# Luxury Apartment Prices in Manhattan: What Buyers Pay in 2026

By Charles Botensten, Botensten Properties International · Approved 2026-10-21 · Published 2026-10-20 · Updated 2026-10-21
Canonical: https://ctbre.com/journal/luxury/luxury-apartment-prices-what-buyers-pay/
Topic: Luxury · Manhattan

Manhattan's median sale price is $1.21 million and the median condo sale is $1.7 million, up 11.8% year over year, according to StreetEasy's data dashboard. At the top end, Tribeca's median sale is $3.63 million, the highest of the 12 neighborhoods CTBRE covers, and the Upper East Side recorded 321 sales of $5 million or more in 12 months, according to NYC Department of Finance sales records.

The table below shows each neighborhood's current numbers, from median sale and condo prices to recorded sales of $5 million or more.

| Neighborhood | Condo sale | Median ask | Sales of $5M+, 12 months | Top recorded sale, 12 months |
|---|---|---|---|---|
| Chelsea | $1.91M | $1.79M | 68 | $27.5M |
| Gramercy | $2.1M | $1.37M | 18 | $9.53M |
| Upper East Side | $1.97M | $1.53M | 321 | $55M |
| Upper West Side | $1.65M | $1.71M | 215 | $55.6M |
| Financial District | $938K | $1.22M | 73 | $77M |
| Tribeca | $3.63M | $4.53M | 68 | $57M |
| East Village | $1.62M | $1.38M | 1 | $6.22M |
| West Village | $4.37M | $1.82M | 87 | $70M |
| Greenwich Village | $2.24M | $1.5M | 40 | $32.5M |
| Midtown East | $1.24M | $895K | 16 | $28.5M |
| Midtown West | $1.36M | $1.2M | 89 | $50.7M |
| Flatiron | $2.37M | $2.28M | 34 | $15.4M |
| **Manhattan** | $1.7M | $1.34M | — | — |

_StreetEasy Data Dashboard, three-month average through September 2026; recorded sales from NYC Department of Finance through September 30, 2026._

## What does a luxury apartment cost in Manhattan right now?

Condos and co-ops price very differently, so look at them separately. The median condo sale in Manhattan is $1.7 million, while the median co-op sale is $860,000, according to StreetEasy's data dashboard. The overall median asking price is $1.34 million.

The neighborhood figures widen that range considerably. Tribeca has the highest median asking price of the 12 neighborhoods CTBRE covers, at $4.53 million, and Midtown East the lowest, at $895,000, according to StreetEasy's data dashboard. The West Village's median condo sale is $4.37 million, Tribeca's is $3.63 million and Flatiron's is $2.37 million. Chelsea's median sale is $1.55 million and Flatiron's is $1.94 million. Greenwich Village's median co-op sale, $1.29 million, sits well above the Manhattan co-op median.

Medians describe the middle of a market, not its top. For the top, look at recorded deeds. Over the past 12 months, the top recorded sale reached $77 million in the Financial District, $70 million in the West Village, $57 million in Tribeca, $55.6 million on the Upper West Side and $55 million on the Upper East Side, according to NYC Department of Finance sales records.

The Financial District shows why a median alone can mislead: its median sale is $908,000, yet its top recorded sale was $77 million.

Volume adds another view. The Upper East Side recorded 321 sales of $5 million or more in 12 months, the most of the 12 neighborhoods, according to NYC Department of Finance sales records. The Upper West Side recorded 215. The East Village recorded just 1, the fewest.

## Are luxury prices rising in Manhattan?

Closed prices are up while asking prices are down. Manhattan's median sale price rose 8.0% year over year to $1.21 million, while the median asking price fell 5.2% to $1.34 million, according to StreetEasy's data dashboard. Condos led: the median condo sale rose 11.8%, against 3.4% for the median co-op sale.

Supply is thinner, too. There are 7,780 homes for sale, down 9.9% from a year ago. Days on market stand at 91, down 2 days. The sale-to-list ratio is 96.5%, and 10% of listings have a price cut.

Discounts vary by neighborhood. Greenwich Village has the highest sale-to-list ratio of the 12 neighborhoods, at 99.5%, and the East Village the lowest, at 93.1%. Tribeca has the fewest days on market, at 72, and Midtown West the most, at 114.

Before setting an offer, compare the asking price with recorded sales in the same building, not with the borough median.

## What does it cost to close on a luxury apartment in Manhattan?

Buyers in New York City pay the state mansion tax on residential purchases of $1 million or more: 1% from $1 million to under $2 million, rising in tiers to 3.9% at $25 million and above. The mansion tax on Manhattan's median sale is $12,125; on the median condo sale it is $17,036, and on the median co-op sale it is $0.

Financing a condo adds the mortgage recording tax, 2.175% of the loan at $500,000 or more, city and state rates combined. Co-op share loans are not recorded mortgages and do not pay it. On an 80% loan at the median condo sale, the mortgage recording tax comes to $29,643.

Sellers normally pay the transfer taxes: the city's 1.425% on sales above $500,000 and the state's 0.4%, which rises to 0.65% on residential sales of $3 million or more in New York City. Seller transfer taxes on the Manhattan median sale come to $22,128, and each 1% of commission on the median sale is $12,125.

