Manhattan Cash Dominance Contrasts Outer Borough Mortgage Reliance

Cash transactions dominate the Manhattan real estate market for co-op and condo purchases, reflecting a preference among buyers for quick and straightforward transactions. In contrast, the outer boroughs continue to rely heavily on mortgage financing, even amid rising property prices in areas like Brooklyn. Notably, this trend spans the entire market spectrum, from luxury properties to more affordable units. According to a recent Property Shark report, since the beginning of 2025, approximately 60% of Manhattan apartment sales have been completed with all cash, marking the highest proportion among New York City's five boroughs. Meanwhile, in Staten Island, about 77% of sales involved financing through mortgages; Queens saw around 67%, and the Bronx had roughly 60% of transactions financed, with the remaining 40% paid in cash—likely indicative of investor activity in lower-priced segments. Brooklyn, experiencing a surge in demand and record-high prices over the past five years, still sees around two-thirds of sales financed via mortgages, even amid the development of luxury projects reshaping its neighborhoods. While high-profile areas like Billionaires' Row and Central Park Sout...