2025 was not a year driven by momentum.
It was a year driven by decisions.
Capital moved carefully. Underwriting stayed tight. The deals that closed did so for a reason. They reflected where people still believe in New York and what they are willing to commit to long-term.
I have spent more than two decades working through New York’s cycles across residential and commercial real estate. Every cycle leaves signals. This one did too.
These five deals defined 2025.
1. RXR’s $1.08B acquisition of 590 Madison Avenue
RXR | 590 Madison Avenue
This was the office deal that mattered most this year.
RXR’s purchase of 590 Madison was not about chasing a rebound. It was a long-term bet on a top-tier building in a location that still matters. The best office buildings in New York continue to attract capital because companies still want to be here.
The takeaway is straightforward. Good office buildings still work.
2. Naftali Group’s $810M Purchase of 800 Fifth Avenue
Naftali Group | 800 Fifth Avenue
This was one of the clearest residential conviction plays of the year.
Naftali’s acquisition of 800 Fifth Avenue showed just how much confidence still exists in top-tier Manhattan residential assets. Paying this kind of price for a Fifth Avenue building is not about short-term upside. It is about scarcity, long-term demand, and believing in New York’s highest-quality addresses.
When capital commits at this level, it signals confidence in where the market is going, not where it has been.
3. Carlyle Sells a Dumbo Multifamily Asset for $85M
The Carlyle Group | DUMBO
Brooklyn is no longer an alternative market. It is a core one.
Carlyle’s sale in DUMBO reflected how neighborhoods with limited supply and real demand continue to hold value. This was a clean transaction backed by patience and clear underwriting.
DUMBO remains one of the strongest residential neighborhoods in the city.
4. Industrial Assets Trade in Long Island City for $26.8M
Long Island City
Some of the most important deals this year were not the biggest ones.
Industrial and flex properties in Long Island City continued to trade as investors focused on last-mile logistics, production space, and flexible commercial uses. There is limited supply, and demand keeps growing.
LIC has become one of the most practical commercial markets in New York.
5. Morgan Stanley Buys a Commercial Condo at Essex Crossing for $56M
Morgan Stanley | Essex Crossing
This deal stood out because it came from an occupier.
Morgan Stanley’s purchase at Essex Crossing showed how companies are thinking long-term about where they want to be. Mixed-use neighborhoods that combine work, housing, and retail are proving their value.
This was about committing to a place, not just a building.
What These Deals Say About 2025
Taken together, these deals show a market that rewarded discipline. Capital went to the right buildings, not the loudest stories. The office worked when the asset was truly strong. Housing remained essential. Brooklyn and Queens functioned as core markets, and mixed-use properties proved their value because they match how people actually live and work.
2025 was about clear thinking, not bold predictions. New York is resetting, not fading. Pricing is adjusting, opportunities are forming, and I have seen this cycle before. 2026 will favor the people who move early, stay disciplined, and commit to New York while others wait for certainty.
One Last Deal Worth Mentioning
One final deal belongs here.
In November, alongside our Partners A.M Properties and Axonic, we acquired 114 West 41st Street, a Bryant Park–adjacent office building purchased from Clarion Partners for $133 million, at a time when many are still sitting on the sidelines.
This was not about catching a bottom. It was about fundamentals. Location. Replacement cost. Long-term demand. I have been clear about my view on New York. I am bullish, and I believe the city is mispriced relative to its future.
I have seen this cycle before. That is why I am not just advising clients to act. I am acting for myself. I am betting on New York and putting my money where my mouth is.
That is how opportunity is built in New York.
