Manhattan’s Luxury Deals Thrive After NYC Mayoral Election

11 November 2025

Manhattan’s luxury market is booming despite fears that Zohran Mamdani’s victory would push wealthy New Yorkers out of the city.

Buyers signed contracts for 41 homes asking $4 million or more last week, according to Olshan Realty’s weekly report. Twenty-four of those deals were inked after Tuesday night, when the results of the mayoral election were called in favor of the 34-year-old Assembly member from Queens.

Last week marked the first time 40 or more contracts were signed for luxury properties since late May. The number of pending deals was also up from the previous period’s total of 37.

In the weeks before the polls closed, headlines claimed a mass exodus of the city’s richest residents, largely citing agents from nearby suburban markets and South Florida. However, warnings of a flight are likely overblown, as several agents pointed out to The Real Deal last week, with some pointing to contract reports showing a market busy with high-priced deals.

The most expensive home to enter contract was a penthouse at 15 Hudson Yards, with an asking price just under $23 million. The 5,100-square-foot duplex initially asked $30 million when it was marketed off floor plans in 2016.

Unit PH88D has four bedrooms and seven bathrooms. It also features 26-foot-high ceilings, a double-sided fireplace and views of the Hudson River.

Amenities at the 285-unit building, developed by Related Companies and Oxford Property Group, include a fitness center, pool, ballroom and residents’ lounge.

Corcoran’s Hottinger Team and Arsic Lau Team had the listing.

The second priciest property to land a buyer was a unit at the Flatiron Building conversion, asking $19.4 million. Unit 3North is the first at the much-hyped project to show up in weekly contract reports, though Corcoran’s Steve Gold hinted at a forthcoming deal on Instagram last month, when he claimed to have represented the first buyer to sign a contract at the building.

The 4,800-square-foot condo has three bedrooms, four bathrooms and a great room overlooking Madison Square Park.

Amenities at 175 Fifth Avenue include a gym, lap pool, sauna, cold plunge and billiards room. The Brodsky Group and Sorgente Group are spearheading the conversion of the early 20th-century office building, which will hold 38 residential units. The first glimpse of pricing released by the developers included, among others, an $11 million three-bedroom unit and a $50 million five-bedroom condo.

Corcoran Sunshine, led by Donna Puzio and Angeli DeCecchis, is heading sales at the project.

Of the 41 homes, 25 were condos, nine were co-ops, two were condops and five were townhouses.

The properties asked a combined $311 million, which works out to an average price of $7.6 million and a median of $5.9 million. The typical home was on the market for more than a year and had a discount of 13 percent.