NYC Luxury Market Update
The Manhattan luxury real estate market is on fire!
May is always a great month for real estate and I would say that goes for almost all markets nationwide. When I sold real estate in San Diego, May was a very hot month because school was wrapping up. Similar situation in NYC. New Yorkers are gearing up for their summer travel, so May continues to be a strong month for selling real estate. But if we zoom in on the luxury market in Manhattan, it is nearly breaking records.
Donna Olshan has been reporting on the Manhattan luxury real estate market ($4M and above) since 2006. This week, her report shared that 29 contracts were signed last week in Manhattan at $4M+, 26 fewer than the previous week, which was the strongest week seen since November 2021.
Overall, May 2025 was a great month for the luxury market. The S&P 500 had its best may since 1990 and its best month since 2023, rising 6.2%. Manhattan ended up with 183 contracts signed at $4M+, the 2nd best May since Donna Olshan started keeping track in 2006! The best May was in 2021 when 187 contracts were signed. Only 4 MORE than MAY 2025!
Below are the top 2 contracts signed, but click HERE to read the full report from Donna Olshan.
Number #1 contract signed last week was a townhouse in Midtown - 9-11 W 54th Street, asking $49.5M, reduced from $63M when it was listed in April 2023. The house once served as the headquarters of US Trust! It sold twice to developers, most recently for $55M in 2019.
Photos from StreetEasy; Douglas Elliman
Number #2 contract signed last week was another townhouse, but it was downtown in West Village - 230 W 11th Street, asking $22,495,000. It was listed last July. It is gutted down to the studs and sold with a set of construction plans that have been approved by NYC Department of Buildings and the Landmark Preservation Commission.
Photo from StreetEasy; Douglas Elliman
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