ComandiniReport | July 2026

Summer in NYC

July 30, 2026

The city is at peak energy, and a wave of great new spots has kept things feeling fresh. Imagine what NYC could do with a competent mayor — but you hear enough of that elsewhere, so let's get to the market.

Here's what's new and noteworthy.

New Pied-à-terre Tax

Clients have been asking about the new pied-à-terre tax on second homes, recently passed by New York State lawmakers. It can be substantial, but exemptions exist for properties used as a primary residence by the owner, an immediate family member, or a tenant. Reach out if you'd like help with the calculation or with qualifying for an exemption.

MANHATTAN & BROOKLYN MARKET REPORTS

Demand has loosened, as it typically does over the summer, while supply stays scarce — sellers are pulling listings or waiting for the busy fall season.

Overall supply fell from 155 units (13.9 months) on 12/31/25 to 139 units (13.0 months) on 6/30/26. This continues the trend in the graph below, which plots closed sales against months of supply for 1–5 unit houses (mostly one-family) since 2008. Current conditions favor sellers, much as they did in 2013–2015 and 2021–2022.

MANHATTAN

Fewer sales over $10M in Q2 — especially on the Upper East Side — pulled the average sale price down from $10,054,843 to $8,854,922 QoQ, and the median from $6,500,000 to $6,100,000. Average $/sq ft edged up from $1,620 to $1,699. By price band, sales under $10M rose from 69% to 72%, sales from $10M–$20M fell from 26% to 22%, and sales over $20M ticked up from 5% to 6%.

DOWNTOWN

Downtown had a strong Q2 with 11 sales versus 7 in Q1. Sales under $10M were 55% (from 57%), $10M–$20M fell to 27% (from 43%), and sales over $20M rose to 18% (from 0%). The average sale price climbed from $9,964,284 to $13,030,000, the median from $7,300,000 to $9,235,000, and $/sq ft from $2,267 to $2,552 — by far the highest of any area.

The top sale was 245 West 4th Street, which traded privately for $46,000,000 in June, followed by 125 West 11th Street at $21,500,000 in April (21 months on market). Inventory held steady at 36 properties, while months of supply dropped from 15.4 to 9.8.

BROOKLYN

Supply constraints have cut into contract volume: supply is down about 29% and signed contracts about 14%. Demand remains strong as buyers wait for fresh inventory to trickle in. With the seasonal slowdown, now is a good time to secure a deal on existing inventory before the fall rush.

If you’re considering making a move this fall (or you want to evaluate your options), reach out and I’ll send you a tailored read on your neighborhood and price point.