Good morning! New York’s housing market is firing on all cylinders: Manhattan home sales surged 17% as cash buyers scoop up brownstones, even as Brooklyn three-bedroom rents topped $7K in June.

The high-end co-op & condo segment jumped 17%, and MCB, Fetner & Farallon just dropped $209.5M on a Brooklyn rental tower—proof that investors still view NYC real estate as a rock-solid bet. At the same time, rent-stabilized units are feeling the squeeze, foreshadowing affordability challenges ahead.

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The days of trading floors and ringing phones in Lower Manhattan are increasingly being replaced by doorbells and delivery scooters. GFP Real Estate has filed plans to convert 40 Exchange Place (the mid-19th-century home of the New York Stock Exchange) into 382 apartments with ground-floor retail space.

The 20-story neo-Renaissance tower, built in 1893, will shift from financial offices to residential use, taking advantage of a 35-year tax incentive that requires 25 percent of the new units to be affordable housing.

This isn’t an isolated project. Further uptown, a joint venture has proposed creating 2,000 mixed-income apartments by repurposing largely vacant office buildings on Manhattan’s West Side. It’s part of a broader trend suggesting that older office properties could play a key role in easing the city’s housing shortage.

Office vacancy rates, especially in Class A buildings, remain near record highs. Developers see an opportunity to purchase these aging properties at lower prices and convert them into much-needed housing.

Takeaway: If these conversions continue to prove financially viable, Lower Manhattan could start to resemble residential neighborhoods like Greenwich Village rather than its traditional image as a business district.

When the team that co-founded Zillow and grew it into a $16b real estate leader starts a new company, investors notice. That's why top firms like SoftBank invested in Pacaso.

Pacaso is transforming the $1.3T vacation home market through a sleek co-ownership model, making second homes more accessible than ever. 

They’ve already generated $100M+ in gross profits and helped over 1,500 homeowners unlock luxury living.

Now, the company is focused on international expansion – achieving record-breaking sales in Paris, securing 7 homes in Cabo, and recently acquiring their most valuable European property yet in London.

The best part? You can join them as an investor for just $2.90/share right now. Grow with Pacaso as an investor today.*

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.