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s 2023 drew to a close, Compass CEO Robert Reffkin optimistically predicted a thriving residential market in 2024. However, nearly a year later, his forecast fell short as the housing market continued to grapple with high mortgage rates and low inventory. Sales in New York City lagged behind long-term norms for most of the year, although listings calibrated to the market were scarce rather than nonexistent.

    A turning point came in September when the Federal Reserve finally delivered on its interest rate cut, bringing relief to the industry as contract signings surged across Manhattan and Brooklyn from July into October. The luxury segment remained resilient, with nine-figure deals returning to Manhattan for the first time in two years. Central Park Tower and 220 Central Park South topped The Real Deal's ranking of New York's priciest home sales.

    The city's top deals included a $135 million penthouse at Aman New York, purchased by OKO Group's Vlad Doronin; a $117 million unit at Central Park Tower bought by an international buyer; and units 63 and 18A at 220 Central Park South selling for $81.5 million to an unknown buyer. Other notable deals included a Greenwich Village megamansion that set a new record for Downtown Manhattan townhouse sales, and several high-end apartments in Midtown condos.

    The year's top 10 priciest home sales were dominated by Aman New York, with all but two of the deals taking place at the luxury condo conversion. The city's luxury market remained strong despite economic uncertainty, with buyers continuing to seek out high-end properties in Manhattan and Brooklyn.