Luxury properties in Manhattan have seen a surge in demand recently.
Between May 19 and May 25, buyers signed 55 contracts for high-end real estate, according to a report from Olshan Realty. This figure includes five townhouses, 12 co-ops, 36 condos, and two condops, with the total transaction volume exceeding $400 million. The median asking price during this period was approximately $6 million.
This flurry of activity marks the busiest week for luxury contracts since November 15-21, when 67 deals were signed. On average, buyers secured these properties at a 7% discount off the original asking price.
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The largest deal in the city involved an asset on East 63rd Street in Lenox Hill, whose last asking price was $34.5 million. Additionally, the buyer plans to convert the six-story townhouses with seven-unit condos into a single-family home. The next largest involved a 3,188-square-foot condo at East 24A at 500 West 18th Street, at an asking price of about $13.9 million.
In New York City as a whole, when it comes to multifamily, JLL brokers Rob Hinckley and Jeff Julien predict that total sales volume will reach $10 billion in 2025, surpassing the combined totals of the previous two years. While Manhattan sales were outpaced by Brooklyn in 2024, Hinckley expects to see a resurgence in Manhattan, with large conversions poised to lead the way.
But for luxury, industry investors can only hope that the 2021-like trends will hold because that was the largest year for deals involving those assets since Olshan began tracking them in 2006.
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