"Signed contracts for Manhattan homes costing $4 million or more rose to 176 in November, a 25% increase from October's 141 deals, according to fresh data from brokerage Douglas Elliman and appraiser Miller Samuel Inc. New signed contracts more than $4 million increased more than twice the rate of the overall market, the report noted. Olshan Realty similarly noted an uptick in Manhattan luxury buyers."
"The Big Apple's real estate boom bucks the narrative from just a few months ago, when some of New York's elite were preparing to pack their bags should democratic socialist Mamdani become the next mayor. Mamdani has advocated for increased eviction protections and rent freezes, as well as for a 2% income tax surcharge for those in the city earning more than $1 million per year."
Signed contracts for Manhattan homes priced above $4 million increased to 176 in November, a 25% rise from October's 141. New contracts over $4 million grew more than twice the overall market rate. Olshan Realty reported 17 contracts in the last week of November for homes over $4 million, exceeding its 10-year Thanksgiving week average, and November luxury sales rose from 115 in October to 151, a 31% increase. Anticipated departures by high-net-worth residents after Zohran Mamdani's win have not materialized, despite his advocacy for eviction protections, rent freezes, and a 2% surcharge on incomes over $1 million.
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