Nearly 400 professionals from across the New York City real estate sector—including brokers, builders, attorneys, and property stagers—gathered Thursday at Guastavino’s in Manhattan for the 37th Residential Deal of the Year Benefit and Awards. Hosted by the Real Estate Board of New York (REBNY), the event served as both a celebration of the year’s most significant transactions and a fundraiser for the REBNY Member in Need Fund.
A Market of Two Speeds
Industry leaders described a complex, “two-speed market” where performance varies based on property condition and location. Jonathan Helfer, a partner at Romer Debras, noted a significant uptick in the higher complete of the market, characterized by increased transaction volume, multiple offers, and bidding wars.
Helfer attributed this demand to low inventory and a shift away from remote work as more employees return to the office. He clarified that this current surge is not driven by the foreign investment seen in previous years.
However, other experts noted pockets of hesitation. Cathy Hobbs, owner of Cathy Hobbs Design Recipes, observed that the highest-end properties are not moving as quickly, while families are prioritizing “move-in ready” homes to avoid extensive work.
High-Stakes Deals and Industry Honors
The Residential Sale of the Year award recognized Rick Kelly of Alta Real Estate and Jeremy Stein of Sotheby’s International Realty. The duo closed the sale of a Theater District penthouse for $6.6 million, a property that had struggled to sell for a decade before Kelly identified it as an opportunity.
The Residential Rental Deal of the Year was awarded to Compass brokers Dakota Scotto and Lawrence Rich. Their win followed a strategic decision to reject an above-asking price offer that missed deadlines; it was later revealed that the initial offeror had been arrested on serious charges.
Other distinguished honors included:
- Residential Agent of the Year: Beth Gittleman (Compass)
- Residential Rookie of the Year: Lauren Weigand (Compass)
- The Henry Forster Memorial Award: Bess Freedman (Brown Harris Stevens Residential Sales LLC)
- The Eileen Spinola Award for Distinguished Service: William Abramson (Buchbinder & Warren)
- Industry Champion Award: Barbara Fox (Brown Harris Stevens Residential Sales) and John Wollberg (Side)
Data and Economic Headwinds
Despite concerns over exits from the city, Redfin data indicates Manhattan residential prices rose 6.0% year over year as of March, reaching a median price of $1.3 million. Between October and December 2025, 68% of Manhattan homebuyers searched within the metropolitan area, while 32% considered moving out of the borough.
Nationally, 3% of homebuyers searched for moves into Manhattan, with the strongest interest coming from Los Angeles. For those leaving Manhattan, Miami emerged as the most popular destination, followed by Boston and Philadelphia.
Financial pressures remain a factor, as the average 30-year fixed mortgage rate rose to 6.18% in March from 6.05% in February, though this remains below the 6.65% recorded a year ago.
Future Outlook
The market may continue to face volatility as buyers weigh the benefits of a robust city economy against the possibility of a pied a terre tax and potential incentive cuts. These factors could sustain the “timid” behavior reported among some buyers, particularly regarding coops.
The industry may see a continued preference for move-in ready properties as buyers seek to avoid the risks associated with renovations. The ongoing return-to-office trend is likely to remain a primary driver of demand in the high-end sector.
Frequently Asked Questions
What is the purpose of the REBNY Member in Need Fund?
The fund provides support to industry professionals, such as brokers, who are facing medical or financial adversity.
What were the details of the Residential Sale of the Year?
The award went to Rick Kelly and Jeremy Stein for the $6.6 million sale of a Theater District penthouse that had been on and off the market for ten years.
Which cities are the primary destinations for people leaving Manhattan?
According to Redfin, Miami is the most popular destination, followed by Boston and Philadelphia.
Do you believe the trend toward move-in ready homes will permanently change how New York properties are staged and sold?
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