201 East 17th Street

- Park Towers -

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

The Weekly Manhattan Market Report - 02/03/25

The Luxury Sector:

Last week, Manhattan saw 22 contracts signed for properties priced at $4 million and above, marking an increase of 8 contracts compared to the previous week. Among these, condos outpaced co-ops with a ratio of 12 to 7, alongside one condop and two townhouses. So far this year, 104 contracts have been signed at this price point, matching the number from the same period last year. The record year was 2022, with 142 contracts signed during this timeframe. The top contract last week was for unit 91W at 215 W. 57th St., listed at $18.025 million, down from its initial price of $18.93 million when the building began marketing off floor plans in 2016. The second-highest contract was for unit 8901 at 35 Hudson Yards, listed at $15.1 million, reduced from $28.5 million when it was first listed in 2019.

Overall Listing Supply:

Currently, there are 5,539 listings available on the market. The overall inventory is gradually increasing, though the pace is quite slow. Despite slight growth in the number of listings, the year-over-year figures show a 5.6% decrease compared to the same period last year. In terms of weekly supply, 279 new listings were introduced to the market last week, marking a 23% decline for the previous week. These fluctuations in the weekly supply rate are typical for this time of year. It’s common to see alternating weeks of strong and weak supply rates before a significant influx of inventory occurs, which is expected in about a month when the full spring market kicks off 

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

Over the past 30 days, 682 contracts have been signed, marking a 10% increase from last week‘s pace. This uptick suggests that the market may have reached its low point and is beginning to rebound from the typical winter-slowdown. However, for the first time in months, the 30-day contract signing rate is down 6% year-over-year, signaling that the strong momentum seen in Q3 and Q4 of 2024 may be tapering off. That said, seasonality plays a major role – this time of year is historically one of the slowest for buyers to enter contracts. Last week, 165 new listings went into contract, reflecting a 16% decrease from the previous week. This type of fluctuation is typical before the market heats up for spring. With the spring season just weeks away, it remains to be seen how demand will shape up as we transition into a busier period. 

Park Towers is a high-rise cooperative where residents enjoy full-time doorman service, a live-in superintendent, updated common areas, a fitness center, laundry, storage, bike room, an on-site parking garage and a glorious roof deck with simply breathtaking skyline views.

Bordering the Stuyvesant Square Historic District, this neighborhood encapsulates the best of New York City’s past and present. Enjoy immediate access to the city’s buzziest neighborhoods, including Union Square, the Flatiron District and the East Village. Iconic parks surround the area, and fantastic restaurants, greenmarkets, entertainment venues and shops, including Trader Joe’s and Whole Foods, fill the local streets. Nearby N/Q/R/W, 4/5/6 and L trains, excellent bus service and CitiBike stations put the rest of the city within easy reach.

Property Management Company:

FirstService Residential

(212) 634-8900

Park Towers 2024 Sales:

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.

Contact Dylan: