Manhattan Luxury Market Report

Manhattan Luxury Market Report

Contracts signed at $4M+ from November 2025 through January 27, 2026

Source: Weekly Olshan Luxury Market Reports, most recent published January 26, 2026

The big picture

This stretch of the Manhattan luxury market tells a very familiar story, just louder than usual.

November brought confidence and urgency.

December brought holidays and selective amnesia.

January brought buyers back with clarity and checkbooks.

From early November through January 25, Manhattan recorded approximately 288 signed contracts at $4M+ across 12 fully reported weeks, with an average pace of roughly 24 contracts per week. The first reporting week at the start of November exceeded 30 deals, pushing the true total from November onward comfortably above 300.

This is not a sleepy market. It is a calendar driven one.

Weekly signed contracts at $4M+

What actually moved the market

November confidence was real

The first full week of November delivered 41 signed contracts, one of the strongest weeks of the period. That momentum cooled quickly, but the spike matters because it shows buyers were waiting for clarity, not excuses.

December did exactly what December always does

Luxury buyers disappeared on schedule. Contracts dropped to the low teens around Christmas and year end. This was not a demand issue. It was a travel and timing issue.

January restarted clean

January did not ease back in. It snapped back.

The first full week delivered 20 contracts, followed by low 20s in subsequent weeks, with meaningful weekly ask volumes. Buyers did not just return. They returned focused.

Notable contracts that set the tone

A few deals captured the mood of this period:

• Woolworth Mansion, 4 East 80th Street, asking $49.5M
  
  

• 220 Central Park South, asking $39M
  
  

• Aman New York, 730 Fifth Avenue, resale just under $30M
  
  

• 1122 Madison Avenue, asking $14.6M
  
  

These were not speculative trades. They were conviction buys.

What this means right now

The Manhattan luxury market above $4M is liquid, disciplined, and highly sensitive to timing.

Buyers are not chasing.

They are acting when pricing makes sense.

They are disappearing when the calendar tells them to.

And they are coming back quickly when it does not.

January’s rebound confirms what most active agents already know. The buyers never left. They just took December off.

Manhattan vs Global Luxury: Context That Matters

When you zoom out and compare Manhattan to the broader global luxury market, the contrast is clear.

Globally, luxury in 2025 was uneven. Prime markets moved, but selectively. Buyers were cautious, price sensitive, and increasingly focused on income, tax efficiency, and mobility. Many global cities saw slower transaction velocity even when pricing held.

Manhattan behaved differently.

While global luxury leaned defensive, Manhattan luxury stayed transactional. Contracts continued to get signed through volatility, elections, and rate noise. December paused, but it did not break momentum. January snapped back quickly.

Here is the key distinction.

Globally, luxury buyers are often optimizing for lifestyle and optionality.

In Manhattan, luxury buyers are optimizing for certainty.

Manhattan remains one of the few markets where:

• Capital feels protected long term
  
  

• Liquidity exists even in volatile moments
  
  

• Trophy assets trade quietly without needing narrative support
  
  

That does not mean Manhattan outperforms every market every year. It means Manhattan continues to function as a financial safe haven inside the luxury universe.

Where some global luxury markets reward timing, Manhattan rewards conviction.

Manhattan vs Dubai: Two Different Kinds of Luxury Confidence

Where Manhattan luxury optimizes for certainty and capital preservation, Dubai luxury optimizes for velocity and yield. Manhattan buyers prioritize long term security, legal clarity, and scarcity driven value, which keeps contracts moving even in uncertain global moments. Dubai buyers, by contrast, are more opportunistic, responding quickly to pricing gaps, tax efficiency, and rental returns that actually cash flow. When sentiment is strong, Dubai accelerates faster than almost any global market. When sentiment cools, pricing adjusts more visibly. Manhattan trades quietly and steadily. Dubai trades loudly and cyclically. Both markets work. They just reward different strategies and different timelines.

Final Sip

Manhattan luxury does not need a comeback story. It never left.

While global luxury recalibrated in 2025, Manhattan kept signing contracts, pausing only when the calendar demanded it. January’s rebound confirms that buyers are still here, still decisive, and still willing to transact when pricing aligns.

This is not speculative energy.

This is institutional confidence showing up quietly.

And that is exactly what you want to see at the start of the year.