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Hochul unveils new pied-à-terre tax on NYC luxury second homes

Jennifer White Karp — Thu, 16 Apr 2026 15:00:00 EDT

Governor Kathy Hochul’s proposal for a new pied-à-terre tax on luxury second homes in New York City worth more than $5 million is raising concerns among real estate professionals that it could have a chilling impact on property values.

The surcharge, which is aimed at non-residents, is intended to help Mayor Zohran Mamdani to close NYC’s budget gap. Hochul said she expected it to generate at least $500 million a year in recurring revenue. The tax will be included as part of the state budget, which is past due its April 1st deadline. Details on the amount of the surcharge have not yet been released.

How many pieds-à-terre are in NYC?

During a press conference yesterday, the governor estimated that there are about 13,000 pieds-à-terre in the city.

That number may be smaller: A previous Brick Underground interview with Martha Stark, a clinical professor at the Robert F. Wagner Graduate School of Public Service at NYU and a former New York City finance commissioner who has examined the city’s data on second homes, said a 2023 tally found 10,000 Manhattan pied-à-terre properties. Most of the city’s second-home properties are in the borough.

Impact beyond owners

James Whelan, president of the Real Estate Board of New York, a trade association for the real estate industry, slammed the proposal.

“This annual tax will weaken the city’s broader economy—all without addressing its fiscal problems in the first place. Its impact will reach far beyond a small group of owners. It will not raise the amount of revenue expected, but will eliminate thousands of construction jobs, lower property values, and raise costs for New Yorkers,” Whelan said in a statement.

Paying their fair share

The governor framed the surcharge as a way for wealthy second-home owners to pay their fair share; only residents pay New York State income tax, which supports infrastructure and essential services.

“[T]he people who call it home should not be left carrying the burden alone,” Hochul said in a statement. “… If you can afford a $5 million second home that sits empty most of the year, you can afford to contribute like every other New Yorker.”

However, second-home owners pay property taxes. As Jonathan Miller, president and CEO of appraisal firm Miller Samuel, pointed out in his newsletter, just over 50 percent of NYC revenue comes from real estate-related activities. He pointed to the NYC Independent Budget Office, which said that real property tax is NYC’s largest source of tax revenue, comprising 44 percent of the city’s tax revenue collections in fiscal year 2023.

Miller also noted that $500 million a year, which the new tax is expected to raise, is about 10 percent of the city’s budget gap.

He said the tax would cause a reset in prices for properties just over the $5 million threshold.

“The real estate industry warns of broader harm, but the more plausible impact is a slow-burning repricing above $5 million over roughly 18 months, with the steepest value hit just over the threshold as the recurring tax is gradually baked into market values. It will be noticeable,” he wrote.

Buyers are worried

Scott Harris, a broker and founder of Magnetic Real Estate, said some buyers are already texting him with their unease about the proposed tax.

“We’ve had plenty of uncertainty over the past few years, notwithstanding a City Council that already has no shortage of value-destructive ideas,” Harris said.

He compared the pied-à-terre tax to the tiers added to the mansion tax, which hurt pricing when they were introduced.

“Just like the revised mansion tax made a big dent in property values from 2019 into 2020, this tax has the potential to reset values in a market that is uneven at best. It’s unfortunate. Just as we seem to be seeing a foundation under a soft market, this absolutely threatens its progress,” Harris said.

A change in the governor's mindset

Briggs Elwell, co-founder and CEO of RLTYco, which works with a broad number of NYC real estate agents, said the governor’s move represents a departure from her previous stance. For months, Hochul resisted Mayor Mamdani’s calls to raise taxes on the wealthy.

“This is a significant mindset shift. Agents are concerned with what could happen next,” such as adding a lower price tranche to the tax, Elwell said.

He noted that the NYC luxury market is “propped up by international and second-home buyers.”

If there is an increase in taxation and buyers need to pay more for a property they don’t live in full time, they may be inclined to buy something smaller that is not subject to the tax or they may buy outside the city, Elwell said.

Many international buyers have long considered NYC real estate as a safe place to park their cash. Hochul noted in her press conference that she is taking aim at an extremely wealthy subset that includes "Russian oligarchs buying up properties [and] driving up the property values."

Not all ‘doom and gloom’

Spencer Levine, president of RAL, a development company, said the proposal is potentially beneficial and should not be interpreted as complete “doom and gloom.”

Prioritizing full-time residency can have long-term benefits for the stability of New York.

