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 - 07/21/25

The Luxury Sector:

Twenty-nine contracts were signed last week at $4 million and above, 10 more signings than the previous week. Condos outsold co-ops 20-5, with 4 townhouses in the mix. Last week, July 14-20, was a particularly strong week in the Luxury Market Sector. It was the second strongest third week in July since the Olshan Report started keeping records of Luxury Market data back in 2006. The busiest third week of July was during the Covid rebound market of 2021, when 39 contracts were signed for the same week. The No. 1 contract signed last week was Unit 42 at 200 Amsterdam Ave. listed for $21 million. The No. 2 contract signed last week was for a townhouse at 61 E. 80th St. listed for $19.8 million. 

The Overall Market Supply:

There are currently 6,760 apartments on the market – down 0.2% from this time last year and 6.3% from last month. Expect inventory to continue declining through Labor Day, in line with historical norms and typical seasonality. By late August, supply usually bottoms out in the mid-5,000s. In short, these weekly reports will likely continue to show shrinking inventory over the next six weeks. Looking at the latest numbers, 283 new listings came on the market last week, a modest 0.7% increase from the week prior–essentially a flat week-over-week performance. Meanwhile, “off market“ activity is picking up. Last week, 225 listings were removed by sellers, a 19% increase from the week before. Expect that number to rise as we move deeper into the summer slowdown.

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

Over the last 30 days, 926 properties were put into contract–down 7.6% from last month but up 2.1% compared to this time last year. While the trend has dipped from last week (as expected), the silver lining is that the market is still performing slightly better than it was last year. That said, there’s plenty of water-cooler chatter about how tricky the market remains for sellers. Weekly in contract activity came in at 212 deals signed last week, up 14% for the prior week. While it’s a welcome bump, it’s still a bit shy of where we’d expect to be based on historical norms for mid-to-late July. To hit the typical July benchmark of roughly 980 contracts signed, the market needs to average around 220-230 contracts per week for the rest of the month. So while the week-over-week improvement is encouraging, the broader trend suggests contract activity is running below seasonal expectations.

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: