The Luxury Real Estate Market in New York Soars to Unprecedented Heights: Top Deals of 2024

For New York’s overall housing market, 2024 was unremarkable, but the ultra-luxury real estate segment—properties priced at $10 million and above—achieved record-breaking results, marking the second-best year in history, according to Bloomberg. Increased spending by the ultra-wealthy has driven up prices in this category. Broker Donna Olshan reported at least 278 contracts for properties priced at $10 million or more in 2024. Contracts for homes priced at $4 million or above rose by 8.5% year-over-year, with 1,295 transactions in this category. The average asking price for condos in this segment also climbed to just over $3,000 per square foot, the highest on record.

The growth in this sector is primarily fueled by sales in newly developed areas. "People want new," Olshan explains. "They want the freedom of ownership offered by condos, modern infrastructure, and amenities." However, this trend has led to a gradual decline in co-op sales, while townhouse sales have remained steady. Condos priced at $4 million and above outsold co-ops by a ratio of 879 to 265, with none of the top 10 sales involving co-ops.

Top Luxury Sales in New York

Penthouse 26 at 500 E. 18th Street — $45M
In Chelsea’s twin-tower complex, One High Line (formerly XI), notable sales were finalized, including this approximately 700-square-meter penthouse with views of the Hudson River and Manhattan. Occupying an entire floor of the East Tower, the apartment features five bedrooms and six-and-a-half bathrooms.

Penthouse 36 at 500 W. 18th Street — $47M
Located in One High Line’s West Tower, this penthouse was designed by Bjarke Ingels, resembling a twisting structure. The apartment spans nearly 650 square meters and includes six bedrooms and seven-and-a-half bathrooms.

79 E. 4th Street — $56M
The largest deal on the list, this townhouse near Central Park spans over 15,000 square feet and features 22 rooms, an elevator, outdoor spaces, and high ceilings. Initially listed at $65 million, it was recently renovated.

24A, 730 Fifth Avenue — $61.6M
This unit in Aman New York features about 600 square meters of living space with four bedrooms, five bathrooms, and entertainment areas. Buyers enjoy access to Aman’s renowned hotel services.

23A, 730 Fifth Avenue — $64M
Initially sold for $50.6 million in March, this full-floor apartment with a private elevator and home theater was resold for $64 million in July, showcasing substantial appreciation.

138 W. 11th Street — $72.5M
This record-breaking townhouse in downtown Manhattan combines two neighboring properties into a 1,000-square-meter home, selling for over twice the price paid in 2016.

Duplex Penthouse 63 at 520 Park Avenue — $79M
This penthouse, designed by Robert A.M. Stern, spans 8,310 square feet, featuring a grand curved staircase, solarium, and terraces. Initially listed for $100 million, it’s one of the most luxurious homes sold this year.

18A and 63, 220 Central Park South — $81.5M
Two apartments sold as a single deal, totaling nearly 550 square meters. The sale price—over $13,700 per square meter—is the highest per-square-meter cost this year.

107, 217 W. 57th Street — $117.4M
A two-story penthouse at Central Park Tower spans 12,550 square feet, featuring a 65-foot-long grand salon and 15 rooms, including seven bedrooms and 10 bathrooms.

26A, 730 Fifth Avenue — $135M
The year’s top deal involves a five-floor apartment in the Aman New York tower, delivered as a shell. The buyer, Vlad Doronin of OKO Group, is also the developer of the building.

Market Trends and Outlook

Experts at StreetEasy highlight Manhattan as the leader in market activity, with Brooklyn seeing the fastest sales across all housing segments. In 2024, the average asking price for a New York home stabilized at $1.1 million due to constrained inventory, maintaining competitive pressure. Analysts predict increased listings and steady demand in 2025, driven by lower mortgage rates and heightened sales activity.

Despite the challenges of fluctuating interest rates, New York’s luxury real estate market continues to attract ultra-wealthy buyers, solidifying its status as a global hub for high-end investments.