The October Edition
Vacancies, valuations, and other things that go bump in the market!
It’s October, which means it’s my favorite month! And not just because I’m a Libra (though I will admit I’m biased), but it’s as if October kicks off the merriment that we carry throughout the remaining three months of the year. It makes me want to wear my favorite sweater, cozy up with a stack of books from my 2025 To-Be-Read list, grab an apple cider, watch football at a bar, carve a pumpkin, take a trip upstate, and take a nap, all at once.
So far this month, on the personal side, I celebrated my birthday with a PJ Bday! We wore pajamas, watched Sleepover, which I somehow missed in the early 2000s, had champagne, and ate cake (but not just any cake- Dreaming Princess cake from Little Cupcake Bakeshop. Arguably, the best cake flavor in the entire world??) The real birthday celebration comes in Paris at the end of this month! I also scurried back to my hometown, Austin, TX, for the Formula 1 USGP. It was a treat to surprise my dad with a visit inside the Ferrari garage and lunch with the team. I was particularly proud of my Ferrari-red, vintage Alaia dress I scored on sale at TheRealReal Soho (Here are some similar options)! Cue Cher from Clueless: “This is an Alaia!” And finally, I can safely confirm that ATX still doesn’t know how to make a filthy vodka martini the way NYC does.
I always get a nostalgia itch around this time of year to conjure up some of the childhood thrills I felt around spooky season! Though let’s be honest, 2025 has brought plenty to be scared of, but I prefer a cutesy scare to the horrors of the fall of democracy. In real estate, there have been many indicators that we are indeed in the season of frights. Low inventory, multiple offers, and surprise special assessments are just a few of the things that have happened this month with clients. On the treats side, my partner and I successfully helped our client win a multiple-offer situation! Then there was a case of some surprise critical details regarding a building (a special assessment here, a board restriction there) that were discovered after contract execution. The devil really is in the due diligence. Thankfully, experience (and persistence) are the best problem-solvers because real estate in New York is nothing if not constant tricks AND treats!
Missed last month’s issue? Catch it here before diving into October’s edition.
The Fall Factor
September in New York has always carried a sense of opportunity. To quote Tom Hanks in You’ve Got Mail: “Don’t you love New York in the fall? It makes me want to buy school supplies.”
The October Edition Includes:
The Market Confidential: The disappearing middle market.
Vacancy & Other Scary Stories: The ghosts of co-ops and commercial retail.
Recently Signed and Closed: A peek at my recent deals and activity!
In Good Company: A mix of products, places, and pleasures I’ve been savoring this month.
The Market Confidential
“Transitional” was the keyword our team landed on during our national call to discuss the New York market. Not stagnant and not frenzied. Not glamorous, but real. As I mentioned earlier, I’ve experienced several multiple-offer situations over the last month with a few “hot” properties in prime Tribeca and the UES. The inventory spike we typically see in the fall was swift and brief, so it isn’t too surprising to see people battling it out for the few “good” properties in key areas.
My partner and I were discussing the other day about how much the definition of a “starter apartment” has changed. Units that were once the norm for first-time buyers are now sitting on the market longer. Between 40th St and 90th St, there are over 300 one-bed listings sitting active on the market, according to Streeteasy. It reflects how, as wealth has grown and prices have followed, many of today’s first-time buyers are stretching for something more expensive, while others, squeezed by the widening wealth gap, the high cost of living, and stubborn interest rates, are kept renting. That middle market, around $600K, is much quieter, so we, as agents, have to be more creative in how we position and market those listings to stand out.
There’s also a bit of a “wait-and-see” energy in the air as we get closer to the mayoral election—a pause that tends to happen before any big election. But as always in New York, those who are ready to make a move, do. (And while we’re on the subject of decisions, early voting for the NYC general election is open! Cast your ballot and manifest the city you want to live in 😉).
Your Turn:
People are always asking me about the real estate market right now...Let me ask you... What would you like to know about the real estate market?
Vacancy & Other Scary Stories 🕯️
Ghosts don’t always haunt abandoned houses; sometimes they linger in the form of empty storefronts and co-op controversies. This month, I’m spotlighting some of the eeriest absences in NYC real estate: iconic addresses that should be alive but are instead quiet… and the drama bubbling beneath the surface.
The Ghost of Barneys Still Haunts Chelsea
What once was the beating heart of retail in Chelsea continues to sit eerily still. The former Barneys flagship at 101 Seventh Avenue has remained vacant since shuttering its doors in 1997, its grand spiral staircase and gleaming silver overhang serving as ghostly reminders of what once was. Once a launchpad for designers and a hub of fashion creativity, the space now feels like a shell of its former self, 51,942 square feet, frozen in time in some ways.
According to Regency Centers, “The property underwent significant renovations in 2015, totaling $45 million, which have positioned it ideally for a variety of occupiers... luxury or experiential retailers, medical spas, offices, and coworking spaces.” Yet despite the upgrades and lofty promises, the building has remained largely empty since Barneys closed, aside from the occasional pop-up, like Spirit Halloween. (How timely.)
Every time I walk by, I can’t help but pause and take in the space; usually strewn with trash, with people hurrying past, unaware of what the building next to them once was. Nearly every time I mention it to my real estate industry peers, they respond the same way with an “Oh, I’m not surprised. They can’t seem to fill it.”
