As March arrives and warmer weather melts the last of the snow, Manhattan’s market starts to move out of its winter holding pattern. At the same time, buyers and sellers weigh a more complicated backdrop, from talk of higher city property taxes to questions about the job market and recent geopolitical tension with Iran that could influence confidence and timing.
New development continues to set the tone at the top of the charts, with While 1122 Madison Avenue and The Kent at 200 East 95th Street, PHC continue to dominate the headlines, other developments attracting attention this week include 53 West 53rd Street, 16 Fifth Avenue, 125 Perry Street, 175 Fifth Avenue, 130 William Street, 200 Amsterdam, The Harrison at 205 West 76th Street, 211 West 84th Street, 255 East 77th Street, 520 Park Avenue, 220 East 9th Street, 225 East 19th Street, 35 Hudson Yards, and One High Line at 500 West 18th Street all drawing fresh attention from buyers this past week.
Why 1122 Madison Avenue Leads This Week
Demand for 1122 Madison Avenue has been exceptionally strong since sales launched. Eighteen of the 26 residences are already in contract, representing more than $360 million in signed deals and four separate price increases driven by sustained interest.
The project also stands out at the very top of the luxury segment. The penthouse recently entered into contract at its full asking price of $89.5 million, making it the most expensive condominium contract ever recorded on the Upper East Side and signaling strong confidence in the building’s design and long‑term value.
Architecturally, the building aims for a timeless presence. Studio Sofield drew on great prewar Upper East Side precedents and wrapped all four sides in hand‑laid Indiana limestone, a rare commitment in today’s market. One block from Central Park and steps from the Metropolitan Museum of Art, the site offers protected views, privacy, and a highly coveted cultural corridor.
Amenities are aligned with top‑tier new developments. Residents will have nearly 10,000 square feet of lifestyle and wellness spaces, including a Wright Fit fitness center, squash and basketball courts, spa facilities, private dining rooms, and multiple lounges, creating a boutique‑scaled experience that emphasizes privacy and service.
As with many high‑demand new developments, prices are firm, and purchasers should plan for additional closing costs beyond a typical resale, including transfer taxes, working‑capital contributions, sponsor legal fees, and title and recording charges.
Weekly Market Snapshot: Co‑ops
In the co‑op market, the Upper East Side leads in both fresh opportunities and executed deals. Forty‑two new listings come on with a median asking price of about $1,587,500, and 42 contracts are signed at a median of $945,000. Demonstrating that buyers concentrate on smaller, more affordably priced homes, even as larger apartments command higher asking prices. The Upper West Side posts 36 new co‑op listings at a median ask of $1,225,000 and 18 contracts at a higher median of roughly $1,399,000. Reflecting selective buyers who will pay up for well‑located, well‑configured apartments that present clearly.
Midtown remains an access point for value‑driven co‑op buyers. Forty‑four new listings arrive with a median ask of $732,000, and 33 contracts are signed at a median of $687,000. A relatively tight spread, indicating realistic pricing and steady liquidity at this level. Downtown co‑ops see only 12 new listings but 15 contracts. The median contract price is slightly above the median asking price. This points to a smaller sample size and competitive bidding for well‑positioned homes in prime locations.
Value Seekers
Layered on top of these weekly numbers is a broader 2026 theme that John Walkup has highlighted: a quiet comeback for unrenovated co‑ops. After years of buyers paying premiums for turnkey, move‑in‑ready product, the discount on older, unrenovated apartments may now be too large for value‑driven buyers to ignore. This is especially true in a tight‑inventory environment. In cases where the market penalizes an unrenovated unit by several hundred thousand dollars. An efficient renovation can be completed for significantly less. A real value gap emerges for buyers who are willing to take on the process. As John Walkup recently noted in his Forbes piece on 2026 predictions, unrenovated co‑ops may see a quiet comeback this year.
Buyers who are weighing renovation versus turnkey may also find my recent piece on preparation and improvement, NYC Homeownership Delay: RealVitalize® Solutions, helpful.
Condos And Condops: Selective Strength
The condo and condop side tells a story of stronger ticket sizes and more nuanced buyer behavior. On the Upper East Side, 26 new listings come on at a median asking price of $2,032,500, while 22 contracts are signed at a median of $2,010,000. This essentially confirms that buyers and sellers meet in a narrow band when expectations align. On the Upper West Side, 22 new listings at a robust median ask of $3,350,000 meet just 12 contracts at a median of $2,372,500. Highlighting buyer discipline on price, especially where carrying costs or finishes do not fully justify aspirational numbers.
Midtown and Downtown Condo Trends
Midtown condo activity looks balanced on paper. Forty‑nine new listings enter at a median ask of $1,750,000, and 21 contracts are signed at about $2,000,000. Often reflecting a mix of smaller high‑floor units and renovated homes trading above the broader median. Downtown, 31 new listings at a median ask of $1,775,000 meet 18 contracts with a median contract price of roughly $2,374,000. A sign that buyers still stretch for the right combination of location, architecture, and views, particularly in design‑forward or boutique buildings.
Townhouses: Thin Supply, Big Numbers
The townhouse market continues to operate in its own narrow but impactful lane. On the Upper East Side, a single new townhouse listing arrives at $7,250,000. While three homes go into contract at a median of $9,800,000. Reinforcing how scarce, well‑located single‑family houses command a clear premium. The Upper West Side records four new townhouse listings at a lofty median ask of $11,447,500. However, no signed contracts this week, which underlines the small‑sample nature of this segment. As well as the time it often takes to match a specific house with the right buyer.