“The proposal appears to prioritize New Yorkers looking to actually live in New York, serving as a direct response to the threat of out-of-state migration,” he said.

Ask Altagracia: My apartment lacks heat. Am I taking a risk if I withhold rent and use it to pay other bills?

Brick Underground — Wed, 15 Apr 2026 09:30:00 EDT

Housing lottery launches for 75 rent-stabilized units in Lower Manhattan

Cassidy Jensen — Tue, 14 Apr 2026 12:30:00 EDT

Housing lottery applications are open for 75 rent-stabilized apartments at a new development in the Financial District. Households that earn $68,126 to $227,500 are eligible to apply, depending on the number of people you live with. Rents start at $1,819 for a studio.

The 38-story development at 7-13 Platt St. allows dogs under 40 pounds or a cat with the owner’s approval. For transportation options, 7 Aria Platt is near the Fulton and Wall Street train stations with access to multiple subway lines.

Units come with dishwashers.

NYC Housing Connect

Other amenities in The Moinian Group’s tower include a party room, outdoor areas, and package and bike lockers. Hill West Architects and the Rockwell Group designed the development, which is slated to include an outdoor pool. Units come with dishwashers.

The apartments are set aside for New Yorkers earning from 70 to 130 percent of the area median income (AMI)—a metric that depends on how many people you live with. Currently the AMI for New York City is $129,600 for a two-person household. The apartments available include studios as well as one- and two-bedroom apartments.

There are 22 one-bedroom units available for households earning from $135,429 to $189,540. The rent for these apartments is $3,758.

Applications must be submitted online or postmarked no later than June 8th.

If you’re interested and think you might qualify for one of these apartments, you can create a profile and apply online via NYC Housing Connect. For details on this particular lottery, click here. Don’t apply more than once, or you could be disqualified.

Winning a rent-stabilized apartment can be life changing: Rent increases are capped and lease renewals are automatic, providing long-term stability for NYC renters. Need more information on how the housing lottery works? Check out “6 steps for applying to NYC's affordable housing lottery.”

For some advice from successful applicants read “How to land a rental apartment through NYC's affordable housing lottery.” And if you or someone you know is having trouble with the application process, consider reaching out to a housing ambassador in the community.

Note: Brick Underground is in no way affiliated with New York City’s Department of Housing Preservation and Development or the Housing Development Corporation. If you are interested in applying to these or other affordable housing developments, please go to NYC Housing Connect for information and instructions.

Have you successfully won an apartment through the affordable housing lottery? If you have first-person advice to share about the process, we’d love to hear from you. Please send us an email. We respect all requests for anonymity.

The 1888 Matthew C. Henry House at 138 East 95th St: A ‘potpourri’ design where high society once lived

Tom Miller — Tue, 14 Apr 2026 09:30:00 EDT

Have you ever passed by an interesting residential building in New York City and wanted to know more about its history? In this series, Brick Underground teams up with Tom Miller, creator of Daytonian in Manhattan, a blog about Manhattan buildings and other historic architecture. Each week, we run an excerpt from the Daytonian’s archives with a link to the full article.

Developers and builders William J. and John P. C. Walsh began an ambitious project in 1887, breaking ground for 12 rowhouses on the southern block of East 95th Street between Park and Lexington avenues. Each Queen Anne-style home was different yet harmonious, with a mix of materials, oriels and gables, and other decorations.

The project involved $10,000 worth of stone purchased from M. C. Henry & Co., according to the Real Estate Record & Builders' Guide, and construction on the row was completed in 1888.

Matthew C. Henry purchased the two easternmost houses, 136 and 138 East 95th St. at auction in October 1889 for $14,000 each (about $492,000 in 2026 dollars).

Henry and his wife, Maria, briefly occupied No. 138. Like the others, 138 East 95th St. was three stories tall above an English basement fronted by a dog-legged box stoop. The upper floors were faced in beige brick and trimmed in terra cotta and sandstone. The parlor floor openings with their curved corners sat below substantial lintels. Between the door and window was a large terra cotta plaque containing a shield, and terra cotta tiles of sunflowers filled the gap below the window.

The New York Times journalist Christopher Gray called 138 East 95th St. a "potpourri," pointing out "its great oriel bay designed with 12-pane transoms and curved sides, and flanked by a checkerboard brick wall."