Cash comes first. Twenty percent down is $340,729 on the median condo sale and $172,000 on the median co-op sale. On the overall median sale, 10% down is $121,250 and 25% down is $303,125.

Confirm the down payment your lender and, for a co-op, the board will require. Confirm every tax figure with a real estate attorney or accountant before signing.

## Should a luxury buyer choose a co-op or a condo in Manhattan?

The price gap is the first difference. On the Upper East Side, the median co-op sale is $1.04 million and the median condo sale is $1.97 million, according to StreetEasy's data dashboard; in Tribeca, the figures are $2.62 million and $3.63 million.

Tax treatment is the second. A condo buyer who finances pays the mortgage recording tax; a co-op buyer financing with a share loan does not.

Disclosure is the third. New York's Property Condition Disclosure Statement requirement applies to sellers of one- to four-family houses, not to co-ops or condominium units. Plan a full review of the building before contract.

Use this checklist before making an offer:

1. Ask for the building's financial statements and recent board minutes.
2. Compare the asking price with recorded sales in the building and on the block.
3. Ask the listing agent how long the apartment has been on the market and whether the price has been cut.
4. Price the mansion tax tier and, for a condo, the mortgage recording tax before bidding.
5. Confirm down payment and financing terms with the lender and, for a co-op, the board.
6. Have a real estate attorney review the offering plan or proprietary lease.

Every real estate broker must be licensed by the New York Department of State, and licensees must give buyers the state agency-disclosure and fair-housing disclosure forms.

## How Charles Botensten can help

Botensten Properties International, Charles Botensten's firm, has closed 42 sales and 128 rentals across New York City since 2014, according to its StreetEasy record. For a luxury purchase, CTBRE can run a pricing review that compares a specific apartment with recorded sales in its building and neighborhood, along with a closing-cost estimate. Call Charles to set one up before touring.

## More questions

### Are luxury prices rising in Manhattan?

Closed prices are. Manhattan's median condo sale rose 11.8% year over year to $1.7 million, and the median sale price rose 8.0% to $1.21 million, according to StreetEasy's data dashboard. The median asking price fell 5.2% over the same period.

### What taxes does a buyer pay on a luxury apartment in Manhattan?

Buyers pay the New York State mansion tax on residential purchases of $1 million or more in New York City, starting at 1% and rising in tiers to 3.9% at $25 million and above. A buyer financing a condo also pays mortgage recording taxes of 2.175% on loans of $500,000 or more, while co-op share loans do not pay it. Confirm the numbers for a specific deal with a real estate attorney or accountant.

### Where do the most $5 million-plus sales happen in Manhattan?

Among the 12 neighborhoods CTBRE covers, the Upper East Side recorded the most sales of $5 million or more over 12 months, 321, according to NYC Department of Finance sales records. The East Village recorded the fewest, with 1.

## Sources

- StreetEasy Data Dashboard (three-month average through 2026-09): https://streeteasy.com/blog/data-dashboard/
- NYC Department of Finance rolling sales (through 2026-09-30): https://data.cityofnewyork.us/d/usep-8jbt
- NYC Real Property Transfer Tax on residential sales: 1% of the price for sales of $500,000 or less, 1.425% above $500,000. The seller (grantor) is normally liable for it; the buyer is liable if the seller is exempt or does not pay. https://www.nyc.gov/site/finance/property/property-real-property-transfer-tax-rptt.page
- New York requires sellers of one- to four-family houses to give the buyer a Property Condition Disclosure Statement before the buyer signs a binding contract (Real Property Law §462). Condominium units and co-op apartments are not covered. https://www.nysenate.gov/legislation/laws/RPP/462
- No one may act as a real estate broker or salesperson in New York without a license (Real Property Law §440-a). In residential sales and rentals, licensees must give sellers, buyers, landlords and tenants the agency disclosure form (§443) and the Department of State’s Fair Housing and Anti-Discrimination Disclosure (19 NYCRR §175.28) at first substantive contact. https://dos.ny.gov/system/files/documents/2021/08/fair-housing-guidance-for-re-lic-holders.pdf
- New York State transfer tax: 0.4% of the price ($2 per $500); in New York City an additional 0.25% ($1.25 per $500) applies to residential sales of $3 million or more, for 0.65% in total. The seller (grantor) pays both. https://www.tax.ny.gov/bus/transfer/rptidx.htm
- Buyers of New York City residential property pay the 1% mansion tax at $1 million or more plus a supplemental tax at $2 million or more, for combined rates of 1% from $1 million, 1.25% from $2 million, 1.5% from $3 million, 2.25% from $5 million, 3.25% from $10 million, 3.5% from $15 million, 3.75% from $20 million and 3.9% at $25 million and above. https://www.tax.ny.gov/bus/transfer/rptidx.htm
- Mortgage recording taxes in New York City on residential mortgages (one- to three-family homes and individual condominium units), city and state combined, total 2.05% of a loan under $500,000 and 2.175% at $500,000 or more. Loans on individual co-op apartments do not pay mortgage recording tax. https://www.nyc.gov/assets/finance/downloads/pdf/reports/reports_mrt/2022-mrt-report.pdf
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