Manhattan Luxury Deals Hit Near-Record Dollar Volume
Buyers signed 45 contracts for homes asking $4 million or more in the first week of November, with total asking prices near $450 million.
Updated on Nov. 10, 2026 in Residential
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Manhattan buyers signed 45 contracts for homes asking $4 million or more during the week of November 2 to November 8, up from 34 in the prior period. The pending deals carry nearly $450 million in combined asking prices, the highest weekly dollar volume since 2021 and the second highest on record.
Why it matters
The surge in high-end contracts signals renewed activity among buyers at the top of the New York City housing market. Casino mogul Steve Wynn's 50 Central Park South penthouse going under contract at a $70 million asking price, after a failed $90 million listing in 2022, highlights how a pied-à-terre tax is prompting second-home owners to sell.
Of the 45 signed contracts, 14 were for trophy homes asking $10 million or more, and 34 were condos, seven were co-ops and four were townhouses. Typical contracted homes had spent more than a year and a half on the market and sold at a 10 percent discount.
The players
Steve Wynn
Casino mogul and developer who is offloading his 50 Central Park South penthouse and is among second homeowners suing New York state over the pied-à-terre tax.
New York State
The state government named as defendant in a lawsuit by second homeowners challenging the constitutionality of the pied-à-terre tax.
The details
Wynn purchased the 10,900-square-foot duplex penthouse at 50 Central Park South in 2012 for $70 million and listed it for $90 million in 2022 without a sale. The second most expensive contract was a triplex penthouse at 95 Madison Avenue, last asking $25.4 million.
Timeline
2012: Wynn purchased the 50 Central Park South penthouse for $70 million.
2021: Prior record-level weekly dollar volume during the pandemic-era buying frenzy.
November 2 to November 8: 45 luxury contracts were signed in Manhattan.
Market Landscape
The $450 million weekly total is the highest since 2021 and second on record, placing the current week just behind the pandemic-era buying frenzy in Manhattan's luxury segment. The pied-à-terre tax lawsuit adds a policy variable that did not exist during that earlier peak.
For buyers and sellers in Manhattan's upper price tiers, the current activity suggests liquidity at the top of the market, with sellers accepting roughly 10 percent discounts on long-listed homes. Second-home owners facing the pied-à-terre tax may find more inventory entering the market.
The takeaway
Luxury buyers in Manhattan are returning at near-record volume, but long-listed properties still sell at meaningful discounts. Watch how the pied-à-terre tax lawsuit shapes inventory in the months ahead.
Further reading
For more on the local housing market, explore New York City Residential listings and trends.
Source note: This article includes information reported by The Real Deal New York.
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