NYC Luxury Market Watch: Week of August 31, 2026

Manhattan's luxury market cooled sharply in the week of August 31 to September 6, with 13 contracts signed above $4 million for a combined $66,240,000. The week's highest contract was a duplex at 61 North Moore Street, 3W, in contract at $6,500,000.

The trend

The Labor Day lull was real. Not a single contract signed above $10 million this week, and none were in new developments. Total dollar volume fell to its lowest weekly level since September 2023.

The week of August 24 to 30 closed 24 contracts for $189,335,000, so this week's 13 contracts and $66,240,000 mark a sharp pullback: down 46 percent by count and 65 percent by volume in seven days.

Top 5 deals of the week

1. 61 North Moore Street, 3W

$6,500,000 · 4 BD, 4 BA, 2,917 SF

A Tribeca duplex with original cast-iron columns, restored 11-foot wood-beamed ceilings and oversized south-facing windows.

2. 181 East 65th Street, 18B

$6,200,000 · 3 BD, 3 BA, 2,596 SF

3. 270 West End Avenue, 9N

$5,995,000 · 4 BD, 3.5 BA

The newsletter prints no square footage for this one.

4. 16 Hudson Street, PH6A

$5,650,000 · 3 BD, 2.5 BA

The newsletter prints no square footage for this one.

5. 333 East 68th Street, PHC

$5,500,000 · 6 BD, 7.5 BA, 5,500 SF

The Elevated take

Total Manhattan inventory stands at 4,312 listings, down 26.5 percent from a year ago. Zooming out, the luxury market remains ahead of last year: 218 trophy properties priced at $10 million and above have traded so far in 2026, compared with 202 at this point in 2025.

The bigger story continues to be supply. Only about 81 new-development units launched in the first quarter, roughly 75 percent below the 10-year average, and overall inventory is down more than 25 percent year over year. Well-located, properly priced properties continue to move quickly. September is historically the softest month of the year for luxury real estate, so the true read on the fall market likely will not emerge until the second half of it.

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.