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Category: New York Real Estate

Discover everything about New York Real Estate, market updates, trendy properties and new developments opportunities you shouldn’t miss. New York Real Estate can be a rollercoaster, and you need to be on top of it. Read our articles presenting you all the recent developments in tern of Real Estate news in new York and things you should absolutely be aware of.

In the Media – Buying a Property as a Foreigner

Yann Rousseau, Managing Partner of BARNES New York, shared his expertise in the latest issue of Propriétés Le Figaro, a renowned European media outlet, about acquiring a property in the US as a foreigner.

You don’t need a special status

“If you are a foreigner looking to acquire real estate in the United States, you don’t need a special status,” reminds Yann Rousseau, Director of BARNES New York. “For a purely investment-driven purchase, you don’t even need to come to the US.”

“However, if you intend to spend a few days in your property, you will need a standard visa (three months) or a long-term tourist visa (six months). Be careful, renting your property short-term while you are abroad is not always possible, as most co-op buildings do not allow leases shorter than one year.”

The difference between a condo and a co-op

If you purchase a condo, you become the owner of your apartment and can rent it freely. On the other hand, buying a co-op means you own shares in a company that owns the building, which comes with stricter rules.

“In a co-op, co-owners act like shareholders and tend to be quite restrictive. They have the right to scrutinize the personality of potential tenants. Conversely, condos give owners more freedom but are less common (only 40% of the market) and more expensive (by about 20%).”

New real estate is a smart option

“New properties are appealing because they initially require no renovations, which can be extremely costly in New York. Outdoor space is not as sought-after as in Paris, given the cold climate for six months every year. However, rooftops have their enthusiasts. This luxury comes at a minimum of $3M. A property in New York requires at least $500K.”

BARNES New York has worked with hundreds of foreign European clients (French, Spanish, Portuguese) and American clients to help them find their dream apartment in New York.

New York’s Luxury Real Estate Market in 2025

This flagship city on the American East Coast remains one of the main international destinations for wealthy families and investors in 2025. Trends and generations may come and go, but New York remains iconic, making it a reliable long-term real estate investment.

New York’s resilience is legendary, as it has always managed to rebound in record time, which explains why it continues to attract affluent buyers. Music, design, gastronomy… New York sets the tone in a range of sectors.

New York’s Most Popular Neighborhoods

In recent years, Hudson Yards’ supremacy has appeared to weaken, with a significant drop in sales in this enclave, which is almost entirely composed of new developments. The gradual slowdown in the New York property market seems to have had a more noticeable impact here, and rumor has it that discounts have even reached double digits.

At the same time, as is often the case during a market downturn, areas with historically high demand are once again on the rise, such as SoHo and Tribeca. These locations have reclaimed the top two spots in the rankings, with a median sale price of around $4 million, followed by their closest neighbor, Hudson Square.

In Brooklyn, the trendiest districts in 2025 remain Cobble Hill, DUMBO, and Carroll Gardens, along with Boerum Hill and Brooklyn Heights.

Most Sought-After Real Estate Properties in 2025

Floor-through apartments and townhouses are the properties most in demand among families who want to be close to reputable schools, restaurants, shops, and cultural centers.

Affluent singles and young couples prefer small apartments with a view, while wealthy buyers favor stunning townhouses and penthouses with luxury amenities, including a 24/7 concierge service.

It is also interesting to note the growing disenchantment with co-ops due to their often strict internal rules, deemed increasingly obsolete.

New York Real Estate Clientele

BARNES New York has noticed the return of a central element in the city’s ecosystem: wealthy foreign buyers. This is significant, as foreign buyers have underpinned Manhattan’s high-end residential property market for decades.

International clients are flooding back to New York in 2025, especially buyers from Canada, Taiwan, Hong Kong, Singapore, Japan, and the UK.

Trends and Opportunities for 2025

With the presidential election behind us, assuming a stable domestic and international political climate, and official interest rates on a downward trend since early autumn 2024, BARNES New York expects the market to rebound somewhat by spring 2025.

