Good morning! The past two weeks have delivered a whirlwind of contradictions in global real estate — cash, crisis, and comeback stories colliding across markets.

In Manhattan, more than 60% of homes sold in the last five months closed all-cash, underscoring just how sidelined mortgage buyers have become, while Christie’s launched a crypto division for home buying, betting on digital wealth to fuel luxury demand.

Overseas, Dubai’s housing boom is stoking fears of another crash, echoing the speculative fever of 2008. Affordability pain is sharpening—Americans are being priced out of homeownership at record rates, with job market revisions landing like a gut punch for housing sentiment.

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At Carnegie House, a co-op that has long been an island of relative affordability along Billionaires’ Row, residents are facing a financial earthquake. The building’s ground-lease rent is set to skyrocket by 450%—from $4.36 million a year to a staggering $24 million. That spike would nearly triple monthly maintenance fees, pushing them from about $3,700 to $9,000 per unit.

For many long-time owners, retirees, and middle-class families who bought decades ago, the sudden hike is untenable. Residents have launched protests and legal challenges, arguing the lease terms amount to a death sentence for their homes. The clash underscores the hidden risks of ground-lease structures—where residents don’t own the land beneath their building, leaving them vulnerable to landlord demands.

The Carnegie House fight is unfolding against the backdrop of one of the world’s priciest corridors, where new luxury towers rise with $50M penthouses just blocks away. Yet inside this single building, hundreds of households are staring at potential foreclosure or forced sales.

Takeaway: New York’s affordability crisis isn’t just about rising prices—it’s about the fine print. As co-ops and condos with ground leases age into renewal periods, more buildings could face crippling rent resets. For investors and buyers, the Carnegie House saga is a cautionary tale: even prime Manhattan real estate can carry hidden land mines.

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Dealmaking & Latest Developments

Need help with real estate? Our official partner, Nest Seekers International, can help you buy, sell, rent, or invest, anywhere in the world. Get in touch here.