Manhattan’s high-end real estate market began February with a notable increase in contract activity, particularly for properties priced at $10 million or more. According to data from Olshan Realty, 36 contracts were signed last week for homes asking at least $2 million, with 13 of those contracts involving properties listed at eight figures. This is the highest number of weekly contract signings in that price range since October 2024.
A significant contributor to this surge was a new condominium development at 1122 Madison Avenue by Legion Investment Group and Nahla Capital. The building accounted for four of the $10 million-plus contracts last week and has already sold half of its 26 units, each averaging nearly $4,300 per square foot since sales began less than a month ago.
In total, the week saw 22 condo deals, seven co-op agreements, six townhouse contracts, and one condop transaction. The combined value of these contracts exceeded $370 million, up from almost $313 million across 33 contracts the previous week.
The most expensive deal last week involved two units on the 78th floor of 432 Park Avenue. These units were previously part of a legal dispute between CIM Group and developer Harry Macklowe. Two sources familiar with the matter told The Real Deal that a buyer agreed to pay $53 million for both units—78A and 78B—which together span the entire floor and offer approximately 8,300 square feet of space. Macklowe lost ownership after defaulting on loans used to purchase them from CIM.
Glenn Davis and Nicholas Compagnone from Serhant handled the listing for these properties.
The second-highest contract was for Unit 4N at 140 Jane Street, which had an asking price of $27 million—an increase from its original $21 million listing. The nearly 4,600-square-foot condo features four bedrooms, four full bathrooms, a stone-floored room with sliding glass doors leading to a Juliet balcony, and a primary suite with two dressing rooms. A great room offers views of the Hudson River through nearly ten-foot ceilings.
Sales at this Aurora Capital Associates project are being led by Tara King-Brown’s Corcoran Sunshine team. Only one unit remains available in the 14-unit development. Last year, the building secured a contract for its penthouse at an asking price of $87.5 million; if finalized at that amount, it would become downtown Manhattan’s most expensive condo sale.
For all homes that went into contract last week in this segment of Manhattan’s market, the median asking price was $7.4 million with an average discount rate of five percent.
