11 East 36th Street, Unit 906

11 East 36th Street, Unit 906

midtown south, manhattan

Asking $1,349,000

2 bed  |  2 Bath | Condo

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Welcome home to this quiet 2 bed/2bath condominium in midtown south. This apartment has 12.5 foot ceiling heights, gorgeous wide plank oak floors, Central AC, including a nest thermostat, and copious closet space. The Living room and Primary bedroom face north onto 37th street, whereas the large second bedroom faces east. The Kitchen is open style with an island and bar, and features Calacatta Marble countertops and white lacquer cabinetry. It includes a SubZero fridge and freezer, a Bosch dishwasher, and microwave. Both stovetop and oven are electric. There is also a built out pantry across from the kitchen. The living room has space for both a dining table as well as living room furniture. The Primary bedroom fits a King sized bed and has custom walk through closets into the luxurious bath with separate shower and Neptune soaking tub. There is also a motorized black out shade for this bedroom. The Second Bedroom has plenty of space and is bright, with an oversized closet. The second bath is located next to the second bedroom and has a stall shower. Both baths feature porcelain tiles and limestone flooring.There is also a laundry room, with plenty of space for utilities.

Privacy and Comfort are paramount at The Morgan Lofts, a boutique condo, with only six units per floor. Here Soho style proportions meet finishes chosen by renowned interior designer Andres Escobar. There is a full time doorman, roof deck, gym, and two lobby entrances. There is easy access to midtown and trains on both the east and west side. Across the street is the new TMPL premium gym, their largest flagship location which has a literal wonderland of features including a cold plunge pool, infra red spa and more. The Morgan Library is one block away, along with many restaurants and all that Madison and 5th Avenues have to offer downtown. Minutes from Grand Central Terminal.

Please note: There is an assessment in place through December 2026 of $1,066.67 per month for this unit. Taxes listed reflect primary ownership with Star tax abatement.

Design For ‘Floating’ 79th Street Boat Basin Dock House Gets Final Approval

More than 10 years after Hurricane Sandy extensively damaged the Upper West Side’s 79th Street Boat Basin and its dock house, and three years after it was temporarily closed, the city is moving forward with a replacement facility. The Public Design Commission last month voted to approve the design for the reconstruction of the boat basin and the new dock house by Architecture Research Office (ARO). The planned one-story building appears to float over the Hudson River, with nine columns supporting the structure above the dock, chamfered corners to allow for better views, and a stainless steel facade that reflects the surrounding water and sky.

The 79th Street Boat Basin is Manhattan’s only public marina and New York City’s sole marina that has a year-round houseboat residency. The basin opened within Riverside Park in 1937, as part of Robert Moses’s West Side Improvement Project, along with the 79th Street Rotunda. As of 2021, the marina had a 1,000-person, 15-year boater waiting list.

While it was once a happening hub of maritime culture in the city and an eccentric Upper West Side community, the boat basin has deteriorated over the last two decades, with storms like Hurricane Sandy causing irreparable damage.

In 2019, the city’s Parks Department revealed a $90 million plan to reconstruct the docks, make the area more resilient to climate change, and add more boating berths to increase capacity. Following Covid-related delays, in 2021, the city closed the marina, citing “excessive deterioration to the site’s wooden dock framework and concrete foundation.”

After several delays and design changes, the design by ARO received final approval in August from the Public Design Commission, allowing the project to move ahead with construction. In response to criticisms of earlier designs, the redesigned building will be 40 percent smaller than originally proposed, at 3,800 square feet, but bigger than the former structure.

“The PDC’s approval represents a significant milestone in the evolution of this project and our engagement with the community,” Adam Yarinsky, founding principal of ARO, said in a statement.

“As both a working facility and a symbolic gateway to the harbor, the new dock house will honor the city’s rich maritime heritage and connect people to the waterways that have shaped its identity.”

To maximize views of the Hudson River from the promenade, the dock house’s square plan is rotated 45 degrees to the shoreline and rises above the dock on columns. Plus, the building corners are chamfered to reduce its mass, and large windows allow for views into and out of the building, according to ARO.

The building features a stainless steel exterior, which takes on the color and quality of the surrounding sky and water, and a green roof. Drawing inspiration from the “69th Street Transfer Bridge, the trusses of the George Washington Bridge, and a boat’s rigging and sails,” diagonal structural columns create a triangular pattern.

Inside, the dock house will feature a locker room for the boat basin’s staff, bathrooms, and showers. There will also be slips for more boats and access points for kayaks.

Construction could take two years, with the project potentially wrapping up in 2028, according to West Side Rag.

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Design for ‘floating’ 79th Street Boat Basin dock house gets final approval

By Devin Gannon

September 8, 2025

All renderings courtesy of Architecture Research Office

323 West 43rd Street, Unit 1R

323 West 43rd Street, Unit 1R

hell’s kitchen, manhattan

Asking $800,000

2 bed  |  2 Bath | Co-op

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Don’t miss this rare opportunity to own an impeccably updated two-bedroom, two-bathroom HDFC co-op in the heart of Hell’s Kitchen.

This serene, full-width rear apartment welcomes you with great light, fine finishes, and incredible quiet. Throughout the home, gleaming hardwood floors, 9-foot ceilings, crown moldings, and tall updated windows create a sense of style and comfort. The spacious living room offers plenty of room to relax, while the versatile second bedroom, set behind French doors, makes it perfect as a guest room, office, or dining space.

The sleek, modern kitchen is a chef’s dream, featuring abundant custom cabinetry, granite countertops, and full-sized stainless steel appliances, including a gas stove and drawer dishwasher. The primary suite boasts an oversized walk-in closet, dedicated shoe storage, and an additional custom-outfitted closet, along with a private en-suite bathroom. A second full bathroom with chic tilework and contemporary fixtures completes the layout.

323 West 43rd Street is a well-maintained brick building offering a full-time superintendent, free central laundry, and exceptionally low monthly maintenance.

Income Restrictions Apply (165% of NYC AMI):
- 1 Person: $187,110
- 2 People: $213,840
- 3 People: $240,570
- 4 People: $267,300

Perfectly located at the crossroads of Hell’s Kitchen and Midtown, this home is surrounded by world-class dining, Broadway theaters, and just moments from Hudson Yards and Manhattan West. With nearly every subway line within blocks — A/C/E, 1/2/3, N/Q/R/W, 7, and the S — transportation couldn’t be easier. Sorry, no dogs.

17.6 Million Fewer Vehicles Entered Manhattan Since Congestion Pricing Launched This Year

Congestion pricing is (still) working. According to Gov. Kathy Hochul and MTA officials, 2.7 million fewer vehicles entered Manhattan below 61st Street in August, a 14 percent drop that matched June for the largest reduction recorded so far in 2025. The positive data comes about a month before a scheduled federal court hearing in October, where the Trump administration’s attempt to end the tolling system will be decided. Since the program began in January, the number of vehicles entering the zone is down 12 percent, with 87,000 fewer trips each day and 17.6 million fewer vehicles compared to last year.

According to the MTA, congestion pricing has reduced traffic, improved vehicle flow, and cut delays in Manhattan’s central business district and even in surrounding areas.

The program has also noticeably reduced gridlock on bridges and tunnels crossing the East and Hudson Rivers, speeding up commutes. Every crossing entering the congestion relief zone has seen morning peak travel times reduced in 2025 compared to 2024:

• Brooklyn Bridge: 13 percent faster

• Holland Tunnel: 36 percent faster

• Hugh L. Carey Tunnel: 16 percent faster

• Lincoln Tunnel: 5 percent faster

• Queens-Midtown Tunnel: 4 percent faster

• Queensboro Bridge: 21 percent faster

• Williamsburg Bridge: 23 percent faster

Crashes in the CBD are down 14 percent, and traffic injuries are down 15 percent. Earlier this summer, the Department of Transportation reported that pedestrian fatalities on city streets had hit historic lows, matching levels last recorded in 2018.

