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FEBRUARY 2026 MANHATTAN MONTHLY TAKE |
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| John Walkup from UrbanDigs is making an interesting prediction: unrenovated co-ops might be the standout success story of 2026!
Here’s why - sellers typically regard their years of ownership as an enhancement rather than a defect. What they perceive as a minor cosmetic update, buyers interpret as a $500,000 renovation and a year of temporary housing. This difference in perception has dampened demand for unrenovated properties, but by 2026, the discounts could become too significant to overlook.
Several factors contribute to this shift. Firstly, after a prolonged period where buyers preferred move-in-ready homes and paid higher prices to avoid renovations, this trend seems to be changing. Buyers who are patient, value-focused, and open to living through renovations have always found the best bargains in older units, particularly in a market characterized by limited supply and persistent pricing. Additionally, the declining availability of new development projects may attract more interest in unrenovated co-ops, especially among luxury buyers who struggle to find suitable options.
In both scenarios, there exists a lucrative arbitrage opportunity. If the market undervalues unrenovated homes by $500,000, while a smart renovation costs only $350,000, there is a $150,000 value gap to exploit. This opportunity is tangible for those willing to take on the renovation journey, and 2026 could be the year it comes to fruition. |
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Want to learn more about the market? |
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Read on and get our FEBRUARY Take: |
| ✦ New Development Spotlight: The Myles 142 West 21st Street ✦ Food News: 🍷 NYC’s Most Romantic Spots for V-Day🍷 ✦ Celeb Real Estate Buzz ✦ NYC lifestyle: ❄️ Our Team's Fave Boots for this Season! ❄️
Let's talk soon! Stacey and Julie |
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New Development Spotlight |
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| | 142 West 21st Street "The Myles" (btwn 6th and 7th Avenue) |
| ✦ Developer: Grid Group ✦ Architect: BKSK Architects ✦ 13-story ✦ 22-unit luxury condominiums ✦ 2-3 Bedrooms ✦ Pricing ~$3M+ ✦ Full-floor residences and terraces ✦ Amenities include a roof terrace ✦ Estimated date of completion September 2026
*Photo credits to the building website |
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🍷 NYC’s Most Romantic Spots for V-Day 🍷 |
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| | ✦ Le Bernardin: This three-Michelin-star restaurant has been one of NYC's most critically acclaimed restaurants for the last 20 years, and is perfect for special occasions! The prix-fixe tasting menus celebrate pristine seafood—in a delicious, artful, and sophisticated way. Eat in the main dining room for a more formal experience and the lounge if you prefer more casual dining. 155 W 51st Street (btwn 6th and 7th Avenue)
✦ Buvette: This tiny and charming all-day dining West Village eatery will transport you to Paris! The candlelit tables set the mood for a romantic date night. The carrots, the brandade, and the cheese plate for dessert are the way to go. 42 Grove Street (btwn Bedford and Bleecker Street)
✦ Lilia: hands down - one of the best Italian restaurants in the city! The design is understated and very rustic chic. Pair the Rigatoni Diavola with any of their fantastic wines, and you will be in heaven! 567 Union Avenue (btwn N 10th and Roebling Street) |
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| Celeb Real Estate Rundown |
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✦ Amy Schumer SOLD at 19 Cranberry Street in Brooklyn Heights for $11M: A 5-bed, 3.5-bath, 5,568 sf townhouse featured in "Moonstruck" with high ceilings, original French doors with etched glass paneling, and a landscaped garden.
✦ Amy Schumer PURCHASED 14B at 279 Central Park West for $6.25M: This 3-bed, 3.5-bath home offers breathtaking views of Central Park, a sun-filled great room, and a Carrara marble chef’s kitchen.
✦ Steve Buscemi SOLD at 460 5th Street for $4.99M: This 5-bed, 3,672 sf Park Slope brownstone was built in 1901 and retained much of its historic charm and located only 2 blocks from Prospect Park. |
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| ❄️ Our Team's Fave Boots for this Season! ❄️ |
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✦ Sorel: Waterproof and weather-ready with faux-fur $150
✦ LL Bean Boots: Timeless American style & shearling lined $289
✦ Aquatalia: Italian style with faux fur lining & lug sole $550 |
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How is the Luxury Market YTD? Residential Properties In Contract $4MM and above |
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| | | January 2026: 26 January 2025: 22 |
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| | | January 2026: 66 January 2025: 64 |
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| | | January 2026: 4 January 2025: 3 |
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| | | January 2026: 15 January 2025: 15 |
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| | | January 2026: 111 January 2025: 104 |
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| | | January 2026: 6% January 2025: 8% |
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| | | January 2026: 585 January 2025: 660 |
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Which Kanbar Kopel Team Listing is your Favorite? |
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| | 2 BD | 2 BA | $849,000 | Active |
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| | | | 2 BD | 2 BA | $7,995 | Rental |
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| | | 2 BD | 2 BA | $1,525,000 | In Contract |
| | | 3 BD | 2 BA | $1,350,000 | In Contract |
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| | | | 2 BD | 2 BA | $1,695,000 | In Contract |
| | | 2 BD | 2 BA | $1,250,000 | In Contract |
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| | | 3 BD | 4 BA | $6,200,000 | Sold |
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| | 2 BD | 2 BA | $4,650,000 | Sold |
| | | 2 BD | 3 BA | $4,250,000 | Sold |
| | | 3 BD | 2 BA | $2,600,000 | Sold |
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| | | | 4 BD | 4 BA | $4,500,000 | Sold |
| | | 2 BD | 3 BA | $3,700,000 | Sold |
| | | 3 BD | 3 BA | $2,395,000 | Sold |
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| | | 2 BD | 3 BA | $2,195,000 | Sold |
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| | | | 2 BD | 2 BA | $1,395,000 | Sold |
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| | | 1 BD | 1 BA | $749,000 | Sold |
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| | | | 1 BD | 1 BA | $535,000 | Sold |
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| | | 6 BD | 12 BA | $16,000,000 | Sold |
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| | | 8 BD | 10 BA | $12,000,000 | Sold |
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| | | | 4 BD | 5 BA | $4,999,999 | Sold |
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| | | 3 BD | 4 BA | $4,375,000 | Sold |
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| | | | 3 BD | 4 BA | $4,300,000 | Sold |
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| | | 4 BD | 4 BA | $4,250,000 | Sold |
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| | | | 4 BD | 4 BA | $3,712,500 | Sold |
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| | | 3 BD | 3 BA | $2,500,000 | Sold |
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| | | | 2 BD | 2 BA | $2,475,000 | Sold |
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| | | 3 BD | 3 BA | $2,395,000 | Sold |
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| | | | 2 BD | 2 BA | $2,275,000 | Sold |
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| | | 1 BD | 1 BA | $1,900,000 | Sold |
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| | | | 2 BD | 2 BA | $1,850,000 | Sold |
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| | | 3 BD | 2 BA | $1,400,000 | Sold |
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| | | | 2 BD | 3 BA | $1,325,000 | Sold |
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| | | 2 BD | 2 BA | $1,300,000 | Sold |
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| | | | 1 BD | 1 BA | $499,000 | Sold |
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Want to see more listings? |
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Office: 646-982-0353 Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |
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