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New York

Manhattan’s trophy market had a winning second quarter

Deals for homes asking $10M+ notched YoY rise

Manhattan’s Trophy Market Logs Quarterly Gains

From left: Douglas Elliman’s George Vanderploeg, Corcoran’s Deanna Kory and Sotheby’s Susan Baker; 15 East 93rd Street and 312 West 88th Street (Getty, Google Maps, Douglas Elliman, Corcoran, Sotheby’s)

Manhattan’s trophy market is outpacing its year-ago numbers. 

Buyers signed contracts for 78 homes asking $10 million or more last quarter, up from 73 recorded in the same period last year, according to Olshan Realty’s weekly report on luxury contracts. 

While Manhattan’s priciest properties picked up steam, contract activity in the overall luxury market, defined as properties asking $4 million or more, dipped. The borough logged 358 inked deals in the second quarter, marking an 8 percent decline compared to the same period in 2023. 

Thirty Manhattan homes found buyers between June 24 and June 30, which was on par with the total from the previous week. Of the total properties, 19 were condos, six were co-ops, four were townhouses and one was a condop.

The most expensive home to enter contract was 15 East 93rd Street, with an asking price just under $13 million. The Upper East Side townhouse spans 7,300 square feet, five stories and 20 feet across. 

The home, which hit the market in July, also has seven bedrooms and five bathrooms. It also features seven wood-burning fireplaces and a landscaped garden. The brownstone sold to a local buyer. 

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George Vanderploeg of Douglas Elliman and Susan Baker of Sotheby’s International had the listing. 

The second priciest home to land a signed contract was 312 West 88th Street, with an asking price of $11.7 million. The renovated brownstone, built in 1893, spans nearly 8,000 square feet, five stories and 21 feet across. 

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It also has seven bedrooms, six bathrooms, an elevator, heated floors and a landscaped garden. The home, which hit the market in April, last traded for $4.3 million in 2008. 

Corcoran’s Deanna Kory had the listing. 

The homes’ combined asking price was $196 million, which works out to an average of $6.5 million and a median of $5.9 million. The typical home spent 590 days on the market and received a 10 percent discount.

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