The benefits are being felt on public transit as well, with ridership increasing across all modes from January to August 2025 compared to the same period last year:

• Subway: 9 percent

• Bus: 13 percent

• Long Island Rail Road: 10 percent

• Metro-North: 7 percent

• Access-A-Ride: 22 percent

In its first four months, the program generated $215.7 million in revenue, keeping pace to net $500 million in 2025 after expenses, according to Bloomberg. That funding is essential for ongoing and planned transit projects, serving as a financial lifeline for the MTA’s five-year capital plan.

“With summer coming to an end, the benefits of congestion pricing are clearer than ever,” Hochul said. “This program has been nothing short of transformational, making streets safer, reducing gridlock across the region, and unlocking generational upgrades to mass transit, benefitting millions. Congestion pricing is working, it is legal, and the cameras are staying on.”

Despite its documented benefits, congestion pricing has been a political target of President Donald Trump, who vowed to eliminate the program during his first week in office.

In February, after retaking office, the Trump administration ordered Hochul to end the program by March 21. In response, the MTA filed a lawsuit to keep the program in place, and the U.S. Department of Transportation extended the deadline to April 20.

In April, U.S. Transportation Secretary Sean Duffy gave the governor until May 21 to either shut down the program or explain why the Federal Highway Authority should not impose penalties, which would begin on May 28. If the state failed to comply, Duffy threatened to withhold federal funding for NY’s transportation projects, as 6sqft previously reported.

Later that month, the Trump administration and NY transit officials reached an agreement to allow congestion pricing to continue through the fall, according to court filings. As part of the MTA’s lawsuit, the two parties will now present their arguments under a predetermined timeline expected to run until at least October.

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17.6 million fewer vehicles have entered Manhattan since congestion pricing launched this year

By Aaron Ginsburg

September 10, 2025

Cover Photo by Koon Chakhatrakan on Unsplash

251 East 32nd Street, Unit 19E

251 East 32nd Street, Unit 19E

kips bay, manhattan

Asking $585,000

1 bed  |  1 Bath | Co-op

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The city unfolds in front of you in this sun-kissed one-bedroom, one-bathroom co-op featuring wide-open views, excellent closet space, and a sprawling open layout in a full-service Kips Bay building.

The moment you arrive in this spacious home, you'll be swept away by the bright and airy ambiance underscored by tall ceilings, pale hardwood floors, and large windows facing east and south. A foyer flanked by four large closets, including two huge walk-ins, makes a wonderful first impression. Ahead, the huge living room and dining alcove set the stage for relaxing and entertaining, surrounded by open-sky views that stretch all the way to One World Trade Center. The open kitchen impresses with contemporary cabinetry, granite countertops, tile backsplashes and a fleet of upscale stainless steel appliances, including a gas range, bottom-freezer refrigerator and dishwasher.

Sleep soundly in the king-size bedroom featuring a roomy closet and plenty of room for additional furnishings and a seating area. An adjacent full bathroom with a large tub/shower, vanity, and wide medicine cabinet completes this turnkey Kips Bay beauty.
Currently configured as a one-bedroom, this expansive floor plan could easily accommodate the addition of a second bedroom.

Riverview East is a pet-friendly postwar elevator cooperative where residents enjoy 24-hour doorman and live-in superintendent service, an accessible lobby, a state-of-the-art laundry room, a bike room and an on-site parking garage.

This outstanding Kips Bay location is surrounded by convenient shops, services, dining and entertainment in every direction, including Target, the AMC Kips Bay theater, Trader Joe's and Fairway, plus a half-dozen Michelin-starred restaurants within blocks. Transportation is effortless thanks to the 6 train three blocks away, plus 4/5, B/D/F/M, N/Q/R/W, 7, S, and PATH trains, excellent bus service with the M15, M34 and M34A, the 34th Street Ferry Landing, Midtown Tunnel and CitiBikes all nearby.

The Monthly Update - September 2025

The Luxury Market Vs. The “Non” Luxury Market:

A Market Split in Two

In Manhattan (and Brooklyn), the real estate market is showing cautious signs of improvement. Contract activity is up modestly, and buyers appear to be slowly returning. However, beneath those headlines lies a much more interesting picture. The dividing line isn’t about neighborhood or property type—it’s about price.

In Manhattan, the luxury market is generally defined as $4 million and above, while in Brooklyn it is $2 million and above. This year, Manhattan has seen several weeks and even months come close to breaking luxury market records—or surpassing them altogether. Just a few weeks ago, Downtown Manhattan recorded its highest-priced sale in its history, when the No. 1 contract featured the most expensive apartment or townhouse ever sold in the area. It surpassed the $80 million spent by Amazon founder Jeff Bezos in 2019 on a townhouse and two adjacent apartments, as well as the $72.5 million sale of a townhouse at 138 W. 11th Street in January 2024. The record-setting deal was for PH8 at 140 Jane Street, listed at $87.5 million.

The luxury market also came close to breaking additional records. During the week of May 19, 55 contracts were signed for properties priced at $4 million and above—marking the busiest single week in this segment since November 15, 2021. July also saw strength, with 29 contracts signed in a single week, making it the strongest third week of July since 2021, when 39 contracts were signed. For the month of June, 153 contracts were signed at $4 million and above—making it the third-strongest June since record-keeping began in 2006.

While the luxury market is breaking records, the rest of the market is having a much more subdued year. The main factor driving the division between the two markets is interest rates. In mid-2021, nearly 60% of Manhattan purchases were financed; today, 69% are all-cash. Since the Federal Reserve began raising rates in 2022, mortgage costs have risen sharply, adding hundreds of dollars per month to payments on apartment loans. This has cooled demand among financed buyers, while cash-rich luxury buyers remain largely unaffected and are capitalizing on developers and sellers eager to offload their properties.

One can see the divergence in contracts signed activity: In Manhattan, deals under $4 million have slowed, while transactions over $4 million have remained steady and in some months, (aforementioned) broke records. Looking at the division from a listing-supply perspective, Manhattan property over $4 million is down 16% year-over-year, while “non”-luxury inventory has grown 4%.

Pricing and price reductions also highlight the split: In Manhattan, listings under $4 million are seeing 11% more price cuts than a year ago, while luxury listings have seen 9% fewer. This suggests that sellers in the “non”-luxury market are feeling more pressure to adjust to buyers’ tighter budgets, while luxury sellers retain a bit more negotiating power—depending on other factors.

Price per square foot data offers perhaps the clearest view of this dynamic. In June’s resale condo market, Manhattan homes over $4 million saw a 3% year-over-year increase in PPSF, while those under $4 million were unchanged. Luxury properties are not only holding their value despite higher interest rates—they’re appreciating—while non-luxury homes are struggling to keep pace.

For buyers under the luxury threshold, this may present an opportunity. The somewhat softer demand and more price reductions could result in more motivated sellers and offer attractive value for buyers willing to accept today’s higher interest rate costs. There is also talk of future rate cuts that could help the “non”-luxury market rebound this fall and into spring. But for now, the luxury market is enjoying one of the strongest years on record.

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Local Happenings

NYC Broadway Week

SEPTEMBER 4-17, 2025

Enjoy a special 2-for-1 ticket offer across nearly two dozen shows, making theater more accessible to audiences. The biannual event, held each winter and fall, gives theater lovers the chance to enjoy Broadway at a fraction of the cost. Click HERE to learn more!

