'Owning Manhattan' star Peter Zaitzeff says there is 'no Mamdani effect' in NYC luxury real estate

January 24, 2026 - 09:46

Peter Zaitzeff, a prominent Sales Director at SERHANT, recently addressed the dynamics of New York City's high-end property sector, explicitly countering the notion of a widespread 'Mamdani effect.' This term, referencing a specific high-profile property withdrawal, has been used by some to suggest a broader pullback by ultra-wealthy buyers.

Zaitzeff asserts that the label does not reflect the market's reality. He indicates that while some individual properties may see strategic adjustments, the overarching luxury segment remains robust and driven by different fundamentals. Demand from affluent domestic and international clients continues, fueled by New York's enduring status as a global financial and cultural capital.

The expert highlights that current trends are more nuanced than a single narrative can capture. Transaction velocity and buyer sentiment in the top tier of the market are reportedly strong, with inventory in coveted neighborhoods still highly competitive. Zaitzeff's analysis suggests that the New York luxury real estate landscape is characterized by its own unique resilience, largely insulated from the implications of isolated, high-profile decisions. The market, according to his view, continues to operate on a plane defined by scarcity, quality, and long-term value.