This has been a record-breaking Fall for NYC real estate, particularly in the luxury sector. In order to paint the post-election picture, here are a few key statistics (and a photo of me close to the edge):
-
880 Manhattan contracts were signed in November, marking the third-highest total for that month in the past decade. Brooklyn also saw strong activity with 535 contracts signed - Urban Digs.
-
For 6 weeks, starting at the beginning of November, the overall number of signed contracts went up about 39% in Manhattan and up 13% in Brooklyn (and it would be far higher in BK if there were more inventory)
-
In Manhattan, there were 126 signed new development contracts in November, 37% percent more than the 92 signed in the same month last year. Brooklyn added 96 new development contracts in November, compared with 53 last year - The Real Deal
AS FOR THE LUXURY
- The high-end market above $4 million outperformed the rest, with 50 contracts signed in November 2024—nearly double the 28 contracts from the same month last year.
- From November 1 to mid-December, the number of luxury contracts signed in Manhattan soared by 58% compared to 2023 - a significant shift that indicates major confidence in the Manhattan market.
Tracking the investment activity of wealthy buyers in NYC often offers a glimpse into what's to come for the rest of the market. We will update you again in the new year!
TOP CONTRACTS LAST WEEK
200 East 75th Street, Unit PH5
Lenox Hill
6 BD 7 BA 5300 SF $22,950,000
56 Leonard Street, Unit PH52A
TriBeCa
4 BD 5 BA 3658 SF $19,995,000
250 West Street, Unit 10A
TriBeCa
4 BD 5 BA 4120 SF $16,000,000
140 Franklin Street, Unit PHC
TriBeCa
3 BD 5 BA 4100 SF $12,980,000
