There were 164 real estate deals totaling about $626 million recorded across New York City on August 19, 2025. The top residential sale was a condo at 61 North Moore Street in Tribeca, which sold for $5.7 million. The seller, financier Akarin Gaw, bought the unit in 2001 for approximately $1.7 million. Michael and Lisa Norman purchased the nearly 2,700-square-foot duplex, which features four bedrooms and three bathrooms. This sale was slightly above the asking price and equates to about $2,100 per square foot. Compass agents Esteban Gomez, Tay Kim and Amy Kim listed the property in May.
The leading commercial transaction involved Vornado Realty Trust and the Albanese Organization selling an office building at 512 West 22nd Street in West Chelsea to Raghsa Real Estate, a subsidiary of Argentinian developer Moisés Khafif’s Raghsa SA. The property sold for $205 million after entering contract in May.
In Chelsea, Michael Silverton sold his condo at 508 West 24th Street for around $5.6 million to an LLC. Silverton originally purchased the home for $5.7 million in 2014 and listed it in 2022 just under $6 million with Corcoran agents Catherine Juracich, Tom Ventura, Alexis Godley and Karena Cameron.
Jie Pan and Qiong Zhou bought a two-bedroom condo at Extell Development Company’s 50 West 66th Street in Lincoln Square for just over $5 million from an LLC that acquired it earlier this year for $4.7 million. The roughly 1,700-square-foot unit on Billionaires’ Row sold for about $2,900 per square foot through Douglas Elliman’s Janice Chang and Timothy Hsu.
Massimo Marolo of Sands Capital sold a duplex townhouse at 201 Sixth Avenue in Park Slope for just under $5 million to David Fugel and Raven Pierson. Marolo purchased the brownstone with both a three-bedroom triplex and two-bedroom garden rental for $2.1 million in 2011; Serhant’s Ravi Kantha, Cameron LeCates and Eric Shostak handled the listing after putting it on market this March at an initial price of $5.8 million.
On the commercial side in Manhattanville, Yuco Management acquired a six-story walk-up at 567 West 125th Street containing 22 apartments from Village Dwellings for $7.3 million—about a third less than its last trade price of $11.6 million paid by Village Dwellings in 2015.
Nationally, developers are showing less optimism as they reduce new housing activity. According to recent U.S Census Bureau data (https://www.census.gov/construction/nrc/pdf/newresconst.pdf), permits issued by building departments fell to about 1.35 million units in July—a decrease of almost three percent from June and nearly six percent lower than July last year. Builder confidence has also declined: An index from the National Association of Home Builders (NAHB) and Wells Fargo showed builder sentiment dropped one point from July to August this year and is now seven points below its level last August (https://www.nahb.org/news-and-economics/housing-economics/indices/housing-market-index).
“Developers continue to pull back on new housing as their confidence in the market wanes.”
“Building departments across the country greenlit 1.35 million permits for new, private housing in July, which was 2.8 percent lower than in June and 5.7 percent fewer than a year ago, according to data released by the U.S. Census Bureau.”
“The drops in permit activity come as confidence among builders of single-family homes has also slid.”
“Builder confidence ticked down one point in August from July, according to an index compiled by the National Association of Home Builders and Wells Fargo.”
“The index was seven points lower compared to August of last year.”
