T
he luxury real estate market in New York City is experiencing a surge, with over $11 billion in sales of homes priced above $4 million, an 8.5% increase from last year. This trend is particularly evident in the "trophy market," where sales of $10 million and above have reached their second-highest level ever, according to broker Donna Olshan. Specifically, at least 278 contracts were signed for properties in this price range.

    The average asking price for luxury condominiums has hit a record high of over $3,000 per square foot, driven by demand for new developments with modern amenities and infrastructure. In contrast, co-op sales are down, and townhouse sales have stagnated. The disparity between condo and co-op sales is growing, with condos outselling co-ops 879 to 265 in the $4 million-plus category.

    Many of Manhattan's biggest sales were condominiums in new developments, including three properties in the same building at One High Line. For example, the East Penthouse 26 at 500 W. 18th St. sold for $47 million and features six bedrooms, seven-and-a-half baths, and 7,000 square feet of space designed by starchitect Bjarke Ingels.