In other words, buying opportunities will remain concentrated at the start of the year, while sellers will be in an excellent position from March onwards.

Summary for Early 2025

• New York’s real estate market is showing signs of recovery despite global political instability.

• Interest rates remain high at approximately 7%, with no recent declines.

• Inventory is rising as demand rebounds following the election, both domestically and internationally.

• Market prices remain stable but are expected to soon shift in favor of sellers.

• New developments are becoming more attractive due to the slowdown in construction.

• Increasing payment defaults in the multifamily and commercial sectors are opening up new opportunities for investors.

If you’re seeking a luxury real estate company in New York, explore BARNES New York to discover the luxury homes, condos, and apartments we offer across the state.

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Source: BARNES GLOBAL PROPERTY HANDBOOK 2025

Why Should You Buy an Apartment in Tribeca?

Tribeca is one of New York City’s most coveted neighborhoods. Once an industrial hub, it has transformed into a vibrant neighborhood known for its architecture, upscale dining, and rich cultural scene. Its cobblestone streets and iconic cast-iron buildings offer a unique blend of old-world charm and modern luxury, making it an attractive destination for homeowners.

How Much Does It Cost to Live in Tribeca?

As of January 2025, Tribeca stands as one of Manhattan’s most prestigious and expensive neighborhoods. The median listing home price is $4.7 million, with a median price per square foot of $2,100 (source: Realtor). This represents a significant increase from the previous year. The average home value in Tribeca is approximately $3.37 million, reflecting a 0.8% increase over the past year (source: Zillow).

The Luxury Real Estate Market in Tribeca

Properties in this area often include luxury lofts, condominiums, and penthouses, many blending historic architectural details with modern amenities. The neighborhood’s appeal is further enhanced by its proximity to other prime Manhattan districts and its reputation for offering a high quality of life.

Local Community

Dining

Tribeca boasts a diverse culinary scene, home to several acclaimed restaurants. Frenchette, located at 241 West Broadway, offers a modern take on French cuisine and was awarded the James Beard Foundation Award for Best New Restaurant. Another notable establishment is One White Street, a farm-to-table restaurant situated in a historic townhouse, which has earned a Michelin star.

Shopping

The neighborhood offers a variety of shopping experiences, from luxury boutiques to artisanal markets. Brookfield Place, overlooking the Hudson River, is a hub of arts, culture, and high-end retail, featuring an ever-changing roster of events and exhibitions.

Culture

The neighborhood hosts numerous art galleries, showcasing contemporary and avant-garde works. It is also home to the Tribeca Film Festival, an annual event celebrating independent cinema that attracts filmmakers and enthusiasts from around the world.  The area’s historic architecture, including its iconic cast-iron buildings, enhances its cultural charm and provides a picturesque setting for residents.

Summary

• Prime Location: Situated in Lower Manhattan, Tribeca offers easy access to other prominent neighborhoods and is known for its safety and community-oriented atmosphere.

• Luxury Real Estate: The area features a range of high-end properties, including lofts, condos, and penthouses, many with historic significance and modern amenities.

If you’re looking for a luxury real estate company in New York, check out BARNES New York to discover the luxury homes, condos, and apartments we sell all over the state of New York.  

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Why buy in a new development in New York City?

New developments in New York are redefining the city’s real estate market, offering buyers modern amenities, financial flexibility, and a hassle-free living experience.

Unlike older properties, new development condos provide the advantage of minimal maintenance and the freedom to personalize your space. With competitive financing options and fewer restrictions compared to co-ops, these developments cater to a wide range of buyers. As demand grows, early purchasers can also benefit from lower initial pricing, making new developments an attractive investment opportunity.

The pros of buying in a new development in the city

New developments in New York offer a range of advantages that appeal to a broad spectrum of buyers, especially those seeking modern amenities and financial flexibility. New development buildings, particularly those structured as condominiums, present a more accessible entry point into the competitive New York real estate market. Unlike co-op buildings, which are known for their stringent vetting processes and financial requirements, condos typically allow for up to 80% financing, with some properties outside Manhattan even accommodating up to 90% financing. This flexibility in financing makes condos an attractive option for many buyers.

Easier access

Another significant advantage of purchasing in a recent development condo building is the relative ease with which one can manage and sell the property. Unlike co-ops, which often impose strict rules on subletting and selling, condos generally permit owners to rent out or sell their units at any time without facing financial penalties. This flexibility can be especially appealing to investors or those who may need to relocate in the future.

Negotiation possibilities

For early buyers, there is also the potential to secure units at a lower price. Developers are typically required to have at least 51% of their units under contract to attract both lenders and additional buyers. This requirement often leads to more competitive pricing early in the sales process, providing an opportunity for significant savings. However, as demand increases, prices listed in the offering plan can be amended, often leading to price increases over time.

Ease of mind

Beyond the financial benefits, new developments in New York offer modern living spaces that eliminate the need for extensive renovations, which can be a costly and time-consuming process. Instead of facing the potential pitfalls of a gut rehab in a pre-owned condo, buyers of new developments are presented with a blank canvas. A fresh space where they can personalize their home with moldings, shelving, and other customizations without the need for major structural work.

Amenities

Moreover, new developments often come with a suite of amenities designed to enhance the quality of life for residents. Features such as pools, gyms, outdoor spaces, event rooms, dedicated mailrooms, and on-hand staff are common in these buildings. Providing a level of convenience and luxury that is difficult to find in older properties. These amenities not only improve day-to-day living but also add to the long-term value of the property.

Summary

New developments in New York offer a compelling combination of financial flexibility, modern living spaces, and luxurious amenities. Whether you’re a first-time buyer or an investor, these properties present a unique opportunity to enter the New York real estate market with confidence and style.

If you’re looking for a luxury real estate company in New York, check out BARNES New York to see the luxury homes, condos, and apartments we sell all over the state of New York.  

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FACC – Beaujolais Nouveau Party

On November 21st, BARNES New York had the pleasure to be a Bronze Sponsor for the FACC Beaujolais Nouveau Party hosted by the French American Chamber of Commerce.

Guests enjoyed an extensive cheese and charcuterie buffet, a chocolate stand by zChocolate, a savory station, and a variety of desserts, accompanied by a selection of drinks. The event featured live music, an open wine bar, festive networking, and a raffle for round-trip business class tickets from Air France.

It was a delightful opportunity for the BARNES New York team to connect with FACC members, foster new business relationships, and celebrate the iconic Beaujolais Nouveau wine, available only at this special time of year.

Talking New York Real Estate with Vince Rocco – Foreign International Buyers

Two weeks ago, our managing partner Yann Rousseau had the pleasure to be a guest of the renown real estate podcast “Talking New York Real Estate with Vince Rocco”. This episode focused on foreign international buyers.

Yann Rousseau had the chance to talk about his background and experiences, and how it led him to his managing partner role at BARNES New York. He also discussed the trends he’s seeing in international buyers in the big apple – what they are looking for and what areas.

While international sales bring significant investment to the city, they also spark discussions around affordability and market access for local buyers. As NYC real estate continues to evolve, foreign investments will likely remain a key, if sometimes contentious, component of the city’s real estate landscape. Featuring guests Matthew Melinger of Brown Harris Stevens, Michael Holt of Compass, and Bruce Cohen of Cohen & Frankel Law.

BARNES Pre-Loved Luxury Show

From Friday, November 15th, 2024 to Sunday, November 17th, 2024, BARNES had the pleasure to host the three-day BARNES Pre-Loved Luxury Show event at the Carrousel du Louvre in Paris.

Present in 22 countries with over 150 destinations worldwide, our teams came together to offer visitors an exceptional experience. Each destination highlighted its unique expertise in prestigious real estate, showcasing rare properties and tailored services. Our advisors shared their passion for excellence, guiding clients through bespoke real estate projects in the world’s most sought-after locations.

