Manhattan’s luxury real estate market saw a surge in activity following the recent New York City mayoral election. According to Olshan Realty’s weekly report, 41 contracts were signed last week for homes priced at $4 million or more. Of these, 24 deals were made after Zohran Mamdani was declared the winner of the mayoral race.
This marks the first time since late May that over 40 contracts have been signed in a single week for high-end properties in Manhattan. The number of pending deals also rose compared to the previous week, when 37 contracts were recorded.
In the period leading up to the election, there were concerns about a possible departure of wealthy residents from New York City, with some reports highlighting potential moves to suburban areas and South Florida. However, several agents told The Real Deal last week that fears of an exodus appear exaggerated and pointed to contract data as evidence of continued interest in luxury properties.
The most expensive property to go under contract was a penthouse at 15 Hudson Yards. The duplex unit, which spans 5,100 square feet and features four bedrooms and seven bathrooms, had an asking price just under $23 million. It originally went on the market for $30 million based on floor plans in 2016. Features include ceilings reaching 26 feet high, a double-sided fireplace, and views overlooking the Hudson River.
Amenities at this building developed by Related Companies and Oxford Property Group include a fitness center, pool, ballroom, and residents’ lounge. The listing was managed by Corcoran’s Hottinger Team and Arsic Lau Team.
Another notable transaction was for a unit at the Flatiron Building conversion project at 175 Fifth Avenue. This property asked $19.4 million and is the first from this development to appear in Olshan Realty’s weekly report. The condo measures approximately 4,800 square feet with three bedrooms and four bathrooms; it overlooks Madison Square Park. Amenities offered include a gym, lap pool, sauna, cold plunge pool, and billiards room. Brodsky Group and Sorgente Group are converting this early-20th-century office building into residential units.
Corcoran Sunshine’s Donna Puzio and Angeli DeCecchis are overseeing sales at this development.
Of last week’s luxury contracts: 25 were condos; nine were co-ops; two condops; five townhouses. Combined asking prices totaled $311 million—resulting in an average price of $7.6 million per home with a median price of $5.9 million. On average these homes remained on the market for more than one year before selling at an average discount rate of about 13 percent.