The Feast of San Gennaro

September 11-21, 2025

The Feast of San Gennaro returns to Mulberry Street, filling Little Italy with festive lights, live music, parades, and Italian specialties. This 11-day celebration honors the patron saint of Naples while showcasing the heart and flavor of NYC’s Italian-American heritage. Click HERE to learn more!

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Team News

Supporting Our Teammate Selene After a Devastating Loss

Our dear colleague and friend, Selene Varnel, and her family have suffered an unimaginable loss—their apartment was destroyed in a fire on August 15th. While we are deeply grateful that Selene and her young son are safe, the fire took nearly everything they owned.

A GoFundMe page has been established to support Selene and her son as they begin the process of rebuilding their lives. Any contribution—big or small—will make a meaningful difference as they replace essential items, find stability, and work toward recovery.

Thank you for your support.

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Featured Listings

Second Avenue Subway Extension Moves Ahead In Harlem With $2B Contract

106th Street. Rendering courtesy of the MTA

East Harlem is one major step closer to having better subway access for the first time since the 1940s. The board of the Metropolitan Transportation Authority on Monday approved a nearly $2 billion tunnel-boring contract for the second phase of the Second Avenue Subway, which extends the Q train from 96th Street to 125th Street. The tunneling contract marks the largest awarded in agency history.

“This is a meaningful step forward not only for the project but for everyone in East Harlem and Central Harlem,” MTA Chair and CEO Janno Lieber said.

“Locals have waited almost 100 long years for their promised subway extension. Thanks to investments from Governor Hochul and our partners in Washington, today the new MTA is moving forward with the largest tunneling contract in agency history, but – more importantly – with a project that pencils at the lowest cost per rider of any heavy rail project in America.”

The $7.7 billion extension brings the subway to a neighborhood that has lacked adequate transit access since the Second Avenue El discontinued service in the 1940s. The first phase of the Second Avenue Subway, which added three stations on the Upper East Side, opened in 2017.

The extension creates three new accessible stations in East Harlem, where 70 percent of residents rely on transit. The new Q train stations will be built at 106th Street, 116th Street, and 125th Street, offering a one-seat ride from East Harlem to the Upper East Side, Midtown, and Coney Island.

Rendering courtesy of the MTA

The project includes a direct passenger connection at the existing 125th Street subway station at Lexington Avenue and a new entrance at Park Avenue to allow for transfers to the Metro-North Railroad station.

The MTA estimates the expansion will serve an additional 110,000 daily riders.

Gov. Kathy Hochul joined the board meeting during a special meeting held in Harlem to approve the contract.

“East Harlem is one of the most transit-reliant neighborhoods in New York, but every day, tens of thousands of commuters lack subway access,” Hochul said.

“The Second Avenue Subway will change everything; it will shorten commutes for over 100,000 daily riders and make East Harlem more vibrant than ever. Awarding this contract means that the time for promises to this community is over and the time for building is here — next stop 125 Street!”

The construction contract, the second of four for the Q train extension, was awarded to Connect Plus Partners, a joint venture between Halmar International and FCC Construction. According to the MTA, work to bore the new tunnel, to be between 35 and 120 feet below Second Avenue, involves 750-ton machines equipped with 22-foot-diamond-studded drill heads. Work will commence later this year, with heavy civil construction starting in early 2026 and the tunnel boring in 2027.

As amNY reported, the machine for this phase can excavate and install the pre-cast lining in a single process, reducing the tunnel crew size by 40 percent and saving an estimated $100 million in labor costs. That, in addition to several other cost-saving measures, will save $1.3 billion, making it 10 percent cheaper than the first phase, according to the agency.

Connect Plus Partners will retrofit part of an existing 1970s-era tunnel that runs under Second Avenue from 110th to 120th Streets.

The first contract was awarded in January 2024 and was for utility relocation work, which includes moving utilities from the 19th century to facilitate the construction of the new station. The third contract will build the underground space for the stations, and the fourth and last contract covers the fit-out of the three new stations and the systems needed.

As the Second Avenue Subway moves into East Harlem, residents of the neighborhood are preparing for major changes. As Gothamist reported, the MTA has started issuing eviction notices to residents; the agency plans to seize at least 19 buildings by eminent domain to build the new stations. The MTA is offering some help to those residents, including providing a real estate agent and financial assistance to cover moving costs, according to Gothamist.

So far, the agency has filed plans to rezone the south side of East 125th Street between Third and Lexington Avenues, the terminus of the Second Avenue Subway. The 684-unit apartment building would generate revenue for the agency through a ground lease and payments in lieu of taxes (PILOTs). The process to select a developer is still years away, as 6sqft previously reported.

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Second Avenue Subway extension moves ahead in Harlem with $2B contract

By Devin Gannon

August 18, 2025

Cover photo courtesy of the MTA

Supporting Our Teammate Selene Varnel

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It is with heavy hearts that we share some difficult news about our dear colleague and friend, Selene Varnel. Recently, Selene and her family endured an unimaginable tragedy when their apartment was destroyed in a fire on Friday, August 15th. While we are deeply grateful that Selene and her young son are safe, the fire took nearly everything they owned.

Selene is not only a valued member of our team but also someone who brings kindness, warmth, and dedication to all she does. Now, it’s our turn to come together and support her during this incredibly challenging time.

A GoFundMe page has been created to help Selene and her son begin the process of rebuilding their lives. Any contribution—big or small—will make a meaningful difference as they replace essential items, find stability, and work toward recovery.

💙 You can donate here: https://gofund.me/7e0ce16c

We are so grateful for the outpouring of kindness, generosity, and compassion from our community. By standing together, we can help Selene and her son move forward with hope and strength.

Thank you for your support,

The Hoffman Team

251 7th Street, Unit 10C

251 7th Street, Unit 10C

Gowanus, brooklyn

Asking $795,000

1 bed  |  1 Bath | Condo

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-Condo
-Washer/dryer in-unit
-Private outdoor space
-Private storage included

Welcome to residence 10C at The Argyle—a bright, modern, and thoughtfully designed one-bedroom home with a private balcony and sweeping eastern views reaching all the way to Prospect Park. Perched on the 10th floor, this sun-flooded apartment boasts soaring 9-foot ceilings, hardwood floors, and oversized, noise-reducing windows that span the length of the home, offering peaceful ambiance and energizing morning light.

The open kitchen features bamboo cabinetry, Caesarstone countertops, beautiful pendant lighting, and premium stainless-steel appliances—including a Bosch dishwasher. Just across the hall, a Bosch washer/dryer is conveniently tucked into a vented laundry closet. The spacious bedroom easily accommodates a king-sized bed and includes a custom walk-in closet, while the bathroom offers a deep soaking tub and ample storage throughout.

Additional highlights include built-in surround sound wiring in both the living room and bedroom, generous closet space, and a private, climate-controlled storage unit in the basement.

The Argyle is a full-service, pet-friendly condominium offering residents a virtual doorman, elegant lobby, fitness center, bike storage, laundry room, cold storage for grocery deliveries, and a large package room. The building also features a beautifully furnished roof deck with panoramic 360-degree views of Manhattan, Brooklyn, and the Statue of Liberty—perfect for sunset lounging.

Ideally located at the crossroads of Park Slope and Gowanus, 251 7th Street is moments from Prospect Park, Whole Foods, the Washington Park Dog Run, and all the beloved restaurants and shops along 5th Avenue. With the F, G, and R trains less than two blocks away, commuting to Manhattan or elsewhere in Brooklyn couldn’t be easier.