The East 95th Street residence later became a rooming house, then reverted to a single-family house when it was sold in October 1951. It became home to siblings Gilbert and Doris Francklyn. The Francklyns, who never married, came from high society. Their father, Charles Gilbert Francklyn, was born on Washington Square. He was the grandson of Samuel Cunard, the shipping magnate and founder of the Cunard Line. Their mother was Susan Sprague Hoyt, who was born in the Hoyt mansion at 94 Fifth Ave.

In the mid-20th century, new owners added a studio addition to the roof. Because the Expanded Carnegie Hill Historic District was not established until December 1993, there was no restriction against visible structures at the time. The house remains a one-family home.

For more on this building and its inhabitants, check out the full article.

How to find a hidden camera planted by your landlord, Airbnb host, or another creep

Evelyn Battaglia — Mon, 13 Apr 2026 10:00:00 EDT

Renting a new apartment? It may be scary to contemplate, but there are many places for someone to plant a hidden camera and secretly record your every move for their own sick pleasure. There’s also been a rash of spy cam incidents at short-term rentals nationwide.

That's despite Airbnb and VRBO policies prohibiting vacation homeowners from installing indoor security cameras to monitor guests. A 2024 report by smart home technology company Vivint found that one in 12 owners still use them, and one in 20 renters discovered a hidden camera during their stay. Yikes.

Spy cams are also a big problem closer to home.

“Hidden cameras are an epidemic in New York City, and people don’t even realize how bad it is,” said Jimmie Mesis, founder and director of USA Bug Sweeps, which specializes in finding hidden cameras in NYC apartments and conducts more than 350 sweeps yearly. "The number of requests for sweeps continues to increase—we are now averaging over 400 per year—as does the number of hidden cameras we are finding."

Typical cases involve a young, single woman renting an apartment, but tenants of all ages and genders are susceptible across all kinds of housing. The places where you can hide a bug are seemingly endless—such as vents, ceiling fans, and fire detectors. “No one is free from being watched,” Mesis noted.

Here’s the advice Mesis gave for how to detect a spy cam—and what to do if you find one.

[Editor’s note: A previous version of this article was published in September 2025. We are presenting it with updated information for April 2026.]

How can I tell if I am being spied on?

Start by being aware of your surroundings, Mesis says. Take inventory—ideally with photos—of your belongings and pay attention to where everything is so you can tell if anyone has been in the apartment without your knowledge or, even if they have, whether anything has been moved. (This is a very good reason to declutter.)

Of course, if you have roommates, kids, or pets, your stuff is going to get moved around, but it’s still worth being more mindful of your environment.

How would someone spy on me?

“Hidden cameras can be anywhere and look like almost anything,” Mesis said. Searching on Amazon confirms that claim, with wireless “nanny cams” disguised as smoke detectors, light bulbs, electronic outlets, or clock radios. (Other sites offer spy cams disguised as a bottle of shower gel or a sonic toothbrush.)

Plus, tiny cameras with a pinhole lens (less than 1/16th of an inch) can be planted where you least expect them, including coffee makers, clock radios, and other electronic gizmos. So beware of any unexpected gifts.

Mesis has even discovered hard-wired cameras (installed by landlords) that do not emit a signal and are therefore easier to escape detection; the closer your apartment is to theirs, the easier it will be to rig these devices up.

“All the wiring and sometimes even the body of the camera will be on the other side of your wall or ceiling, so you’d have to look mighty hard to see the pinhole lens,” he explained.

Here's another cautionary tale: Mesis was hired by a spouse who suspected her husband of spying on her in their Manhattan apartment. Turned out he was—via a wifi-enabled electrical outlet in the only bathroom, pointing at the toilet and shower. Here's the kicker: The husband was also the building super and had installed similar electrical outlets in various other bathrooms, all of which could be monitored from his office.

"Needless to say, he was arrested. People need to know this is not an isolated incident," Mesis said.

How can I tell if I am being spied on?

Amateur-placed cameras are often easy to find by simply looking for one. But Mesis said a true voyeur will hide the camera so well that you can be staring right at it without knowing.

Short of combing every inch of your apartment, Mesis recommended focusing on the most common target spots, meaning bedrooms, bathrooms, closets, and anywhere else you are likely to be caught undressed.

Within those spaces, he suggested considering the camera's angle. For example, as you lie in bed, look at what is pointed down at you, which could be a ceiling fan, pendant light, or smoke detector.

Exhaust fans and heating vents are the most probable areas in a bathroom, as are any areas below eye level where you wouldn’t naturally bend down to look. For example, someone could place a digital video recorder (DVR) camera under a pedestal sink and then return to remove it a couple of days later.

