April 22, 2025
Coming off a record-setting March, Manhattan’s luxury real estate market is starting to show signs of hesitation. Last week, 27 contracts were signed for properties asking $4 million and up—down from 41 the week prior. While that’s a noticeable dip, it's still a healthy figure for early spring.
The mood in the market is shifting. Wall Street bonuses and stock gains fueled optimism through Q1, but last week’s sweeping tariff announcement from President Trump sent shockwaves through the stock market.
As a result, some high-end buyers are hitting pause—waiting to see how this impacts their portfolios and the broader economy.
Condos dominated last week’s activity with 15 deals, followed by nine co-ops and just two townhouses. Of those condos, 12 were sponsor units—new development listings that tend to come to market at premium pricing.
On average, those units saw a 14% discount from their asking price, and they sat on the market for more than five years. That’s a key takeaway: developers are making deals, and buyers looking at new construction may have some serious leverage.
The highest sale was a 6,000-square-foot co-op on the Upper East Side, listed at $16.9 million. After six months and a full gut renovation by Clark Construction, it finally found a buyer.
Right behind it was a stunning penthouse at 180 East 88th Street. Originally listed in 2016, it sold at a $2.5 million discount. With a 28-foot-tall great room and a spiral staircase, it's easy to see the appeal—but again, the price had to come down.
So where does the market go from here? That’s the million-dollar question. Right now, we’re seeing healthy demand and a solid number of deals getting done. But with financial markets on edge, we could see a slowdown—or at least more buyers sitting tight until the dust settles.
Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
