Issue 112 - NYC Real Estate Recovery in a Post-Covid World

641 Fifth Avenue 33F34EF

446 East 149th Street

450 East 52nd Street 11FLDP

150 Rivington Street CPH

53 West 53rd Street #PH78

320 East 42nd St 2403

519 West 23rd Street 7

260 Park Avenue South 10I

1593 Deerfield Road

136 East 56th Street 8H

51 Crosby Street 3

445 Lafayette 110C

1001 Fifth Avenue 110C

53 West 53rd Street #38C

53 West 53rd Street #30B

53 West 53rd Street #66

53 West 53rd Street #72B

53 West 53rd Street #21A

53 West 53rd Street #53A

53 West 53rd Street #17B

53 W 53rd St #PH76

53 West 53rd Street #71

53 West 53rd Street #20B

53 West 53rd Street #16F

Issue 112 – NYC Real Estate Recovery in a Post-Covid World

August 1, 2025

It has been more than half a decade since we first heard of Covid-19. The ensuing pandemic quickly changed everything — including the real estate market. Thankfully, we have collectively shaken off our initial panic and confusion and are now armed with perspective. Oh, how far we have come, especially when it comes to housing.

According to many top-tier press predictions, big-city real estate — including in New York City —wouldn’t recover until well into 2025. Happily, several recent articles, particularly one by Matthews, a real estate investment firm, state that we are “far ahead of schedule, the city has seen jobs rebound, population recovery, and an increase in demand for quality assets.”

To see this progression, here’s a quick recap: Starting in the spring of 2020, pandemic restrictions instituted in NYC led to many rapid changes — namely, job loss, doing anything and everything we could remotely, and changing the way we ate, slept, worked, and played. They changed how we connected with people and, most of all, reframed our priorities. All these factors played into forcing many people out of large urban centers and into more rural areas.

Without the need to commute, many people longed for living spaces in less populated areas where they could enjoy fresh air and exercise, and more importantly, connect with family. As a mother of two under the age of 11, it was a very formative time for me in terms of human connection and cultivating familial intimacy. Having eye contact and being fully present with family members in close proximity was so valuable.

Those who stayed in NYC wanted homes set up for comfort and functionality, with larger spaces, in-unit offices, more functional kitchens — Who wasn’t learning how to bake sourdough bread? — and private outdoor access.

As an agent selling in such an unknown time, I initially had no surefire idea how to advise clients. I was receiving calls from owners of truly beautiful homes who were frightened and longing for safety, security, good air quality, a sense of community… They were relocating to places that offered those things: the Hamptons, Westchester, Connecticut, Telluride, and Florida. There was such a mass exodus that we initially saw NYC become somewhat of a ghost town.

We also saw an unprecedented boom in the secondary market, bringing those prices up exponentially. The vacancy rate was so tight, but people were willing to pay exorbitant amounts just to get out of cities and replant themselves next to trees, mountains, lakes, and oceans.

According to a recent article in Fast Company, “From summer 2020 to spring 2022, the number of active homes for sale in most housing markets plummeted as homebuyer demand quickly absorbed almost everything that came up for sale.”

However, NYC is ever resilient. We quickly adapted and made many changes to accommodate renters, buyers, and sellers in a state of flux. The industry pivoted. We became used to “the new normal.”

Enter: digitization. We all quickly became familiar with Zoom, using it when buying and selling apartments. In one particular instance, I sold a one-bedroom apartment on East 22nd Street for $2 million without the buyer ever setting foot in it! She had lived in the building before relocating to Europe and needed to return to Manhattan. The deal was literally finalized by just showing her each room via video — opening and closing all closets and drawers — because she couldn’t be there in person. It was the first time I’d ever seen someone buy something without actually walking through the property.

Who would have thought that this digitized trend would persist with such intensity into post-pandemic times? According to an article last month by luxury publication Haven, the digital revolution has become the industry standard. It has led to real estate’s rebound.

“The most visible transformation lies in the widespread digitization of real estate transactions and marketing. The Covid pandemic changed business culture in NYC permanently through a necessary integration of digital platforms to conduct commerce and make deals,” Haven notes.

“What once seemed like temporary measures have become the industry’s new foundation, with virtual tours, digital staging, and online closings now representing standard practice rather than innovative alternatives. This digital transformation extends far beyond convenience, fundamentally altering how properties are marketed and experienced,” the article continues.

