From August 3-9, 2026, 170 residential contracts were signed in Manhattan. The first full week of August 2026 saw a week over week decrease, bringing it to the lowest number of deals since early February 2026, and down 21 percent from the same week last year. Six contracts asking over $10 million drove the aggregate dollar volume up week-over-week, but this was down 27 percent year-over-year.
The low contract volume appears to be an unhappy combination of a traditionally slow selling season and confusion over the rollout of New York's recently enacted pied-a-terre tax, which imposes an annual surcharge on second homes with an assessed value of $1 million or more. Not only will this generate hundreds of millions of dollars in taxes to fund public services like roads, parks, libraries, and schools, but a spokesperson for Governor Hochul's office told Fortune that it could expose residents who falsely claim to live outside the state to avoid New York taxes.
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The pied-a-terre tax will affect a small percentage of second homes in New York City; and of those, some may qualify for exemptions - e.g., if a property is being used as a primary residence by a tenant, the owner will not be charged the pied-a-terre tax. The deadline to submit an exemption application (more information here) got extended by four weeks to September 18, and homeowners who miss the deadline can still appeal to the Tax Commission by March 2027.
However, a lawsuit challenging the rollout of the tax was filed last week, shortly after the Department of Finance began notifying property owners that they may be subject to the tax. Three plaintiffs say that their properties serve as their primary residences and that the city should have been more careful about releasing a tax roll that included the names and addresses of those that might be eligible. seek to pause obligations for homeowners to respond as the case moves forward, and to prevent further enforcement until the court decides.
CNN notes that their objection is not to the pied-a-terre tax itself, and that the tax roll gets released like this every year but has received new scrutiny in the wake of the pied-a-terre tax. A judge will hear oral arguments on Monday afternoon. In the meantime, data suggests that potential buyers in all segments appeared to be spooked last week, with contracts down across the board. Only 20 contracts asking $5 million and up were signed last week, though it cannot be confirmed whether the buyers would use them as primary or secondary residences.
In-demand new developments near sellout months ahead of anticipated completion
(l-r) 1122 Madison Avenue and 67 Irving Place, two new developments among the week's top ten contracts
For the fourth time in 2026, the forthcoming 1122 Madison Avenue was home to the week's highest-priced contract by far. Residence #19 entered contract with an asking price of $40.5 million. Located on the floor below the penthouse that entered contract with an $89.5 million ask in February 2026, this full-floor apartment has five bedrooms, five and a half baths, over 5,200 interior square feet, and a total of 151 square feet of private outdoor space across two private balconies.
Completion of 1122 Madison Avenue is not expected until around this time next year, but 24 of the 26 units in the building developed by Legion Investment Group and Nahla Capital have already entered contract. Its prewar-inspired design by Studio Sofield, well-crafted apartments, thoughtfully curated amenity package, and prime Upper East Side address near Central Park and Museum Mile were key factors in its status as New York's top-selling building of Q1 2026. The remaining availabilities are a pair of floor-through five-beds from $38.75 million.
1122 Madison in May 2026 (CityRealty
67 Irving Place, a printing factory turned boutique condominium in Gramercy, is also not expected to be open for occupancy until next summer; but with Residence #6 entering contract with a $10.25 million ask (the sixth-highest of the week), seven of the 11 newly created floor-through apartments in the building are now spoken for. Like all apartments, the four-bedroom Residence #6 features direct elevator access, a living room overlooking Gramercy Park and Irving Place, an oversized kitchen, and a discreet bedroom wing. There are only two public availabilities as of this writing, and they start at $7.1 million.
Centric's 14 signings lead new developments by number of contracts signed
Centric (Nest Seekers LLC)
While 1122 Madison Avenue had the week's top sponsor contract, Woodside condominium Centric was the week's top performed in terms of the number of contracts signed with 14 deals signed last week. Many of the one- to three-bedroom homes come with private outdoor space, and all apartments feature floor-to-ceiling triple-paned tilt-and-turn windows, wide-plank hardwood floors, kitchens with integrated Bosch appliances, and baths with radiant heated floors.
Centric's close proximity to the 7 train and LIRR allows for easy access to Manhattan and Long Island, but approximately 12,000 square feet of residential amenities spread over several floors in the building make for incredible offerings much closer to home.
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Residents will arrive to an elegant lobby on the same floor as a bike room, a parking garage, a pet spa, a podcast/music studio, and a sunny fitness center with yoga/stretching space. The second floor offers a coworking lounge, a game room with billiards table, a dining room, and access to an outdoor terrace with a pickleball court, mini golf, a children's play area with jungle gym, and an outdoor kitchen with dining area.
The Sky Floor is a lushly planted rooftop terrace with a pergola, grilling stations, dining and lounging areas, and views of Long Island City and the Manhattan skyline. Remaining availabilities range from a one-bedroom for $590K to a two-bedroom for over $1.37 million.
Centric was one of several new development condos with multiple contracts signed last week. Three contracts at One High Line were signed last week, all ranking among the ten highest-priced deals. Also of note, two contracts were signed at 263 Sackett Street, thus selling out this four-unit boutique condominium on the Carroll Gardens/Cobble Hill border in only a few weeks.
All four units at 263 Sackett Street quickly found buyers for all four of its condos
Top NYC Contracts: August 3-9, 2026
#10. Museum Tower, #29AF/30A
Last Ask: $8,350,000
Midtown West | Condominium | 3 Bedrooms, 4.5 Baths | 5,700 ft2
Museum Tower, #29AF30A (Corcoran Group)
#9. One High Line, #EAST_21B
Last Ask: $8,555,000
Chelsea | Condominium | 4 Bedrooms, 3.5 Baths | 2,685 ft2
One High Line, #EAST_21B (Corcoran Sunshine Marketing Group)
#8. The Evelyn, #8A
Last Ask: $9,500,000
Broadway Corridor | Condominium | 4 Bedrooms, 3.5 Baths | 4,159 ft2
The Evelyn, #8A (Corcoran Group)
#6. 67 Irving Place, #6
Last Ask: $10,250,000
Gramercy Park | Condominium | 4 Bedrooms, 4.5 Baths | 3,432 ft2
67 Irving Place, #6 (Reuveni LLC)
#5. 2 East 70th Street, #10A
Last Ask: $10,500,000
Park/Fifth Ave. to 79th St. | Cooperative | 3 Bedrooms, 3.5 Baths
2 East 70th Street, #10A (Douglas Elliman Real Estate)
#4. One High Line, #W22A
Last Ask: $10,950,000
Chelsea | Condominium | 3 Bedrooms, 3.5 Baths | 2,345 ft2
One High Line, #W22A (Hauseit LLC)
#3. One High Line, #E22B
Last Ask: $12,220,000
Chelsea | Condominium | 4 Bedrooms, 3.5 Baths | 3,373 ft2
One High Line, #E22B (Corcoran Sunshine Marketing Group)
#2. The Greenwich Lane, #3W
Last Ask: $18,995,000 (-4.8%)
Greenwich Village | Condominium | 5 Bedrooms, 5.5 Baths | 4,206 ft2
The Greenwich Lane, #3W (Brown Harris Stevens Residential Sales LLC)
#1. 1122 Madison Avenue, #FLOOR19
Last Ask: $40,500,000
Carnegie Hill | Condominium | 5 Bedrooms, 5.5 Baths | 5,251 ft2
1122 Madison Avenue, #FLOOR19 (Corcoran Sunshine Marketing Group)
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