BARNES, a specialist in prestige real estate, invited the guests to discover a new sustainable approach to real estate in the world’s major capitals: Paris, New York, London, Madrid, Dubai… These iconic cities combine dynamism, culture and innovation, while offering a wide range of prestigious properties.
One main goal of the show was to highlight how the circularity and re-use of prestige properties are contributing to a more responsible future, while retaining the elegance and refinement of high-end real estate.

BARNES Pre-Loved Luxury Show was focusing on five pillars: preserving, transmitting, and sharing traditions, moments of joy, and precious objects across generations. Each of these represents the art of living in its own way, and they were championed at the inaugural salon dedicated to pre-loved luxury. Exquisite luxury pieces and properties, meticulously crafted, maintained, and restored by talented professionals, were presented for guests discerning appreciation.

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Understanding the 421-a Tax Exemption: Promoting Affordable Housing in New York City

The 421-a tax exemption is a significant real estate incentive program in New York City aimed at encouraging the development of new residential buildings and promoting affordable housing. This program offers property tax breaks to developers who include affordable housing units in their new projects. By reducing the tax burden, the city incentivizes the creation of more housing options, particularly for low- and moderate-income residents.


This post addresses the specifics and benefits of the former 421-a program, which has been recently discontinued. However, it remains relevant as a handful of buildings still benefit from the tax exemption. Extensions have been granted for ongoing unfinished projects, and the state now offers a replacement program labelled 485x (with different parameters). 

Person filling tax documents

What is the 421-a Tax Exemption?

The 421-a tax exemption, also known as the Affordable New York Housing Program, provides a partial property tax exemption for qualifying new residential construction projects. Developers receive this tax break in exchange for setting aside a portion of the units in their buildings as affordable housing. The program aims to stimulate the construction of new housing and address the city’s affordable housing shortage.

Key Requirements of the 421-a Tax Exemption

  1. Affordable Housing Requirement:
    • Developers must allocate a percentage of the total units in the new building as affordable housing.
    • The specific percentage and affordability levels depend on the location and size of the project.
  2. Location:
    • The program applies to new residential developments across New York City, with varying requirements based on different zones and neighborhoods.
  3. Duration:
    • The tax exemption can last for up to 35 years, depending on the specific terms of the agreement and the project’s compliance with affordability requirements.
  4. Construction Deadline:
    • Developers must complete construction within a specified time frame to qualify for the tax exemption.

Benefits of the 421-a Tax Exemption

  • Tax Savings: Developers can significantly reduce their property tax liability, improving the financial viability of their projects.
  • Increased Housing Supply: The program encourages the construction of new residential buildings, adding to the city’s housing stock.
  • Affordable Housing: By mandating a portion of affordable units, the program helps provide housing options for low- and moderate-income residents.

Case Study: A Mixed-Use Development in Brooklyn

Let’s look at a case study to understand how the 421-a tax exemption works in practice.

Scenario: ABC Development Company plans to build a new mixed-use residential building in Brooklyn, consisting of 100 units. They aim to benefit from the 421-a tax exemption to improve the project’s financial feasibility.

  • Planning the Project: ABC Development decides to set aside 30% of the units (30 units) as affordable housing. These units will be rented to tenants with incomes at or below 130% of the area median income (AMI).
  • Applying for the Exemption: ABC Development submits their project plan to the New York City Department of Housing Preservation and Development (HPD) for approval. They outline the total number of units, the number of affordable units, and the targeted income levels for affordability.
  • Receiving Approval: After reviewing the application, the HPD approves the project, confirming that it meets the requirements for the 421-a tax exemption. ABC Development can now proceed with construction.
  • Construction and Leasing: ABC Development completes the construction within the required timeframe and begins leasing the units. The affordable units are rented to eligible tenants at reduced rents, while the remaining units are rented at market rates.
  • Tax Benefits: With the 421-a tax exemption in place, ABC Development enjoys a significant reduction in property taxes for up to 35 years. This tax break enhances the project’s profitability and helps offset the lower rental income from the affordable units.