Flatiron Building Will Be Illuminated At Night For The First Time

After over 120 years as a commercial building, the Flatiron Building will shine brightly as a new condo development. Literally. The distinct triangular building at 175 Fifth Avenue will be illuminated for the first time in its history when it reopens as luxury apartments. As first reported by the New York Post, the LED lighting scheme, designed by L’Observatoire International and approved by the city’s Landmarks Preservation Commission, will be most prominent on the top five floors beneath the building’s signature cornice, then cascade downward to emphasize its architectural details, which have been restored as part of a multi-year renovation.

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Credit: The Flatiron Building

“For a real estate family with over 80 years of experience in New York City, there’s no greater thrill, or responsibility, than stewarding a landmark as essential to the city’s fabric as the Flatiron Building,” Daniel Brodsky, owner of the Brodsky Organization, which is overseeing the building’s restoration and conversion, told the Post.

“We’re honored that the Landmarks Preservation Commission has approved the building’s first-ever exterior lighting plan, allowing this icon to shine nightly for the first time in its 123-year history.”

Originally designed by architect Daniel Burnham and completed in 1902 as the Fuller Building, the Flatiron has become one of New York City’s most recognizable landmarks. Known for its unique triangular shape, Beaux-Arts facade, and steel-frame construction, it was one of the world’s first skyscrapers.

Over the years, the building has hosted a diverse array of tenants, including two basement restaurants, clothing and toy companies, magazine and publishing houses—but it has always been used exclusively for offices and commercial purposes.

In 2021, the building became the center of a contentious legal battle among its former owners—GFP Real Estate, Newmark, Sorgente Group, ABS Real Estate Partners, and Nathan Silverstein. The four partners sued Silverstein, who held a 25 percent stake, seeking a partition sale. They claimed he made poor business decisions after the building’s sole tenant, Macmillan Publishers, moved out in 2019 after 60 years, as 6sqft previously reported.

That March, the building went to auction to resolve the dispute, receiving a winning bid of $190 million from Jacob Garlick of Abraham Trust. However, after Garlick missed the down payment deadline, the property returned to auction and was ultimately sold to Jeff Gural of GFP Real Estate for $165.1 million, who effectively acquired Silverstein’s 25 percent stake.

Sorgente Group and the Brodsky Organization are now redeveloping the building, converting its former office and commercial space into 38 luxury condos, with 40 storage units, and two commercial units. Earlier reports detailed a plan for 60 residences.

The redevelopment included a comprehensive, multi-year restoration, which has replaced all of the building’s windows—more than 1,000—and meticulously restored thousands of terra-cotta fixtures, each hand-replicated by a California manufacturer. A detailed restoration of the building’s six-foot-tall cornice was also completed.

For the new apartments, the development team enlisted AD100 designer William Sofield’s Studio Sofield to reimagine the building’s interior for modern living. Sofield is designing both the residences and the amenity spaces.

According to a project representative, the interiors will honor the building’s legacy while incorporating contemporary touches inspired by original materials, such as historic railings, original ironwork, and marble mosaics.

Approved by the Landmarks Preservation Commission, the new lighting design is the latest addition to the restoration project.

Other planned upgrades include an updated lobby, new elevators, upgraded retail frontage and storefront louvers, and facade changes to the 21st floor behind the roof parapet, according to Yimby.

The restoration is expected to be completed in 2027. Corcoran Sunshine Marketing Group is the exclusive sales and marketing firm for the Flatiron Building.

33 Riverside Drive, Unit 4D

33 Riverside Drive, Unit 4D

Upper West Side, manhattan

Asking $395,000

Studio  |  1 Bath | Co-op

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Welcome to Residence 4D at 33 Riverside Drive — a beautifully renovated, serene studio in one of the Upper West Side’s most iconic and historic full-service cooperatives.

Perched on the fourth floor, this pristine home offers the perfect retreat from the city’s hustle, blending old-world elegance with modern upgrades. A gracious entry foyer with custom floor-to-ceiling closets sets the tone, leading to a generously proportioned living space with high beamed ceilings, rich herringbone hardwood floors, and recessed lighting that adds a soft, contemporary touch.

The windowed eat-in kitchen is both stylish and functional, featuring Caesarstone countertops, custom cabinetry, and a full suite of stainless steel appliances including a dishwasher.

33 Riverside Drive, situated at the corner of 75th Street directly across from Riverside Park, is a 17-story Art Deco gem designed by renowned architect George F. Pelham in 1927. Once home to George and Ira Gershwin—as well as composer Sergei Rachmaninoff—this distinguished building continues to attract discerning residents with its timeless architecture and impeccable service.

Amenities include a full-time doorman, live-in resident manager, laundry room, bike storage, and private storage (waiting list). The cooperative is pet-friendly and permits pied-à-terres, in-unit washer/dryers, co-purchasing, gifting, and guarantors on a case-by-case basis with board approval.

All this in one of Manhattan’s most vibrant and storied neighborhoods—steps from Fairway, Citarella, Zabar’s, Trader Joe’s, the 70th Street Pier and Café, Lincoln Center, and multiple transportation options.

This is a rare opportunity to own a piece of Riverside Drive history—don’t miss it.

The Monthly Update - August 2025

Preparing Your Property for the Fall Market

It’s not riveting, but it’s necessary. As the Manhattan and Brooklyn summer real estate markets scale back—true to historical patterns—we’re seeing fewer new listings, fewer properties going into contract, and more sellers pulling their homes off the market. Buyers and sellers alike are taking their final vacations of the season, which makes this the ideal time for sellers to reflect if their property didn’t sell during the spring market.

Now is the moment to make interior adjustments, consider price updates, and prepare to recalibrate, reload, and re-launch for the fall market.

As of this newsletter, there are roughly 6,500 listings available for sale in Manhattan. Expect that number to dip just below 5,500 by Labor Day weekend. August isn’t known for listing activity—but it can be a brief window for buyers to find opportunities. Sellers who stay on the market in August are often viewed as more serious—or more motivated—which can present an opening for savvy buyers to strike a deal before fall inventory floods the market.

Contrary to popular belief, September is one of the slowest months for properties to go into contract, but it’s one of the busiest for new listings. It’s important to remember: listings come on the market first, then they typically go into contract about 30 days later. More listings bring more buyers, but the surge in fall supply tends to hit right after Labor Day.

So, how do you get your property ready for fall?

It starts by shifting your mindset: think of your property as a product, not your home. Get the “product” ready for market with a fresh coat of paint, decluttering, and updated staging. Use furniture that appeals to the widest range of buyers—think WestElm, CB2, or even IKEA. You may not love it personally, but that’s not the goal. You want clean, tidy, neutral, and relatable. Buyers need to walk in and imagine themselves living there.

Once the property looks the part, the next (and arguably bigger) piece is pricing.
Pricing a new or relaunched listing right from day one can be the difference between 3 weeks or 3 months on the market. After analyzing thousands of Manhattan sales over several years, the results are clear — listings priced correctly from the start spent a median of just 31 days on the market and sold with only a 1.9% median discount from the original asking price. Overpriced properties lingered, often for months, and closed with far deeper discounts.

There’s a reason your property didn’t sell in the spring—and in markets like Manhattan and Brooklyn, pricing is everything. These markets are incredibly efficient, and if you’re overpriced, the market will tell you in 30 to 40 days. Be honest with yourself, and make sure your broker is honest with you. Consider pricing your property just below competing listings to create a sense of urgency among buyers.

If you’d like more information on how to prepare your home for the fall market—or if you know someone who’s looking for a new direction this season—please don’t hesitate to reach out. The Hoffman Team is always here to help you maximize the value of your most important asset.

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Local Happenings

The U.S Open

The U.S. Open runs August 18–September 7 at the USTA Billie Jean King National Tennis Center in Queens. Don’t miss Fan Week (Aug 18–23) with free events and player practices before the main draw begins.

