Typically, in the weeks and days prior to a presidential election, real estate sales across America slump while awaiting a victor. But buyers, sellers and developers in the New York metropolitan area have experienced the opposite this year, seeing what they call a "pre-election bump." "The previous election, we're talking about 2019, let's say the kind of second and third quarter of 2019, we didn't see a bump in sales at all.
But suggests a growing sentiment among buyers who realize now is the time to secure prime real estate assets amidst potential regulatory or economic changes post-election," Witkoff added. Together, the New York City-based real estate juggernauts have seen a combined sales total north of $503 million this year alone just on projects across Manhattan. Most notably for Naftali, The Henry is located on the Upper West Side and 255 East 77th Street on the Upper East Side.
And while more than $2 billion has poured into election betting, the real estate developers were more bearish about whether their industry is expecting a Trump win as well. "The market’s current upswing seems driven by factors more than electoral outcomes alone, such as increased demand, promising rates and the continued appeal of New York City," Witkoff said. "The real estate landscape in New York prioritizes long-term stability.