The luxury housing market in New York City is slowing down, evidenced by 19 contracts signed for the week ending July 13, only slightly above the previous week's figures. The highest contract is a $34.75 million condo at 825 Fifth Ave, previously listed at $37 million. Political developments, particularly Zohran Mamdani's Democratic primary win, are causing some wealthy residents to consider leaving the city. Despite concerns, the full impact on the luxury market remains uncertain as most people are not expected to make hasty decisions.
Of the 19 contracts, the most expensive is for a 15th-floor condo at 825 Fifth Ave. The asking price is $34.75 million, reduced from $37 million when it was listed in December 2024.
Mamdani's win has sparked controversy among the Democratic establishment over his progressive views. He ran on the agenda of free buses, health care, and more affordable housing.
We have been signaling that the market would slow down in the summer. But now that we are heading into the summer and 90-plus degree days, the expectation for a strong luxury market to continue should be tempered.
It's way too early to see how this will affect the luxury market in Manhattan. Have I gotten nervous calls? Yes, but at the end of the day, most people are not going to pick.
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