Click here for more details!

Rooftop at Pier 17

This August, The Rooftop at Pier 17 is bringing the energy with shows from The Fray, Cody Jinks, Fitz and The Tantrums, Andy Grammer, and more. With epic views and summer vibes, it’s one of NYC’s top spots for live music.

Click here for more details!

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Listing Spotlight

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Stay Connected

650 Park Avenue, Unit 18C

650 Park Avenue, Unit 18C

Upper East Side, manhattan

Asking $3,995,000

3 Bed  |  4.5 Bath | Co-op

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Park Avenue grandeur awaits your personal touch in this rarely available four-bedroom showplace featuring a sprawling Classic Seven layout, spectacular skyline and Central Park views, and an unbeatable Lenox Hill location just two blocks from Central Park.

Inside this high-floor sanctuary, palatial interiors are filled with tall ceilings, hardwood floors, impeccable millwork, and walls of windows capturing open-sky views to the east, west and south. The sizeable foyer makes a gracious welcome with a powder room, walk-in coat closet and wet bar. To the left, the 25-foot-long living room invites you to stretch out and relax alongside floor-to-ceiling custom shelving and paneling, a decorative fireplace and stunning views of the Park Avenue Mall. Across the foyer, the formal dining room sets the stage for lavish dinner parties with carved wainscoting, dentil crown molding, a crystal chandelier and Central Park outlooks. The adjacent windowed kitchen makes entertaining easy with rows of cabinetry, stone countertops and stainless steel appliances, including a gas range, French door refrigerator, dishwasher and built-in microwave.

The home’s luxurious accommodations begin with a corner primary suite, where the king-size bedroom enjoys southern and eastern exposures and three custom walk-in closets. Morning routines are effortless with a windowed en suite full bathroom featuring a soaking tub and shower, plus a separate en suite half bathroom. A generous junior suite boasts three roomy closets, double exposures and an en suite bathroom in this wing, while a third bedroom and bathroom are positioned near the kitchen’s service entrance. A fourth bedroom with east-facing windows is equally ideal as a study or media lounge. Central air and a laundry room with a side-by-side washer-dryer add comfort and convenience.

Currently configured with three bedrooms with a staff room, this layout could easily accommodate a fourth bedroom in the formal dining room, while one of the powder rooms could be converted to a fourth full bathroom. Move right into this beautifully maintained residence, or call your decorator and create the Park Avenue home of your dreams.

Built in 1962, 650 Park is a classic postwar white-brick co-op where residents enjoy full-time doorman/concierge and live-in superintendent service, three elevators, a gym, laundry, storage, a lovely roof deck, and an on-site parking garage with reduced rates for shareholders. Pets and pieds-à-terre are permitted with board approval. Gas, electricity and basic cable are included in the monthly maintenance. A 2% flip tax is paid by the buyer. Showings by appointment Monday-Friday between 9:00 a.m. and 4:00 p.m.

Located in the heart of Lenox Hill, this home is surrounded by fantastic shopping, dining and nightlife venues that make the Upper East Side one of the most famous neighborhoods in the world. Head to Central Park to enjoy hundreds of acres of iconic outdoor space and recreation, enjoy Madison Avenue boutiques and cafés, or amble through the cherished institutions of Museum Mile. Transportation is effortless with F, N/Q/R/W and 4/5/6 trains, excellent bus service, CitiBikes, the Roosevelt Island tram, FDR and 59th Street Bridge all nearby.

There is a $1,000/mo. assessment in place.

MTA Has Installed Platform Barriers At More Than 50 NYC Subway Stations

The Metropolitan Transportation Authority has installed platform barriers at dozens of subway stations in New York City to prevent people from falling onto the tracks. Gov. Kathy Hochul and the MTA announced last week that 56 stations across the five boroughs now have the barriers, with a goal of over 100 stations by the end of the year.

Platform barriers at the Wall Street 2/3 station. Credit: Marc A. Hermann / MTA on Flickr

“New Yorkers’ safety will always be my number one priority, and customers need to both feel and be secure every time they ride the subway,” Hochul said. 

“At my direction, the MTA has ramped up the installation of protective platform barriers, building on their efforts to brighten stations with LED lighting and equip every subway car with security cameras. Transit crime is down in 2025, and these efforts will make the subway system safer for everyone.”

According to recent customer surveys by the MTA, 59 percent of subway riders support platform barriers, including 88 percent of riders over age 65. Most respondents said the barriers make them feel safer and better protected from falling onto the tracks.

The MTA uses in-house NYCT labor and machinery to construct and install the barriers, which reduces costs and speeds up the installation process. When selecting locations, the agency prioritizes feasibility, focusing on those with standard car-stopping positions along segments of the 1, 2, 3, 4, 5, 6, 7, F, M, and L lines. Among these, stations with higher ridership and island platforms receive top priority.

Platform barriers are part of a broader safety plan announced in Hochul’s 2025 State of the State address to protect subway riders and workers. In addition to the barriers, The MTA has already started replacing all 150,000 fluorescent lights in the subway system with LED bulbs, aiming to complete the upgrade by mid-2026. This will brighten every platform and mezzanine while enhancing the visibility of the 15,000 security cameras throughout the system.

While some New Yorkers had called for protective barriers on the platforms for years, a pilot program for the barriers launched in 2022 after a commuter was pushed in front of a train and killed.

Platform barriers at the Broad Street J station. Credit: Marc A. Hermann / MTA on Flickr

So far, platform barriers have already been installed at the following stations:

Brooklyn

• Clark Street – 2, 3

• Morgan Avenue – L

• Grand Street – L

• Dekalb Avenue – L

• Halsey Street – L

• Bushwick Avenue-Aberdeen Street – L

• Myrtle-Wyckoff Avenues – L, M

• Graham Avenue – L

• Jefferson Street – L

• Bedford Avenue – L

• Lorimer Street – L

• Wilson Avenue – L

• Montrose Avenue – L

• Eastern Parkway-Brooklyn Museum – 2, 3

• Grand Army Plaza – 2, 3

• President Street – 2, 3

• Hoyt Street – 2, 3

• Beverly Road – 2, 5

• Sterling Street – 2, 5

• Winthrop Street – 2, 5

• Bergen Street – 2, 3

Manhattan

• 191th Street – 1

• 5th Avenue – 7

• 1st Avenue – L

• 6th Avenue – L

• 125th Street – 4, 5, 6

• Bowery – J, Z

• Fulton Street – J, Z

• Broad Street – J, Z

• Canal Street- J, Z

• Wall Street – 2, 3

• 23rd Street – 6

• 125th Street – 2, 3

• Central Park North-110th Street – 2, 3

• 135th Street – 2, 3

• Astor Place – 6

• 8th Avenue – L

• Bleecker Street – 6

• Fulton Street – 2, 3

• Spring Street – 6

• 103rd Street – 6

• Park Place – 2, 3

• 28th Street – 6

• 68th Street-Hunter College – 6

• 33rd Street – 6

• 96th Street – 6

• 77th Street – 6

• 145th Street – 1

• Grand Central-42nd Street – 7

• Christopher Street-Stonewall – 1

Queens

• Flushing-Main Street – 7

• 46th Street – M, R

• 67th Avenue – M, R

• 75th Avenue – E, F

• Woodhaven Boulevard – M, R

• Jamaica Center-Parsons Boulevard-Archer Avenue – E, J, Z

These safety upgrades follow recent news that the city’s transit system is on pace to reach its best on-time performance on record. Last week, Hochul announced that ridership and on-time service have improved across NYC Transit, the Long Island Rail Road, and Metro-North Railroad during the first half of 2025.

