Where Real Estate, Technology, & Culture Converge in NYC

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The NYC luxury real estate market demonstrated a blend of strength and diversity last week, highlighted by notable contract activity across Manhattan, Brooklyn, and Queens. Contract volumes rose in all boroughs, signaling sustained buyer confidence shaped by distinct neighborhood and property dynamics.

Topline Trends

The past week saw a significant uptick in contract activity across the luxury sector, which includes properties priced at $1.25M and above in Queens, $2M and above in Brooklyn, and $5M and above in Manhattan. Manhattan led in total contract volume, recording $261.85M across 22 deals, with Brooklyn following at $92.58M from 22 contracts and Queens contributing $12.2M from seven deals. Notably, Manhattan’s luxury contracts spiked from 15 the previous week to 22, emphasizing buyer interest in high-end offerings.

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Manhattan ($5M+)

Key Metrics:

• Contracts signed: 22
• Total contract volume: $261,845,000
• Average price per square foot (PPSF): $3,594
• Average days on market (DOM): 259

Manhattan saw an impressive $261.85M in contract volume from 22 deals, with an average price per square foot (PPSF) of $3,594 and properties spending an average of 259 days on the market. Downtown accounted for 41% of activity, reinforcing its status as a consistent favorite. Tribeca and SoHo led the sub-market, driven by high-profile condos and townhouses that attracted considerable buyer interest. In contrast, the Financial District experienced a slight dip in activity compared to prior weeks, suggesting either seasonal fluctuations or a shift in buyer focus toward more established luxury enclaves. The Upper East Side followed Downtown with 23%, while Midtown East and Midtown West each captured 14%, fueled by demand for new developments and iconic high-rises.

Standout transactions included Unit 55B at 220 Central Park South, which entered contract for $37.5M. This half-floor condo boasts 3,211 square feet, 36 feet of park frontage, and luxurious amenities like a private theater and rooftop garden. Another highlight was a restored 1836 townhouse at 114 Waverly Place in Greenwich Village, which sold for $22.85M. This historic property features a rooftop terrace, a full-floor primary suite, and a charming rear garden.

Compared to historical norms, Manhattan’s luxury market remains resilient. The steady average PPSF of $3,594 underscores the premium associated with prime locations, despite a modest 4% average discount rate on asking prices.

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Brooklyn ($2M+)

Key Metrics:

• Contracts signed: 22
• Total contract volume: $92,584,000
• Average PPSF: $1,782
• Average DOM: 99

Brooklyn’s luxury market maintained its momentum with 22 contracts totaling $92.58M. The average PPSF stood at $1,782, with properties typically moving in 99 days. North Brooklyn, led by Williamsburg and Greenpoint, captured a significant 50% of all contract activity. Williamsburg saw strong demand for high-end condos, such as 480 Kent Avenue #PHE, which achieved $4.8M with one of the highest PPSFs in the borough at $2,585. Greenpoint also saw notable movement, driven by a mix of new developments and boutique buildings.

Northwest Brooklyn accounted for 41% of contracts, dominated by Brooklyn Heights and Cobble Hill. A standout transaction was the $15.5M sale of a townhouse at 307 Hicks Street, a 6,200-square-foot property featuring Italian marble finishes and a 25-foot-wide footprint. Park Slope also showed steady activity, attracting buyers seeking historic brownstones and proximity to Prospect Park.

The jump from 11 contracts two weeks ago to 22 last week highlights a robust demand for a mix of historic and modern properties. With competitive pricing and strong fundamentals, Brooklyn continues to draw diverse luxury buyers.

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Queens ($1.25M+)

Key Metrics:

• Contracts signed: 7
• Total contract volume: $12,208,500
• Average PPSF: $1,247
• Average DOM: 89

Queens contributed $12.2M to the luxury market this week, with seven contracts signed and an average PPSF of $1,247. Properties typically spent 89 days on the market. Northwestern Queens dominated activity with 71% of transactions, led by Long Island City, while Northeastern and Central Queens each accounted for 14%.

Notable deals included Unit 2B at 10-27 47th Road in Long Island City, which closed at $2.7M. This condo features 1,581 square feet, a private roof terrace, and a chef’s kitchen. Meanwhile, a single-family home at 150-123 Powells Cove Boulevard in Whitestone sold for $1.98M, offering water views and a landscaped backyard—an appealing blend of suburban and urban living.

Although niche, Queens’ luxury market showed stability this week. The modest 2% average discount suggests sellers are pricing properties competitively, while the rise from five contracts last week to seven indicates growing buyer interest.

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The Role of DOM in Buyer Decision-Making

An analysis of DOM across all three boroughs reveals intriguing patterns. Manhattan’s average of 259 days—driven by ultra-luxury properties—contrasts sharply with Brooklyn’s 99 days and Queens’ 89 days. This underscores the faster pace of transactions in Brooklyn and Queens, reflecting more competitive pricing and broader appeal.

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Final Thoughts

Last week’s data paints a picture of a dynamic NYC luxury market, with each borough showcasing unique strengths. Will Manhattan’s momentum sustain through the holiday season? Will Brooklyn continue to close the gap in pricing power? And how might Queens’ steady growth evolve in 2025? Your insights are welcome—share your thoughts below or contact me directly if you’d like tailored insights on the market.