The midterms are behind us. The fundamentals of New York real estate still point up.

The midterms are behind us. The fundamentals that drive New York real estate did not change on Tuesday, and most of them point up.

Governor Hochul won a second term by about 20 points, Democrats widened their majorities in Albany with more tenant-aligned progressives, and city voters passed all five of Mayor Mamdani’s charter measures, including Question 4, which folds 40 kinds of permits from 18 agencies into one Department of Buildings portal. The governor says she wishes she had fought harder for housing in her first term and has promised a new five-year plan, so expect a push on supply next session, along with fights over expanding rent regulation and a proposed pied-à-terre tax that owners and buyers should watch.

My read is optimistic, because demand is doing the work. Manhattan has leased more than 10 million square feet of office space in each of the last four quarters, something it last did in 2002, and Class A asking rents are at an all-time high. The New York metro now employs more tech workers than the Bay Area for the first time in the 13 years CBRE has kept score. Manhattan’s median rent set another record in September at $5,395, and the city’s own planners say we need roughly 700,000 more homes over the next decade; faster permitting helps, but the new system is not required to launch until 2030. More people and more paychecks are competing for a housing stock that cannot grow fast enough, and over time that puts upward pressure on prices.

This week’s ten run from a $1,150,000 penthouse triplex in Williamsburg to a $24,995,000 Tribeca penthouse with the whole roof to itself. Seven are in Manhattan and three in Brooklyn. If one pulls at you, reply and we’ll set up a private tour.