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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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
