New York City's real estate market is telling two very different stories. While homeowners across the five boroughs are walking away with a median profit of $70,000, Manhattan stands alone as the only borough where sellers are losing money, according to a new report from PropertyShark.
The report, which analyzed nearly 15,000 residential transactions dating back to 2005, found that Manhattan sellers absorbed a median net loss of $24,000 after accounting for taxes and broker fees. That's a stark contrast to the outer boroughs, where long-term owners are cashing in on record gains.
Luxury Condo Glut Hits Manhattan Hard
The culprit? An oversupply of high-end apartments. A wave of luxury development that began around 2013, particularly along Billionaires' Row and in Lower Manhattan, inflated purchase prices beyond what the resale market can now support. As a result, 59% of condominiums and 54% of co-ops in Manhattan were sold at a loss.
The Financial District was the hardest hit neighborhood, with sellers losing a median of $113,000. Central Park South wasn't far behind, with a median loss of $92,000 per transaction. These numbers reflect a market where buyers who entered during the boom are now forced to sell into a softer landscape.
For Latino homeowners in Manhattan, many of whom bought during the pandemic or earlier boom years, this could mean tough decisions. If you're considering selling, it's worth checking if you qualify for New York's STAR property tax relief, which could ease some of the financial pressure.
Outer Boroughs Shine
Across the East River, the picture is dramatically different. Staten Island led the city with a median profit of $164,000 per sale, thanks to a low number of co-ops and limited speculative development. Brooklyn followed closely with a median gain of $159,000, driven by two- and three-family homes in neighborhoods like Borough Park and Ocean Hill, where returns hit a city-high $439,000.
The Bronx and Queens also posted solid gains, with median profits of $98,000 and $95,000, respectively. These numbers reflect the enduring value of multi-family properties and the steady demand for housing outside Manhattan's core.
For Latino families in Brooklyn and Queens, many of whom own multi-unit buildings, these profits can be life-changing. But as Manhattan rents hit record highs, the pressure on outer borough housing supply continues to grow.
Timing Is Everything
The report also highlights how purchase timing shapes returns. Buyers who entered the market between 2009 and 2012, during the post-financial-crisis recovery, saw the biggest windfalls, with a median profit of $206,000. In contrast, those who bought during the pandemic price surge of 2020 to 2023 eked out a median gain of just $9,000 citywide.
Manhattan buyers from the 2013–2019 luxury boom fared worst, losing a median of $71,000 upon resale. This underscores how market timing can make or break a real estate investment, especially in a borough where prices are tied to global capital flows and speculative development.
For Latino homeowners considering a sale, the lesson is clear: know your market timing and neighborhood dynamics. Whether you're in Washington Heights or Williamsburg, the right strategy can mean the difference between a loss and a solid return.
