The New York City luxury market remains robust as 2025 is drawing to a close.
Last week, 29 contracts at $4 million and above were signed in Manhattan, four more than the previous week and only three short of this time last year.
While luxury sales hit a high in 2021 with 164 signings with an average asking price of $8.4 million, the high-end market has well recovered from the post-COVID-19-era lows of 2022–23 with only 56 each year, according to Olshan Realty’s Nov. 17–23 luxury sales report.
This time, sponsor units made up 15 of the 29 sales.
A sponsor unit is owned by the original investor or developer and has not yet traded hands. It’s generally considered a bonus to snag a sponsor unit, as there may be a discount involved and far less wear and tear, since it hasn’t changed hands.
This is a huge plus for buyers of sponsor units, as they do not have to endure the often-arduous board approval process of a co-op.
“If it’s built correctly, it can be wonderful,” Donna Olshan, founder of the eponymous agency, says of the new buildings. “But if there are some flaws, the condo board can spend years trying to punch out the problems with the developer.
“There are a lot of nuances to buying new construction,” she tells Realtor.com®. Developers, for instance, will often try to pass on typical seller closing costs to the buyer.
“A good buyer’s broker will try to negotiate that,” she says.
New construction is popular across the country as most buyers would prefer not to renovate, but Olshan says a buyer must be savvy when dealing with builders.
“There are many other things to consider when purchasing new construction, and you need a good broker to navigate and guide the buyer through issues that can go wrong,” she says. “Many developers put millions into marketing, and a buyer needs to sift through the marketing and focus on what they are really buying.”
She points to the problematic 432 Park Ave. on Billionaires Row as an example of what can go wrong with newer construction.
Only a few years after the 102-floor apartment tower was completed, cracks began to show—literally—in the building’s facade, according to the New York Times. Lawsuits are flying among developers, engineers, residents, and contractors. (One of the developers has called the claims of poor construction “baseless.”)
As is typical with Manhattan sales, condos outsold co-ops, 22 to 5, and there were only a couple of townhomes in the mix.
Last week’s top three listings
The priciest contract of the week was a 2016 condo at 220 Central Park South, Unit 32A, with a price tag of $39 million.
Listed in May, the four-bedroom, 4.5-bath unit in the high-rise designed by architect Robert A.M. Stern is glutted with amenities such as concierge service, door attendant, motor court, private dining room, fitness center with an 82-foot-long saline pool, squash and basketball courts, golf simulator, playroom, pet spa, and more. Monthly common charges top $15,000.
The next highest contract was for the penthouse at 823 Park Ave. on the Upper East Side, which was asking for $26.95 million (down from its $30.5 million closing price in 2008). A triplex with five bedrooms and 5.5 bathrooms, the penthouse in this small 11-unit building boasts three terraces, a library, a gas fireplace, a home theater, and a study that opens to a 48-foot terrace with a hot tub.
Offering a vastly different vibe from the modern top seller, this prewar (1920) unit has classic New York character. Monthly common charges top $20,000.
The third-highest closing was also on the Upper East Side: the duplex penthouse condo at 201 E. 74th, which was finished in 2023. This $25 million (asking price) sponsor unit at “The 74” was designed by Pelli Clarke & Partners. The four-bedroom, five-bath duplex boasts sweeping views of Central Park, a 27-by-21-foot living room with a fireplace, and floor-to-ceiling windows.
From the 70-foot terrace, which spans the entire facade, you can view the cityscape, and there’s also a dining room, media room, and guest bedroom. The top floor features another expansive terrace with a private aerie. Monthly common charges are almost $11,000.