Of course, cameras can also be hidden wherever there is a hole for the lens to peep through. For a low-tech method, Mesis advised turning off all the lights, drawing the blinds, and “'painting' the walls and ceiling and other surfaces with a flashlight, getting extremely close so you can detect any glint from the lens.”

Lens-finding apps like Hidden Camera Detector—Peek use your smartphone’s flash to light up any lens, though you’ll want to pay attention to user reviews before going this route.

Another option is a multi-bug detector from Brickhouse Securit7, which starts at about $265 and is roughly the size and shape of a deck of cards. This device claims to detect wired and wireless mics, cameras, and bugs, and comes with a camera detector attachment that lets you see any device through a special lens, thanks to its high-frequency red light. Note: It’s also an on-the-go option for dressing rooms, public bathrooms, hotel rooms, and vacation rentals.

“With any of these lens finders, you have to know what you are looking for, and therein lies the problem,” Mesis said. Plastic, mirrors, glass, and other surfaces can give off false-positive results.

Camera finders with RF (radio frequency) detection are typically cheaper (this one is $105), though you’ll need to turn off or rule out all the other transmitting objects, including kitchen appliances and baby monitors, to hone in on any hidden camera.

To hunt down cameras streaming live video, apps such as Fing list all devices on your network (reviewers recommend paying $3 for the monthly subscription for better results); Hidden Camera Detector scans local networks and Bluetooth as well.

The problem is that the perpetrator could set up a seemingly legit wifi router—for example, calling it 4B when you live in 2A—which wouldn’t stand out as suspicious. Such was the case of a recent client whose ex-husband planted seven Nest cameras all over the apartment. “He did an excellent job of hiding them despite their size,” Mesis said.

When to call in a pro

Just because you fail to discover anything doesn’t mean there isn’t a camera still lurking somewhere. At this point, your choices are to stop doing anything you wouldn’t want anyone to see (unlikely) or hire a professional bug sweep. Be prepared to pay a minimum of $2,500.

On the flip side, Mesis has been hired by clients who swear they found a hidden camera on their own, only to discover it wasn't the case. It’s a tricky situation for sure.

“A properly conducted debugging inspection of an average-sized apartment is not cheap,” Mesis said. “I am using over $200,000 worth of state-of-the-art equipment, including an analyzer that not only detects the exact frequency but also the exact distance.”

What should I do if I find a hidden camera?

Don’t touch it. Call the police, who will dust the equipment for fingerprints—and if they find any clues about the owner’s identity, try to track them down. Avoid alerting the landlord or super what you’re up to, in case either one put it there in the first place.

Mesis reported having clients who chose to avoid bringing in the authorities, either to prevent dragging the person (usually a spouse or boyfriend) through court or to protect their own privacy, because what’s on the video might end up being shown in court. He still suggested documenting where and when you found the camera and keeping it as evidence, just in case.

Can I hide cameras in my own apartment?

Under New York state law, it’s legal to have a hidden camera in your dwelling, so long as it is not in an area where there is an expectation of privacy. A good rule of thumb is not to put a camera anywhere you would expect someone to knock before entering.

Indeed, Mesis recommended installing cameras precisely to keep someone from spying on you. Aim the cameras at all entry points.

Brickhouse Security offers surveillance cameras priced from $28 for a mini, flexible device to more elaborate models costing just over $3,000, which feature low-light sensitivity and a zoom lens.

What are the penalties for spying on someone?

Planting a hidden camera could get your landlord or any other offender slapped with trespassing and stalking charges.

The governing statute, known as Stephanie’s Law, was enacted in 2003 following a case involving a woman spied on for months by her landlord who used concealed cameras in her apartment’s smoke alarms. At the time, the landlord could only be charged with a misdemeanor for trespass; today, it is considered a felony.

Bidding wars for rentals: How to outsmart your competition for an apartment

Brick Underground — Fri, 10 Apr 2026 09:30:00 EDT

Bidding wars for rental apartments are a result of the red-hot competition in the New York City rental market. If you're searching for a rental and keep losing out in bidding wars, you may have questions, like whether this practice is legal or how much you need to bid to win.

It's a good idea to understand how these negotiations work and what you can do to put yourself in a better position to land an apartment.

“When the market is this fast-moving, you are bound to see bidding wars, especially for competitively-priced or unique apartments in popular locations,” says Gary Malin, chief operating officer at Corcoran.

