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A Super-Rich Spending Spree Boosts New York Luxury Housing
Forget the rest of the market—the tippy top of real estate is doing great.
Looking out from Central Park Tower over the view that gives the building its name.
Source: ExtellEven as New York City’s overall residential market had a mediocre year, its ultra-luxury end soared to nearly unprecedented heights.
“In terms of the $10 million and above market, what I call the trophy market, it’s the second-biggest year ever,” says broker Donna Olshan, who compiled a report of the city’s biggest sales in 2024. At least 278 contracts were signed at prices $10 million and above, she says. “It's looking like the same old, the rich get richer and everybody else doesn't do as well.”