From July 20-26, 2026, 187 residential contracts were signed in Manhattan. Not only does this represent a deep week-over-week dip, but this represents one of the rare times in recent weeks when the contract figures came in below 2025. It is also the smallest number of contracts signed in 2026 since late February and the lowest dollar volume since January.
This took place at a time when the city began implementing the recently enacted pied-a-terre tax on second homes valued by the New York City Department of Finance at $1 million or more. Last week, the Department of Finance began notifying property owners of second homes that they may be subject to the pied-a-terre tax, and how much they owe. It also launched a dedicated website featuring frequently asked questions, eligibility guidelines, and information on how to apply for an exemption; i.e., if a tenant in the property uses it as a primary residence, it will not be subject to the pied-a-terre tax.
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Crain's New York Business notes that more than 31,000 properties could be subject to the pied-a-terre tax. This number is far larger than initially estimated, though the figure is likely to shrink as owners appeal. The tax is expected to raise $500 million annually, though some officials expect that figure to be lower.
It remains to be seen what long-term effects the pied-a-terre tax will have on Manhattan's luxury market. But in the immediate term, only 12 contracts asking $5 million and up (the sales value equivalent of the pied-a-terre tax's $1 million market value start point) were signed on the third full week of July 2026, and there were only three uber-luxury contracts above $10 million, down from five the previous week.
Pied-a-terre tax criteria (NYC Department of Finance)
Fashionable listings lead NYC contracts
The Giorgio Armani Residences (The Modlin Group)
The week's top contract was for Residence #9, one of the first resales at The Giorgio Armani Residences, which was asking $25.5 million. Public records list the seller as an LLC, but Mansion Global identified them as Jay Schottenstein, CEO of fashion line American Eagle. He initially asked $32.8 million; but if the apartment goes for this ask, he would still make a small profit, having bought it from the sponsor for over $21.6 million in December 2024. Adam Modlin of The Modlin Group represented Mr. Schottenstein in this deal; the buyer has not been identified.
The Giorgio Armani Residences are located on the uppermost levels of 760 Madison Avenue, which is also home to a Giorgio Armani flagship store and a residential amenity suite that includes a fitness center, a Zen tearoom with service from Armani Ristorante, and a library and lounge with Armani Casa furnishings. Mr. Armani had an active hand in the apartments' interior design and intended to live in the building, but passed away before this could come to be. His pied-a-terre is the one public availability in the building, and asking $8.9 million.
56 Crosby Street, #3A (Corcoran Group)
Additionally, Residence #3A at 56 Crosby Street, a department store turned warehouse turned boutique condominium, entered contract with a $6.6 million ask. While this is $2.35 million less than the seller initially sought, it was high enough for the seventh most expensive contract of the week. Catherine Juracich of Corcoran Group represented the seller; it is not known how much they paid for it.
When the two-bedroom loft was initially listed in March 2025, Mansion Global reported that it was once owned by the founders of The Apartment, a Soho design concept store turned The Apt, a marketing and branding agency. It was also featured in the film adaptation of The Devil Wears Prada, where the loft's exposed brick walls and Corinthian columns are on display in a pivotal scene.
New developments triumph in outer boroughs
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Bergen, home of the week's top sponsor contract (Avdoo)
Recent reports have gone into detail about low new development inventory in Manhattan, but several new construction condos in the outer boroughs saw multiple contracts signed on the third full week of July 2026. Two contracts were signed at Bergen, the nearly full-block Frida Escobedo-designed condominium in Boerum Hill; these included Penthouse #701W, which was asking $5.45 million in the week's top sponsor contract. The four-bedroom penthouse measures over 2,800 square feet and is topped with a 1,276-square-foot private roof terrace with an outdoor kitchen and heated plunge pool. The unidentified buyer will enjoy access to several levels of wellness, social, and creative amenities in Glass House, which connects the building's east and west wings and features a fitness studio, a wellness lounge, a tea room curated by Kettl, a ceramics studio curated by BKLYN Clay, a woodland-themed children's playroom, and an entertainment suite with screening room and music room.
Den in one of Bergen's penthouse units https://www.cityrealty.com/nyc/boerum-hill/bergen-brooklyn-323-bergen-street/188913/PH603W/GcejIOTagymN
Bergen is over 90 percent sold with a small handful of remaining availabilities ranging from a studio for $895K to a five-bedroom penthouse with two private terraces for $5.75 million. It was helmed by prolific developer Avdoo, and their next project to be delivered is Boerum Place, a boutique condominium located a short distance away at 110 Boerum Place in Cobble Hill.
Radiant
While Bergen was home to the week's highest-priced sponsor deal, Long Island City condominium Radiant was the best performer in terms of the number of deals with five contracts signed. This building is open for immediate occupancy with availabilities ranging from a studio for $790K to a three-bedroom for $2.725 million. Multiple contracts were also signed at One Domino Square and Eve in Williamsburg, Bellrose in South Slope, and The Austin in Forest Hills.
Top NYC Contracts: July 20-26, 2026
#10. 321 West 77th Street, #TH
Last Ask: $5,495,000
Riverside Dr./West End Ave. | Townhouse | 5 Bedrooms, 3.5 Baths | 5,079 ft2
321 West 77th Street, #TH (Douglas Elliman Real Estate)
#9. 1088 Park Avenue, #12A
Last Ask: $5,695,000 (-4.3%)
Carnegie Hill | Cooperative | 4 Bedrooms, 4 Baths
1088 Park Avenue, #12A (Brown Harris Stevens Residential Sales LLC)
#8. The Sugar Warehouse, #5C
Last Ask: $6,100,000 (-6.2%)
Tribeca | Condominium | 3 Bedrooms, 3.5 Baths | 2,888 ft2
The Sugar Warehouse, #5C (R New York)
#7. 56 Crosby Street, #3A
Last Ask: $6,600,000 (-3.6%)
SoHo | Condominium | 2 Bedrooms, 2.5 Baths | 3,614 ft2
56 Crosby Street, #3A (Corcoran Group)
#5. 791 Park Avenue, #7A
Last Ask: $7,000,000
Park/Fifth Ave. to 79th St. | Cooperative | 5 Bedrooms, 5.5 Baths
791 Park Avenue, #7A (Sloane Square LLC)
#4. 135 East 79th Street, #9E
Last Ask: $9,700,000
Carnegie Hill | Condominium | 4 Bedrooms, 4.5 Baths | 3,057 ft2
135 East 79th Street, #9E (Brown Harris Stevens Residential Sales LLC)
#3. 611 2nd Street, #TH
Last Ask: $11,500,000
Park Slope | Townhouse | 5 Bedrooms, 4.5 Baths | 4,143 ft2
611 2nd Street, #TH (Brown Harris Stevens Brooklyn LLC)
#2. 150 Charles Street, #M2
Last Ask: $21,500,000
West Village | Condominium | 5 Bedrooms, 5.5 Baths | 4,400 ft2
150 Charles Street, #M2 (Serhant)
#1. The Giorgio Armani Residences, #9
Last Ask: $25,500,000 (-22.3%)
Park/Fifth Ave. to 79th St. | Condominium | 5 Bedrooms, 4.5 Baths | 4,530 ft2
The Giorgio Armani Residences, #9 (Modlin Group LLC)
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