Rising rates of interest and political hurdles didn’t cease New York Metropolis actual property, and regulation corporations cashed in.
Not solely has New York’s workplace market boomed (on tempo for its finest yr since 2000 with 19.6 million sq. ft already leased halfway through 2026), however luxurious residential has additionally damaged information (contracts for brand new condos priced at or above $10 million almost doubled within the second quarter in comparison with the identical interval final yr).
Behind the scenes, the town’s prime regulation corporations facilitated the uptick.
The Actual Deal ranked regulation corporations based mostly on evaluation of publicly out there Manhattan, Brooklyn and Queens business and residential property sale documentation spanning the yr that ended Aug. 1, 2026, with regulation corporations credited in circumstances the place they represented the customer, aside from co-op gross sales, the place corporations representing the vendor had been credited. Legal professionals noticed deal quantity improve with shoppers who introduced newfound urgency to tying up their largest transactions.
Fried Frank retained its prime spot on TRD’s evaluation of the town’s prime corporations, overseeing $2.8 billion in offers throughout 28 transactions. In certainly one of its extra noteworthy transactions, the regulation agency dealt with the advanced air rights portion of Extell Improvement’s $500 million deal to finish a Park Avenue assemblage.
In the meantime, Greenberg Traurig facilitated $2.5 billion throughout 20 offers, incomes it second spot on TRD’s listing, up from No. 7 in 2025. “Our follow previously yr has mirrored a flight to high quality,” Stephen Rabinowitz, co-chair of the agency’s actual property group, stated of the workplace market in Manhattan and its model recognition amongst home and abroad patrons.
“When international shoppers come to the States … New York continues to be the prize,” Rabinowitz stated.
Whereas Greenberg Traurig has represented each patrons and sellers within the business market, the agency additionally seemed past Manhattan workplace area this yr to characterize patrons 5 Holdings and the Pacha Group of their $110 million acquisition of the Avant Gardner leisure venue, residence of the Brooklyn Mirage in East Williamsburg.
Luxury resi resurgence
Romer Debbas, No. 3 on this yr’s listing after tying for the second spot in 2025, received greater than 500 offers throughout the end line to the tune of greater than $1.8 billion. Co-founders Michael Romer and Pierre Debbas reported the busiest second quarter in 5 years, regardless of forces that traditionally would have chilled market exercise like much less industry-friendly laws and better rates of interest.
“Persons are saying, ‘These exterior elements gained’t final eternally and that is the most effective shopping for alternative I’ve seen in 15, 20 years, I’d reasonably purchase in and benefit from this chance and be lengthy on New York,’” stated Romer.
Romer Debbas labored on a report variety of offers for the agency above $30 million, Debbas stated, noting a resurgence in demand for Higher East Aspect co-ops. Why now? Consumers are anticipating onerous restrictions will ease as a youthful technology of board members takes over buildings.
A number of legal professionals additionally talked about sustained exercise in Tribeca, significantly in ultra-luxury condominium buildings like 80 Clarkson. Effectively-heeled patrons flocking to Brooklyn townhouses remained an space the place restricted stock is constantly met with sustained purchaser curiosity.
Time is of the essence
A change away from financing was one other development this previous yr, in line with Yeung & Wang founding associate Jeremy Wang. “Who’s profiting from this time? Money patrons,” Wang stated. His agency closed greater than 570 offers and ranked eighth.
Lots of the legal professionals who oversaw probably the most offers this yr agreed that their shoppers had been finally undeterred by the town’s new tax, a second-home surcharge, regardless of preliminary trepidations in regards to the elevated annual funds and glitchy rollout.
The companions at Konner Gershburg Melnick Darouvar can attest to that dynamic.
When the pied-à-terre tax was first unveiled, there was initially a quick pause in deal circulation.
“And you then delve into the specifics and also you understand not that there’s workarounds, however that there are exemptions and lots of people who’re shopping for could qualify for them,” associate Sharon Darouvar stated. “There’s been an uptick because the summer season when it comes to deal circulation and value factors.”
Konner was fourth on this yr’s listing, with the very best variety of transactions — greater than 620 offers — totaling $1.5 billion in worth.
The work lifted everybody on the listing.
“The summer season was seemingly the busiest summer season of closings that I’ve had in 22 years of follow, seemingly as a result of the spring was so strong,” Sandor Krauss stated. His agency closed greater than 300 offers totaling greater than $900 million within the yearlong interval ended August, incomes the quantity 9 spot on this yr’s listing.
“There have been much more individuals simply getting off the sidelines,” Krauss stated.
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