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.
Sales of rare trophy properties also saw their second-biggest year on record. AP
This year’s flurry of luxury sales were linked to Wall Street windfalls. Getty Images
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 limestone facade of 220 Central Park South, where this year’s most expensive home sold off-market. Tamara Beckwith
Four of the 10 most expensive homes sold in Manhattan this year sit along West 57th Street’s Billionaires’ Row corridor. Getty Images
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.
A $66 million condo at the Crown Bulding, now Aman New York, ranked as the year’s second most-expensive sale. Christian Johnston
A sleek duplex at 150 Charles sold for $60 million earlier this year — a big win for the downtown luxury market. Evan Joseph
A buyer closed on this Gilded Age mansion for $46 million in May. Will Ellis/DDReps for Corcoran
The historic mansion overlooks Central Park. Will Ellis/DDReps for Corcoran
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.