Nearly 400 people working in and with the New York City real estate industry, from brokers to builders, attorneys to those who stage properties, on Thursday united for awards singling out residential deals of the year, honoring community service and raising money for industry professionals facing adversity.
The Real Estate Board of New York or REBNY, which includes about 14,000 members, at Guastavino’s on the East Side of Manhattan held its 37th Residential Deal of the Year Benefit and Awards and raised money for the REBNY Member in Need Fund.
The residential sale of a year, in which a Broadway producer paid a record price for an apartment previously owned by another producer, had drama after a decade in which the apartment went on and off the market.
“REBNY has been a steady force behind New York’s real estate community in good times and bad,” master of ceremonies Dave Price said of the more than 130-year-old group. “Regardless of what side of the aisle you sit on.”
While to many, affordability is the key apartment issue, the group at this event raised money to help brokers facing adversity, from medical to financial.
“The member in need fund is one of the most meaningful ways that REBNY supports our members,” Beth Gittleman, of Compass, said.
Maria Octavio, of City Sphere, on video said the fund helped her amid cancer and Covid. “It’s good to know that we have this umbrella that can help take the rain away,” she said.
While real estate has become a battleground amid talk of new taxes and concerns over exits from New York, many said and statistics support that much of the market remains robust.
Manhattan residential prices as of March were up 6.0% year over year to a median price of $1.3 million, according to Redfin.
Jonathan Helfer, a partner at Romer Debras, which handles a wide range of real estate transactions, quoted a colleague who referred to a “two-speed market” depending on location and condition.
“We’re seeing a big uptick in the market particularly the higher end with more volume in transactions,” Helfer said. “We’ve been seeing more bidding wars and multiple offers.”
He believes a return to the office with fewer remote workers and low inventory drive demand. “It’s not the foreign money we saw years ago,” Helfer added.
Cathy Hobbs, owner of staging company Cathy Hobbs Design Recipes, said she is seeing “a tremendous amount of movement” with highest end properties “not moving as quickly.”
“They’re New Yorkers, people coming back to the city,” she said. “Families buying two and three properties that are move-in ready. They’re not looking for a lot of worry and work.”
Jessica Cloonan, a licensed real estate broker at Corcoran and winner of last year’s rental deal of the year, said uncertainty takes its toll.
“Buyers are still timid,” she said, “and we are all collectively working harder to help them understand that the market is growing stronger.”
She added that in addition to Manhattan, “Brooklyn continues to be hot,” although buyers are “more timid” about coops.
Talk of a possible pied a terre tax and incentive cuts remain a backdrop to a still robust market.
“People are afraid and think that New York does not want their money,” Cloonan said. “In reality, New York does very well through real estate.”
Deal of a lifetime
The Residential Sale of the Year award went to Rick Kelly, who founded Alta Real Estate four years ago, representing the seller, and Jeremy Stein of Sotheby’s International Realty who represented the buyer.
“The real estate market is very active in New York City, because people are still buying in New York for all of the right reasons,” Kelly said. “It’s a great long-term investment.”
Kelly handled the sale of a penthouse in the Theater District where sales efforts failed for a decade. “Most saw a dead deal,” Compass Co-chair Rebecca Mason said. “He saw an opportunity and a challenge worth taking on.”
Kelly said the “apartment was a memory” for the owner who eventually sold it to another Broadway producer for $6.6 million.
They closed the deal after negotiating how to handle auction agreement fees, marking one of Midtown’s highest resales in recent years.
“Business is great,” Kelly said. “When you do a really difficult sale, it makes you believe in yourself even more.”
Deal makers
The Residential Rental Deal of the Year Award went to Dakota Scotto and Lawrence Rich of Compass for a penthouse rental – where they opted out of an offer.
When an initial above-asking price offer ran into problems and missed deadlines, they went with another buyer at asking price. The brokers later found out the person who made the initial offer was arrested on serious charges.
Bess Freedman of Brown Harris Stevens Residential Sales LLC was greeted with a standing ovation when she won The Henry Forster Memorial Award, while William Abramson of Buchbinder & Warren won The Eileen Spinola Award for Distinguished Service.
Abramson said it was a privilege to win that award “and to now join the prestigious group of previous recipients.”
Beth Gittleman of Compass was named Residential Agent of the Year and Lauren Weigand of Compass won as Residential Rookie of the Year.
Sara Rotter, of Brown Harris Stevens, said Weigand has “been instrumental in record setting deals.”
“She didn’t just enter the industry. She made an entrance,” Robert Glessman of Douglas Elliman added. “Once she started, she didn’t slow down.”
Barbara Fox of Brown Harris Stevens Residential Sales and John Wollberg of Side won the Industry Champion Award.
While some residents eye exits, many nationwide are looking toward New York City. From October to December of 2025, 32% of Manhattan homebuyers considered moving out of Manhattan, while 68% searched within the metropolitan area, according to Redfin.
Meanwhile, 3% of homebuyers nationwide searched to move into Manhattan, led by Los Angeles homebuyers, Redfin said. Miami was the most popular destination among Manhattan residents moving elsewhere, followed by Boston and Philadelphia.
Interest rates haven’t lowered sale prices as the average rate on a 30-year fixed mortgage rose to 6.18 percent in March, from 6.05 percent in February, below 6.65 percent a year ago.
“This event is always a fantastic opportunity to connect,” Rebecca Mason, of Compass, said as the night drew to a close. “It’s even more meaningful to know that tonight’s proceeds will provide future members in need grants.”