201 West 70th Street

- ONE SHERMAN SQUARE -

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 our building. Please feel free to reach out with any questions you might have, I am here to help.

The Weekly Manhattan Market Report - 08/31/2026

The Luxury Sector:

Twenty-four contracts were signed last week in Manhattan at $4 million and above. Nine more than the previous week. Condos outsold co-ops 12–7, with five townhouses in the mix. No complaints about the trophy market ($10M+): so far this year, 218 properties have gone into contract, compared to 202 during the same period last year–another sign at the very top of the market continues to perform well. The No. 1 contract signed last week was 68E at 217 W. 57th St., asking $20.5 million, reduced from $24.69 million when it was listed in 2018 off floorplans by the developer.  The No. 2 contract signed last week with the 6th Fl a 988 5th Avenue, asking $18.5 million reduced from $19.9 million when it was listed in May 2025

Overall City/Market Supply:

Supply checked in at 4,510 listings currently on the market trying to sell. That’s 22.2% lower than this time last month, 20.6% lower than the same week last year, and 3.5% lower than the previous week.  Why is supply so low? Historically, inventory is typically at its lowest levels towards the end of August. Sellers are gearing up for the fall season and have taken their stale listings off the market or preparing fresh inventory for the fall. Buyers aren’t exactly in town either. For those buyers who are here and continuing the hunt, an interesting statistic is that more than 60% of the current listing supply is considered stale, meaning it’s been on the market for 90+ days. So not only is this inventory historically low, but the amount of fresh inventory available to buyers is even lower. Looking at the weekly numbers, 125 new listings came on the market last week, up 20% from the previous week. It is nice to finally see a “plus” in the weekly new-listing ticker, but we’re coming off historically low supply levels. While the increase is encouraging, new listing activity is still 7.4% lower than the same week last year. And, of course, one week does not make a trend. In short, it’s not surprising that listing inventory is low at the end of August–it’s supposed to be! The more meaningful story will begin after Labor Day weekend, when the fall listing season gets underway. How much fresh inventory actually comes to the market will be watched very closely by everyone in the real estate industry, not just buyers and sellers. 

Liquidity Pace (The 30-Day Pace of Buyer Demand):

The 30-day pace of buyer demand checked in with 753 apartments going into contract over the rolling 30-day period. That’s down roughly 2.3% from the previous week and 6% lower than the same week last year. Of all the properties currently under contract, 43% are priced below $1 million, with an average of 83 days on market. Looking at the weekly numbers, 150 apartments went into contract last week, down 13.8% from the week before and 5.1% lower than the same week last year. While these numbers are lower than proceeding weeks–and the overall trend has been gradually moving downward–it’s summer, and it’s the end of August to boot. That’s what happens. These are normal cycles of the New York City real estate market. The more meaningful numbers to watch will come at the end of September and beginning of October, when the fresh inventory released during the September listing season begins going into contract. So don’t expect the in-contract market to make any meaningful gains until late September or early October. That’s when we’ll get a much better read on the health and direction of the fall Manhattan real estate market.

One Sherman Square is a commanding postwar co-op tower featuring a welcoming circular driveway and surrounding gardens. Residents of the pet-friendly building enjoy a contemporary lobby, 24-hour doorman and concierge service, live-in superintendent, gym, laundry, a glorious landscaped roof deck with spectacular views, and an onsite parking garage.

• Purchase Application Requirements (here)

• Sublease Application Requirements (here)

One Sherman Square Sales By Year:

2026

2025 - 32 Units Sold

2024 - 20 Units Sold

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.

Past & Current Building Deals:

Emma’s Favorite Neighborhood Spots:

• Central Park

• 72nd Street & Riverside Drive Dog Run

• Riverside South Dog Run (72nd Street, under the highway)

• South Riverside Park Dog Run (Riverside Blvd. btw 66th/65th)

• 87th Street Dog Run (Riverside Park at 87th Street)

• Bull Moose Dog Run (81st Street and Columbus Avenue, by the Museum of Natural History)

Contact Dylan: