Above is a shot I took from a super-tall tower on Billionaires’ Row, with Extell’s new 50 West 66th Street rising in the foreground.

In this week’s edition:

At a summer party at a friend’s beautiful home yesterday, the inevitable question came up: “So… how’s the New York market?” My answer, with a laugh, was: “Do you want the ‘Ike summary’ or the full version?” Because the truth is, for a city as diverse as New York, it’s nuanced—you can’t sum it up in a sentence or two. I can’t in good conscience just respond with “it’s strong” or “it’s soft.” What I gave was an abbreviated version of the following. (This week I’m focusing on the luxury market; next week I’ll dive into the broader market.)

At the very top, the market tells its own story. Immune to mortgage rates and fueled by liquidity and legacy wealth, trophy assets at $10M and above continue to trade. These buyers don’t blink at rates; they’re chasing legacy, prestige, and permanence, and sometimes returns.

Meanwhile, the mid-luxury floor (New York’s $4M+ tier) is fortified by cash and generational wealth. It’s stable, growing, and resilient. But step below that, and it’s a different story. That’s where the mortgage pinch really shows.

2025 has been a tale of two tempos. The $4M+ market surged through the spring and then cooled in midsummer but is still running ahead of the past 3 years. The $10M+ trophy market, on the other hand, is in full stride, up more than 20% year-over-year (YOY), and reminding us that at the very top, New York real estate isn’t just an investment. It’s a legacy play.

And the numbers tell the story:

Takeaway: The $4M+ tier is resilient, propped up by generational wealth and cash dominance, keeping volume healthy despite the mortgage rate backdrop.

Takeaway: This tier is sprinting, as the ultra-wealthy shift capital from volatile markets into tangible assets that offer both security and generational impact.

Luxury contracts ($4M+) and Ultra-Luxury contracts ($10M+) were down in July compared to the same month in 2024, and lower than July averages over the past 3 years.

While seasonality always plays a role, this year’s dip likely reflects broader economic uncertainty and the growing impact of shifting tariff policies, which continue to weigh on financial markets and buyer sentiment.

Even so, 2025 is proving strong, steady, and resilient for New York’s $4M+ luxury tier. And the $10M+ trophy tier is roaring ahead, a reminder that at the very top, real estate is more than a purchase—it’s permanence, protection, and legacy.

This week I wanted to turn to a subject I love: architecture. And an architect I especially admire: Norman Foster. Here we go.

You’ve likely walked past the shimmering glass cube at Apple Fifth Avenue or the bold angles of the Hearst Tower without realizing they came from the same visionary. I remember how both of these buildings stopped me in my tracks, making me want to learn who the brilliant architect was. Time and again, I’ve paused my day to step inside and simply take it all in.

As someone who lives and works in a city where architecture is everywhere, I’ve always admired architects whose projects make you stop and look—yet remain contextual within the vibrant fabric of New York.

Foster + Partners has left a distinctive mark on Manhattan through a fusion of innovation, elegance, and urban responsibility. His work feels purposeful, always aware of the city’s history while leaning into its future.

Add to that 425 Park and 50 Hudson Yards, and you see a consistent theme: even the most cutting-edge buildings can have soul. These are spaces designed not just to impress, but to elevate how people live and move through the city.

His next big project? 270 Park Avenue—a striking, all-electric skyscraper that will redefine sustainable development in New York’s commercial core. In true Foster form, it’s ambitious without being overbearing. It points us toward where we’re headed: greener, smarter, more human.

For those of us who love this city, Foster’s buildings are more than landmarks—they’re reminders to stop, look up, and take it in. Progress and beauty, coexisting in the skyline we call home.

19 stories | Completed in 2015

A sleek mix of contemporary and classic, 551W21 features residences with high ceilings, wide windows, and Hudson-to-Midtown views. Amenities: 24-hour doorman, concierge, fitness, spa, lounge, children’s playroom, private parking, and top-floor penthouses with terraces (one with a rooftop pool).

43 stories | Completed in 2015

Rising 44 stories in the lush setting of United Nations Plaza, this Foster + Partners tower offers sweeping East River, NYC skyline, and UN Headquarters views. Inspired by Hearst Tower, it blends sustainability with style—recycled materials, insulated glazing, and a façade more than 50% solid. Deep bay windows and horizontal stainless-steel accents nod to Art Deco, while reflective panels give the building a jewel-like elegance.

63 stories | Completed in 2018

Rising 64 stories with a folded glass façade, Selene has drawn A-list residents like George Clooney and Cindy Crawford. One globe-trotting couple turned to frenchCALIFORNIA to craft a serene, high-style pied-à-terre that matches the tower’s breathtaking views.

46 stories | 856,000 square feet | Completed in 2006

Hearst Tower brought a 1920s vision to life—William Randolph Hearst’s six-story Art Deco base crowned by a striking 44-story tower designed by Foster + Partners. Floating above the historic façade with a glass “skirt,” the tower features a dramatic diagrid frame and an airy, six-story lobby. It was also Manhattan’s first LEED Gold office tower, built with 85% recycled steel and designed to use 25% less energy.

This week's eye candy: a home in Bellevue, Washington:

$79,000,000

A one-of-a-kind presence on Lake Washington, Triptych is the vision of renowned architect Tom Kundig. The rare 3+ lush acres with 434± ft of flat waterfront affords unparalleled privacy. Kundig’s iconic details are highlighted throughout the design, materials and interior features. A home conceived for entertaining—both large and intimate—integrating art, nature and exceptional panoramic views. All the luxury amenities one expects are present: dock, lakeside pavilion, pool, large detached gym, 10,000+ bottle wine cellar, elevator & more. Triptych offers a once-in-a-lifetime opportunity to own an eminently livable, architecturally significant Tom Kundig masterpiece in an unmatched setting.

6 BD | 6 BA | $38,500,000

Located in one of Fifth Avenue’s most celebrated Rosario Candela designed cooperatives, this grand-scale, full-floor residence embodies the very essence of luxury New York living. A gracious corner living room, oversized formal dining room, and richly paneled library, each with a fireplace and sweeping Central Park views, create a remarkable setting for refined entertaining and everyday living.

6 BD | 7 BA | 2 HB | 9532 SF | $87,500,000

With unique conservatories, private balconies, or terraces in nearly all residences, 140 Jane Street provides an enticing blend of indoor and outdoor living, alongside a collection of beautifully appointed amenities including a porte-cochere, automated parking garage, lap pool, hot tub, and private park.

3 BD | 3.5 BA | 3022 SF | $13,300,000

443 Greenwich's original grand and historic, land-marked facade has been meticulously restored and its interiors transformed by CetraRuddy Architects. Located in Tribeca, 443 Greenwich offers an unparalleled combination of space, luxury finish, location, and privacy.

If you’d like to receive my full newsletter, featuring insights on real estate, architecture, and curated city life straight in your inbox, sign up by clicking below: