Luxury Buyers Hit the Brakes in New York City as the Holidays Approach

by Joy Dumandan

The wheeling and dealing in Manhattan real estate has slowed for the week with sales of high-end homes ticking down.

For the week ending Dec. 21, 21 contracts at $4 million and above were signed in the Big Apple, 12 fewer than the previous week, according to the Olshan Luxury Market report.

"The luxury market tends to go quiet from the middle of December until the second week in January," Donna Olshan, president and real estate broker at Olshan Realty, tells Realtor.com®. "People evacuate New York for vacation and it's low tide in terms of luxury activity."

But it hasn't been that quiet. The total weekly asking price sales volume came in at $137,289,990—with condominiums outselling co-ops 12-6.

For the most recent week, the median asking price was $5.5 million.

Compared with the rest of the country, the high-end luxury threshold—representing homes priced at the 95th percentile—fell 1.2% month over month to $1.93 million and is now 2.7% lower year over year, the Realtor.com November 2025 Luxury Housing report reveals.

But the report found that at the very top of the market, the ultraluxury segment (99th percentile) rose 0.5% in November to $5.49 million—though it remains 2.4% below its level one year earlier.

Largest sale of the week

The No. 1 contract signed last week in Manhattan was a Fifth Avenue duplex, according to the Olshan Report. This is the first time in decades that 980 Fifth Ave, Units 24 & 25A, has been available for sale. There are only 45 residences in the building.

The condo, described in its listing as a "trophy duplex above Central Park" is a 10-room home with not only views of the park, but the Manhattan skyline and the Metropolitan Museum of Art. It was listed for $16.2 million.

Sweeping Central Park views can be seen in nearly every room. (Realtor.com)

It's the first time in decades the four-bedroom, 6.5-bath home along Fifth Avenue has been for sale. (Realtor.com)

A spiral staircase connects the two floors of the Fifth Avenue condo. (Realtor.com)

The unit has four bedrooms and 6.5 bathrooms. It also has a staff room, bar, and a windowed eat-in kitchen.

The building offers a rooftop observation deck and individual storage units. The residence was just listed in late September.

"Anything with a great view of Central Park, priced correctly, sells well," Olshan explains. "The luxury market rewards views."

New York luxury

If a duplex isn't enough room, a triplex was also one of the top sales of the week. The condo at 15 East 82nd St. listed for $9.3 million.

The condominium mansion is located off of Fifth Avenue and has nearly 5,000 square feet of living space with five bedrooms and six bathrooms. The home includes some of the original crown molding, 13 foot ceilings, hardwood floors, ornate built-ins, and six wood burning fireplaces.

The home was built in 1895 and has a private garden—a rarity in New York City.

This triplex on E 82nd Street is located just off Fifth Avenue. (Realtor.com)

The triplex was built in 1895 and contains some of the original crown molding. (Realtor.com)

Many of the residence's built-ins are still found in the home. (Realtor.com)

A serene private garden is perfect for entertaining. (Realtor.com)

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