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Welcome to The Data Drop by TRD Data, a weekly look at the numbers shaping real estate.
Dominating news in the Big Apple this week was the near-collapse of the Pfizer headquarters in Midtown East, which is being converted into a residential property with some 1,500 apartments.
The project — which is the largest of its kind in NYC — has been stabilized, and it’s unclear what caused a portion of the building’s support columns to fail and floors to sag.
TRD Data went through the city’s alterations filings and mapped out some of the top office-to-residential conversions either recently completed or underway. Check it out here.
Here’s what else TRD Data covered this week:
🇺🇸U.S. government pivots to sell-off: Federal agency unloads $614M in real estate
The federal Government Services Administration may not have cut its rent bill so far under President Donald Trump — a major initiative of his Department of Government Efficiency — but it has managed to offload more of its owned buildings as it works to rightsize its real estate portfolio.
This fiscal year, the GSA expects to sell 100 projects worth about $450 million. Typically, the administration sells about 80 buildings a year, with average proceeds of $200 million.
What it means: The GSA is working to save taxpayers’ money via its real estate portfolio; it’s just not through leases, as expected.
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🌉 MAP: San Francisco drives Bay Area off-market luxury boom
In the San Francisco Bay Area, the demand for luxury homes is so high that they are selling faster behind closed doors than on the open market.
TRD Data looked at closed luxury home sales in the region and found that in Alameda County, off-market deals more than doubled year over year. In San Francisco, they rose 71 percent. They fell in Santa Clara County, but by just 5 percent.
What does this signal for the market? AI wealth is flooding the area so there are more deep-pocketed buyers willing to pay a premium before a home’s listing ever goes live. But that’s not the full story: it really shows just how thin the Bay Area’s inventory is — and how it’s nowhere near enough to meet demand.
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💰 Bronx neighborhoods lead NYC housing market growth in second quarter
The median home sale price in the Big Apple rose year over year in the second quarter to $850,000, even though fewer deals closed.
Two Bronx neighborhoods with a handful of deals — Norwood and Fieldston — led the way for the growth, with triple-digit, year-over-year increases. In Manhattan, the neighborhood around Grand Central Station logged year-over-year growth of 191 percent, the highest in the borough, thanks to several mega-penthouse sales at 520 Fifth Avenue.
Really? The Bronx? A closer look at the data explains what really happened. Norwood’s stemmed from an increase in multifamily properties, while Fieldston finally saw several big-ticket deals cross the finish line after years of lingering on the market.
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🦩Miami claims highest office asking rents in the US
If you thought the highest office rents are in New York City or Silicon Valley, guess again.
Miami actually had the highest average price per square foot for office properties in March, according to a report from LoopNet. The analysis calculated New York’s office pricing for the entire city, not just Manhattan, which likely led to a skewing of the data.
Why Miami? The Magic City’s office market has been strong, experts said. Mainstay tenants like financial and law firms continue to flock to the region, and now so have technology firms. The rising demand has led to rising prices, especially in trophy properties in areas like Brickell.
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🗣️ ICYMI
In South Florida, Hallandale Beach in Broward County has seen a wave of new projects enter its pipeline, from residential towers to a branded hotel, as homebuyers are increasingly looking outside of Miami-Dade and Palm Beach Counties’ escalating home prices. Explore our interactive map to see the major developments underway in the city.
💸Big Deals
The top NYC sales of the week
🏆 Commercial: The top commercial sale recorded this week was in Carnegie Hill, where five apartment buildings at 165-173 East 90th Street traded for $22.9 million. The seller was Aimco 173 East 90th Street, LLC, and the buyer was an affiliate of ABJ Properties.
🏆 Residential: The priciest home sale to hit records was on the Upper East Side, where a condo at the Reuben Brothers’ 20 East 76th Street, The Surrey Residences, sold for $25.7 million. Douglas Elliman’s Lauren Muss and Michelle Griffith had the listing. The unit spans just under 5,000 square feet and its new owner is S Surrey LLC.
🧠 Stat of the Week: 3%
That’s how much the International Monetary Fund expects the world’s economy to grow in 2026 and is a hair lower than the fund’s April prediction. It is also down from 3.5 percent in 2024 and 2025 as the war in the Middle East persists and the deployment of AI tools advances. For 2027, the IMF anticipates that global output will increase by 3.4 percent.
Thoughts? Questions? What would you like to see us cover? Send us a message at mary.diduch@therealdeal.com.