Developers have recently (July 2025) proposed converting it into a 44-unit rental with ground-floor retail, tapping city incentives like the 467-m tax incentive. This incentive encourages the conversion of under-utilized commercial/non-residential buildings into residential rental housing with affordability requirements, and also offers huge property tax exemptions for these projects. Still, there’s been little visible movement or public updates on the plan… leaving locals wondering if this, too, will join the list of grand ideas that never quite make it off the ground.
Was Barneys a blessing to the space at one point and now a curse to those trying to make use of it thereafter? Is the legend of Barneys too big to make the space anything other than an abandoned shrine of New York’s former retail royalty? Or do we even really want it to change?
The Pierre Co-op Showdown
The Pierre, a famous 5th Avenue hotel and residential co-op to the elite, isn’t vacant, but it’s under siege.
A recent New York Times piece dives into how residents fear a $2 billion sale of the Pierre that would force them out of the building. This was driven in part by Howard Lutnick, the building’s penthouse owner (who never moved into the building) and the driving force behind management changes. At the time, Lutnick was also running Newmark Group, a global commercial real estate services company, which was brought in to advise the building. This was a factor unknown to many of the owners at the time The Pierre retained Newmark for help. Now, residents feel it was a strategic takeover all along. Spooky!
Opposition is growing: residents at a contentious board meeting openly challenged the deal, accusing Lutnick and the board of moving too quickly and providing insufficient transparency.
As with any co-op, apartment owners get a vote on the sale, the weight of their votes equivalent to the allotted shares for their individual units. According to the New York Times, “If two-thirds of the shares are cast in favor of the deal, even those opposed could have to sell their homes. With the largest apartment, Mr. Lutnick has more shares than anyone else — and therefore holds the most sway.”
“It all seemed fluid, secretive and, for some, frightening.”
If the sale succeeds, longtime owners like Tory Burch, Art Garfunkel, and Michael Eisner could be displaced, as well as non-famous residents who planned to stay in their units for the rest of their lives. Directors and consultants for the building have argued that a sale makes the most sense, noting that the building’s current condition would make restoration extremely costly and likely require residents to temporarily relocate.
Whether the building is ultimately restored or sold, the stakes are clear. If a sale goes through, the co-op would first need to cover hefty liabilities before distributing the remaining proceeds to owners according to their shares. That means the most significant portion would go to the co-op’s biggest shareholder, Lutnick. In other words, the call is very much coming from inside the house.
The Corner That Could Disappear
There’s a haunting rumor swirling through Tribeca that the spaces housing Yves and Smith & Mills, two of my favorite neighborhood staples, have been purchased. It would be a fright to lose these beloved haunts on one of the most charming corners in the city! Hopefully, we will have more updates soon!
Recently Signed and Closed
In Good Company
In a month full of tricks, I’ve found comfort in the little treats. Here’s what’s been keeping me in good company.
Night People - by Mark Ronson- feels exactly like slipping into Mark Ronson’s brain at 2 a.m., and I wanted to dive right in! I consider myself a longtime M.R. fan; he is my celebrity hall pass. Electricity is on every playlist I’ve ever made. His book has that insider, nocturnal cool he’s known for, but it’s also surprisingly tender and self-aware. You can feel the pulse of New York: fame, a sense of community in the city, and that sense of loneliness that can only be found among millions of people, and, of course, his creativity running through it. It made me nostalgic for a scene and places in the city that I was never even old enough to experience! This is the kind of book that makes you want to stay up all night, and maybe go out after!
The Law of Attraction - by Abraham Hicks- A go-to re-read at least once a year. It’s the perfect reset and reminder to be mindful of where you place your energy, to seek joy intentionally, and to protect your peace!
As If: Celebrating 30 Years of Clueless and Jane Austen’s Legacy with the New York Public Library Young Patrons - Totally buggin’ that we got to celebrate the legacy of this film with the director, Amy Heckerling, and the enduring charm of Jane Austen’s world. Emma walked to Cher Horowitz could run. This night totally touched my soul. Clueless was so influential to me growing up, and having worked in film and television, it felt especially full-circle. Thank you to Caylee Ashwell for such an iconic evening!
Cafe Commerce - I recently enjoyed a cozy counter-service lunch here with my girl, Kayla Douglas, between a trip to the NY Botanical Gardens and some UES shopping. Between the bonus mimosas, cinnamon rolls, and appetizers (thank you, Cafe Commerce), the tomato soup and grilled cheese combo was exactly the comforting vibe we needed. And, of course, we couldn’t skip a slice of their famous coconut cake, which is technically meant for four people, but we managed. Despite its giant, dense appearance, it had the most delicate, delicious flavor. 10/10 for atmosphere and food!
Violet Grey - This curated-over-crowded, no-photos-allowed beauty boutique on the UES has been on my list for ages, and it did not disappoint. We’re lucky to have one of only two locations (the original’s in Beverly Hills), and I may or may not have been back several times since. Rachel, the store manager, and Bobby, their top makeup artist, make the experience feel personal and genuinely fun. The two products I’ve been living for since my visit are the Victoria Beckham Foundation Drops and the IS Clinical Exfoliating Mask. Can you tell skincare is a cornerstone of my “good company” happiness routine?!
I cover everything from market musings to real estate analyses (both broad and delightfully niche), as well as glimpses into my lifestyle along the way. If there’s a real estate topic you’re curious about, drop a comment. I’d love to hear from you. X
Off to Paris she goes to round out the best month!