Manhattan’s luxury real estate market saw a decline in contract signings last week after an active period that coincided with the city’s mayoral election. 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 figure is notably lower than the 41 contracts reported in the previous week but remains consistent with last year’s weekly average.
Despite the recent slowdown, data shows that 2025 is set to be one of the strongest years for Manhattan’s luxury market since Olshan began tracking nearly twenty years ago. More than 1,320 luxury homes have had contracts signed so far this year, surpassing the total number from all of 2024.
The highest-priced property to secure a contract was a penthouse at Naftali Group’s development at 255 East 77th Street, listed at $24 million. The six-bedroom, six-bathroom condo covers about 5,500 square feet and features a formal dining room, views of Central Park, and two loggias. Out of the building’s 62 units on the Upper East Side, 51 have found buyers with asking prices averaging around $2,800 per square foot. The Robert A.M. Stern-designed building offers amenities such as 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 most expensive contract was for a condo at 160 West 12th Street with an asking price of $15 million. The unit previously sold for $10 million in 2016 and entered the market again in September. Spanning approximately 2,900 square feet with three bedrooms and three bathrooms, it also includes a landscaped terrace, wood-paneled library, and windowed chef’s kitchen. Residents have access to amenities like a pool, hot tub, fitness center, and golf simulator within Greenwich Lane. Michael Johnson and Hayim Nommaz from Compass’ Johnson & Nommaz Team represented the listing.
Of last week’s signed contracts for homes priced above $4 million in Manhattan: seventeen were condos; four were co-ops; one was a condop; three were townhouses. The combined asking price for these properties totaled $197 million—averaging $7.9 million per home with a median price of $6.9 million. Properties typically spent almost two years on the market before finding buyers and sold at an average discount rate of four percent.
