Good morning! Nationally, volatility in the stock market is driving fresh interest in property, and nearly half of U.S. home sellers are now offering concessions. In Seattle, listings are up, in Miami, Oren Alexander is under pressure, and in Vietnam, the Trump Organization just scored approval for a $1.5B golf and housing project.

In New York, Barbara Corcoran's Fifth Avenue penthouse sparked a bidding war and sold above its $12M asking price within 24 hours. Meanwhile, One World Trade Center is leasing its 89th and 90th floors for the first time, offering panoramic views nearly 1,100 feet above Lower Manhattan.

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New York renters are feeling the squeeze, quite literally. Manhattan’s median rent surged to $4,500 in April, tying its all-time high.

Nearly 26% of new leases involved bidding wars, with tenants regularly paying above asking. In some cases, lease prices came in 2–3% over list, the highest premium in decades.

The surge is driven by a classic cocktail: high demand, limited supply, and the onset of summer, Manhattan’s most competitive rental season. Developers aren't building fast enough, and affordability isn't just strained, it’s snapping.

Unlike other major cities where rent growth has cooled, New York shows no signs of topping out.

Even the outer boroughs are getting pricier: Queens rents jumped 9.4% year-over-year to $3,550, and Brooklyn's median rent rose to $3,995.

Takeaway: Manhattan’s rental market is a pressure cooker. With limited new inventory and sky-high demand, don’t expect price breaks anytime soon… unless your broker accepts kidneys.

Dealmaking & Latest Developments

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