201 East 17th Street

- Park Towers -

Welcome!

Below you will find a weekly market update I create at the start of each week. Also below is information on myself, my team, and building news. Please feel free to reach out with any questions you might have, I am here to help.

The Weekly Manhattan Market Report - 03/17/25

The Luxury Sector:

In Manhattan last week, 36 contracts were signed for properties priced at $4 million and above, marking an increase of 1 from the previous week. Condominiums led the sales, with 27 units signed compared to 5 co-ops along with 4 townhouses. Over the past 3 weeks, the luxury sector has flourished with 103 signed transactions totaling more than $800 million. Notably, 11 contracts were signed for properties priced at $10 million and above, the highest number of such “trophy deals“ since the week of December 9, 2024, when 11 similar contracts were also executed. The top contract last week was for the 6th floor at 838 to 5th Ave., listed at $24.5 million, having been on and off the market since 2018, and initially listed as high as $42 million. The 2nd and 3rd top contracts last week were at 111 W. 57th St., with Unit 70 listed at. $20.75 million, down from $30.5 million, and Unit 69 listed at $20.5 million, reduced from $30.25 million.

Manhattan's Overall Listing Supply:

Currently, there are 6,175 listings available on the market. This represents a notable 4.5% increase in total supply compared to the previous week. Inventory levels have now matched those of last year, standing at just a .3% lower than at the same time last year. This past week marked the largest week-over-week increase in overall listing supply since around 2019! A total of 538 new listings were introduced to the market last week, marking a 13.5% increase from the previous week. Such an increase in weekly output is usually seen between August and September as the market transitions from the slower, end of the summer, to the vibrant and busy fall selling season. It remains to be seen whether the spring 2025 market can sustain this rapid pace of weekly supply, or if last week's surge was just an isolated event. Only time will tell.

Contract Signings (The 30-day Pace of Buyer Demand):

Over the past 30 days, 960 contracts were signed, showing a slight increase from the previous week. While the buyer contract-signed market has been rising by about 1-2% weekly over the past 3 to 4 weeks, last week's latest increase of less than 1% is particularly noteworthy, as it is somewhat quieter than usual for the second week of the spring selling season. The upcoming weeks and months should reveal more about the spring market's trajectory. Last week, 240 listings went into contract, a decrease of 3.2% from the previous week. Another noteworthy event, however, the in-contract market can, at times, experience fluctuations at the start of the season. It's important to remember that buyers are still reviewing the new inventory and will start to put properties into contract in the weeks to come. Historically, more properties change hands between March and mid June than any other time of the year. These are the months to sell!

Park Towers is a high-rise cooperative where residents enjoy full-time doorman service, a live-in superintendent, updated common areas, a fitness center, laundry, storage, bike room, an on-site parking garage and a glorious roof deck with simply breathtaking skyline views.

Bordering the Stuyvesant Square Historic District, this neighborhood encapsulates the best of New York City’s past and present. Enjoy immediate access to the city’s buzziest neighborhoods, including Union Square, the Flatiron District and the East Village. Iconic parks surround the area, and fantastic restaurants, greenmarkets, entertainment venues and shops, including Trader Joe’s and Whole Foods, fill the local streets. Nearby N/Q/R/W, 4/5/6 and L trains, excellent bus service and CitiBike stations put the rest of the city within easy reach.

Property Management Company:

FirstService Residential

(212) 634-8900

Park Towers 2024 Sales:

About Dylan Hoffman

With a stellar track record of success spanning over two decades, Dylan Hoffman has become one of the most well-regarded brokers in New York City real estate. Known for his deft ability to simplify complicated transactions, stay abreast of the ever-evolving marketplace and connect with his clients in a meaningful way, he's a powerful resource for buyers, sellers, renters and investors. It's no surprise that his dynamic approach has driven The Hoffman Team at Compass to the upper echelons of New York City success: The team ranked No. 4 in transactions and No. 11 in dollar volume according to WSJ/REAL Trends.

As a New York real estate investor himself, Dylan is ever-mindful of the fact that he's dealing with his clients' most prized assets, which drives his laser-focus on maximizing value. He's assembled an extensive local network, and he provides expert guidance in everything from securing financing and legal advice to finding the best architects and contractors. From the initial consultation to the closing table, Dylan is a trusted advisor, skilled negotiator and expert broker ready to help clients exceed their unique real estate goals.

A California native, Dylan studied theater at California State University, putting himself through college and an acting conservatory with a multitude of roles in commercials, on television and with national touring companies. Today, Dylan resides on the Upper West Side with his wife and two children. In his free time, he can be found with his family, enjoying Central Park or exploring Manhattan on a CitiBike.

Contact Dylan: