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New development condominium sales in Manhattan tilted heavily toward the luxury segment in the first quarter of 2026, with newly built for-sale apartments priced at $10 million and above driving much of the activity. Brown Harris Stevens Development Marketing (BHSDM) reported that this high-end cohort registered 56 signed contracts during the period, the highest quarterly tally for that price bracket so far this decade.
Those ultra-luxury contracts also represented a majority of dollar volume. According to BHSDM, units priced at $10 million and higher accounted for 55% of all new-development contract-signed dollar volume in Manhattan in Q1, based on last asking prices. That concentration at the top of the market highlights how demand has clustered in the highest price bands of the for-sale multifamily segment.
Across the broader new development condo market in Manhattan, buyer activity remained in line with historical trends. BHSDM reported that 370 contracts were signed for newly developed apartments in the borough during the quarter. That level of realized demand closely matched both the same period a year earlier and the 10-year average, suggesting that overall sales velocity for new product is holding steady even as the mix shifts toward larger ticket transactions.
In value terms, first-quarter contract-signing volume for Manhattan new developments, calculated using last asking prices, exceeded $2 billion. BHSDM noted that this marks only the fifth time in at least the past decade that new development contract volume has crossed that threshold. The firm linked this milestone primarily to exceptional demand for residences priced at $10 million and above, rather than to an unusually high number of mid-market closings.
Commenting on the results, Stephen Kliegerman, president of BHSDM, said that the market’s uppermost tier is performing particularly well. He pointed to strong absorption in especially desirable locations where new condominium inventory has been limited for years. Kliegerman also emphasized that the strength at the top of the market is notable given ongoing financial and international market headwinds, indicating that high-net-worth and global buyers continue to engage at the luxury end of Manhattan’s for-sale multifamily sector.
The quarter’s activity was illustrated in part by projects such as 1122 Madison Ave., a condominium development on the Upper East Side. A balcony view from this property was highlighted alongside BHSDM’s report, underscoring the role that Upper East Side luxury buildings played in the quarter’s sales performance and in the broader narrative of resilient demand for top-tier new development product in Manhattan.
The post Ultra-Luxury $10M+ Condos Drive Manhattan New Development Sales in Q1 2026 appeared first on CRE Market Beat.
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