Customer satisfaction has also risen across all three agencies. Meanwhile, major subway crimes have dropped 3.2 percent compared to the same period last year and nearly 10 percent from pre-pandemic levels in 2019.

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MTA has installed platform barriers at more than 50 NYC subway stations

By Aaron Ginsburg

July 21, 2025

Cover Photo: Platform barriers at the Park Place 2/3 station. Credit: Marc A. Hermann / MTA on Flickr

640 West 237th Street, Unit 4C

640 West 237th Street, Unit 4C

Riverdale, The Bronx

Asking $1,250,000

3 Bed  |  4 Bath | Condo

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Embrace the coveted Riverdale lifestyle in this pristine corner three-bedroom, three-and-a-half-bathroom featuring sun-drenched interiors, a desirable semi-split layout and private outdoor space in an amenity-rich contemporary condominium.

Spanning nearly 2,000 square feet, this bright and airy residence delivers an especially serene ambiance thanks to hardwood floors with sound-dampening cork padding, additional insulation, and walls of floor-to-ceiling double-pane windows. An oversized foyer flanked by a coat closet and powder room ushers you into the dramatic corner great, room where northern and eastern outlooks frame leafy treetops and open sky. Enjoy a generous footprint for seating and dining areas, or venture to the east-facing balcony for morning coffee or after-dinner drinks. In the open windowed kitchen, European Shaker-style cabinetry, granite countertops, and marble tile backsplashes surround a suite of stainless steel Viking appliances, including a gas range, bottom-freezer refrigerator, dishwasher and built-in microwave. The breakfast counter is perfect for casual meals, while instant hot water and a garbage disposal add wonderful convenience.

Awake with the sun in the expansive, east-facing owner’s suite featuring a king-size layout, four roomy closets, and an en suite spa bathroom with a frameless glass shower, Zuma soaking tub, Toto commode, and double vanity surrounded by Jerusalem stone walls and radiant heat floors. In a separate wing, the secondary suite boasts northern exposures and a private bathroom. The home’s spacious study is perfect as a library or home office with its own full closet and bathroom. A laundry closet with a stacked LG in-unit washer-dryer completes the fantastic floor plan.

Currently configured with two bedrooms, the home could easily accommodate a third bedroom by enclosing the study. This unit conveys with a storage bin.

Built in 2008, Solaria is a modern glass tower nestled among the verdant Riverdale landscape. Residents enjoy low taxes and utility charges, 24-hour doorman/concierge service, on-site valet parking, a resident manager, handyman and porter service, a package room, cold storage, a Sabbath elevator, a fitness center, children’s playroom, a resident’s lounge with a catering kitchen, and a landscaped rooftop deck with jaw-dropping 360-degree views. There is an assessment of $429.51 in place until March 2026.

This exceptional Riverdale location is surrounded by a convenient array of shops, restaurants, houses of worship and top-rated public and private schools. Just minutes from your door, you’ll find a wealth of public parks and outdoor space with tennis and basketball courts, baseball fields, and playgrounds. Just over a half-mile away, the revered Wave Hill Public Gardens & Culture Center offers 28 acres of premier outdoor space overlooking the Hudson River and Palisades, plus a full calendar of events, art gallery and café. Travel to Midtown Manhattan in just 30 minutes by car, or enjoy excellent express and shuttle bus service to 1, A and 4 subway lines and Metro-North's Riverdale and Spuyten Duyvil stations.

Waldorf Astoria New York Reopens For The First Time Since 2017

New York City’s legendary Waldorf Astoria has finally reopened after a major restoration project that transformed the 1,400-room hotel into 375 luxury condos and 375 hotel rooms. The landmarked Art Deco icon closed in 2017 and was originally scheduled for completion in 2021. Led by the architectural firm Skidmore, Owings & Merrill (SOM), the restoration refreshed many of the hotel’s most iconic fixtures while introducing new elements that reflect the original vision of architects Schultze & Weaver, as the New York Times reported.

Originally built as two separate hotels—the Waldorf and the Astoria—on adjacent lots below 34th Street on Fifth Avenue, the Waldorf-Astoria closed in 1929 to make way for the Empire State Building. Just months later, the hotel’s owners struck a deal to relocate to its current site: a full block between 49th Street and 50th Street, from Park Avenue to Lexington Avenue.

Courtesy of the Waldorf Astoria New York

In 1931, the Waldorf Astoria reopened as a 47-story limestone skyscraper featuring twin decorative copper spires and nearly 2,000 rooms. The hotel quickly gained a reputation as the preferred destination for the world’s most influential figures.

According to the Times, the hotel’s famed Grand Ballroom hosted the April in Paris Ball, where door prizes included a full-length mink coat and a diamond necklace—and socialite Elise Maxwell famously made her entrance atop an elephant.

In 1977, hotelier Conrad Hilton acquired the Waldorf Astoria after years of expressing his desire to own what he reportedly called “the greatest of them all.” In 2014, Hilton sold the property to the Chinese firm Anbang Insurance Group for $1.95 billion—the most expensive hotel sale in history, a record that still stands. As part of the deal, Hilton retained a 100-year contract to continue managing the hotel.

Anbang closed the hotel in 2017 to begin renovations and convert the upper floors into condominiums. However, after the company became involved in a 2018 corruption scandal, the Chinese government seized control of Anbang, and the property was put under the control of Dajia Insurance Group.

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On the third floor, the Silver Corridor connects the hotel event spaces. Its murals have been cleaned and restored.

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The transformation was led by SOM, with hotel interiors designed by Pierre-Yves Rochon (PYR) and residential interiors and amenities designed by Jean-Louis Deniot.

SOM’s work draws on archival research and collaboration with the Landmarks Preservation Commission, striking a balance between preservation, restoration, and adaptive reuse, according to a press release.

The city designated the building as an exterior and interior landmark, with 62,000 square feet of interior space recognized by the LPC. The project is considered one of the largest preservation and adaptive reuse projects in city history.

The restoration of the interior improved access, expanded space, and introduced new pathways for natural light. Additionally, the hotel’s beloved murals—some dating back to the 18th century—were carefully restored by ArtCare Conservation.

The design creates an intentional “spatial sequence,” moving from smaller, intimate areas to spacious, light-filled rooms, conceived through material and tonal consistency. The new reception area features the same marble used in the historic Peacock Alley columns for its fireplace.

Portoro marble, mosaics, and restored decorative details were preserved and relocated to harmonize with modern elements like integrated lighting, automated curtains, and custom-designed furniture.

PYR chose a palette of neutral, mineral tones to highlight the new spaces and the presence of original materials. Every element was carefully selected to complement the architectural order and enhance the visitor’s experience.

“In many ways, Waldorf Astoria New York is the most important hotel in the world. It is the original luxury property and the place where luxury service was perfected. It not only holds a special place in Hilton’s history, but also in modern history,” Chris Nassetta, president and CEO of Hilton, said.

“Today, we build on this legacy as we mark the start of a new chapter for this iconic property. We look forward to once again welcoming guests to experience its timeless charm and modern enhancements, as this hotel and Waldorf Astoria properties around the world set the standard for luxury stays.”

In Peacock Alley, the Waldorf clock, commissioned by Queen Victoria for the 1893 World’s Columbian Exposition, has been cleaned.

Peacock Alley, named after the fashionable attire of its luxurious guests, largely reflects its original 1931 design. Connecting Park Avenue, Lexington Avenue, and the Library Lounge, the space serves as the hotel’s main thoroughfare. Guests can admire the historic Waldorf Astoria clock, commissioned by Queen Victoria for the 1893 World’s Columbian Exposition, which now gleams after careful restoration.