Erin Wheelock, a broker with Keller Williams NYC, agreed, pointing out that the FARE Act took broker fees off the table since landlords are now required to pay the agents they hire. "So it's really all about the price now," she said. "We are personally seeing everything from $2,000 to $25,000 apartments go into bidding wars, so it's key to be prepared with paperwork and to get that offer in quickly."

[Editor's note: A previous version of this article was published in June 2023. We are presenting it again with updated information for April 2026.]

Below are answers to questions about bidding wars for rentals, so you can stay on top of the competition.

1. Are bidding wars for rentals legal?

The simple answer is yes. Market-rate apartments make up just over 40 percent of the city’s rentals and are privately owned and unregulated, meaning landlords can charge whatever the market will allow. These are the apartments where bidding wars break out.

Landlords of rent-regulated apartments can’t hike rents in the same way.

2. When would you offer more rent?

Attending an open house can indicate whether the apartment is popular. If so, be prepared for a bidding war. “As soon as the landlord gets more than one offer, they have the leverage,” Wheelock said.

The actual timing of a request for higher bids depends on how the landlord or management company operates. If a landlord receives multiple applications on the first day the apartment is available, they'll probably ask for best-and-final offers from everyone and approve a renter based on those offers and the strength of the supporting application.

Some landlords will only process one application at a time, but if they know there are multiple applications, they might ask a prospective renter to increase their offer. Other landlords or brokers will submit multiple applications at once.

"You can assume that the point at which a landlord would ask for a better offer would be after you have submitted your application but before you have been approved," said Evan Osur, an agent at Living New York.

That can leave some renters feeling that a landlord is raising the rent based on your ability to pay more. However, the brokers we spoke to said that is unlikely. More likely, you are dealing with a representative for the landlord. If these agents or brokers see that the apartment can generate a higher rent for the landlord, they will try to get it, but it is not based on your particular finances.

Also, "the landlord will never create a lease, have you sign, and then subsequently increase the price," Osur said.

3. How much more should you offer?

The percentage increase in the rent you offer will depend on whether the asking rent is under market. That's where some research comes in handy—try to find out what similar apartments in the same area are renting for by searching a listings website. If the asking rent is low, you may choose to offer a higher amount.

The rent increase you offer will vary depending on whether it is a studio asking $1,700 or a much pricier place. If you're willing and able to pay more, "that little extra bit can be make or break,” Wheelock said.

Osur said a reasonable increase is typically between 2 and 5 percent of the advertised rent.

"You can always tell if something is in high demand by looking at the number of saves on StreetEasy–that's always a good barometer," he explained. So, if 170 users have saved the rental in a week, you might consider increasing your offer by 5 percent.

Another approach is to offer just a bit over the asking rent. "Perhaps $25 or $50 as more of a symbolic gesture," said Brian Hourigan, senior managing director at BOND New York. This is particularly effective if you feel your application and financial qualifications make you a strong candidate.

One other factor to consider is what the apartment is worth to you. Recognizing that continuing your apartment search can have an emotional toll, Wheelock recommended asking yourself: “How much is it worth not to have to deal with this process anymore?” That—and your budget— should be your ultimate guide.

And renter beware: "Since the implementation of the FARE Act, landlords have recouped their costs by raising rents," Osur said. "One way or another, the broker has to get paid on properties where they are involved. This new expense that the landlord has to incur makes it less likely that they will negotiate off their ask."

5. What do bidding wars say about the landlord?

When entering a bidding war to buy an apartment, you don't expect to have an ongoing relationship with the seller. That's not the case with a rental, where you will have to deal with the landlord regularly.

According to Wheelock, most landlords rely on a representative to do these negotiations so they aren't viewed as the "bad" guy. And if you're uncomfortable with how the process is being managed, you can, of course, walk away.

But a landlord who enters into a bidding war isn't necessarily a negative sign. More telling is whether they respond promptly and efficiently to questions or maintenance concerns. Be sure to do your homework about what it is like to live in the building and see what other tenants have to say.

"Open and transparent communication is what typically makes renters feel like they have a landlord who cares and they can trust," Osur said.

5. How do I avoid a bidding war for a rental?

The best way to beat the competition is to have a strong application ready to go. That includes having a good credit score. You also want to be first in the door. Don't wait until the weekend to visit an open house—try getting in there earlier on a Thursday or Friday.

Being fast and first, however, may not be enough.

One tip is to offer to start the lease early. Can you move within a few days of seeing the apartment? Landlords don't want their apartments sitting empty.