I believe our desire to reconnect with nature has carried forward into the demand for a sustainable and environmentally supportive lifestyle choice.

Simultaneously, there’s been a shift in focus to properties with quality-of-life amenities, such as infrared saunas, cryotherapy, pool rooms, and relaxation rooms featuring meditation, yoga, cold plunges, and hammams. They have all become the rage. Alongside this is the more advanced technology of AI, which seamlessly integrates home automation for various functions, from temperature control and audio/video systems to adjusting lights and window shades.

Old-school key elements such as natural light, open views, indoor air quality, and well-appointed rooms are still in demand, and will always remain so.

All in all, City Journal captured the rebound perfectly: “New York is surviving — if not thriving — defying the worst pandemic-era predictions. Few today would call the city ‘completely dead,’ as James Altucher infamously did in 2020.”

The article explains that the city’s economy appears to have bounced back, something unimaginable in spring 2020: “In December 2019, New York had a record 4.160 million private-sector jobs. By December 2024 (the most recent data available), that number had grown to 4.246 million—a nearly 2.1 percent increase. Considering that one in five jobs had vanished by May 2020, this is no small feat. More economic activity is also visible on the transit system, though work-from-home habits persist: subway ridership hovers by just above three-quarters of pre-Covid levels.”

So, it is no surprise that real estate is also slowly rallying once again. The most prominent comeback is the co-op market, which was decimated in Covid’s wake.

A mid-2024 Partnership for New York City survey of white-collar firms found that in-office employment had recovered to slightly below three-quarters of pre-Covid levels. While most workers are back in the office, including those in financial institutions and other large corporations, many companies are working on a hybrid schedule that includes in-office/work-from-home arrangements.

I think Covid — such a wakeup call! — reminded us that nothing is certain. It has given us perspective on what is truly important: family, community, and connections. The work-life balance has become a priority. The pandemic forced many people to look inward, to embrace and reorganize their internal landscape to survive such a confronting and confining time.

This shift is clearly reflected in the current market — which, according to Haven, “reflects a lasting evolution, not a temporary shift.” Digitalization, lifestyle amenities, and the focus on community are now vital elements in New York City real estate, driving up premium prices across all segments of the market.

I concur with Haven’s endnote, which prophesizes: “Looking ahead, the market’s success will likely depend on its ability to continue evolving in response to changing lifestyle preferences and technological capabilities and demand.”

It seems that based on these demands, people have gravitated towards quality-of-life neighborhoods — those that provide a healthy live-work balance. These areas have garnered pricing and property sales well above the anticipated. The new lifestyle choices have already been reflected in myriad ways. For example, theaters have moved up their ‘curtain’ times from 8:05 p.m. to 7:30 p.m., and many restaurant kitchens are closing at 9 p.m. instead of midnight. It appears that a unified consensus about the desire to slow down has influenced a change in operational hours, as well as within living environments.

Here’s to continued hard work, while maintaining a bit more balance and recognizing that if NYC were ever going to fall, it would have been when it experienced a mass exodus. But in true New York City form, not only did it rally, but it also superseded every expectation, as it always does. Have a great summer!

Issue 122 – Foreign Demand Re-Emerges as Luxury Buyers Underwrite Political Risk

June 1, 2026

As we head into summer, we are seeing a very notable resurgence of international buyers entering the New York market — and frankly, in a way we haven’t seen in years.

Let’s explore why.

Historically, global capital gravitates toward stability, discretion, and internationally recognized assets. In New York City, that typically translates to park-facing residences, trophy properties, and globally recognizable “name-brand” buildings. These include Aman, Four Seasons, Related developments, and legacy Park Avenue or Central Park South product with strong service infrastructure and long-term value preservation.

Right now, buyers are looking for quality, security, and assets that feel insulated in uncertain times. NYC, despite all the headlines, remains a strong, long-term store of value internationally.

When there is instability abroad, New York City benefits. It offers legal transparency, deep liquidity, world-class education, finance, culture, and healthcare — and a real estate market that, while imperfect, is still well understood around the world.

What’s different now is that buyers are not necessarily purchasing because they think New York is “hot.” They are buying because New York is established. That is an important distinction: the capital is less speculative and more preservation-oriented. For many international families, a New York apartment is part lifestyle asset, part hedge, part legacy planning.