According to the Times, conservation workers meticulously restored the clock over more than a year by carefully cleaning, stripping, rebuilding, and repairing every inch of its more than 100 components.

Cole Porter’s piano has also been carefully restored and relocated to Peacock Alley. The legendary pianist and composer was a long-time resident of the hotel and received the Steinway piano as a gift from hotel staff.

Guests can now enjoy live performances at the piano. Peacock Alley also features a creative cocktail menu honoring the legacy of NYC’s cocktail culture, along with a selection of light bites.

Courtesy of the Waldorf Astoria New York

Lex Yard, the Waldorf’s signature restaurant, designed by AvroKO’s New York studio, is located at the corner of Lexington Avenue and 50th Street. This two-story, 220-seat American brasserie is helmed by Chef Partner Michael Anthony, which features a menu celebrating seasonal ingredients and world-class technique.

An elegant dining room and bar offer cocktails crafted by mixologist Jeff Bell and welcome guests for breakfast, lunch, and dinner. Additionally, two private dining rooms on each floor accommodate up to eight guests individually or 18 when combined.

The Japanese dining concept Yoshoku offers an intimate experience inspired by the Waldorf’s architectural storytelling. Situated beside Louis Rigal’s 148,000 hand-cut tile “Wheel of Life” mosaic and neoclassical mosaics celebrating the rituals of food and gathering, the restaurant presents a kaiseki-inspired menu reimagined through a New York lens.

Diners can enjoy a six-course tasting menu featuring dishes like grilled lobster, toro tartare with caviar, and king crab with Tosazu jelly. A la carte options are also available. Drink selections include sake, champagne, Japanese spirits, and signature cocktails.

Park Avenue lobby features the “Wheel of Life” marble floor mosaic by artist Louis Rigal. It is made from 148,000 pieces of stone.

Guests now arrive at the hotel through three entrances, including a hotel porte-cochere on 49th Street between Lexington and Park avenues, the only one of its kind in Manhattan. There are also entries on Park Avenue or Lexington Avenue between 49th and 50th Streets.

The 49th Street porte-cochere.

Atop the Park Avenue entrance sits the restored “Spirit of Achievement” statue by Icelandic artist Nina Saemundsson, which has adorned the entryway since the hotel opened in 1931.

The Waldorf now offers some of the largest guest rooms and suites in Manhattan, with most rooms measuring over 570 square feet and ceiling heights averaging eight to nine feet, according to the Times. The smallest rooms are twice the size of those in the original hotel. There are more than 11 distinct room categories, each designed to feel like a private apartment with connected zones for living, working, and sleeping.

The rooms feature soft leathers, polished woods, and tailored upholstery in a palette of light and neutral tones, creating a tranquil retreat from the bustling Manhattan streets. Custom furniture and artisanal hardware enhance the hotel’s sense of luxury and exclusivity, including a bespoke bar in each room.

Spa-like bathrooms showcase marble finishes, walk-in showers, separate toilets, and dressing areas. A direct pathway from the dressing area to the guest room door makes unpacking luggage easy.

Guests can now book stays at the Waldorf Astoria New York and make reservations at Lex Yard, Peacock Alley, and Yoshoku. Room rates start at $1,500 a night.

On September 1, the hotel will celebrate the grand reopening of its 43,000 square feet of meetings and event spaces, including the iconic Grand Ballroom as well as the Basildon, Jade, and Astor Rooms. Guests can also look forward to the debut of the Guerlain Wellness Spa.

In February, the Waldorf welcomed its first condo residents following the restoration. Closings began at the end of December, with residences ranging from studios to four-bedroom units and penthouses, many featuring unique layouts and private spaces.

Current availability at the Waldorf Astoria Residences New York starts at $1.875 million for studios and goes up to $16.875 million for four-bedroom residences.

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Waldorf Astoria New York reopens for the first time since 2017

By Aaron Ginsburg

July 22, 2025

All images courtesy of the Waldorf Astoria New York, unless noted otherwise

The Monthly Update - July 2025

New York City's FARE Act: How This New Law Might Affect the Future Sales Market

The new law: On June 11, the Fairness in Apartment Rental Expense (FARE) Act passed last year by the New York City Council went into effect. Essentially, the law shifts the responsibility of paying broker fees from the tenant to the landlord or the property manager who hires the broker. If a landlord or management company hires a broker to list an apartment for rent, they must pay the broker fee, not the tenant. However, if the tenant hires a broker, they pay the fee. In short, the new legislation shifts the responsibility of the broker fee to the person who hires the agent to represent them.

Incidentally, from my experience selling and renting real estate in Manhattan and Brooklyn for over two decades, I'm well aware that renters haven't always paid broker commissions. The fee shifted from landlord to renter depending on the climate of the current market. There have been very tight rental markets with very low vacancy rates, and in those markets, the renter generally paid the fee, but not always. Paying agent's fees, plus giving renters incentives, have always been tools landlords used to lure renters into leasing in their buildings. Free gym memberships, free move-in fees, and discounted rents if the lessee signed for multiple years are all used to incentivize renters. In softer markets with higher vacancy rates, the term “no fee” apartments is used to signify to the renter that the landlord is paying the agent's commission. 

So, the pendulum of the agent fee swings back and forth depending on the property, the landlord's need and market conditions. However, now, no matter the market conditions, the commission for renting is the responsibility of the person who hires the agent to represent them in the rental transaction. 

Fall out: Immediately after the FARE went into effect, rents jumped by about $745 a month on average. Landlords and managing agents, who now have to pay at least one month's broker fee to the agent for leasing out their property, will simply amortize that cost into the existing rent, raising the rent to cover the broker fee.

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The average rent in New York City between January 1 and June 10 was roughly $4,750 a month. From June 11 to about June 27, the average rent climbed to about $5,495 (+15.7%) a month. It's worth noting that rent prices do tend to peak in the summer months, and most recent data shows average rent declining slightly in some reports.

How might this affect the sales market? Under current market conditions, rents were already increasing before the FARE Act. Now, they might grow even faster because managing agents and landlords need to pay their brokers. This situation could definitely affect sale prices, particularly if mortgage rates start to drop and the monthly average rent increases. 

One of my colleagues ran the numbers: She took an average one-bedroom apartment in Gramercy and a 20% down payment with an average HOA/common charges fee of $1,500 a month and an average sale price of $750,000. She calculated that the monthly cost would be about 10% less, on average, than the average rent for that neighborhood, which is currently $6,000 a month. It's an interesting argument; however, a fluctuating sale market and ever-increasing rental prices often change from week to week or month to month. 

We saw this a few years back when interest rates climbed to 8% and even 9%. The immediate result in the sales market was that it was no longer cost-effective for buyers to put 20% to 25% down on a purchase and pay substantially more in monthly costs than a rental might be. Especially when holding their down payment in a stock portfolio would offset any losses they would incur from "wasting money" on rent. In that scenario, many New Yorkers found their personal economics dictating they should not purchase real estate back in 2022 and 2023. But, everything is cyclical, and the buyers that weren’t purchasing back then and rented instead put a strain on the overall rental market and caused rental prices to start to increase. 

The FARE Act is going into effect in a tight rental market with less than 1% vacancy. Meanwhile, landlords are seemingly increasing rent prices to pay for the brokers representing their properties. This all adds up to an interesting few months ahead. Will rents continue to climb? Will previously reluctant buyers start to dip into the sale market for relief? No matter what the FARE Act fallout, we'll be watching this summer's real estate market with fascination!

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Team News

The Hoffman Team Was Ranked #6 in NYC

We’re beyond honored to share that we’ve been named the #6 real estate team in New York City and #96 in the entire nation by The Wall Street Journal and RealTrends for 2024, based on closed sales volume.