"The typical market allows for anywhere between 15 to 30 days for the expected move-in date of a new tenant; an applicant can sometimes trade an immediate occupancy for their application being considered first," Hourigan said.

The summer is normally the busiest time in the rental market, meaning landlords usually want leases to start and end between May and August. If you are open to a 16- or 18-month lease term in the winter months, you might be able to leverage that flexibility.

In addition, rents are highly location-specific, so consider looking in less in-demand neighborhoods with greater inventory and cheaper deals.

Finally, depending on your finances, it may make more sense to buy. If your main obstacle is coming up with the required 10 to 20 percent down payment, you may qualify for first-time buyer loans and programs available to New Yorkers. You may also want to read "Buying for the first time in NYC? Be sure to prep your finances first" for more insight.

6. Does it help to have an agent?

In a competitive market, having an agent can give you an edge, Malin said. A good agent knows where the deals are, what comparable apartments are renting for, and can guide you on how much to increase your offer and negotiate on your behalf. At the very least, they can prepare you for what to expect.

"You're only in the market today because you need to be in the market today. Brokers are in the market every day, and they understand what's going on," he said.

A broker might also know of apartments that aren't yet listed or are in a building you might not have considered, he added, noting that they can get real-time alerts and can get you in to see places before the competition.

In this scenario, you will likely be asked to pay a broker's fee to compensate an agent for doing this legwork (this is permissible under the FARE Act). For NYC newcomers or renters who need an apartment fast or have other constraints, it often make sense to go this route.

7. Are rental bidding wars here to stay?

Demand for NYC rentals shows no sign of slowing down, so expect bidding wars to continue for the foreseeable future.

Meanwhile, Malin advised keeping an eye on the vacancy rate. "In New York City, the difference between a 1.5 percent vacancy rate in terms of bidding wars and price negotiability versus 2.5 percent is significant," he said.

This is where Brick’s rental market reports can be handy. In addition to the vacancy rate, these tell you what median rents are and what leasing activity is like, giving you a sense of how much (or how little) negotiability renters have.

—Earlier versions of this article contained reporting and writing by Emily Myers. This article was updated for April 2026 by Evelyn Battaglia.

Manhattan median rent at record high $5,000 for the second month in a row

Jennifer White Karp — Thu, 09 Apr 2026 10:15:00 EDT

Were some Manhattan apartment hunters so shocked by March’s record asking rents that they walked away from available units? That’s what last month’s slightly higher vacancy rate would seem to suggest.

For the second month in a row, Manhattan median rent hit $5,000 a month, a record high, according to Corcoran’s latest rental market reports for Manhattan and Brooklyn.

The rental market “remained incredibly inventory constrained,” said Gary Malin, COO at Corcoran, in his firm’s report. It was the 19th consecutive month to see a drop in inventory and available listings reached the lowest level in four years—yet Manhattan’s vacancy rate moved unexpectedly.

The vacancy rate measures the share of total rentals that are unoccupied and available. In Manhattan, it typically hovers at crisis levels—somewhere between 1 and 2 percent (anything below 5 percent is considered a housing emergency).

“Despite the contraction of new listings, the vacancy rate ticked up slightly versus February and year‑over‑year, as some sticker shocked renters allowed what was on offer to accumulate,” Malin said. The Manhattan vacancy rate was 1.88 percent in March, a slight increase compared to February (1.73 percent) and March 2025 (1.74 percent).

There’s still plenty of demand, as usual: The number of new signed leases rose 5 percent year over year from last year’s five-year low. However, activity remained about 9 percent below the historical average for March, the report said.

New March record for Brooklyn rents

Brooklyn’s median rent increased 4 percent year over year to $4,150 (down slightly from an all-time high in February but still a record for the month of March). Listings fell 8 percent on an annual basis.

And last month, Brooklyn experienced the strongest month for new signed leases since 2021, according to Corcoran. Leasing was up 13 percent from February and 5 percent annually.

Renters “still find relative value in Brooklyn, but conditions are becoming increasingly competitive,” Malin said.

Looking ahead, he said a lack of listings will likely push rents for new leases higher in the summer.

Brooklyn median price increases to $840,000 in the first quarter as deals fall

Jennifer White Karp — Thu, 09 Apr 2026 09:45:00 EDT

Low listing inventory and economic concerns held back deals in Brooklyn in the first quarter, and those constraints contributed to a higher median sales price.

