This year, the borough has recorded two sales over $100 million, the first since 2022. Recently, a penthouse at Vlad Doronin’s Aman New York sold for $135 million, following a $115 million sale at Central Park Tower.

Stock market gains and increasing wealth among the ultra-rich are driving these sales. By the end of last year, the top 1 percent’s wealth hit a record $45 trillion, largely due to stock holdings, which encouraged more spending.

The strength of the luxury market is unaffected by mortgage rates but influenced by Federal Reserve policies affecting the stock market. While buyers of such expensive properties are not concerned with interest rates, they are aware of their financial market investments.

The latest Manhattan sale, nine-figure deals nationwide by June already surpassed last year’s total. If this trend continues, 2024 could double the $100 million-plus sales from 2023, setting a new record.

However, these high-profile deals do not reflect broader market trends, which are impacted by high mortgage rates, political uncertainty, and limited inventory.

(source: therealdeal.com, picture: YIMBY, Rendering of Aman New York at the Crown Building)