NYC Luxury Market Sees Best Thanksgiving-Week Sales in a Decade
Manhattan’s luxury real estate market ended 2024 on a high note, recording its third-best week of the year. During the first week of December, 34 contracts were signed for properties priced at $4 million or more, totaling $317 million in sales. This milestone follows an exceptional Thanksgiving week, the strongest for the market in over a decade.
The surge reflects the enduring appeal of Manhattan’s real estate to high-net-worth buyers. With prime neighborhoods like Central Park South and Greenwich Village showcasing iconic properties, Manhattan continues to attract investments in premium, architecturally significant homes.
Recent top property sales driving market momentum
December’s luxury housing performance was led by standout properties commanding top dollar. At the forefront was a three-bedroom corner unit at the prestigious 220 Central Park South, listed at $37.5 million. Spanning over 3,200 square feet and boasting 75 feet of frontage overlooking Central Park, the property exemplifies Manhattan’s luxury living.
Also making waves was a five-story Greenwich Village townhouse, listed for $22.85 million. The 6,800-square-foot residence features a 42-foot garden, a 32-foot great room, and an extensive renovation by its owners, celebrity designers Cortney and Robert Novogratz. Purchased for $8.5 million in 2019, the property underwent a three-year transformation, blending historical charm with modern sophistication. These high-profile deals highlight the continued demand for exclusivity, prime locations, and standout architectural features, rewarding sellers who invest in meticulous renovations.
Post-election impacts on luxury real estate
The post-election period brought renewed momentum to Manhattan’s luxury market, with 39 contracts signed for properties priced at $4 million and above—the highest weekly total since March 2024. Historically, political stability has bolstered buyer confidence, and this year has been no exception.
The pattern aligns with previous election cycles, where clarity in leadership often spurred movement in high-end real estate. Analysts attribute the surge to heightened buyer optimism and a strategic push to secure properties before potential policy changes or market shifts.
Market trends shaping Manhattan’s real estate landscape
Several notable trends defined Manhattan’s real estate landscape in late 2024. Auctions for luxury properties are becoming increasingly popular, offering sellers expedited transactions and broader market exposure. However, while auctions attract attention, they often result in discounts from initial listing prices, as seen with high-profile properties like La Dune and Villa Firenze.
Another trend is the record-breaking performance during Thanksgiving week, which saw a surge in contracts signed. Traditionally a slower period for real estate, the strong activity this year reflects buyers’ shifting priorities. Properties with turnkey appeal, combining architectural flair and modern conveniences, are particularly sought after, driving a competitive market environment.
Manhattan’s evolving neighborhoods and buyer preferences
Manhattan’s prime neighborhoods continue to evolve, influencing buyer preferences. Central Park South remains a leading choice, with its combination of luxury high-rises and proximity to the city’s iconic green space.
Meanwhile, Greenwich Village is gaining traction among affluent buyers who value its blend of historical charm and modern design. Sellers investing in significant renovations are meeting the demands of buyers seeking turnkey properties that balance functionality with prestige.
Manhattan’s luxury real estate market is positioned for continued strength in 2025. From record-breaking Thanksgiving sales to notable December transactions, the market’s momentum highlights its resilience in the face of shifting economic and political landscapes.
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