NYC’s luxury real estate market saw $12B in sales in 2025

Economic turbulence shook the US real estate market this year, but New York City’s luxury market enjoyed sunny skies.

Sales of Manhattan homes priced at $4 million and above totaled nearly $12 billion in 2025, according to Olshan Realty’s year-end luxury market report.

The incredible figure marks the second biggest year in luxury sales since the firm’s reports began in 2006.

Deep-pocketed New Yorkers signed a total of 1,436 contracts this year, in an 11% increase from 2024.

Trophy properties shined particularly bright, with 284 contracts signed for deals worth $10 million or more.

The niche market notched its second-biggest year of sales in nearly two decades, but trailed far behind the record-setting year of 2021, when 400 trophy properties flew off the market totaling nearly $16 billion in sales.

The busy 2025 was credited to a winning combination of gangbusters growth on Wall Street and reduced prices throughout the luxury market, fueling a larger number of deals.

The wealthiest New Yorkers gained both capital and buying power, and they knew exactly where to spend it: West 57th Street.

The Midtown lane of luxury towers, known as Billionaires’ Row, attracted four of the top 10 homes sold in Manhattan this year, according to a 2025 deals round-up by PropertyShark. Those included two brand-new Central Park Tower pads and a resale at 111 W. 57th St.

Two of the top three deals of the year, however, occurred elsewhere — but the first was rather close by. The five-bedroom condo of media titan Byron Allen traded for $82.5 million.

The full-floor home, located in the late Robert A.M. Stern’s 220 Central Park South on Billionaires’ Row, sold off-market in March. The LLC buyer was linked to the Huizenga family, former owners of the Miami Dolphins and Blockbuster Video.

That deal was trailed by a $66 million closing at Vlad Doronin’s Aman New York in midtown and a $60 million sale at 150 Charles St. The $60 million deal for the condo within the West Village celeb-haven — a unit featured in the second season of Ryan Serhant’s “Owning Manhattan” — was the sole downtown entrant of the Property Shark round-up.

Just one single-family home earned a spot on Property Shark’s 2025 list.

The mansion at 973 Fifth Ave., designed by Gilded Age architect Stanford White, traded for $46 million in May. The Old-World abode sits directly across from Central Park. Its trade was part of a buzzy year for Gilded Age real estate.