Manhattan’s Luxury Market Thrived In 2025

Manhattan’s luxury market defied some doomsday predictions in 2025 to end with a strong showing.

Early in the year, high interest rates, fears over President Donald Trump’s tariff policies and an impending mayoral election dominated headlines. Despite reported concerns of a slowdown and deterrants for wealthy buyers, the borough still nabbed its second-biggest period for luxury contracts since 2006, when Olshan Realty began tracking data.

Buyers inked deals for more than 1,400 homes asking $4 million or more this year, up 11 percent from 2024, according to the brokerage’s annual report. The signed contracts totaled just under $12 billion, up from just $11.2 billion last year.

Olshan Realty chalked the increase up to sellers finally reckoning with the realities of the market and lowering asking prices. The average asking price dropped 4 percent compared to last year. The report also pointed to a strong year for Wall Street as a bolster to the market.

For every one co-op to find a buyer, three condo contracts were signed, which has been the case for more than a decade. Half of the condos sold this year were new development apartments.

More than 280 homes asking $10 million or more entered contract — six more than last year, but significantly less than the 400 trophy deals inked in 2021, the highest year on record.

Priciest deals inked last week

The short week leading up to Christmas was a quieter one. Buyers signed just 13 contracts for Manhattan homes asking $4 million or more, which was on par with the last time Christmas was on a Thursday but lower than the decade average of 17 for the week.

The total was also less than the 21 deals inked in the previous period.

The priciest home to land a signed contract was a penthouse at 65 West 13th Street, with an asking price of $13.5 million. The pending deal includes two separate condos sold by different sellers, which could be combined to total roughly 5,400 square feet. The duo hit the market two years ago, asking just under $17 million.

Unit 11A, which last traded for $6.4 million in 2011, has three bedrooms, three bathrooms and a terrace. It’s unclear when and for what price Unit 11B last sold. The apartment features two bedrooms, two bathrooms and a wraparound terrace.

Amenities in the 77-residence building, known as the Greenwich, include doormen, a gym and a children’s playroom.

Nest Seekers’ Tamir Shemesh and Patty Lehan had the listing.

The second most expensive property to find a buyer was a sponsor unit at CIM Group’s 235 West 75th Street, known as the Astor. Unit 723, which spans 3,800 square feet, last asked just under $8 million. It has five bedrooms, five bathrooms and a library.

CIM Group foreclosed on the project in 2021, taking it over from Ziel Feldman’s HFZ Capital, which had converted the pre-war rental building into condos in 2015. At the time, CIM also took control of three other properties that the now-defunct firm had planned to convert.

Amenities at the building include 24-hour concierge services and a fitness room. Douglas Elliman’s Kyle Egan, Katherine Gauthier and Will Rivera had the listing.

Of the 13 properties, nine were condos, two were co-ops and two were townhouses.

The homes asked a combined $82 million, which works out to an average price of $6.3 million and a median of $5.6 million. The typical home was on the market for more than three years and had a discount of 7 percent.