Spring Outlook
The Manhattan market finished February on a stronger footing and is showing clear signs of a Spring Awakening. Buyers across price tiers showed more confidence. This is especially evident in segments where lower jumbo rates help keep monthly costs within a set comfort band. Activity was strongest from $1M to $3M and in the $5M to $10M range. Many purchasers are trading up in size and neighborhood while staying disciplined on carrying costs. Sellers who brought well-priced homes to market saw that caution translated into real offers and cleaner negotiations.
Co‑ops: Consistent Depth in Core Neighborhoods
Co‑ops continued to provide a stable foundation this week.
On the Upper East Side, 35 new listings met 40 signed contracts. The median asking price reached $1,125,000, and the median contract price reached $1,217,000. These figures show persistent demand for classic layouts and established buildings.
Meanwhile, the Upper West Side recorded 21 new listings and 20 contracts. The median contract price was $1,330,000. Buyers there continued to prioritize space, proximity to parks, and strong neighborhood amenities.
In addition, Midtown brought 39 new co‑op listings and 35 contracts. Meanwhile, the median contract price stood at $650,000. This result highlights Midtown’s role as a value and pied‑à‑terre market, where buyers focus on efficiency and central access.
Finally, Downtown saw 24 new listings and 24 contracts. The median contract price reached $1,285,000. This balance suggests steady demand for well-located co‑ops in stable, well-maintained buildings.
The lower and middle tiers also reflect a clear shift in priorities. Many buyers under roughly $3M are trading up in size and neighborhood while staying disciplined about carrying costs. They are looking for larger spaces, efficient layouts, and co‑ops or condos with comparatively low monthlies, which helps offset higher everyday expenses and gives them room to stay put through the next cycle.
Condos and Condops: Energy in the Middle and Upper Bands
Condos and condops remained the most active segment. Across the Upper East Side, Upper West Side, Midtown, and Downtown, 102 new listings between $1M and $3M were nearly matched by 100 contracts. This near balance shows a healthy, engaged core homeowner group.
On the Upper East Side, 19 new condo listings produced 15 contracts. The median contract price was held at $1,650,000. Buyers responded to realistic pricing in full-service and boutique buildings.
Meanwhile, the Upper West Side saw 22 new listings and 29 contracts. The median contract price reached $2,499,000. This strength suggests that larger and newer units remain in high demand.
In addition, Midtown recorded 45 new listings and 31 contracts. The median contract price reached $2,300,000.
Finally, Downtown added 43 new listings and 27 contracts. Downtown’s median condo contract price of $2,295,000 confirmed continued demand for lifestyle-driven homes with amenities and strong design.
Condo pricing per square foot supports this story. Under $1M, contracts averaged about $1,270 per square foot. Between $1M and $3M, average prices moved into the mid-$1,600s, while $3M to $5M contracts cleared above $2,000 per square foot. In the $5M to $10M tier, contract averages climbed to roughly $3,082 per square foot, with $10M to $20M homes reaching about $3,883 per square foot, underscoring how buyers pay up for best-in-class buildings and views.
Townhouses: History, Flexibility, and Scale
Townhouse activity was limited in count, but rich in story this week. Only three townhomes went into contract at $4 million plus, yet each told a clear story about what buyers want now.
On the Upper West Side, 132 West 73rd Street entered into contract at $4,250,000. Illustrated a different type of demand. a historic brownstone that can be delivered vacant and either held as a live‑plus‑income property or converted into a single‑family residence, allowing a purchaser to secure more space and long‑term flexibility on a stable block near Central Park. Underscoring continued demand for well-located homes with authentic details and manageable scale.
Downtown, 37 Harrison Street at $8,250,000 confirmed that buyers will still pay a premium for historic streets, strong architecture, and turnkey condition, even without private outdoor space.
The Upper East Side headline deal, 15 East 63rd Street at $39,500,000, is an approximately 18,000‑square‑foot Beaux‑Arts limestone mansion that attracted a buyer. The house offers grand entertaining floors, multiple bedroom levels, terraces, and extensive lower‑level space, giving the next owner the chance to blend preserved Gilded Age detail with contemporary amenities at scale.
Together, these three sales point to a townhouse buyer who is not just looking for a front door, but for a mix of history, volume, and optionality. Some want fully reimagined homes where the heavy lifting is finished; others want the ability to reshape a building over time, capture rental income, or eventually create a large single residence in a way that still respects the fabric of the block.
Price Tiers and Price per Square Foot
Price tier data highlighted the strength of the middle range. The $1M to $3M band recorded 102 new listings and 100 contracts. This group represents the core Manhattan homeowner and continues to anchor overall stability.
