Top contracts in "empty Manhattan" include half-floor in the Flatiron Building
City Realty
From August 10-16, 2026, 171 residential contracts were signed in Manhattan. This is a tiny week-over-week increase, but still one of the quietest weeks for residential contract activity in 2026. Additionally, the past week saw the lowest dollar volume since early January 2026.
Last week's contract included 19 Manhattan luxury contracts asking $3.9 million and up, down from the 26 signed last week, and the signings come at a time of continued confusion related to the pied-a-terre tax. Shortly after a judge granted a temporary restraining order preventing the enforcement of a September 18 deadline to apply for an exemption, the city immediately appealed. Crains's New York Business notes that the city is still working through exemption requests with the reasoning that their appeal paused the decision until a higher court decides.
This came at a time when CityRealty listings show fewer than 6,500 public sales listings throughout New York City and only 126 new Manhattan listings came on the market over the past week. Moreover, recently released data from The City appeared to confirm what Hell Gate calls "empty Manhattan," a time of year when many are away on vacation, New York's wealthiest might be spending the season at second homes elsewhere, and there's a lull between summer internships/studies and the fall semester of school. Trash volume, subway ridership, and Times Square foot traffic are all down from months earlier in the year.
For the second time this summer, the Flatiron Building was home to the top contract of the week. Residence #17NORTH, a half-floor four-bedroom, entered contract with an ask of $23.95 million, more than double the asking price of the second-highest contract. The apartment is reached via direct elevator access, and the foyer leads to a great room in the narrow tip of the Flatiron Building with one of its iconic curved windows to fill the space with light.
Occupancy at the Flatiron Building is expected to begin this fall, and the unidentified buyer will have access to amenities like a fitness center, a lap pool, a spa suite with hot tub and cold plunge, a game room, and a lounge with kitchenette. The building is nearly 50 percent sold, and current public availabilities start at $14.85 million.
In addition to the new condos, the Flatiron Building will welcome an outpost of Bar Pisellino, the West Village hot spot by James Beard Award-winning restaurateurs Rita Sodi and Jody Williams more than 100 years after The Flat Iron Restaurant and Cafe, a massive basement-level restaurant, operated in the building. This represents the team's first restaurant outside the West Village, where their portfolio also includes Via Carota, I Sodi, Buvette, and The Commerce Inn, and that it will feature high ceilings, restored arches, and outdoor seating. While Bar Pisellino Flatiron will be open to the public, residents-only perks like priority reservations and in-home dining would not be impossible.
Opening is estimated for 2027, and the latest contract in the Flatiron Building was signed on the same week the New York City Council voted to bring back year-round outdoor dining. Originally introduced in 2020 as a means of keeping restaurants afloat when pandemic restrictions prohibited indoor dining, outdoor dining in New York City has proven popular; however, rules as they now stand restrict outdoor dining to April through November and require restaurants to disassemble and store their dining structures in the winter. The new rules remove seasonal restrictions and allow dining sheds to be weatherproofed and winterized; there are also cleaning requirements and a new closing time of 11:00 p.m. Mayor Mamdani has indicated that he will sign the bill.
A short distance from the Flatiron Building, Residence #13B at 15 Madison Square North entered contract with a $9.2 million ask, the fourth-highest of the week. The three-bedroom home is located in a partially converted office building near Madison Square Park and features ceilings nearly 12 feet high, a chef-caliber kitchen, and a separate bedroom wing with a study/possible guest bedroom. Public records show that the seller paid just over $5.15 million for it in April 2010.
