#new-york-real-estate

#new-york-real-estate

A few years ago, private-equity firm SC Hospitality took over a tennis club in the Hamptons and added pickleball and padel courts and a restaurant overseen by Billy Durney, the chef behind the upscale burger joint Red Hook Tavern. A number of new families joined, the club began hosting Sunday cookouts, and Daniel Haimovic, SC's chairman, started spending a lot of the summer there with his family, including his two elementary-school-age kids, who played tennis, padel, pickleball, and basketball at the club.

Sure, they believed in the enduring appeal of New York and dutifully recited the mantra about how resilient the real-estate market was and how it had weathered any number of crises (9/11, the 2008 recession, COVID, the mansion tax) only to emerge stronger than ever. But they'd also seen clients depart or downsize to pieds-à-terreafter the pandemic and were terrified that Mamdani's win would make others do the same.

For under a million dollars, one can find all sorts of housing configurations: park- and subway-adjacent studios, one-bedrooms hidden in carriage houses or former shoe factories, and even the occasional true two-bedroom. We're combing the market for particularly spacious, nicely renovated, or otherwise worth-a-look apartments at various six-digit price points. This week, a two-bedroom corner unit in the Financial District and an East Village loft that's perfect for a live-work setup.

New York's real estate market is one of the most competitive in the world, with properties often selling quickly and prices varying dramatically depending on the borough, neighborhood, and property type.