11/24/2025
:
The city’s luxury residential market had a banner week following democratic socialist Zohran Mamdani’s mayoral win, shattering any initial concerns that his mayoralty would send New York elites packing.
Buyers scooped up 41 high-priced condos, co-ops and townhouses in the five days after Mamdani’s Nov. 4 victory, according to Olshan Realty, which tracks luxury contract activity. The tally continues a four-week hot streak that some feared would end with a Mamdani win.
It was also the first time since May that New Yorkers inked more than 40 contracts for apartments with price tags above $4 million, more than half of which were signed between Nov. 5, the morning after election day, and Nov. 9.
“Despite all the handwringing about democratic socialist Zohran Mamdani and his perceived negative impact on the real estate market, 24 of the 41 contracts were signed in the days after his victory,” co-authors Donna Olshan, president, and Emily Chen, chief of research at Olshan, wrote in the report.
