The conventional wisdom in real estate in New York City is that cash is king.
On the high-end of the market, as deals climb into eight and nine digits, more buyers have that financing. Since the beginning of 2025, 60 percent of sales in Manhattan were all cash, the highest share of all districts, according to real estate Shark’s Final report.
But the outer districts are a different story. States Island had most of the funded deals, with 77 percent of sales, including a mortgage. In the Bronx, 60 percent of home sales were supported by loans and in Queens, two of the three purchases were financed.
Even in Brooklyn-where the demand for houses has been raised over the past five years, the prices have reached record heights and luxury new developments reform popular neighborhoods-through mortgage covered purchases that have been good for two-thirds of home sales since the beginning of the year.
Although the discussion about buyers of cash is largely focusing on the luxury market, they are also concentrated on the lowest end, with the most turnover below $ 250,000 in the city of buyers to cash.
The neighborhoods where non-funded sales reigned also indicate the cash concentration at the end of the market, which correlates with the types of buyers buying with cash: high net worth individuals who collect houses in the most expensive neighborhoods of the city, who buy for investment purposes and old local buyers.
In Noho and Central Park South in Manhattan, buyers of cash accounted for 93 percent and 85 percent of the deals respectively. In Breezy Point and Glen Oaks in the Bronx, the purchases of all cash were good for 100 percent and 85 percent of the deals respectively.
Not so fast …
Headline-Grabbing price tags are not only for the row of billionaires.
Earlier this week a mansion in Bay Ridge came on the market in which $ 25 million was asked – more than three times more expensive than the most expensive sale of the neighborhood. No house in the community on the water has come close to such a large deal, and it is miles for the second most expensive list, a vast house with eight bedrooms with a swimming pool.
If local history is an indication, the house will probably not yield such an expensive sale. A nearby mansion in Mill Basin, notorious for his ties with a Russian oligarch and a cameo in the Academy Award-winning film Anora, was traded for only $ 10 million in 2018 after a first asking price of $ 30 million. When it was sold again in 2021, this made a loss of around $ 3 million.
The eyebrows of the Bay Ridge Home-Wenkbrauwen-in combination with gilded interiors that are reminiscent of Versailles-have the coverage earned in The real deal, The New York Times and the New York Post.
Real estate in New York City is no stranger to pie-in-the-sky prices to attract attention to offers with the hope of stimulating traffic and ultimately to close a deal. Some of the most gross examples were in the row of billionaires, including in Central Park Tower, where developer Gary Barnett once mentioned the Pinnacle Penthouse for $ 250 million.
Barnett admitted that his sold -out target for the building as a whole was too high, after the building had started unloading units for considerable discounts. He also reduced the price of the penthouse to $ 195 million before he completely pulled it off the market. Since then it has not returned, nor has it found a buyer.
NYC Deal of the Week
An apartment on top of the Plaza Hotel, which was closed for $ 18.9 million, was the most expensive deal to close the city register this week. Unit 409 on 1 Central Park West was once the home of architect Frank Lloyd Wright, who lived in the former hotel suite while designing the Guggenheim Museum.
The four-bedroom apartment was sold by Galerie Magazine founder Lisa Cohen and her husband, founder of Hudson Capital Properties James Cohen. The couple bought the 4,000 square foot unit for $ 13 million in 2009 and renovated it.
Read more
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Bay Ridge Mansion takes the prize for the most expensive Brooklyn to ask $ 25 million
SJP Properties’ 200 Amsterdam Huags Manhattan’s most expensive contract
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