Manhattan and Brooklyn real estate is now more expensive than it has ever been, even adjusted for inflation. Wall Street, wealthy foreigners, and to a lesser extent tech. The numbers on a two bedroom in formerly desolate/prole places like the Lower East Side or Greenpoint don’t lie.
These numbers only hold up as long as there is a population that can afford property taxes of $1,000 per month or more; once that evaporates then the properties become difficult to sell. Happened in northeastern NJ when NYC lost a lof of jobs over the last seven years; once those high-paying jobs were gone (and they aren’t coming back), property values fell and many homeowners ended up “underwater” very quickly. When they tried to sell the homes, they couldn;t find buyers that were too eager to pay what amounts to basically a monthly rent in property taxes on top of the monthly mortgage.