Albert Dweck and Duke Properties

Albert Dweck: “Manhattan’s cash-fueled luxury demand shows resilience, stability — and long-term strength for NYC.”

A Tale of Two Markets — But One Enduring Truth: Manhattan Still Delivers

As the latest data reveals, nearly 7 out of 10 Manhattan homes sold in Q2 2025 were all-cash purchases — a record that underscores deep-rooted confidence in New York City real estate, especially among luxury buyers.

For Albert Dweck, CEO of Duke Properties, the message is clear: “Despite uncertainty in the broader economy, the high-end Manhattan buyer is doubling down on long-term value. And that’s a powerful vote of confidence in our city’s future.”

Luxury Buyers Lead, But Opportunity Awaits the Rest of the Market

While the upper 10% of the Manhattan market — homes priced $4.5 million and up — continues to thrive, many other segments are experiencing softer growth, rising financing contingencies, and longer decision cycles.

“It’s a bifurcated market, but that’s not a weakness — it’s an indicator,” says Dweck. “It tells us where confidence lives today, and where the next phase of growth could ignite tomorrow.”

Smart Investment Amid Uncertainty

Duke Properties sees this moment not as a time to hold back, but to target investments strategically in properties that align with emerging patterns of demand — especially in prime neighborhoods where long-term value is deeply entrenched.

“Smart capital is flowing to Manhattan because it offers more than square footage — it offers resilience,” Dweck explains. “At Duke Properties, we’re actively exploring high-quality assets that serve today’s lifestyle: wellness-focused amenities, sustainability, and long-term livability.”

From Midtown to Tribeca, Stability Meets Sophistication

As inventory in Manhattan’s luxury market shrinks by over 21% year-over-year, competition is intensifying — yet Duke Properties views this as a positive constraint that will support sustained price strength.

“When luxury buyers compete for fewer listings, it protects value. But it also challenges developers like us to raise the bar in both design and execution,” adds Dweck. “This is what we welcome — a higher standard, backed by serious buyers.”

Looking Ahead: Duke’s Commitment to Thoughtful Growth

Whether it’s a first-time buyer facing mortgage uncertainty or an international investor writing a seven-figure check, Duke Properties believes trust, transparency, and timeless design are the pillars that keep Manhattan real estate unmatched globally.

“Our role isn’t to guess what the market will do next,” Dweck concludes. “It’s to create homes that matter — and to lead with a clear vision when others pause. That’s how Duke Properties builds in every cycle.”

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