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Welcome to The Data Drop by TRD Data, a weekly look at the numbers shaping real estate.
This week, TRD Data dove into the public real estate investment trust market.
Equity REITs in the first half of the year posted stronger total returns, of 15 percent, compared to the broader market. The Russell 1000 saw total returns of 10.3 percent, similar to the S&P 500’s 10.2 percent, over the same period.
This marks a reversal from 2025, when the broader markets outpaced REITs, which felt the impacts of elevated interest rates and tariff policies.
Investors are sticking to REITs even in a high-interest-rate environment and broader economic uncertainty as the companies are performing well. REITs have had relatively strong operating fundamentals, according to research from industry group Nareit, which have bolstered their performance so far this year.
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Here’s what else TRD Data covered this week:
📉Manhattan home listings slide in June, especially on West Side
In June, residential listings plummeted by more than 14 percent year over year, according to an analysis of data compiled by housing expert Jonathan Miller.
The pain was most acute on the West Side of Manhattan, where the number of homes up for grabs plunged by 55 percent.
What this means: The lack of inventory is causing buyers, ever in demand for Big Apple housing, to search off market or take properties they might have otherwise passed on.
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🗽Manhattan co-ops are king (for now)
In the second quarter, the median sale price for co-ops rose by 8.5 percent year over year, a faster clip than condos.
Co-ops were still behind townhouses, though that market is significantly smaller.
In recent years, co-ops have gained in pricing at a greater rate than condos. For instance, for all of 2025, the median sale price for Manhattan condos was flat, according to Douglas Elliman’s 10-year housing report, a shift from the year before, when the price had risen about 1.5 percent. Meanwhile, while co-op pricing dropped about 2.4 percent from 2023 to 2024, it climbed the year later, by more than 3 percent.
Why this matters: Co-ops may be having their moment again as inventory, especially for newly built luxury condos, remains thin. Buyers also seem to be drawn to co-ops’ better pricing for more space.
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🗣️ ICYMI
This week The Real Deal launched TRD Policy Pro, a newsroom-powered intelligence platform and searchable database designed to help real estate professionals understand, track and respond to the government decisions that shape the market. For now, TRD Policy Pro is focused on New York City and New York State legislation; you’ll be able to track policy and read exclusive insights on the platform, which you can find here.
💸Big Deals
The top NYC sales of the week
🏆 Commercial: The most expensive commercial transaction was $104.5 million for 1 Whitehall Street in the Financial District. The buyers were Nathan Berman of MetroLoft, developer of the infamous Pfizer building, and Idan Ofer of Quantum Pacific Group. The office property stands more than 20 stories tall, LoanCore Capital was the seller.
🏆 Residential: The most expensive home sale recorded in New York this week was on the Upper West Side, where a megamansion at 48-50 West 69th Street sold for $45 million — $40 million off its last asking price. The seller of the nearly 45-foot-wide home was French businessman Pierre Bastid and his wife, Malou Beauvoir, a jazz singer. The couple purchased the property — two adjacent homes — in separate deals in 2011 and 2018 for a total of $24.5 million. It measures 19,600 square feet and has five bedrooms and 11 bathrooms, plus an elevator, terrace and lap pool. The buyer was MI 8787 LLC. Compass’ Jim St. Andre, Trevor Stephens and Michael Maniawski had the listing.
🧠 Stat of the Week: 4.7 million
That’s how many homes the U.S. still needs. While that is a striking figure, there is some good news: in 2024, the country’s housing shortage grew by 43,000 units — much smaller than 257,000 in 2022 and 159,000 in 2023, according to an analysis of Census data by Zillow.
Thoughts? Questions? What would you like to see us cover? Send us a message at mary.diduch@therealdeal.com.