Manhattan’s luxury market cooled off last week following a burst of dealmaking around New York City’s mayoral election.
Buyers signed contracts for just 25 properties asking $4 million or more between Nov. 10 and Nov. 16, according to Olshan Realty’s weekly report. Though the total was significantly less than 41 contracts in the previous period, the number of pending deals was on par with last year’s weekly average.
Even with the dip, 2025 is shaping up to be the second-best year for the borough’s luxury market since Olshan began tracking deals nearly two decades ago. So far this year, buyers have signed contracts for more than 1,320 luxury homes, up from under 1,300 in all of 2024.
The most expensive home to land an inked deal was a penthouse at the Naftali Group’s 255 East 77th Street, asking $24 million. The 5,500-square-foot condo, which hit the market in August, has six bedrooms and six bathrooms.
Unit PHC also features a formal dining room, views of Central Park and two loggias. It’s one of 62 units in the Upper East Side development, 51 of which have found buyers with asking prices averaging roughly $2,800 per square foot.
Amenities in the Robert A.M. Stern-designed building include a fitness center, sauna, pool and porte-cochere. Sales at the development, which launched last year, are headed by a team with Compass’ development marketing arm, including Alexa Lambert, Alison Black and Shelton Smith.
The second priciest home to find a buyer was a condo at 160 West 12th Street, asking $15 million. The apartment, which hit the market in September, last traded for $10 million in 2016.
Unit 104 spans 2,900 square feet and has three bedrooms and three bathrooms. It also features a landscaped terrace, wood-paneled library and windowed chef’s kitchen. Amenities in the building, known as the Greenwich Lane, include a pool, hot tub, fitness center and golf simulator.
Compass’ Michael Johnson and Hayim Nommaz of the Johnson & Nommaz Team had the listing.
Of the 25 properties, 17 were condos, four were co-ops, one was a condop and three were townhouses.
The homes asked a combined $197 million, which works out to an average price of $7.9 million and a median of $6.9 million. The typical home was on the market for nearly two years and had a discount of 4 percent.
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