NYC Luxury Market Watch: Week of June 22, 2026

The quietest week of the second quarter. Manhattan signed 27 contracts above $4 million between June 22 and 28, 2026, worth $190,380,000, with nothing above $20 million. The largest deal, $18,995,000 for a full floor at 565 Broome Street, was the only contract of the week to clear $15 million.

The trend: summer arrives, and new construction thins out

Twenty seven contracts was the lowest count of the spring, and volume of $190,380,000 was the first week since March to come in under $200 million. The average deal held up at just over $7 million, which is the point: fewer transactions rather than cheaper ones.

The composition shift is the more interesting one. Only three of the 27 contracts, 11 percent, were in new developments, half the 22 percent share that had held almost every week since April. New development had been carrying a fixed portion of this market for three months, and in late June it stopped.

Manhattan inventory stood at 6,586 listings, down 8 percent from a year earlier and back near where it had started the spring.

The other development of the week was regulatory. A two year zero increase on rent stabilized apartments was approved, which does not touch the for sale luxury market directly but does reinforce the theme running under all of it: scarcity, regulation and political risk are now part of every serious valuation conversation in New York.

Top 5 deals of the week

1. 565 Broome Street, S28A

$18,995,000 · 4 BD, 5.5 BA, 4,682 SF

The week's top contract, a full floor of 4,682 square feet at roughly $4,060 per square foot. Floor to ceiling windows wrapping the corner great room, with Hudson River views west and One World Trade Center views south. The building's second appearance in these reports this spring.

2. 481 West 22nd Street

$12,495,000 · 4 BD, 5.5 BA, 5,000 SF

A 5,000 square foot Chelsea townhouse at roughly $2,500 per square foot, the lowest rate in the week's top five.

3. 67 Irving Place, 11

$12,250,000 · 4 BD, 4.5 BA, 3,432 SF

A full floor near Gramercy Park at about $3,570 per square foot. The newsletter printed this address as 67 Iriving Place.

4. 1107 Fifth Avenue, 9N

$11,500,000 · 4 BD, 4.5 BA

A pre-war apartment on Fifth Avenue in Carnegie Hill. No square footage was published for this contract.

5. 39 West 23rd Street, PH20

$9,950,000 · 4 BD, 4 BA, 3,194 SF

A Flatiron penthouse at roughly $3,120 per square foot, and the only contract in the week's top five under $10 million.

The Elevated take

Twenty seven contracts in the last full week of June is a calendar story, not a market story. The interesting number is the 11 percent new development share, because that one had been stable at roughly twice the level for three straight months before it moved.

Read alongside the previous fortnight, where the average listing going to contract had been for sale nearly 700 days, the picture is coherent. Buyers who wanted new construction had largely transacted through the spring. What remained on the market as summer arrived was older stock that needed to meet a price, and it was doing so slowly.

For sellers, that is the argument for finishing the work rather than waiting. A market with 6,586 listings and disciplined buyers rewards apartments that are ready and punishes ones that ask a buyer to take on a project. For buyers, late June was the first genuinely unhurried week of the year, and unhurried is when negotiation works.

Work with Elevated

Elevated advises buyers and sellers across Manhattan's luxury market, with $2B+ in lifetime closings including $500M+ sold off-market. Get in touch or reach Zeve Salman directly at 917-607-1331.