The narrative said chaos. The data says resilience.

Despite higher rates, global uncertainty, tariffs, and a mayoral race that generated more hysteria than signal, Manhattan Luxury Real Estate just posted its second-strongest year ever. Contracts over $4M rose 11% year over year, nearly $12B in total volume, and trophy sales north of $10M quietly increased again.

Two things drove this. First, sellers blinked. Asking prices slipped about 4%, and liquidity returned. Second, wealth didn’t retreat. Wall Street hit new highs, and buyers showed a clear preference for condos over co-ops, more than 3 to 1, with half of condo sales coming from new development. That’s not fear money. That’s long-term capital choosing flexibility, amenities, and NewYork.

NYC luxury has a habit of absorbing shocks and moving forward. 2025 was proof. If you’re thinking about positioning for 2026, now is the moment to start that conversation.