Even amid uncertainty surrounding the NYC Mayoral election, Manhattan’s luxury market continued to show remarkable strength in October. Contracts above $5 million surged, inventory tightened, and the city’s most exclusive addresses—particularly along Billionaire’s Row—continued to command record-setting prices.
Momentum in the Face of Uncertainty
According to Corcoran’s October 2025 Luxury Market Report ($5M+), 90 contracts were signed—up 13% year-over-year and the second-highest October total since 2015. This resilience underscores how insulated Manhattan’s top tier remains from broader political and economic shifts.
Even as the city prepared for a leadership transition, high-net-worth buyers stayed focused on opportunity. Many were drawn to well-priced resales offering immediate value compared with new-development pricing—a pragmatic strategy in a market where scarcity has become the new norm.
November Data from the Olshan Luxury Market Report ($4M+)
Adding to that strength, the Olshan Luxury Market Report recorded 41 contracts signed last week, marking the first time since May 19–25 that Manhattan crossed the 40+ benchmark. It was also the fourth consecutive week with 30 or more luxury contracts, underscoring sustained buyer confidence.
Most notably, 24 of those 41 contracts were signed after Zohran Mamdani was elected mayor—a clear sign that political transition has not rattled the city’s top buyers. If anything, the data suggests that affluent New Yorkers remain deeply committed to the city’s future.
Confidence Over Flight
While a number of high-profile real estate figures were openly skeptical of Mamdani’s campaign, many are now adopting a pragmatic, forward-looking stance. The prevailing sentiment is: “Let’s give him a chance and see what he can do.”
On social media, several wealthy New Yorkers have gone even further—publicly affirming that while they may be willing to pay higher taxes if necessary, they have no intention of leaving New York. Their message is clear: they love the city, and they’re staying.
Meanwhile, in South Florida, agents had been anticipating a wave of tax-motivated buyers fleeing New York if Mamdani won. Yet the latest luxury data tells a different story—the city’s wealthiest buyers are doubling down on NYC, not fleeing it.
It raises an interesting question: how many of those who ultimately left citing Mr. Mamdani’s election had already been planning their move for some time?
Inventory Hits Historic Lows
Active listings in the $5M+ segment fell 9% year-over-year, dropping to 877 properties—the lowest October total since 2013. As a result, the market’s most desirable listings are commanding immediate attention and strong offers.
Faster Deals, Higher Prices
Days on market declined 8% compared with 2024, driven by a smaller share of long-lingering listings.
Average asking price per square foot rose 4% to $3,274, buoyed by several Billionaire’s Row contracts exceeding $7,000 per square foot.
Even excluding those ultra-luxury outliers, the price per square foot held impressively steady under $3,000/SF—down just 5% year-over-year.
Resales Take the Lead
Unlike earlier cycles dominated by new development, resales are driving today’s luxury momentum, offering proven addresses, lower carrying costs, and immediate occupancy—advantages increasingly prized in a market defined by precision and speed.
The October numbers tell a story of conviction—not retreat. The combination of political transition, constrained supply, and decisive buyer action all point to one conclusion: the wealthy are betting on New York’s resilience.
For sellers, this is a rare moment to act while inventory remains historically low. For buyers, it’s a reminder that confidence, timing, and expert guidance define success in a city where opportunity never stays hidden for long.
For a deeper look at how Manhattan’s evolving political and market landscape could impact your property strategy, reach out anytime at [email protected] or visit TheBolandTeamNYC.com.
FAQ
Q: What defines Manhattan’s “luxury market”?
In New York City, “luxury” is typically defined as properties priced above $4 million, according to the Olshan Luxury Market Report, or above $5 million, as outlined in The Corcoran Luxury Market Report. These homes represent the top tier of Manhattan’s real estate—penthouses, townhouses, and expansive condos in premier locations.
Q: Has the mayoral election slowed luxury sales?
No. In fact, luxury sales have accelerated since Zohran Mamdani’s election. Twenty-four of the forty-one contracts reported by Olshan last week were signed after the election, underscoring the confidence and resilience of Manhattan’s high-end market.
Q: Which neighborhoods are driving luxury demand?
Billionaire’s Row, Tribeca, and the Upper East Side continue to anchor the ultra-luxury segment, while Downtown Manhattan and the Upper West Side have seen renewed strength in resales, particularly for move-in-ready properties.
Q: Are wealthy New Yorkers leaving the city?
Quite the opposite. Many affluent New Yorkers have publicly reaffirmed their commitment to staying in NYC—even expressing willingness to pay higher taxes if needed—because they value the city’s culture, community, and long-term investment potential. Rather than fleeing, they’re doubling down on Manhattan real estate.
Written by Julia Boland, a 24+ year NYC Real Estate Advisor specializing in Manhattan condos, co-ops, and new development, with deep expertise in Harlem and Upper Manhattan.
📍 Harlem to Tribeca | ✉️ [email protected] | 🌐 TheBolandTeamNYC.com | #TheBolandTeamNYC