The median sales price for Brooklyn co-ops and condos increased 2 percent to $840,000, even as deals dropped 3.5 percent compared to the first quarter of 2025, according to Brown Harris Stevens’s first quarter sales market report.

In Queens, the median price for co-ops and condos dropped 6 percent to $397,000 from the year ago quarter, according to BHS. Closings were down 11 percent.

For the Riverdale market, the median apartment sales price was up 6 percent to $339,000. Closings were down 29 percent.

Bess Freedman, CEO of BHS, said that even with rising mortgage rates, inflation, geopolitical tensions, and slower economic growth, demand for Brooklyn properties was strong.

“The low inventory levels in many neighborhoods should keep prices stable in the coming months, even as mortgage rates remain elevated,” she said in her firm’s report.

High-end deals drove activity

Like the Manhattan sales market, where deals above $3 million doubled in the first quarter, boosted by a record Wall Street bonus pool, the high end of the Brooklyn sales market saw sustained demand.

“Brooklyn’s market slowed in the first quarter as higher prices and economic uncertainty made buyers more selective. There were fewer transactions, but prices remained strong, driven largely by continued activity above $2 million,” said Michael Sorrentino, senior vice president and general sales manager for New York at The Corcoran Group.

Sorrentino noted that deals in the Brooklyn market occurred faster in the first quarter: Days on market fell 11 percent.

Corcoran’s Brooklyn sales market report said that listings are increasing: Active listings rose 12 percent annually.

That means more choices “particularly on the resale side, giving buyers more options than last year and creating opportunities for those who are prepared and ready to act when the right home comes along,” he said.

According to Corcoran’s Brooklyn sales market report, the number of listings represented the highest first-quarter average since 2022, yet was still 4 percent below the 10-year, first-quarter average.

Signed contracts fell 14 percent year over year, the steepest annual decline in more than two years, according to Corcoran.

Sweet spot for Brooklyn houses

In its first quarter sales market reports for Brooklyn and Queens, Compass noted that sales of Brooklyn houses $3 million and above increased 14.1 percent year over year and saw a 5.6 percent higher average price per square foot.

Luxury condo deals in $2-$3 million range were up 13.3 percent annually, year over year, while the $3 million-plus bracket was up 13.9 percent, with the majority of these sales in North and Northwest Brooklyn, the report said.

In Queens, sales of luxury condos in the $1-$1.5 million range increased 26 percent and there were twice as many sales in the $1.5 million-plus segment, a result of new development closings.

Slowdown in new condo pipeline

Coury Napier, director of research at SERHANT, said in his firm’s report on Brooklyn’s new development market that a modest sales increase in the first quarter was driven by deals in south and east Brooklyn. The luxury segment here also powered deals, with closings above $2 million rising 20 percent.

Contract activity declined 15.4 percent, largely due to a slowdown in new condos. New listings fell 7.9 percent year over year, limiting available inventory across the borough.

North Brooklyn stood out, with median prices rising 14.3 percent to $1.4 million and price per square foot increasing 7.9 percent to $1,600, "reinforcing Williamsburg and Greenpoint as key drivers of demand and pricing," Napier said.

The 1889 Louis Isaacs House at 349 West 122nd St: Part of a new neighborhood and home to a tabloid scandal

Tom Miller — Tue, 07 Apr 2026 09:30:00 EDT

Have you ever passed by an interesting residential building in New York City and wanted to know more about its history? In this series, Brick Underground teams up with Tom Miller, creator of Daytonian in Manhattan, a blog about Manhattan buildings and other historic architecture. Each week, we will run an excerpt from the Daytonian’s archives with a link to the full article.

Within a three-year span, brothers Joseph W. and Abram Alonzo Teets transformed a block of West 122nd Street between Morningside Avenue and Manhattan Avenue from vacant lots into a neighborhood. In 1888, they hired architect J. A. Webster to design 11 brownstones on the north side of the block. The following year, Webster designed 10 houses on the south side for the brothers.

Part of the initial project was 349 West 122nd St. The house, completed in 1889, was just 15 feet wide and identical to its neighbors. The tall stoop was guarded by beefy iron newels and railings. Each floor was belted with carved foliate bands, and the windows wore prominent molded cornices supported by fluted brackets.

Subsequent occupants included the family of James F. Douglass, a woolens importer at 244 Fifth Ave. He and his wife had a son and daughter—and the daughter, Lorene, made the Douglass name fodder for newspapers nationwide.

