Manhattan’s luxury real estate market experienced a slowdown last week after a surge in contract signings during the city’s mayoral election period. According to Olshan Realty’s weekly report, buyers signed contracts for 25 properties priced at $4 million or more between November 10 and November 16. This marks a notable decrease from the previous week’s 41 contracts. However, the number of deals remains consistent with last year’s weekly average.
Despite the recent dip, the market is on track for its second-strongest year since Olshan began tracking luxury deals nearly twenty years ago. So far in 2025, over 1,320 luxury home contracts have been signed, surpassing the total for all of 2024.
The most expensive property to secure a contract was a penthouse at Naftali Group’s 255 East 77th Street, listed at $24 million. The six-bedroom, six-bathroom condo covers 5,500 square feet and has been on the market since August. Features include a formal dining room, Central Park views, and two loggias. Of the building’s 62 units on the Upper East Side, 51 have found buyers with average asking prices around $2,800 per square foot. Amenities at this Robert A.M. Stern-designed development include a fitness center, sauna, pool, and porte-cochere. Sales are managed by Compass’ development marketing team: Alexa Lambert, Alison Black, and Shelton Smith.
The second-highest contract was for a condo at 160 West 12th Street in Greenwich Lane, listed at $15 million. The apartment last sold for $10 million in 2016 and entered the market this September. Unit 104 spans 2,900 square feet with three bedrooms and three bathrooms. It also offers a landscaped terrace, wood-paneled library, and windowed chef’s kitchen. Building amenities include a pool, hot tub, fitness center, and golf simulator. Compass agents Michael Johnson and Hayim Nommaz represented the listing.
Of last week’s signed contracts for homes asking $4 million or more: seventeen were condos; four were co-ops; one was a condop; and three were townhouses. The combined asking price totaled $197 million—an average of $7.9 million per home with a median price of $6.9 million. On average, these homes spent nearly two years on the market before selling and received discounts averaging four percent.
