New York real estate closes the year with a clear message: capital is still moving, but only where conviction holds. This episode breaks down more than $1 billion in Manhattan office refinancings, sharp valuation resets in the investment sales market, and outsized capital commitments to luxury retail and high-rise development. From Midtown to the Financial District, the through-line is discipline — refinancing strength at the top, price discovery below, and selective investment across residential, affordable housing, and hospitality as the market heads into the next cycle.

This episode examines where capital is concentrating as New York’s market continues to reprice. From hotel ground leases and discounted office towers to massive multifamily refinancings and record-setting luxury sales, today’s report breaks down who’s buying, who’s under pressure, and why Midtown remains the focal point for institutional conviction. A clear look at the spread between stability and distress as the market reshapes itself heading into year-end.

Foreign capital didn’t just return to New York in 2025 — it accelerated. In today’s episode of Best & Final, we break down why international investors doubled their multifamily spending, where global buyers are quietly shifting their focus, and how corporate giants like Apple and J.P. Morgan are anchoring the next phase of the city’s commercial revival. From adaptive-reuse megaprojects to blockbuster refinancing deals, this is the intelligence behind New York’s momentum — and what it means for those looking to buy, build, or invest strategically.