This milestone wouldn’t be possible without the trust, loyalty, and support of our incredible clients and customers. Whether you bought, sold, referred, or simply believed in us, thank you. Your confidence in our team means the world.

Every deal is more than just a transaction — it’s a relationship, a chapter in your life story, and a commitment we don’t take lightly. We're so grateful to be part of your journey and to continue raising the bar together.

- Ranked #6 in New York City

- Ranked #9 in New York State

- Ranked #96 in the U.S.

- Ranked in the top 0.01% of all real estate teams in the U.S.

- $171,000,000+ closed sales volume in 2024

- 76 closed sales in 2024

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Local Happenings

Macy's 4th of July Fireworks

JULY 4TH, 2025

Celebrate Independence Day with the nation’s largest fireworks display! The iconic Macy’s 4th of July Fireworks return to light up the NYC skyline with a dazzling show launched from barges along the East River. Enjoy synchronized pyrotechnics, a patriotic soundtrack, and prime views from Manhattan, Brooklyn, and Queens waterfronts.

Click HERE for more information!

FIAF Bastille Day Celebration

JULY 13TH, 2025

Celebrate French culture at NYC’s largest Bastille Day fête! Hosted by L’Alliance New York, this lively street fair features live music, can-can dancers, champagne tastings, French eats, artisan booths, and family-friendly fun across four festive blocks. Join thousands of revelers for a day of joie de vivre on the Upper East Side!

Click HERE for more information!

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Listing Spotlight

NYC Unveils New Safer Intersection Design

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New York City is rolling out a new intersection design aimed at better protecting pedestrians and cyclists at crash-prone locations. Unveiled Wednesday by Department of Transportation Commissioner (DOT) Ydanis Rodriguez, the design uses “hardened daylighting tools”—such as concrete barriers, planters, and other structures—to improve visibility at intersections, where roughly half of all traffic fatalities occur. The DOT plans to implement the design at select high-crash intersections alongside new and existing bike lanes across the city starting this year.

Hardened daylighting aims to improve visibility at intersections by placing barriers, granite blocks, planters, and other objects to prevent vehicles from parking too close to the corner. While DOT already implements daylighting at hundreds of intersections each year, this new design is specifically tailored to corridors with conventional bike lanes.

In a first-of-its-kind daylighting study, the DOT recently demonstrated that hardened daylighting significantly improves intersection safety. The agency said it will monitor the new installations to evaluate their effectiveness.

Locations to be redesigned in 2025 include Ocean Avenue at Church Avenue, Avenue J, Cortelyou Road, and Foster Avenue, as well as Avenue J at Bedford Avenue, and Rugby Road at Foster Avenue.

The intersections were selected based on several criteria, including their location in Tier 1 and Tier 2 Priority Investment Areas as defined by the Streets Plan—neighborhoods that have historically lacked investment in safe street infrastructure.

Sites with new or existing conventional bike lanes and a history of turning crashes, as well as locations with a high volume of truck turns, were also prioritized.

“Redesigning our streets under Vision Zero has helped us reduce traffic deaths to historic low—but we are always looking for new ways to keep people safe,” Rodriguez said. “Using barriers to clear space at the intersection will help ensure pedestrians, cyclists and turning vehicles can see each other and enhance safety.”

The intersection redesign continues DOT’s broader effort to improve bike infrastructure safety for cyclists, pedestrians, and drivers. Over the past three years, the agency has installed 87.5 miles of protected bike lanes, more than during any previous three-year span.

The expansion reflects the growing number of New Yorkers who bike daily—now over 600,000 trips each day, a 158 percent increase since 2008, when the city recorded 240,000 daily cycling trips.

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NYC unveils new intersection design to better protect cyclists, pedestrians

By Aaron Ginsburg

June 12, 2025

Cover Photo Credit: NYC DOT

215 East 24th Street, Unit 412A

215 East 24th Street, Unit 412A

kips bay, Manhattan

Asking $375,000

Studio  |  1 Bath | Co-op

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Make your home on a charming tree-lined street where Kips Bay meets Gramercy Park in this sunny south-facing studio loft with excellent storage at Penny Lane, a congenial full-service cooperative.

This smartly arranged studio welcomes you inside with hardwood floors, 10-foot-tall ceilings and a wonderful Juliet balcony with a sliding glass door framing open-sky views. The main living area offers a generous footprint for seating, dining and office areas, while stairs lead to a convenient storage/sleeping loft above. The convenient pass-through kitchen features great cabinet space, granite counters, a gas range, a refrigerator and a ceiling fan. In the bathroom, you'll find a large tub/shower and a roomy vanity cabinet. Three oversized closets in the foyer and three more in the living area ensure storage will never be a concern in this sunny studio sanctuary.

Penny Lane is a Tudor-inspired postwar co-op with a lobby designed to resemble a charming London street. Residents enjoy low monthly maintenance, 24-hour doorman service, a live-in superintendent, basement storage and bike room, two laundry rooms on each floor, an on-site parking garage with direct building access, and a stellar roof deck with panoramic views of the iconic skyline. Subletting after two years, co-purchasing, gifting and pieds-à-terre are permitted with board approval. Cats allowed; sorry, no dogs.

Set on a lovely block with commanding views of the Met Life clocktower, this Kips Bay home enjoys immediate proximity to the fantastic shopping, dining and nightlife venues in NoMad, the Flatiron District, Chelsea and Gramercy. Head to Madison Square Park for outdoor space and events, or enjoy Union Square's fantastic year-round greenmarket. Transportation from this accessible neighborhood is excellent with 6, N/R/W and L trains, multiple bus lines, two East River ferry landings and CitiBikes all within easy reach.

201 East 21st Street, Unit 15C

201 East 21st Street, Unit 15C

Gramercy, Manhattan

Asking $875,000

1+ Bed  |  1 Bath | Co-op

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Opportunity knocks in this spacious and refreshed one-bedroom, one-bathroom home featuring generous closet space and high-floor city views at Quaker Ridge, a beautifully maintained full-service building in desirable Gramercy Park.

Inside this expansive Junior 4, tall ceilings and oversized west and north-facing views create a bright and airy ambiance, while new parquet and tile flooring runs throughout. A huge foyer with a roomy coat closet and plenty of space for a home office area flows to a spacious living room with open-sky outlooks. Plan your next dinner party in the corner dining alcove, or transform the space into a second bedroom/home office as many C-line residents do. Bring your imagination to this galley kitchen which can easily be opened up to accommodate a breakfast bar with stools. The king-size bedroom offers ample closet space and easy access to the full bathroom, where you'll find a new vanity, large tub/shower and floor-to-ceiling tile. Fresh paint and additional closets complete this home that is waiting for its new owner. Move right in or put your personal stamp on this in-demand C-line home.

There's plenty to love about Quaker Ridge, a revered postwar co-op known for its excellent financials and low maintenance. Residents enjoy full-time doorman service and live-in superintendent, modern laundry facilities, private storage, bike storage and a residents-only parking garage with direct access to the building. Quaker Ridge allows co-purchasing, gifting and pets but does not permit guarantors or pieds-à-terre. Please note, there is a monthly energy charge of $124 that adjusts quarterly.

Here in the heart of Gramercy — just minutes from Union Square, the Flatiron District and NoMad — you're at the epicenter of exciting Manhattan living with abundant shops, restaurants, services and out-door space at every turn. Union Square and Madison Square Park put a dog park, greenmarkets and year-round events mere blocks away, and foodies will love the proximity to Whole Foods, Trader Joe's, Eataly and numerous Michelin-starred restaurants. Access to transportation is fantastic with 4/5/6, N/Q/R/W and L trains, excellent bus service and CitiBikes nearby.