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 - 05/26/25

The Luxury Sector:

Fifty-five contracts were signed at $4 million and up last week. You read that right! Condos outsold co-ops 45-12, with 2 condops and 5 townhomes in the mix. The 55 contracts signed last week was the highest weekly total since November 15, 2021 when the 67 contracts were signed. To put this in perspective – 2021 was the biggest year for luxury residential real estate since reporting started in 2006!! The No. 1 contract last week was 31-37-39 East 63rd townhouse. Spanning 61 feet, three townhouses joined together were put under contract with a listing price of $34.5 million. The No. 2 contract was at 500 West 18th Street listed for $13.895 million. 

Overall Listing Supply:

There are currently 7,386 listings on the market trying to sell. This is the time of year when overall listing supply typically starts to level off. The weekly increase in supply wasn’t even a full percentage point, which tells us the spring inventory arc is starting to flatten as we head into the summer. We might see a couple more weeks of this kind of “sideways motion” before inventory begins it’s usual summer dip. Last week, 330 for new listings came on the market – a 24.1% drop from the week before. That’s not surprising, considering it was right before the long Memorial Day weekend. This week probably won’t bring a big wave of new listings either, but that’s right in line with historical seasonal trends as the market shifts into summer mode.

Contracts Signed (The 30-Day Pace of Buyer Demand):

The 30-day pace of buyer demand brought in 1,055 units going into contract – just a slight uptick from the week before. Considering that May is usually the second busiest month of the year after March, you have to ask: has the wind already left the sales for the spring selling season? So far this May, the 2025 market is tracking about 6% below historical averages for the month. That’s not nothing. On a weekly basis, 232 newest contracts were signed last week – up 2.2% week-over-week – but even that small gain isn’t enough to shift the broader tone. By historical standards, last week's numbers feel soft, and overall, this May is starting to shape up as one of the slowest ones we’ve seen in recent years.

The Tale of Two Markets:

Min -$2M Segment for Contracts Signed: 

• Up 48% year to date.  

• Down 5.4% from last month. 

• Up 2.6% from last year.

$2M - Max Segment for Contracts Signed:

• Up 28.9% year to date. 

• Up 3.0% from last month. 

• Up 18% from last year.

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:

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: