Manhattan's trophy co-op market continues to prove that exceptional residences remain in demand.
One of the city's most notable residential transactions this year closed for $33.5 million, as the longtime Upper East Side home of television icons Phil Donahue and Marlo Thomas changed hands in an off-market sale.
The duplex penthouse at 875 Fifth Avenue is now the second most expensive co-op sale in New York City so far in 2026.
An Iconic Fifth Avenue Address
Located along Central Park, 875 Fifth Avenue is one of Manhattan's most distinguished pre-war cooperatives.
Designed by legendary architect Emery Roth and completed in 1941, the building joins an elite group of classic New York residences alongside landmarks like The San Remo and The Beresford.
The duplex penthouse traded for $33.5 million in what appears to have been an off-market transaction, highlighting the continued demand for discreet sales at the highest end of the market.
Only one co-op sale has surpassed it this year: billionaire Ken Griffin's $38 million purchase at 740 Park Avenue.
Why Trophy Co-ops Continue to Perform
Luxury buyers continue to pursue properties that simply cannot be recreated.
Historic architecture, full-floor layouts, premier Fifth Avenue locations, and direct Central Park frontage remain some of the rarest assets in Manhattan real estate.
Unlike new development, these residences represent a finite supply.
Every sale reinforces the value of scarcity.
For many buyers, the appeal extends beyond square footage or amenities. Ownership in one of Manhattan's iconic cooperative buildings represents a piece of New York's architectural history.
Manhattan's Luxury Market Is Building Momentum
The sale also reflects broader strength across Manhattan's luxury market.
According to recent market data, co-op prices have continued to rise in 2026, while high-end transactions remain active despite elevated borrowing costs.
In another notable shift, co-ops recently outperformed condominiums in signed contracts above $4 million for the first time since 2022.
These trends suggest that buyers continue placing a premium on quality, location, and long-term value.
What This Means for Buyers and Sellers
High-profile sales like this do more than generate headlines.
They reinforce confidence at the top of the market and provide valuable pricing benchmarks for owners considering a sale.
For buyers, they illustrate an ongoing reality of Manhattan luxury real estate: the best properties remain highly competitive, even when they never officially reach the open market.
As inventory of truly exceptional residences remains limited, trophy co-ops continue to stand among the most sought-after assets in New York City.
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