priced $6M–$85M) on zoning that allows for ‘Billionaires’ Row’ style development on the Upper West Side. Neighboring taller towers are in the pipeline
5 Times Square residential conversion approved
A plan to convert 5 Times Square into 1,250 apartments has been greenlit by Empire State Development, signaling sizable adaptive reuse in Midtown.
Actor Liam Neeson sells his longtime home in NYC for $10.3 million, while making headlines for his budding romance with Pamela Anderson.
Cash Deals
Manhattan cash dominance
Nearly 60% of homes sold in Manhattan during the first five months of 2025 were all cash deals, the highest rate across any NYC borough. Median home prices in NYC have increased year over year, with some reports showing a 2.8% increase in June 2025.
Housing
Record breaking affordable housing production, the Adams administration announced the creation, preservation, or planning of roughly 426,800 housing units across the city 33,715 new affordable homes delivered in 2025.
The city's Housing Connect lottery now allocates 10% of units for municipal workers and veterans, up from 5% previously.
Mortgage Rates
The national housing market is cooling overall, but with important nuances: rising inventory, stable high mortgage rates (6.7% 30 year fixed), and more listings seen since before the pandemic.
The 30 year fixed rate mortgage showed little movement, remaining within the same narrow range for the fourth consecutive week. Continued economic growth, along with moderating house prices and rising inventory, bodes well for buyers and sellers alike.