In this episode, JamesEdition CEO Eric Finnas Dahlstrom speaks with Ian Slater, Real Estate Advisor at Compass and Founder at Trove Partners, about why high-net-worth buyers in New York are increasingly choosing to rent rather than purchase luxury property. Slater argues that the shift is not a question of capital: closing costs approaching 4.5% on a $10 million apartment, pied-à-terre taxes, and strong stock market returns have changed the economics of ownership for clients who can comfortably rent at $100,000 a month or more.
Slater describes a New York luxury market that is increasingly divided. The ultra-high-net-worth segment remains constrained by limited supply, while the middle market has seen more modest gains over the past decade. He also examines the changing buyer pool: international demand has declined since 2016, while technology-sector wealth is creating a new group of “pre-buyers” — clients with substantial equity but limited liquidity who are renting while they wait.
The conversation also explores the role of relationships in a market where some of the most desirable properties never reach public listings. Slater says around 90% of his clients come through direct introductions from existing clients, while access to off-market opportunities depends on relationships built across the industry.
New construction in prime Manhattan neighborhoods is priced between $3,000 and $10,000 per square foot, with supply limited by land prices, construction costs, and lengthy approvals.
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