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 - 02/17/25
The Luxury Sector:
Last week in Manhattan, 41 contracts were signed for properties priced at $4 million and above, marking an increase of 12 contracts from the previous week. The luxury market continues its impressive momentum with condos leading the sales at 26 compared to 10 co-ops and 5 townhouses. Over the past four weeks, the number of signed contracts has steadily increased from 14 to 41, with the last week's total being the highest since early May 2022 and 42 contracts were signed. Notably, 20 of the 26 condos were sold as part of new developments, which represents the highest number of developer sales at this price point since early March 2022. These new development deals had an average asking price of $3,039 per square foot, with an average size of 2757 ft.². The top contract was a townhouse located at 973 5th Ave., listed at $49.9 million, down from its original listing price of $80 million in July 2021. The second highest contract was from unit 3N at 140 Jane Street, listed at $22 million, which had increased from $20.5 million since the building initial sales off of floor plans in September. This data highlights the robust activity in the Manhattan luxury market and, historically, strong activity in the lux-sector has been known to filter down to the rest of the market.
Overall Listing Supply:
Currently, there are 5,599 listings on the market, indicating a slight increase of nearly .4% from the previous week. Inventory growth has been quite slow this late winter season. While it is still only mid-February, which is typically early in the season for the majority of spring listings, it’s noteworthy to see how gradual inventory is increasing. The weekly figures indicate a 5% decrease in the weekly supply rate, compared to the week before, with 320 new listings added to the inventory last week. Interestingly, this is also about 8% less inventory than the same week last year. It’s common to see fluctuations in the weekly supply numbers until the market gains momentum in mid-March.
Contracts Signed (The 30-Day Pace of Buyer Demand):
In the past 30 days, buyers have put 797 listings under contract, reflecting a 4% increase from the previous week. Although this number is slightly lower for the same week last year. However, anecdotal evidence suggests that buyer activity is on the rise, even if it’s not yet fully reflected in contract signings. This may indicate that the market could become quite active as spring approaches. Last week saw 213 listings going to contract, marking a 1.9% increase from the prior week. With presently low inventory numbers and strong buyer demand, the coming weeks could yield interesting developments just before the anticipated surge of spring market inventory arrives.
The Pricing Penalty:
Pricing is everything! Of all listings that sold and closed from Oct-Dec 2024, the listings that sold within 60 days, closed with a 1% negotiability rate off the last asking price.
Pricing is everything! Of all listings that took over 120 days to sell, those listings had a 9%+ negotiability rate off the last asking price.
201 West 70th Street
- 387 Units
- 41 Stories
- Built in 1971
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.
One Sherman Square Sales By Year:
2025 Sold Unit Breakdown
Number of Sales Per Month: 2025
2024 - 19 Units Sold
Sold Unit Breakdown
Number of Sales Per Month
About Dylan Hoffman
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)