Escape From New York isn’t just the title of a 1981 pulp classic starring Kurt Russell. It’s what Westchester County and Florida realtors told the world (including Fortune) about what would happen if Gotham elected a socialist mayor. But it’s time for a sequel with a different title.
In the aftermath of much well-heeled panic about a potential mass exodus of New York millionaires and billionaires following the election of Zohran Mamdani, the contrary is already happening, and Manhattan luxury apartment buyers are voting with their wallets.
Signed contracts for Manhattan homes costing $4 million or more rose to 176 in November, a 25% increase from October’s 141 deals, according to fresh data from brokerage Douglas Elliman and appraiser Miller Samuel. New signed contracts of more than $4 million increased at more than twice the rate of the overall market, the report noted.
Olshan Realty similarly noted an uptick in Manhattan luxury buyers. In its most recent market report, the firm said the 17 contracts signed in the last week of November for Manhattan homes over $4 million bested its 10-year Thanksgiving week average. Compared with October’s luxury sales totaling 115, November’s sales increased more than 31% to 151 properties, according to the firm.
