Rising interest rates and political hurdles didn’t stop New York City real estate, and law firms cashed in.
Not only has New York’s office market boomed (on pace for its best year since 2000 with 19.6 million square feet already leased halfway through 2026), but luxury residential has also broken records (contracts for new condos priced at or above $10 million nearly doubled in the second quarter compared to the same period last year).
Behind the scenes, the city’s top law firms facilitated the uptick.
The Real Deal ranked law firms based on analysis of publicly available Manhattan, Brooklyn and Queens commercial and residential property sale documentation spanning the year that ended Aug. 1, 2026, with law firms credited in cases where they represented the buyer, except for co-op sales, where firms representing the seller were credited. Lawyers saw deal volume increase with clients who brought newfound urgency to tying up their biggest transactions.
Fried Frank retained its top spot on TRD’s analysis of the city’s top firms, overseeing $2.8 billion in deals across 28 transactions. In one of its more noteworthy transactions, the law firm handled the complex air rights portion of Extell Development’s $500 million deal to complete a Park Avenue assemblage.
Meanwhile, Greenberg Traurig facilitated $2.5 billion across 20 deals, earning it second spot on TRD’s list, up from No. 7 in 2025. “Our practice in the past year has reflected a flight to quality,” Stephen Rabinowitz, co-chair of the firm’s real estate group, said of the office market in Manhattan and its brand recognition among domestic and overseas buyers.
“When foreign clients come to the States … New York is still the prize,” Rabinowitz said.
While Greenberg Traurig has represented both buyers and sellers in the commercial market, the firm also looked beyond Manhattan office space this year to represent buyers Five Holdings and the Pacha Group in their $110 million acquisition of the Avant Gardner entertainment venue, home of the Brooklyn Mirage in East Williamsburg.
Luxury resi resurgence
Romer Debbas, No. 3 on this year’s list after tying for the second spot in 2025, got more than 500 deals across the finish line to the tune of more than $1.8 billion. Co-founders Michael Romer and Pierre Debbas reported the busiest second quarter in five years, despite forces that historically would have chilled market activity like less industry-friendly legislation and higher interest rates.
“People are saying, ‘These external factors won’t last forever and this is the best buying opportunity I’ve seen in 15, 20 years, I’d rather buy in and take advantage of this opportunity and be long on New York,’” said Romer.
Romer Debbas worked on a record number of deals for the firm above $30 million, Debbas said, noting a resurgence in demand for Upper East Side co-ops. Why now? Buyers are anticipating onerous restrictions will ease as a younger generation of board members takes over buildings.
Multiple lawyers also mentioned sustained activity in Tribeca, particularly in ultra-luxury condo buildings like 80 Clarkson. Well-heeled buyers flocking to Brooklyn townhouses remained an area where limited inventory is consistently met with sustained buyer interest.
Time is of the essence
A switch away from financing was another trend this past year, according to Yeung & Wang founding partner Jeremy Wang. “Who is taking advantage of this time? Cash buyers,” Wang said. His firm closed more than 570 deals and ranked eighth.
Many of the lawyers who oversaw the most deals this year agreed that their clients were ultimately undeterred by the city’s new tax, a second-home surcharge, despite initial trepidations about the increased annual payments and glitchy rollout.
The partners at Konner Gershburg Melnick Darouvar can attest to that dynamic.
When the pied-à-terre tax was first unveiled, there was initially a brief pause in deal flow.
“And then you delve into the specifics and you realize not that there’s workarounds, but that there are exemptions and a lot of people who are buying may qualify for them,” partner Sharon Darouvar said. “There’s been an uptick since the summer in terms of deal flow and price points.”
Konner was fourth on this year’s list, with the highest number of transactions — more than 620 deals — totaling $1.5 billion in value.
The work lifted everyone on the list.
“The summer was likely the busiest summer of closings that I’ve had in 22 years of practice, likely because the spring was so robust,” Sandor Krauss said. His firm closed more than 300 deals totaling more than $900 million in the yearlong period ended August, earning the number nine spot on this year’s list.
“There were a lot more people just getting off the sidelines,” Krauss said.
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