What's happening in the Manhattan luxury real estate market right now? Short answer: the rich are still buying. They're just not paying sticker.
Here's the thing about Manhattan luxury buyers. They shop for a $6 million apartment the way they shop for a Birkin. They know exactly what they want, they know exactly what it's worth, and they are perfectly happy to wait.
How many Manhattan luxury contracts were signed last week? Last week proved it. According to Olshan Realty's report covering Oct. 26 to Nov. 1, as reported by The Real Deal on Nov. 2, buyers signed 34 contracts for Manhattan homes asking $4 million or more. That's down just slightly from 36 the week before, which was a 20 week high.
So luxury is hot? Not so fast. The typical home in that group spent more than a year on the market and was discounted by 13 percent. More than a year. That's long enough for the listing photos to need a new season of throw pillows.
One quick note, because I'm a stickler: these are asking prices at contract, not final sale prices. Olshan tracks what a home was last asking when the buyer signed. The true sale number comes later.
What were the biggest Manhattan luxury deals? The top contract of the week was Penthouse 1 at 111 Murray Street in Tribeca, last asking just under $34 million. The Real Deal notes the developers sought $45 million for it when they started marketing more than a decade ago. Patience, it turns out, is a very expensive hobby for sellers and a very profitable one for buyers.
The week before, the list was led by Penthouse D at 255 East 77th Street on the Upper East Side, asking $23.8 million. Different week, same lesson.
How much do NYC sellers negotiate off asking price? Last week's typical answer was 13 percent, after more than a year on the market. Here's my read. The money is here. The buyers are here. What isn't here anymore is anyone willing to pay for a price set in a different market. The sellers getting deals done are the ones who priced to today, or who adjusted before their listing became a long term roommate.
Is now a good time to buy a luxury apartment in NYC? If you're buying, this is your moment to be choosy, not rushed. If you're selling, the market will tell you the right number either way. You can hear it now, or you can hear it in twelve months and 13 percent later.
FAQ: Are these Manhattan prices final sale prices? No. Olshan reports the last asking price when a contract is signed. Final sale prices come later.
FAQ: What counts as luxury in this report? Manhattan homes asking $4 million or more.
FAQ: Where does this data come from? Olshan Realty's weekly luxury contract report, as covered by The Real Deal on Oct. 26 and Nov. 2, 2026. Both articles are linked under Sources.
Thinking about making a move at the top of the market, from either side of the table? Let's grab a coffee or hop on a call. I'll bring the comps, you bring the Birkin energy.
More from Sarah Cotty: buying a home, selling a home, and the market journal.