The headlines about wealthy buyers fleeing New York City are often too simplistic. Yes, some buyers have moved capital to Florida, Texas, or other lower-tax markets. But that does not mean New York has lost its global relevance.

The newly announced pied-a-terre/second-home tax in New York targets luxury second homes valued at $5 million or more, with the goal of creating an annual surcharge on non-primary residences. This proposal is certainly something international buyers are paying attention to, though it remains to be seen if this will impact continued investment. Rather than eliminating foreign demand, the tax likely makes buyers more selective, becoming part of the broader cost-of-ownership analysis alongside the mansion tax, carrying costs, and currency exposure. It may create pause around marginal purchases, but for a trophy asset, it won’t stop the buyer. It simply raises the bar for what feels worth owning.

The concern is less the dollar amount itself and more the perception. International buyers are highly sensitive to whether a market feels welcoming, predictable, and stable. Policy often moves perception before it moves fundamentals.

We’re consistently seeing foreign buyers generally gravitate toward turnkey product. The appetite for renovation or operational complexity is far lower than it once was. Buyers want ease, service, security, and a property that immediately translates internationally, both from a branding and lifestyle standpoint. For these global buyers, New York remains one of the few carrying both emotional and financial prestige.

Enter: Japanese buyers. The Real Deal recently reported a massive resurgence in Japanese capital, providing a lifeline to aging multifamily walk-ups. “Japan-linked firms have acquired at least $2.1 billion worth of New York City property since the start of 2024, according to analysis by Okada & Company and TRD Data,” the piece details.

This surge is driven by a stark yield gap: With low interest rates at home, Japanese buyers can borrow cheaply in Japan to acquire higher-yielding assets, a strategy supercharged by domestic tax incentives for multi-family purchases.

We are also seeing diversifying residential demand from Australian, Brazilian, Taiwanese, and Western Europe buyers. Eastern European activity is still highly selective compared to prior cycles, but international demand as a whole has undeniably re-entered the market. The usual suspects — such as Central Park South, Tribeca, Billionaire’s Row, and select Downtown properties — remain the primary anchors.

Target price points for these foreign investors vary by country of origin and the purchase’s purpose, with the most active international demand falling into clear segments:.

The serious lifestyle buyer ($3M to $7M): Typically targets a strong two or three bedrooms in a premier building, prioritizing service, security, and an easy lock-and-leave lifestyle.

The wealth-preservation buyer ($7M to $15M+): Focuses heavily on blue-chip locations — Central Park, Fifth Avenue, Park Avenue, Tribeca, Billionaires’ Row — or globally recognized branded residences.

The ultra-high-net-worth buyer: Prioritizes the asset above any price point, focusing on scarcity, pedigree, privacy, views, service, and long-term relevance. They are not asking, “Is this affordable?” They are asking, “Will this matter 10 years from now?”

Today’s foreign buyer is much more disciplined. They want turnkey and certainty. They want building quality, service quality, financial stability, and a residence that translates globally.

The biggest shift is that foreign buyers are not chasing the market — they are underwriting it. They are asking better questions: What are the monthly carrying costs? Who is the resale audience? How strong is the building financially? How liquid is this asset? Does this location hold value in multiple cycles?

Overall, cultural nuance matters more than ever. Buyers are underwriting not just the apartment, but NYC itself.

Five years ago, there was still more appetite for optionality — buyers were more willing to consider renovation, new development premiums, or speculative upside.

On the Japanese side specifically, what I’m noticing is a renewed comfort level with NYC real estate as a legacy asset class. The buyers I’m seeing tend to be highly analytical, long-term focused, and extremely quality-driven. They’re not chasing hype — they’re buying permanence.

The Brazilian and Australian buyers we’re seeing tend to be incredibly lifestyle-oriented while still highly aware of long-term value, whereas many Western European buyers continue to prioritize pedigree buildings, architecture, privacy, and stability. Taiwanese buyers similarly appear very focused on security, quality, and established global positioning.

For foreign investors, New York City still represents something very specific: legal stability, cultural prestige, liquidity, access, education, healthcare, and global identity. The buyers I’m seeing are not ignoring the headlines. They are simply looking past them when the asset is strong enough.

New York is no longer a market where everything trades easily. It is a precision market. But for the right property — the right building, the right view, the right service, the right location — foreign buyers are still very much there.

The common denominator across almost all of them is that they are buying selectively — but decisively — when the product feels globally relevant.