Manhattan is running out of new construction.

The pipeline numbers are hard to ignore. New development inventory is down 62% over the past year, and buyers signed just 12 contracts for sponsor units asking $4M and up in the last four weeks, not for lack of demand but for lack of product. Overall luxury activity held steady with 27 contracts at $4M and above last week, and the biggest deal, a Soho penthouse asking $27M, never even reached the public market.

The takeaway cuts both ways, and I am living it with my clients right now. On the new development side, one of my clients just acquired a gut renovated sponsor sale at 155 West 68th Street, negotiated in exactly this window while sponsors are still flexible. On the character side, another of my clients just went into contract on a four-level home in an 1848 townhouse on a cobblestone stretch of Horatio Street, with four wood-burning fireplaces. New or historic, scarce product rewards buyers who move with conviction.

This week’s ten leans into that split. An 1881 Tribeca penthouse and an 1843 Brooklyn Heights townhouse carry the history, while brand-new sponsor homes in Gramercy, the High Line corridor, and Boerum Hill carry the other side. Five are in Manhattan and five in Brooklyn. If one pulls at you, reply and we’ll set up a private tour this week.