Midtown adds three new townhouse offerings at a median ask of $4,950,000. Again, with no contracts signed during the period. Downtown closes two townhouse deals at a striking median contract price of about $18,625,000. Those Downtown numbers align with the week’s luxury tape. 125 West 11th Street appears among the top townhouse contracts. Underscoring the appeal of turnkey, architecturally notable homes.
Activity, Pricing, And Seasonal Timing
Looking across the core neighborhoods (Upper East, Upper West, Midtown, Downtown), most of the energy remains in the $0–$3M range. Eighty‑five new listings and 70 contracts in the sub‑$1M tier confirm steady liquidity for well‑priced homes. Smaller apartments serve as entry points or efficient pieds‑à‑terre. Between $1M and $3M, 119 new listings meet 80 contracts. Showing an active, choice‑rich band where pricing, condition, and line meaningfully influence time on market and discount.
Above $3M, the funnel narrows but does not disappear. Thirty‑nine new listings between $3M and $5M produce 15 contracts. While the $5M–$10M tier logs 17 new listings and 13 signed deals. A relatively strong capture rate that reflects focused, qualified buyers in this range. At $10M and above, the market remains thin yet functional. Nine new listings and six contracts between $10M and $20M, and two new listings with two contracts over $20M. Confirming that ultra‑high‑net‑worth buyers still transact when product, privacy, and pedigree align.
What different price tiers mean today
Condo resale pricing by tier reinforces this structure. Average resale condo prices run around $1,249–$1,234 per square foot for sub‑$1M units. They climb to roughly $1,609–$1,544 per square foot in the $1M–$3M band. The $3M–$5M tier ranges from the mid‑$1,800s to the low‑$1,900s per square foot. The $5M–$10M range moves into the mid‑$2,000s. The $10M–$20M tier ranges from the mid‑$2,500s to the upper‑$3,000s per square foot on the contract side. Buyers pay a clear premium for top‑shelf locations and best‑in‑class product even in a disciplined environment.
How Price Bands And Seasons Shape Outcomes
As Walkup has noted, seasonal timing may matter as much as pricing in a flat market. With marginal buyers still cautious. The spring and fall windows are likely to attract the most attention and competition. While winter and summer remain quieter. Making day‑one positioning and launch strategy critical for sellers who want to avoid extended days on market and multiple price adjustments.
Marketproof Data And Shadow Inventory
Recent Marketproof data on new development adds another layer to this story. Across New York City, total new‑development inventory stands at nearly 10,051 unsold units. Only about 1,514 units are actively on the market. Roughly 85 percent remain in the shadow, showing how little sponsor product buyers actually see at any given time.
New Development By the Numbers
The same report shows median new‑development pricing rising year over year. Median price per square foot moves from roughly $1,351 to about $1,420. Supporting the idea that limited visible inventory helps set pricing even when buyers remain selective. At the very top of the market, a small set of trophy new developments now commands price points well above the borough‑wide medians. Select residences trade over $4,000 per square foot. A handful of properties reach $6,000 per square foot and higher, highlighting how scarce ultra‑prime inventory can be.
Curtesy of MarketProof
Marketproof’s weekly new‑development update underscores the scale of 1122 Madison Avenue’s early performance. As co‑founder and CEO, Kael Goodman notes, “1122 Madison Avenue dominates our weekly reports since launching a month ago. A recording of what may prove to be the largest contract of 2026 at $89.5M. While Manhattan is soaring, activity in Brooklyn and Queens is underperforming expectations.” In just one month, 1122 Madison has reported approximately $367M in sales. Citywide, only 57 new sponsor units have launched in February. A combination that reinforces how concentrated both supply and demand are at the very top of the Manhattan new‑development market.
Luxury Ledger: Olshan’s 23 Contracts At $4M And Above
The luxury contract sheet for February 16–22, 2026, tells its own story. Twenty‑three contracts at $4M and above were signed during a shortened Presidents’ Day and spring‑break week. Condos represent about 60.9 percent of deals. Co‑ops 17.4 percent, and townhouses 17.4 percent. Total weekly asking price sales volume reaches approximately $291,320,000. An average asking price of $12,666,087. A median ask of $7,400,000. An average discount of 6% from the original to the last asking price. An average of 935 days on market. Reflects how long some high‑end listings can sit before meeting the right buyer.
1122 Madison and the week’s top deals
The headline of the week is the penthouse at 1122 Madison Avenue. The residence, asking $89.5M, goes into contract based on the “floor plans” at roughly $9,572 per square foot. Spanning the 20th through 22nd floors, with about 9,350 interior square feet. Seven bedrooms, seven-and-a-half baths. With nearly 1,982 square feet of outdoor space across three terraces. Since launching sales on January 15, the building has secured 18 contracts out of 26 units, all off floorplans, at an average of roughly $5,439 per square foot, with multiple offering‑plan amendments and documented price increases over time.
The second‑ and third‑most expensive contracts of the week, including PHC at The Kent, 200 East 95th Street (asking $16,995,000), and 125 West 11th Street (asking $21,500,000). Both round out a luxury segment that continues to reward best‑in‑class design, amenities, and neighborhood narratives. Amenities at 1122 Madison, for example, include doormen, a robust lower‑level fitness and wellness suite. Additionally, a club‑style amenity floor with bar, lounge, billiards, dining, media, and play spaces, with delivery currently projected for Fall 2027.
In a week shaped by snow, blizzard headlines, and school breaks. Manhattan still sends a clear signal. Everyday buyers remain active in the $0–$3M core. Selective capital continues to transact in the upper price tiers. Ultra‑prime product demonstrates that when architecture, location, and lifestyle truly align, serious buyers show up. Even if the sidewalks outside have yet to thaw.
You can compare this Weekly Market Snapshot with my earlier spring outlook in Timing is Everything: Why Manhattan’s Spring Market is Off to a Slow Start
