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 - 07/20/26

The Luxury Sector:

Twenty-seven contracts were signed last week in Manhattan at $4 million and above, two fewer than the previous week. Condos outsold co-ops 17–5 with five townhouses in the mix. Over the last four weeks, only 12 new development contracts have been signed over $4 million and above, compared to a 10 year average of 28 during the same period. The reason is simple: there is an acute shortage of new development inventory. In a July 2 article, appraiser Jonathan Miller noted that new development inventory is 62.2% lower than it was a year ago. Between soaring land costs, several years of elevated interest rates, skyrocketing construction costs, and other new development challenges, new development innventory–particularly in Manhattan remains in extreme short supply. The No. 1 contract signed last week was PHA at 73 Wooster, asking $27 million, in an off-market transaction.The No. 2 contract was unit W26D at 500 W. 18th St., asking $14.55 million after originally being offered at $14.625 million when the condominium first launched in 2018.

Overall City/Market Supply:

There are currently 6,187 properties on the market ready to sell. Overall supply is down 1% week-over-week and 7.9% lower than this time last year. Tight inventory has been the defining story of the 2026 market, and this summer is expected to be no different with even fewer listings for buyers to choose from. Many believe overall supply could reach a new record, before relief arrives after Labor Day and the start of the fall season. Looking at the weekly numbers, 221 new listings came on the market last week, up 4.7% from the previous week, which followed Independence Day weekend. It’s nice to see a slight rebound, but compared to the same week last year, new inventory is still 21.9% lower. That pretty much sums up the story of 2026: low inventory–and getting lower.

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

Over the last 30 days, 933 properties went into contract. That’s 18.2% lower than last month and 7.2% lower than last week. Even so, the 30-day pace of buyer demand is up 0.8% compared to the same time last year, meaning we’re still essentially tracking right alongside last year’s market. It has been a strong run for Manhattan’s contract market. Beginning in early April and lasting through much of July, the rolling 30-day pace consistently ran 8% to 10% ahead of last year’s levels. What the rest of the summer holds is anyone’s guest. Will demand remain even with last year, or begin to slip below it? Historically, the 30-day pace of buyer demand continues to soften through the remainder of the summer before bottoming out ahead of the fall market–but only time will tell. Looking at the weekly numbers, 227 apartments went into contract last week, up 27.5% from the previous week. That rebound isn’t surprising, as the prior week followed a holiday weekend. More importantly, weekly contract activity was 7.1% higher than the same week last year, showing that buyers remain active on a week-to-week basis even as the rolling 30-day pace continues its seasonal decline.

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: