It's been five years since COVID-19 upended life across the globe — but few U.S. cities felt the disruption more profoundly than New York. As one of the earliest epicenters, NYC endured deeper dislocation, faster behavioral shifts and more a dramatic real estate cycle than almost any other market in the country. From the transaction frenzy of 2021 to the sharp slowdown of 2023, the city has swung between extremes.