Outcome: ABC Development successfully leverages the 421-a tax exemption to create a mixed-use residential building in Brooklyn. The project not only adds 100 new housing units to the city’s supply but also provides 30 affordable units for low- and moderate-income residents. The tax savings help make the project financially viable, benefiting both the developer and the community.

421-a tax exemptions do not only concern rental buildings. A handful of condominiums (new developments) have benefited from this program, therefore extending the tax exemptions to the individual owners of the units. These tax exemptions remain with the unit, and any subsequent buyer will also benefit from them until expiration.

BARNES New York has assisted clients in buying units in 421-a approved buildings, and can curate a list of options for interested buyers, whether for primary residence, pied-a-terre, or investment purposes. 

Conclusion

The 421-a tax exemption is a vital tool in New York City’s efforts to address its affordable housing crisis. By incentivizing developers to include affordable units in their new residential projects, the program helps increase the supply of housing options for residents across income levels. Understanding and utilizing the 421-a tax exemption can be a win-win for developers and the community, fostering the development of vibrant, inclusive neighborhoods. 

BARNES New York is your ideal real estate partner to assist with many scenarios for your real estate project, including the 421-a tax exemption. Please contact us to learn more.

Person holding keys to new house

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BARNES New York at the NYC Real Estate Expo – October, 16th 2024

BARNES New York had the pleasure to be a platinum sponsor of the yearly NYC Real Estate Expo.

This year’s edition of the NYC Real Estate Expo took place on Wednesday, October 16th, 2024 at the New York Hilton Midtown, and BARNES New York, alongside BIM Property Management, had the honor of being a platinum sponsor with two booths where our team had the chance of meeting colleagues and professionals from the real estate industry.

BARNES President, Thibault de Saint Vincent, was invited to be a guest speaker in the main room alongside Vince Rocco, for a conversation regarding International Luxury Real Estate. He was followed by Yann Rousseau, BARNES New York Managing Partner, who participated in a panel with industry peers – Stefani Berkin from R New York, Nile Lundgren from SERHANT, Nikki Field from Sotheby’s International Realty, Alexander Zakharin from Nest seekers International, and Eric Benaim from Modern Spaces – around the topic: “NYC real estate market forecast: what to expect”.

Joachim Gruet, real estate salesperson at BARNES New York, had the honor to be the host speaker at the Bryant Room, where he introduced guest speakers and conversation topics.

The NYC Real Estate Expo is a yearly event gathering professionals in the real estate industry and the general public from across the country. This year’s edition featured 225 vendors, 150 speakers and resulted in more than 12,000 attendees.

BARNES New York team
BARNES President, Thibault de Saint Vincent in conversation with Vince Rocco.
BARNES NY and BIM booths at the NYC Real estate Expo
BARNES NY managing partner, Yann Rousseau doing a podcast with Vince Rocco
BARNES NY team
Yann Rousseau, managing partner, at a roundtable at the NYC Real Estate Expo.

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“Invest in New York” Conference in Luxembourg

On September 17th, our team had the pleasure to travel to Luxembourg to meet BARNES Luxembourg and host an ‘Invest in New York’ Conference at their office located on the Avenue de la Porte-Neuve. The event was a success, with collaborators and professionals from the country and nearby towns.

The two BARNES offices joined forces to showcase the vibrant investment opportunities in New York. Attendees were treated to insightful presentations and discussions, highlighting the dynamic growth and immense potential of New York’s market.

The presentation was followed by a cocktail and hors d’oeuvre inside the Luxembourg office.

Red wine being poured in a glass
BARNES New York Manager having a conversation with guests
BARNES Luxembourg storefront
Guest enjoying a conversation
Food buffet at the event
BARNES New York Agent
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