"Contracts signed for new condos in Manhattan asking $10 million or more made up 55 percent of the total contract volume for the quarter, according to research from Brown Harris Stevens Development Marketing. The 56 contracts signed in the quarter for those homes were also the highest for any period this decade, and up 87 percent from the first quarter of 2025."
"Despite the luxury market's performance, the 667 contracts signed across Manhattan, Brooklyn and Queens were down 15 percent from the first quarter of last year, according to data from Marketproof. The low contract numbers continue to be driven by a lack of new condos."
"In Manhattan, for example, Schleis said just 83 new units came to market in the first quarter and available new development fell below 3,000 for the first time since 2014. It's all product-driven."
In the first quarter of 2026, New York City's new development market saw significant activity in the luxury segment, with contracts for condos priced at $10 million or more comprising 55 percent of total volume. This represented an 87 percent increase from the previous year. However, overall contracts signed across Manhattan, Brooklyn, and Queens fell by 15 percent due to limited inventory. Only 83 new units were introduced in Manhattan, leading to a constrained market. The luxury segment's performance contrasted with the overall decline, indicating strong demand among wealthy buyers.
Read at therealdeal.com
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