NYC Luxury Real Estate Sees 41 Contracts Signed During Election Week—but Agents Say Let’s Watch the Coming Months

The fallout from the New York City mayoral elections is still to be seen, as many residents considering a move are taking a wait-and-see approach.

During election week, 41 contracts were signed for the week ending Nov. 9, according to the latest data from the Olshan Luxury Market Report. The total weekly asking price sales volume was over $310 million, which includes 25 condos, nine co-ops, two condops (units in a mixed-use co-op building with commercial or nonresidential space on the ground floor), and five townhouses.

It marks four more contracts than the prior week for properties listed at $4 million and above. It's also the first time the luxury market in Manhattan hit the 40-plus mark since the week of May 19-25, when 55 contracts were signed.

At least 24 of the 41 contracts that were signed came about in the days after Zohran Mamdani secured the mayoral win.

"The election was no surprise. It has been baked in for months that Democratic Socialist Zohran Mamdani would win," says Donna Olshan, real estate agent and president of Olshan Realty. "For months, he had been winning in the polls by significant margins. This did not stop the rich from buying."

The surge in sales comes after a buildup to the November election, where many real estate agents were fielding calls from clients looking to possibly unload their properties ahead of a Mamdani win.

Now, the week after Mamdani's win, many are standing by to see what this means for New York City.

Top sale

The No. 1 contract signed last week was for a property located at 15 Hudson Yards. The penthouse offers double-height windows, with the unit located nearly 900 feet above Manhattan. It's described as a "museum-quality" duplex with 5,139 square feet of living space with soaring ceilings.

The curved glass windows offer a panoramic view of the Hudson River, the Chrysler Building, and the World Trade Center. It was designed by Nate Berkus Associates and comes fully furnished. The listing boasts that Penthouse 88D "feels like an extension of the famed art galleries of nearby West Chelsea," but in your own private residence.

The penthouse was listed for $22,950,000.

Iconic sale

The second-highest sale of the week is a unit in the iconic Flatiron Building. The 3NORTH unit at 175 Fifth Ave. was listed for $19,350,000. The nearly 5,000-square-foot condo has three bedrooms and 4.5 baths.

"Many of the units have 63-foot, triangular-shaped living rooms with 12-foot ceilings overlooking Madison Square Park," says Olshan. "It's a 38-unit building. So it's got a hip, boutique vibe about it, packed with some luxurious amenities. It looks like a winner, but everything is a function of price."

For the longest time, the Flatiron Building was used as commercial space. The redevelopment means renovating the space and replacing more than 1,000 windows, restoring the terra-cotta fixtures, and repairing 6-foot-tall cornices. When it reopens next year, the building will be illuminated at night, according to the New York Post.

Real estate spike

The uptick in signed contracts during election week is in contrast to what real estate agents in the New York City suburbs were seeing in the run-up to Nov. 4.

Mamdani has promised sweeping tax and housing reforms, which include a proposed rent freeze.

In Westchester County, agents tell Realtor.com® that they have seen an uptick in business. While they couldn't attribute all the interest to the elections, they say some had been prompted by it.

Across the Hudson River in New Jersey, real estate agents say the interest has been growing as people were looking to leave the city.

The push isn't due only to the fear of higher taxes. Mamdani's school reform has parents looking to pull their kids out of the city's public school system and into private schools or suburban school districts.

Agents report seeing homes going above asking price in areas driven by a town's reputation or those with an excellent school district.

"Yes, people are worried and have not yet accepted the reality of all that is happening," Suzanne Miller, real estate agent, founder, and president of Empire State Properties, tells Realtor.com.

"Many of my clients are now taking a 'wait and see' approach, understanding they may have missed the opportunity, so will now wait."