Manhattan Luxury:
The Quarter

Price per square foot rose across all three Luxury Lines this quarter, while contracts held close to last year's pace. Against Q3 2025, Luxury contracts dipped 5.7%, Prime dipped 9.1%, and Trophy held flat at 15. Luxury PPSF is up 3.8% year over year, Prime is up 5.7%, and Trophy leads at 13.7%. Slightly fewer contracts were signed than a year ago. Those that were carried a higher price tag per square foot.

Prime's median price fell 6.6% year over year. Luxury and Trophy moved the other way. Luxury's median is up 3.3% year over year. Trophy's is up 8.9%. Prime is where the pied-à-terre surcharge bites hardest. Trophy buyers rarely change behavior for a new tax at that price point. Luxury's own entry buyers are mostly full-time residents buying a three- or four-bedroom home for their family, and a primary residence doesn't carry the surcharge at all.

Both of this quarter's biggest movers trace back to new development, though not to the same degree. Central Park Tower alone went from one Luxury contract in Q2 ($8.8 million) to four in Q3 ($100.1 million), a $91.3 million swing against Midtown's entire $17.8 million neighborhood gain. Strip that one building out and the rest of Midtown fell 44.9% quarter over quarter, in line with the usual Q2-to-Q3 seasonal pullback. Lincoln Square's two active sponsor buildings, 50 West 66th Street and 212 West 72nd Street, signed seven Luxury contracts worth $101.2 million in Q2 and none in Q3. That accounts for just under half of the neighborhood's $210.8 million decline; the rest reflects the usual summer slowdown in resale.

Eleven neighborhoods carried $9.10 billion of the $10.98 billion in Luxury contracts signed across Manhattan over the trailing twelve months. That's 82.9% of the dollars and 77.4% of the deals. West Village leads dollar concentration at 72.5%, the highest of the eleven, and even that likely understates it. 80 Clarkson Street alone has signed well beyond what this count reflects, per Section 3's detail, and none of that additional volume is captured here.

Tribeca stands alone at high intensity, leading unit intensity at 33%. One in three deals there crosses the Manhattan Luxury floor, and no other neighborhood on this list comes close. Only 243 total contracts of any price tier closed in Tribeca over the same window, so Tribeca's 79 Luxury deals are a third of all activity there. One unusual sale moves the read more than it would in a larger market like Upper West Side, where 1,137 total contracts dilute any single deal's weight.

Upper West Side has the second-highest Luxury contract count on this list, 115, behind Upper East Side's 137. Its dollar concentration is the lowest here, 35.3%. This is a large market where Luxury is a meaningful but minority layer. A seller here competes against more inventory at more price points than anywhere else on this list.

Entry price to the Luxury tier swings widest at the extremes. Greenwich Village posted this quarter's highest median Luxury contract, $9.95 million, even though it ranks mid-pack on both concentration and intensity. Tribeca posted the lowest median, $6.10 million, despite leading intensity. The gap is 63%. Median and Luxury measure different things, and this quarter they moved apart. Greenwich Village's number is thin, just six contracts, but the expected Q4 launch at 11 West 13th Street by Legion could give it a strong quarter if those contracts get signed and reported in time.

This $422.3M is what shows up in standard contract-activity data. A handful of buildings are selling quietly, outside the public listing feeds that number depends on, and each one understates the real total:

• 44 West 8th Street has a third signed contract, an $18.5M penthouse, that doesn’t show up in the quarterly data above, which only captures two of the building’s three contracts.
• 14 White Street shows zero contracts and 100% unsold in Marketproof’s own building-level tracker. Units there are understood to have sold; the listing agents simply haven’t reported those contracts yet.
• 80 Clarkson Street has 23 units in contract. None of those 23 contracts appear in the quarterly contract data this report relies on, so the building’s full activity isn’t reflected in the totals above.

The real Q3 number is higher than $422.3M. How much higher, no one can say. Those contracts aren’t disclosed anywhere.

Five buildings carried 68% of every Luxury new-development dollar signed in Manhattan this quarter, and they’re not at the same point in their sale. Central Park Tower closed five years ago and still produced the single largest contract in the city this quarter, $54.9M. The Flatiron Building has been selling for less than a year and already matched that volume. One High Line, three years past its first closing, didn’t need a headline sale: three separate contracts added up instead. One $26.9M sale was enough for The Henry.

Flatiron's PPSF jumped 76.9% year over year, the sharpest move in either direction this quarter. That traces straight back to Section 3: the Flatiron Building alone is 72.3% of the neighborhood's entire Luxury volume, and its $4,730/sqft asking far outpaces what resale there commands. The discount-from-ask figure for Flatiron is too thin to trust on its own, just 3 closed sales, one of them a stale listing sold 64% off a since-reduced ask.

West Village fell 22.8% year over year, the steepest decline of any neighborhood, despite carrying two of this report's highest-premium new buildings. 80 Clarkson Street and 140 Jane Street, the neighborhood's own two entries in Section 3's table, both command well over 140% above the neighborhood's resale baseline, yet the blended PPSF here still dropped more than anywhere else. The new-development premium and the broader resale market are moving in opposite directions in the same neighborhood. 80 Clarkson Street alone has 23 units in contract, and none of them appear in this quarter’s data. If those contracts were counted, this number would look very different.

Discount-from-ask is moving in opposite directions across neighborhoods. Upper East Side and Midtown both firmed, with buyers conceding less than a year ago (Upper East Side 7.5% to 1.1%, Midtown 11.5% to 6.2%). Lincoln Square moved the other way, its discount widening from 3.7% to 13.4%, even as its PPSF barely moved (+2.8%). In Lincoln Square, focus on the submarket you're actually transacting in, not the neighborhood headline.

Luxury supply edged up a month from last year, still well inside its four-year range. Supply rose to 11.6 months from 10.6 a year ago, a one-month expansion. 1,030 active Luxury listings now sit against 88.5 monthly contracts, up from 975 listings and down from 92.1 contracts a year ago. That's still well inside this market's four-year range: the tightest reading on record is 3.7 months (Q2 2022), the loosest is 19.5 months (Q3 2023).

New-listing activity briefly spiked the week of September 7, when Compass International Holdings relisted a wave of existing inventory citywide. That week's count hit 598, against a typical 200–400, before fading back to baseline within three weeks. A relist withdraws a unit and reissues it as new, which resets that listing's own clock but adds no net inventory to the market, so it didn't move this quarter's months-of-supply figure in a meaningful way.

Days on market is less reliable this quarter. A reset clock reads as a fresh listing, so this quarter's day-on-market figures, borough-wide and by neighborhood, understate how long that relisted inventory has actually been sitting on the market.

Speed varies far more by neighborhood than the borough average suggests. West Village sells in 96 days, 1.7 times faster than the 165-day borough average. Flatiron takes 303 days, 1.8 times longer. Seven of the eleven neighborhoods in this report move faster than the borough average. Flatiron's long read is a timing artifact. Its only building driving volume launched sales in January 2026, and this quarter's contracts were signed within that building's first eight months on the market, covered in Section 3.