F
rances Katzen, an associate broker at Douglas Elliman in Manhattan, is a leading figure in the city's real estate market. As founder and leader of The Katzen Team, she has achieved over $3 billion in total sales and consistently sells more than $350 million annually. Her expertise extends to hosting a respected podcast discussing trends and market data.

    New York City's real estate market is gaining momentum as summer ends. Despite ongoing political uncertainty, buyers and sellers remain cautiously optimistic. Manhattan sales activity is increasing, with new contracts rising 20% year-over-year in July. While inventory levels have increased, demand has kept pace, and new signed contracts continue to outstrip listings. The top end of the market is particularly strong, with a median price exceeding $6.5 million, an 18% increase from last year. Almost 70% of deals closed in cash.

    Buyers and sellers are factoring the mayor's race into their decisions, with some hesitant due to election uncertainty. However, need-based buyers and sellers continue to transact as life events don't wait for politics. Some see this moment as a buying opportunity, while others are waiting until the election wraps up.

    The upcoming mayoral election will likely influence housing policy, which could impact the market's trajectory. If the city discourages developers or private landlords with heavier burdens, it may reduce investment and lead to a supply squeeze. This would ultimately hurt renters and buyers across the board. Despite this risk, New York City's fundamentals remain intact, including its global draw, deep employment base, and cultural gravity.

    Katzen is representing Penthouse 15A at 108 Leonard Street, now asking $10.5 million. The two-floor penthouse offers ample outdoor space.