Issue 117 – The Tokenization of 2026

With 2025 behind us, we now have some perspective on how the market is starting to shake out, and we begin to look ahead with some educated ideas of where 2026 may be heading in terms of real estate.

To look back: The year wrapped up with many legislative policy changes. Merrill Lynch’s implementation of tax plans included a mix of permanent extensions of 2017 tax cuts and new, temporary provisions that Governor Hochul and Albany sought to block. There was a lot to digest — and even more to chew on in the coming months.

Standard deductions increased, and in particular, SALT itemized deductions were temporarily raised.

But something even more notable happened: Despite predictions of slowdowns, the NYC real estate market achieved astronomical volumes and sales prices in the typically quieter summer “off-season.” This resilience reflected continued investor confidence in New York as a capitalist hub, even amid the socialist-leaning policies in city government.  

To me, one of the things that sets New York City apart — from many other cities, countries, or regions—is its core capitalist drive. Love it or hate it, it’s a fundamental motivator of human ambition. Think: Darwin’s the survival of the fittest.

What is amazing as well is that anyone from anywhere on the planet can come here and reinvent themselves, building wealth and forging a new identity, including a family legacy. Real estate has proven to be one of the most effective vehicles for generating strong, long-term wealth, so why wouldn’t it also become one of the biggest commodities to trade in the world? Spoiler alert: It has.

I, too, was an immigrant who came to this country with little more than a dream and a drive — which were everything. Like many, I’ve transformed my life through the American Dream, recreating myself in a place with no preconceived history and glass ceiling.

While I can’t predict what will unfold in NYC with our incoming mayor (Zohran Mamdani, who takes office on January 1, 2026), I can emphasize how important the dream of bettering oneself with hard work, gumption, and heart remains. The American Dream should stay at the forefront of all our city and state policies, regardless of who is in office. Whether capitalist or socialist in outlook, countless immigrants like me have come to NYC from far-off places to build something lasting. We have integrated and rallied through periods of discord and disconnection, finding equilibrium in our adopted home.

In a spirited way, these vignettes create a very rich tapestry for the year ahead.

One of the key predictions I see for 2026 is: Gone are the days of “listing gatekeeping.” The ‘Tokenization of 2026’ refers to a widely anticipated inflection point (not tied to a single law or event) in which real-world assets, including real estate, move at scale onto blockchain platforms, functioning like digital securities.

Tokenized assets are traded on open yet regulated (permissioned) platforms, providing qualified buyers with direct access to offerings. As a result, fractional ownership lowers barriers, removing the question of “who can afford it.”

This year favors a broker who can interpret data like an analyst, negotiate like a diplomat, and market property like a tech entrepreneur.

Our buyers expect real-time valuations, AI-powered negotiations, 3D-visualizations that vary by time of day, and predictive due diligence — all before they ever view a property in person. 

In that vein, tokenized title transfer and instant cross-border settlement will speed up transactions. Crypto and other blockchain technologies free transactions from the limitations of “bankers’ hours.” Additionally, fractional ownership makes luxury properties accessible to different forms of acquisition.

The traditional 90-day closing process will become obsolete in 2026. Brokers who are unable to deliver a 10-year ROI, carbon efficiency commentary, or local political risk assessment in under 30 seconds will be left behind. Closing within seven days (or less) will be the new standard; anything lower will be considered outdated. 

Merely keeping pace will be as if you are lagging behind. So, here’s to a dynamic, fast-paced, and prosperous year ahead!

I would like to acknowledge all the people in our sphere who have trusted us with their transactions — some laughing, much learning, and definitely growing together along the way. Each one of you has made a profound impact! Thank you to each deal which has been an opportunity for us to expand and cultivate more knowledge and reach by you. 

As we enter 2026 and beyond, I would like to wish you a meaningful year filled with empathy, momentum, and joy — forward, together.

Issue 126 – Who Owns the Listing?

New York real estate is quietly becoming a battle for access, and most consumers don’t even realize the rules are changing.

The most important battle may no longer be who gets the listing — it may be who gets to see it. For most of my career, a listing broker’s job has been straightforward: create demand, tell the property’s story, expose it to the right buyers, negotiate expertly, and ultimately get the best possible outcome for the seller. Now a fundamental element of that role is shifting — access itself.

That does not mean private listings are inherently problematic, or even new. I’ve sold properties quietly myself. Sometimes discretion is necessary—for privacy reasons, security concerns, divorce proceedings, an occupied home, or to test a pricing strategy.

But what was once the exception is becoming more the norm.

As of August 12, Marketproof identified 440 Manhattan properties being offered as ‘Participant Only’ listings, representing approximately $1.94 billion in asking volume. Of this total, 47 new Participant Only listings were added in June, 144 in July, and 153 in just the first 12 days of August.

This isn’t just a trophy-market phenomenon. Marketproof found that nearly 30% of those listings were asking under $1 million. And The Real Deal’s recent analysis points in the same direction, reporting a 30% increase in off-market residential sales volume across Manhattan, Brooklyn, and Queens in 2025.

Put those numbers together, and it becomes difficult to dismiss private real estate as merely the world of whisper listings and ultra-high-net-worth sellers. Private marketing is becoming mainstream, which deserves a closer look. We need to ascertain who benefits.

So, who owns the listing? Legally, the answer is obvious — the seller owns the property. In practice, the picture is more nuanced. Listings have become valuable currency: they attract buyers, who generate data and relationships. And those relationships lead to transactions that create market share and leverage.

Perhaps we should be asking a different question: When did exclusivity stop meaning the right to represent a property and start meaning the right to restrict who sees it?

The seller wants the best possible combination of price, privacy, certainty, and timing. The broker wants to represent the seller successfully, protect the relationship, and complete the transaction. The brokerage or platform has another economic interest: inventory. Listings attract consumers, engagement, data, and future business. None of these interests is inherently improper. But when they diverge, we need to be very clear about whose interest comes first.

For me, the seller has to be the North Star. That is where the debate becomes complicated.

StreetEasy has argued that the growth of private listings creates artificial scarcity and gatekeeping. Supporters of private marketing argue that sellers should have the right to decide how — and how publicly — their homes are marketed.

I understand both arguments. But I keep coming back to one question: Does restricting exposure actually create a better outcome for the seller? If it does, show me.

The early data is fascinating, partly because it doesn’t give us a definitive answer. Marketproof found that 78% of the Participant Only listings it analyzed had previously been publicly marketed. Of those Participant Only listings that came off the market without selling, roughly one-third subsequently returned to the public market. Additionally, those relistings came back at a median asking price 6.4% below their Participant Only asking price, according to Marketproof. While interesting, it doesn’t prove that private marketing is ineffective.

There aren’t enough matched transactions yet to determine whether comparable privately marketed properties ultimately sell for more or less than publicly marketed ones. That’s precisely why I think the industry should be careful about declaring victory on either side.

Real estate value is established through imperfect but important information: comparable transactions, current competition, buyer behavior, and ultimately what someone is willing to pay. Exposure is part of that price-discovery mechanism, but it doesn’t mean maximum exposure always produces maximum price.

Scarcity can create urgency. A sophisticated broker may know exactly which handful of buyers are right for a particular property. However, we need to be careful not to confuse controlled exposure with manufactured scarcity.

Another reason this conversation matters now: Consolidation is changing the brokerage business. Large firms can offer extraordinary advantages — technology, referral networks, data, marketing resources, and access to enormous numbers of agents and consumers. Scale itself isn’t the problem, But when scale is combined with proprietary inventory, the competitive equation changes.

For years, technology moved residential real estate toward greater transparency. Consumers gained access to listings, price histories, comparable sales, building information, and market data that once largely resided with brokers. That disrupted our industry, but I think it made good brokers more valuable — not less. A great broker shouldn’t be afraid of this transparency.

Our value is actually understanding the information. It’s knowing why one apartment deserves $2,000 per square foot while another in the same building doesn’t. It’s knowing when to walk away from a bidding war, how to position an unusual property, how to navigate a board, how to structure a complicated deal —  and how to tell a seller something they may not want to hear.

None of this means every property should automatically be marketed publicly. But as a broker, my responsibility is making sure the seller understands the nuance.

Whenever an industry undergoes structural change, I find it useful to ask one simple question: Who benefits? And I always circle back to the ultimate one: What will produce the best outcome for my client?

Before New York embraces a fundamentally different marketplace, we should demand enough transparency to know, because the future of residential brokerage shouldn’t be decided solely by which company has the largest network or which website has the largest audience.

None of us should confuse access to the listing with ownership of the client’s interests.

So, if private marketing creates greater value for sellers, let’s prove it. If an open marketplace creates greater value, let’s prove that too. If the answer depends upon the particular seller and property, let’s have the sophistication to say so.

Because ultimately, the most important question isn’t whether a listing is public or private; it’s whether restricting access creates value for the seller — or just value for the company controlling the access. Those are not the same thing.

And right now, New York real estate needs to understand the difference.

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