The $0 to $1M tier delivered 94 new listings and 76 contracts. This activity reflects steady interest from first-time buyers and downsizers, with a focus on comparing ownership costs to rising rents.
Higher up the ladder, the $5M to $10M tier remained healthy. It recorded 27 new listings and 26 contracts, almost a one-to-one pace. The $10M to $20M tier saw seven contracts but only one new listing, indicating tightening supply in that bracket.
Condo resale price per square foot data confirmed firmness at the top. Contracts in the $5M to $10M tier averaged $3,082 per square foot. Contracts between $10M and $20M averaged $3,883 per square foot. Listings at $20M+ began at about $6,759 per square foot. These figures show that the premium product still commands premium pricing when quality and location align.
Luxury and New Development Highlights
The Olshan Report added clear context for the luxury segment. Thirty-two contracts were signed at $4M or more, nine more than the previous shortened week, which signals that high-end buyers are leaning in rather than stepping back as spring begins. Total weekly asking price volume reached about $316,229,990, with an average asking price of $9,882,187 and a median of $7,095,495. Together, these figures show that the “working luxury” bands between roughly $4M and $10M are carrying much of the activity, and that pricing at this level is holding firm enough to support significant weekly dollar volume.
Condos accounted for 62.5% of these luxury contracts. Co‑ops represented 28.1% and townhouses 9.4%. Two of the top contracts were at the Flatiron Building, reinforcing the appeal of restored historic architecture and iconic addresses.
In the midst of all the media noise, a very specific buyer story is emerging. Purchasers at buildings like 1122 Madison, 50 West 60th Street, the Flatiron residences, and Central Park Tower are buying privacy, exclusivity, and a clear sense of identity. These homes function as a modern club of residences, where a small coterie of like‑minded owners controls a distinct slice of Manhattan. For this group, each acquisition is about securing a legacy address and a defined way of life, not just a transaction.
February closed with 123 luxury contracts, up from 114 in February 2025. Total dollar volume rose to about $1.38B from roughly $954.9M, driven by several high-price sales. A key closing was 8 East 62nd Street at $55,000,000, which underscored ongoing demand for fully renovated, architecturally significant properties at the ultra luxury level.
New development contracts continued to advance. After removing 16 batch-reported contracts, Marketproof still recorded about 67 new development sales citywide for the week, well above the 49-deal benchmark. Buyers responded to thoughtful design, strong amenities, and flexible layouts in full-service buildings. This activity supports firm pricing for high-quality new products and nearby resales.
New Development: Volume Surges and Pricing Holds
New development activity provided one of the clearest signals of renewed confidence. In an earlier Marketproof read, Kael Goodman highlighted how quickly momentum was building: “Exclude the 16 contracts that appear to have been batch reported, and the city still posts a very impressive 67 deals this week, well ahead of the 49 deal benchmark.” This meant that even after stripping out reporting noise, buyers were already committing to about 67 new development homes in a single week, clearly above what Marketproof views as a healthy baseline.
That strength carried directly into the week of February 23 to March 1. Marketproof’s snapshot for this period showed 83 new development contracts signed citywide, 71% above the 12 month average. The average asking price reached $2,010 per square foot, about 7% higher than the 12 month norm, while average days on market held at 144, roughly in line with the longer‑term trend. Total inventory stood at 9,887 units, with 1,496 units actively on the market and 8,391 in the shadow pipeline, suggesting that developers still have meaningful product to place but are releasing it in a disciplined way.
Taken together, the 83 contracts, the higher average asking price per square foot, and the stable days on market show a new development sector that is not chasing discounts but instead moving steadily, as buyers focus on quality, design, and long-term usability rather than waiting for a broad reset.
Boutique Power Building: 220e9 Leads East Village New Development Demand
The standout performer was 220e9 in the East Village between Second and Third Avenue, which led in both contract count (16 deals) and dollar volume, at about $61.28M. This concentration of activity in a single project shows how buyers are gravitating toward buildings that combine strong design, light, and full-service amenities. Many of these purchases are cash or low-leverage, so decisions hinge more on long-term replacement cost and lifestyle fit than on short-term rate moves. That combination is helping to support firm pricing in best-in-class new development and to reinforce values in nearby, high-quality resales.
220e9’s outperformance reflects a very specific match between product and buyer. Its East Village location near Astor Place, boutique scale, loft‑inspired layouts, and rare on‑site parking appeal to design‑driven, well-capitalized buyers who want a Downtown power address without moving to a large tower.
