NYC Luxury Real Estate: No 'Mamdani Effect' Despite Record Sales, Says Peter Zaitzeff

NYC Luxury Real Estate Performance

• 💎 Post-Mamdani, the NYC luxury real estate market ($4 million plus) is experiencing record numbers, with November sales up 25% from October.
• 🚀 2025 has been the best year since 2021, marked by record sales, including a $60 million sale and another at 140 Jane for over $80 million.
• 📈 Trophy apartments are selling exceptionally well, and rental numbers are also soaring, with a record price per square foot achieved uptown.
• 💬 Peter Zaitzeff states there is no observable 'Mamdani effect' in the sales data for this market segment.

City Vibrancy and Back-to-Office Impact

• 🚶‍♂️ New York City is described as being exceptionally busy, reminiscent of the 1980s, with crowded streets and difficulty securing reservations.
• 🏢 The back-to-office trend is identified as a significant factor contributing to the city's renewed energy and activity.
• 🌍 New York's status as the cultural, financial, and real estate capital of the world remains strong, unaffected by mayoral changes.

Market Dynamics for Lower Price Points

• ⚠️ While the luxury market thrives, the impact of the Mamdani policy is theoretically felt more by those below the $4 million price point.
• 🏙️ Despite potential tax increases, New York City's fundamental appeal as a global hub is expected to endure.

Foreign Investment and Inventory Concerns

• 🌏 There's an observed increase in money flowing from Asia into New York real estate, boosting demand and competition for local buyers.
• 📉 A significant lack of inventory is projected for 2026 and 2027, with only 1,900 units planned, making buying difficult in the coming years.
• 🏠 Most buyers are still purchasing homes in New York with the intention to live in them, rather than purely for investment purposes.

Desired Amenities in Luxury Homes

• 🧖‍♀️ Cold plunges and infrared saunas are highlighted as the most sought-after amenities, reflecting a post-COVID focus on health and wellness.
• ⏳ This trend is driven by a realization of limited time and a desire to prioritize personal health.