FIFTHAvenue
Building Rental Activity
NoMad / Midtown South Sales Report
NoMad / Midtown South Rental Report
Four units are listed for sale at 325 Fifth, and August was another quiet month on this side of the building: no closing, nothing in contract, and nothing new to market. The board's one move was a price: #24F took another $50,000 off, to $1.05 million — its second cut.
The median ask now sits at $1,422,500, and time keeps accumulating: the average listing has been up 172 days, with #24F at 295. Three of the four have cut — both one-bedrooms, #8E at $950,000 and #24F at $1.05 million, and #18H at $1.795 million — while #41D holds its $2.45 million at sixty-six days. Its owner has also opened a second front: the same unit listed for rent at $10,500 on August 7.
Bottom line — Nine buyers closed in this neighborhood last month off a shelf of 151 listings, and they paid within three percent of ask — sharp pricing is what's clearing. The cuts made here are the right direction; #41D's owner has meanwhile put a floor under the wait by listing the unit for rent.
July's pipeline delivered: the two-bedroom that went to contract at $9,500 recorded its lease on August 19 — #29C, at full ask. That's the number the building's rental side now prices from.
The board behind it reset for the season: four units listed, none yet in contract. The one-bedroom, #12E, now asks $5,600 — down from $6,000 — and the three two-bedrooms ask $8,500 (#14C, down from $9,500), $8,900 (#12C, new August 15), and $10,500 (#41D, new August 7). The median ask is $8,700 and the average active has been up forty-six days, though two of the four arrived within the last month.
Bottom line — #29C just proved $9,500 for a two-bedroom here; three two-bedrooms are now testing the range around and above it. The one that prices closest to the proof signs first.
| Apt | Size | SF | Price | Reduction |
|---|---|---|---|---|
| 8E | 1 Bed | 688 | $950,000 $1,381/SF |
$19,000 (−2.0%) |
| 24F | 1 Bed | 688 | $1,050,000 $1,526/SF |
$100,000 (−8.7%) |
| 18H | 2 Bed | 1,198 | $1,795,000 $1,498/SF |
$100,000 (−5.3%) |
| 41D | 2 Bed | 1,280 | $2,450,000 $1,914/SF |
| Apt | Size | SF | Rent | Reduction |
|---|---|---|---|---|
| 12E | 1 Bed | 687 | $5,600 |
$400 (−6.7%) |
| 14C | 2 Bed | 1,282 | $8,500 |
$1,000 (−10.5%) |
| 12C | 2 Bed | 1,282 | $8,900 |
|
| 41D | 2 Bed | 1,280 | $10,500 |
Nine homes closed in NoMad and Midtown South over the past month, at a median of $1.75 million and $1,955 per square foot, ranging from $1,217,000 at the entry to a $7.15 million penthouse at the top. Sellers who closed gave up just 3.0% off final ask — one unit even closed $5,000 above it — while the month's longest sitter, up 416 days, gave 11.4%.
The market thinned on both sides in August: 96 homes actively listed against 31 in contract — down from one hundred twelve and thirty-five in July — which still works out to about ten and a half months of supply at August's closing pace, with closings averaging 87 days.
Bottom line — Fewer listings, fewer closings, and a tighter discount: the sellers still standing are the ones priced close to the number, and the 3% average discount shows buyers are meeting them there. With ten months of supply behind every deal, an ambitious ask still gets skipped, not negotiated.
Forty-five units rented across NoMad and Midtown South in thirty days, with thirty-four more in contract. The median lease signed at $6,096, the average at $7,138, and the range ran from $3,150 at the entry to $20,829 at the top.
The season turned in August: half of July's closing count against 194 active listings — up from one hundred forty-three — putting supply at about four and a third months at this pace. The tempo for well-priced units held, though: days on market averaged 43, carried by a few long sitters that finally cleared, while the typical lease came together in nineteen days.
Bottom line — Depth is thinner than July but real — the median lease is still quick. With the shelf growing, the market has choices again: price to the proof, not the peak, and a unit still moves in under three weeks.
New York, NY 10003