Manhattan’s new development market is not tiptoeing into spring; it is sprinting. The Manhattan luxury market just delivered another standout week. Contract activity outpaced recent benchmarks. The ultra-luxury tier rose again, reminding everyone who is setting the tone for 2026. As Kael Goodman of Marketproof notes, it was a “standout week” for new developments. Contracts surged, including six new development deals above ten million, and three at thirty-five million or more. This pattern shows that well-qualified buyers continue to execute when product, design, and address align. Buyers at the very top remain firmly in execution mode rather than pause.
Madison Avenue as the Anchor of Manhattan’s New Development Story
The headline of the week belongs to 1122 Madison Avenue. Its allure comes from a rare mix of full floor layouts, protected Central Park and townhouse views, and a boutique, club-like experience in Carnegie Hill, all designed by Studio Sofield and developed by Legion Investment Group and Nahla Capital. It has quickly become the gravitational center of Manhattan’s new development conversation. The building has already recorded sixteen signed contracts out of twenty-six units. It started selling from floor plans in mid-January. The sponsor has filed price-increase amendments for the remaining homes. That pace of absorption signals real confidence in Carnegie Hill as a long-term store of value. It also shows how selective buyers reward buildings that feel both intimate and fully thought through.
The new development will rise 22 stories with views of Central Park | Hayes Davidson | RobbReport
Ultra luxury contracts set the tone
This week’s Olshan Report logged thirty-one contracts at four million and above. Of these, twenty-two were condos, four were co-ops, and five were townhouses. Ten condos were asking ten million or more. Half of that group asked for more than twenty million. The top two contracts were both at 1122 Madison Avenue. The eighteenth floor was asking thirty-nine million. The sixteenth floor was asking $36.5 million. The third-largest contract was for a residence at 125 Perry Street, asking $35 million. The popularity of 1122 Madison underscores demand for curated, Carnegie Hill homes. These homes blend scale, design pedigree, and location. 1122 Madison is not only selling quickly. It is resetting buyer expectations around what a “best‑in‑class” new development feels like in 2026.
Zooming out, the weekly asking volume reached about $349.6 million. Overall, the average asking price was $11.2 million, and the median was $6.6 million. The average discount from the original ask to the last ask widened to about 7 percent. That spread tells us that buyers still negotiate. At the same time, it also tells us that they will close when a property meets their specific criteria for layout, light, views, and lifestyle.
New development sponsors who offer genuine differentiation see buyers move assertively. Architecture, lifestyle programming, and protected views still matter. This holds true even while equity markets feel volatile and headlines focus on rate uncertainty. Trophy buyers still see more risk in missing a unique asset than in timing the cycle perfectly.
Resale co-ops, condos, and townhouses hold their own
While new developments dominated the luxury narrative, Manhattan’s resale market also showed meaningful depth. Resale co-ops and condos still provided the backbone of weekly activity. In other words, the resale market continues to support the overall pace.
Coop Activity
On the Upper East Side, 33 new co-op listings came on, and 44 contracts were signed. The median coop contract price reached about $1,385,000. This confirms that buyers continue to favor well‑located, appropriately priced pre‑wars. The median asking price stood near one million five hundred seventy-five thousand. The Upper West Side delivered 29 co‑op listings and 28 contracts at a more accessible median of $824,500, which signals a healthy demand in the “working luxury” band. Midtown saw 32 new listings and 31 contracts, with a median price just under $700,000. Value-oriented buyers are quietly active when pricing reflects condition and carrying costs. Downtown co‑ops remained more selective and traded at a higher median contract price of $1,427,500 across 10 contracts. This underscores the premium for character and boutique scale below 14th Street.
Condo and condop Activity
Condo and condop activity stayed balanced. On the Upper East Side, 23 new condo listings met 17 contracts. The median condo contract price slightly exceeded the median ask at $2,515,000. High-quality units can still command competitive offers. The Upper West Side matched that cadence with 17 new condo listings and seventeen contracts. The median condo contract price landed at $1.5 million. Downtown recorded 30 new condo listings and 30 contracts. The median condo contract price is about $2,547,500. Highlighting a very tight spread between asking and achieved pricing. Midtown mirrored co-op pricing, with 32 condo listings and 31 contracts at around $695K mark. This supports buyers who are price-sensitive but motivated.
Townhouse Activity
Townhouses continued to deliver emotional, high‑commitment deals. On the Upper East Side, two new townhouse listings entered at a median asking price of $21.5 million. One transaction closed at a powerful $34.5 million, and showed that buyers still pay for architectural pedigree, privacy, and outdoor space in prime townhouse corridors. Downtown added a single new townhouse listing at $6.2 million and recorded two contracts at a median of $7,975,000. On the Upper West Side’s two signed townhouse contracts, around $5.55 million, illustrated steady but more modest brownstone trading.
By the Numbers: Depth Across Price Tiers
When we organize this week’s activity by price tier across the Upper East Side, Upper West Side, Midtown, and Downtown, a clear picture emerges.
The Sub-$1 million
The sub‑$1 million range saw 84 new listings and 78 contracts. Proving that buyers in starter and investor price points are still very much in the game when inventory aligns with their financial comfort zone. The $1 million to $3 million band remains the backbone of Manhattan’s “everyday” luxury. Delivered 100 new listings and 83 contracts, providing a sweet spot for primary residences and long‑term condo holds.
The $3 million to $5 million
Above that, the $3 million to $5 million segment registered 25 new listings and 28 contracts. The $5 million to $10 million price band showed 17 new listings and 16 contracts, suggesting that depth still exists but that buyers are more selective about floor plans, exposures, and building profiles. At the very top, the $10 million to $20 million and $20 million‑plus tiers each posted exact matches between new listings and contracts, five and six, respectively. This pattern signals a highly curated dance between new sponsors and ultra‑high‑net‑worth buyers.
Condo PPSF
Average condo resale price per square foot confirms that the Manhattan luxury market is operating on two tracks. For example, signed contracts under $1 million averaged about $1,423 per square foot. The $1 million to $3 million tier hovered around $1,616 per square foot. In the $3 million to $5 million range, contract prices jumped to approximately $2,869 per square foot, which roughly matches the $5 million to $10 million tier. The true step‑change appears at the very top, the $10 million to $20 million band. The signed deals averaged roughly $3,492 per square foot. Finally, in the $20 million‑plus bracket, contracts averaged approximately $6,666 per square foot. Evidencing a pronounced scarcity premium for truly singular assets.
How This Market Shapes Your Next Move
Sellers face a market that rewards calibration, not complacency. The average luxury discount has widened to 7 percent. As a result, the over‑reaching on price leads to longer days on market and eventual adjustments, not surprise bidding wars. When a property is aligned with today’s carrying‑cost realities, presented thoughtfully, and priced against its true peer set, this week’s activity shows that buyers are ready to respond decisively.
Meanwhile, buyers targeting new development see a clear signal as well. Best‑in‑class product with protected views, strong design, and boutique scale is moving quickly. Buildings like 1122 Madison Avenue are raising prices mid‑cycle as absorption validates their strategy. In the one to three million and three to five million ranges, the market still allows space for thoughtful, selective, yet well‑priced, turnkey homes not to linger.
Anyone considering a purchase in a new development, or debating whether to bring a condo, co‑op, or townhouse to market this spring, benefits from aligning strategy with today’s numbers. A data-based plan will make each decision clearer.
