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.