- Luxury home sales surged in Manhattan in November, with 176 contracts signed on properties priced at $4M or more — a 25% jump from October.
- Fears of a “Mamdani effect” driving wealthy buyers away have proven unfounded, with real estate experts reporting no slowdown in demand.
- Stock market gains and Wall Street bonuses have fueled continued luxury home shopping, as prime Manhattan neighborhoods remain supply-constrained.
Luxury Buyers Return — And In Force
In the weeks following Zohran Mamdani’s mayoral victory, fears of a mass exodus among the wealthy were rampant. But instead of retreat, Manhattan’s luxury housing market saw a sharp uptick in activity, reports Bloomberg. November saw 176 contracts signed on homes priced at $4M or more, up from 141 the previous month, according to data from Miller Samuel and Douglas Elliman.
Among the headline deals: two $24M condos, one at The 74 on the Upper East Side and another at 53 West 53rd Street on Billionaires’ Row.
A Political Panic That Didn’t Materialize
Critics warned Mamdani’s proposed taxes on the wealthy could trigger a downturn in New York’s luxury housing market. But brokers say the so-called “Mamdani effect” has yet to materialize.
“There is no Mamdani effect,” said Donna Olshan of Olshan Realty. Her firm recorded 41 luxury contracts during election week — over half of them signed after Mamdani’s win.
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Confidence Amid Tax Talk
Despite lingering concerns over future tax hikes, many of the wealthiest New Yorkers appear undeterred. With limited inventory in high-demand areas like the West Village and Upper West Side, buyers remain eager, said Miki Naftali, CEO of the Naftali Group. His firm has seen steady activity across all projects, with units ranging from $3M to $28M.
“Yes, there is a new mayor, and there are a lot of worries,” Naftali said. “But our clients are saying, ‘We love New York.’”
Why It Matters
Manhattan’s luxury market is proving resilient — even amid political uncertainty. For developers and brokers, it’s a reminder that financial fundamentals, not political fear, tend to drive high-end real estate behavior. Some wealthy New Yorkers have already left for lower-tax states, but those staying are doubling down on their New York footprint.
As broker Noble Black of Corcoran Group put it: “The wealthy are bullish on the market and New York in general. If anything, more people are coming back.”
What’s Next
With little new luxury inventory coming online and demand staying strong, prices may hold firm or even climb further. Much will depend on whether Mamdani’s proposed tax changes gain traction — but for now, Manhattan’s high-end real estate market is brushing aside the political noise.