In the summer of 1907, Lorene, who was then 15 years old, snuck away to get married to another underage teen, along with another pair of friends. All four lied about their ages to a Methodist minister Rev. M. Wilson in Oyster Bay, N.Y. Despite their youthful appearance and clothing, and the fact that the four giggled and made light of the ceremony, Rev. Wilson married the two couples.

When the marriages came to light, according to The Anaconda Standard, a Montana newspaper, they "caused wrath and consternation in the homes of four well-known New York families." The New York Times discovered that the Douglasses "consulted their lawyers early in the summer, and were told that the marriages were not binding owing to the ages of the four."

At some point, the property became a rooming house. Surprisingly, given that Harlem had become the epicenter of Manhattan's Black community, the tenants seem to have been mostly German. Living here in 1934, for instance, were Peter Franz and Meyer Goldschmidt.

The property sold several times in quick succession during the Depression; in December 1936 and in November 1937 for $6,500 (about $142,000 today).

Restored in recent years to a single-family home, a surprising amount of original interior detailing survives throughout the house, as seen in a 2020 listing.

For more on this building and the shenanigans of its inhabitants, check out the full article.

How to deal with an ant infestation in your NYC apartment

Brick Underground — Mon, 06 Apr 2026 15:00:00 EDT

Are ants marching across your apartment's kitchen counters? It’s a not-so-pleasant sign of spring in New York City.

Warming temperatures make ants more active as they come out from hibernation and look for food and water sources or establish new colonies, said John Downey, vice president of New York City-based Pest Pro.

“During the warmer months, ant reproduction occurs. An increase in rain, fluctuating temperatures, and moisture in the soil from melting snow are all factors that contribute to an increase in activity,” Downey said.

Ant colonies can be big—really big: “What customers often don’t realize is that colony size can range from a 100,000 to over a million and the colony can be anywhere within 100 yards” from where you see any activity, he added.

Yikes! But NYC renters do have one advantage over ants: It’s a landlord's responsibility to make sure your apartment is free of pests. The warranty of habitability ensures you shouldn't have to put up with unlivable conditions—and that includes infestations of rats, mice, roaches, and insects.

Even though your landlord is required to take action, it’s a good idea to do what you can to prevent ants from getting inside your apartment. See more advice below.

[Editor's note: A previous version of this article was published in May 2023. We are presenting it again with updated information for April 2026.]

Where are the ants coming from?

Most ants build colonies in the ground, establishing them in front and backyards of buildings. Gil Bloom, president of Standard Pest Management, recommended that owners reduce leaves and other organic matter and remove any trash on the ground outside. Trash cans should be stored off the ground, and the area should be cleaned regularly.

Bloom said ants may come inside when landscaping work disturbs nests. Another factor can be rain. If a deluge floods a nest, ants will be looking for a suitable place to relocate. In spring, however, they are looking for food.

"They are very much in foraging and food establishing mode," Bloom said. Most of the colony are back in the nest but forager ants are out looking for food and water, searching "aimlessly," as Bloom put it. Once they find a food source—such as pet food that’s always available or a wet sponge by the kitchen sink—that's when they establish linear routes (against the wall, along the edge of the countertop) to and from the nest.

What's the best control treatment?

There are more than a dozen types of indoor ants. If you can collect one for identification, that can help a pest management company determine the best control treatment.

It's tempting to disrupt the path of the ants with a spray but Bloom said that isn't always an effective remedy. "If they are in the area, they are going to forage or reestablish the path. By removing the ant trail you haven’t removed the ants," he said.

A spray could also backfire by multiplying the nests when groups of ants break off and create new colonies.

It's better to use bait that's toxic and will be taken back to the colony to be consumed. Be sure to put it around the building’s exterior to create a perimeter defense, Bloom said. Using toxic bait can take a week or two to have real effect and you may need to do at least two treatments. The active ingredient in most bait formulations is boric acid.

In addition, you (or your landlord) should close and seal exterior gaps around low windows, pipes, and other access points with a weather-proof sealant. Bloom also recommended trimming trees and pruning foliage, so they do not create access to your unit for foraging ants.

In the meantime, you need to remove food sources and eliminate standing water and leaks that provide water sources for ants and other pests. This can be the most difficult part of the puzzle.

"There are so many opportunities for food—that's why insects are so successful," Bloom said.

Another effective solution is to set up a monthly pest control service throughout the summer months.

—Earlier versions of this article contained reporting and writing by Emily Myers. It was updated for April 2026 by Jennifer White Karp.

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