“A house is the background of life. It must give a sense of repose, a place to dwell in the security of being.” — Louis Kahn
Few architects captured the emotional architecture of living as beautifully as Louis Kahn. He is one of my personal favorites—not just for his mastery of form and light, but for the deep sense of peace his spaces evoke. Walking through his structures feels like stepping into stillness.
That sense of stillness and substance is something I often think about in real estate.
Our recent success with 133 West 78th Street reflects a broader theme across the high-end market: quality is holding its ground. While some segments have softened, well-positioned, thoughtfully designed homes continue to trade—and often at a premium.
In This Week’s Edition
Ultra-Luxury Takes Fall in Stride
How the top of the market is performing as summer turns to fall.
Closing Prices: Where Numbers Are Landing
A look at recent trades across Manhattan’s premier buildings.
Townhouse Market Report
What’s moving, where demand is focused, and why design still drives value.
From The Surrey to Aman: Ultra-Luxury Sets the Tone for Fall
Above: 109 East 79th Street and The Surrey Residences, home to some of the top sales of the week.
Nearly $750M in Manhattan sales closed the week of Labor Day, led by standout deals at The Surrey Residences and Aman New York.
The headline trade? Residence 24A at Aman, which sold for $55M in an off-market deal. While the seller took a loss from their 2024 purchase, the transaction underscores continued demand at the very top of Manhattan’s luxury market.
On the Upper East Side, new development condos dominated, with seven of the top ten sales closings surpassing $10M. Notable trades included a $33M penthouse at 109 East 79th Street and three deals at The Surrey, ranging from $12M to $15M.
The takeaway: as summer turned to fall, Manhattan’s ultra-luxury market stepped into stride.
Here’s a snapshot of the top closings:
The Pulse of Manhattan: Q3 Closing Data Before the Headlines
This data—through September 6, 2025—offers a first glimpse into the Q3 Manhattan market, ahead of the broader release of quarterly reports. It's a terrific early indicator of pricing trends, volume shifts, and buyer behavior across both condos and co-ops. While headlines tend to lag, this gives us a real-time pulse on where the market is heading and what’s already underway.
1. Average Closing Price of Condo & Co-op Units (by Quarter)
So far in Q3 2025, the average sale price of a Manhattan apartment is up 4% year-over-year.
Condos rose to $2.73M (up 2%)
Co-ops rose more sharply to $1.44M (up 7%)
This modest upward movement reflects continued demand for high-end new development condos, along with a shrinking supply of quality co-ops in prime prewar buildings.
See chart below of the historic trend lines:
2. Total Dollar Volume of Sold Apartments (by Quarter)
Q2 2025 recorded over $6.8B in total apartment sales—the strongest quarter by dollar volume since Q3 2022.
Condos remain the dominant driver of volume
Co-op transactions, while fewer, still made meaningful contributions
After a slower start to the year, volume rebounded: driven by large, high-profile closings and renewed buyer confidence at the top of the market.
Making Sense of the Peaks and Valleys
For the graph above: it’s important to note: these are average closing prices, which can be influenced by both overall demand and the specific mix of high-end transactions in any given quarter.
Here’s how to read the trend:
The peak in 2019 came just before the implementation of New York State’s mansion and transfer tax changes. Many buyers, especially in the luxury tier, rushed to close before the law went into effect, temporarily inflating the average.
The dip that followed was a direct result of that rush—a natural slowdown after demand was pulled forward.
In 2020, the market stalled as the city shut down during COVID.
By 2021, pent-up demand and still-low mortgage rates triggered a strong (though short-lived) rebound in both volume and pricing.
Starting in 2022, a series of interest rate hikes cooled momentum. Buyers became more rate-sensitive, and some discretionary sellers stepped back. That shift is reflected in the softer average pricing we’ve seen in recent quarters.
3. Average Price per Square Foot (Condo Units, by Neighborhood)
The average PPSF for closed condo sales in 2025 is $1,777, up modestly from $1,750 in 2024.
Downtown leads at $2,046/sf
Midtown and the Upper West Side follow at $1,823 and $1,781/sf
Upper East Side trails slightly at $1,655/sf, still well above the citywide average
While PPSF growth is steady—not steep—quality product in desirable, established neighborhoods continues to command a premium.
What This All Means
While headlines often focus on volatility, the underlying data reveals a more grounded reality: Manhattan’s market is segmented, but resilient. Well-located, design-forward properties are still selling, and in many cases, quickly. Buyers remain cautious but strategic, and when the right home comes along, they’re stepping in with confidence.
As noted above: This data runs through early September 2025, so while it doesn’t capture the full Q3 picture, it offers a timely snapshot of market momentum.
As we step into the fall season, it’s the perfect moment to take stock of where the Manhattan market stands—and where it may be headed next.-
Townhouse Market Report
Here’s where demand is holding strongest—and how townhouse activity compares across key neighborhoods.
While the overall market remains nuanced, Manhattan townhouses are showing measured strength, particularly in prime neighborhoods. Buyers continue to favor well-designed, move-in-ready homes, especially those with architectural integrity and light-filled layouts.
Here’s what the data tells us:
Year-to-date sales were on pace with last year, signaling continued demand for townhouses, even amid broader market uncertainty.
The median price was up 10.0% compared to 2024, reflecting a shift in buyer focus toward higher-quality inventory.
Contracts signed jumped 28.9% compared to last year, an especially encouraging sign as we enter the fall selling season.
Inventory increased 5.9%, giving buyers a few more options—but well-positioned listings are still moving quickly.
Average asking price per square foot climbed 3.6%, reinforcing that value continues to hold in this segment.
Neighborhood Breakdown
Upper East Side
The UES was a standout: with 11.8% more closings year-to-date than last year, it's the only major submarket showing a notable uptick in volume.
Buyers continue to prioritize proximity to schools, parks, and classic architecture.
So far in 2025: 17 single-family townhouse sales, already nearly matching last year’s full-year total of 19.
Upper West Side
UWS activity remained steady with 12 sales year-to-date, equal to the full-year total in 2024.
Inventory remains somewhat constrained, but demand for historically rich, updated homes is intact.
Downtown
Downtown saw a slight decline: 10 sales so far this year, compared to 19 in all of 2024.
That said, buyer interest in architectural townhomes with character remains high—especially when listings are priced appropriately.
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