From July 13-19, 2026, 219 residential contracts were signed in Manhattan. The total marked a slight week-over-week decrease in both contract volume and aggregate dollar amount, but a 1 percent year-over-year increase.
The week’s activity came as Manhattan’s new development pipeline continues to tighten. Data from appraiser Jonathan Miller found that new development inventory fell 62 percent over the past year, a decline attributed to factors including high land prices, rising interest rates, and elevated construction costs. Corcoran Sunshine Marketing Group president Kelly Mack told The Real Deal that it could take at least five years for the market to meaningfully turn around.
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Bespoke penthouses lead NYC contracts
Six of last week’s top ten Manhattan contracts were located downtown. The week was led by Penthouse A at 73 Wooster Street, a former parking garage and cardboard box factory converted to a six-unit boutique condominium in the Soho-Cast Iron Historic District. The penthouse entered contract with a $27 million ask in what appears to have been an off-market deal, but past listings mention 15' ceilings, original casement windows, and a massive private roof terrace.
Another adaptive reuse penthouse also ranked among the week’s top deals. Penthouse B at The O’Neill Building, the condominium conversion of the historic Hugh O’Neill Dry Goods Building on Ladies’ Mile, entered contract with a $12.25 million ask. While below the $14 million the seller initially sought, it was still the week’s third-highest contract. The home includes one of the building’s iconic gilded corner cupolas, which connects to two private terraces and can be converted into a media room. The buyer has not been identified, but Emmy Award-winning actress Mariska Hargitay briefly owned the penthouse in the early 2000s.
The offering included pre-approved plans by SPAN Architecture for a dramatic reimagining with walls of glass, expansive terraces, and a bespoke layout that would turn the long-hidden space into a true trophy home.
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