In the evolving landscape of Manhattan real estate, one trend has become increasingly clear: the rise of trusts as a preferred vehicle for property transactions. As generational wealth continues to shape buying power across the city, more families are turning to trusts to transfer assets strategically and preserve long-term value.
According to recent data from ATTOM, 28% of Manhattan home sales in 2023 involved trusts—a significant increase from 17% just three years prior. This shift reflects a growing reliance on estate planning tools to navigate the complexities of high-value urban real estate.
While trusts have long been associated with parent-child transfers, their usage has broadened across all forms of wealth preservation. Trusts offer distinct advantages: they minimize estate taxes, shield against gift tax exposure, and provide a level of financial privacy that surpasses even limited liability companies (LLCs).
At the Christie’s Trusts and Estates Division, we find that conversations with our clients are no longer limited to price and square footage. Increasingly, our role involves strategic estate planning in coordination with the client’s attorney, financial advisors and CPA.
“More and more, we’re speaking with clients about how real estate fits into their legacy planning—not just their investment portfolio,” says Leslie Hirsch. “It’s a natural evolution as wealth planning and real estate become more interconnected.”
The trust trend is particularly pronounced in some of Manhattan’s most desirable neighborhoods. In 2024, one-third of all condo sales involving trusts occurred in Tribeca, Soho, and the West Village, according to ATTOM. These areas, known for their historic charm and enduring value, are increasingly becoming enclaves for legacy buyers.
Yet the trend is not limited to downtown. From the Upper East Side to Chelsea, we’re seeing trust-based purchases across nearly every zip code.
“As property values continue to rise, it becomes harder for first-time buyers without family assistance to enter the market,” notes Howard Morrel. “We’re seeing a growing divide—and families are responding by planning more proactively.”
Several forces are accelerating the rise of trusts in real estate: shifting tax laws, increased financial transparency regulations, and the largest generational wealth transfer in history. But perhaps the most significant driver is simple economics.
With the median Manhattan sales price now exceeding $1.1 million, most buyers are no longer entering the market solo. Strategic support—from family members, legal advisors, and fiduciaries—has become essential.
This shift has led to increased demand for real estate brokers who understand the nuances of trust and estate sales, and who can coordinate with attorneys, estate managers, and wealth advisors.
As co-founders of the Trusts and Estates Division at Christie’s International Real Estate Group, we have built our practice around this intersection of luxury real estate and estate planning. We understand that today’s buyers and sellers are not just making real estate decisions—they’re making legacy decisions.
Want to learn more? Let’s talk!
All the best,
Howard Morrel & Leslie Hirsch, Co-Founders, Trusts and Estates Division
Christie’s International Real Estate Group
About the Authors
Howard Morrel and Leslie Hirsch are co-founders of the Trusts and Estates Division at Christie’s International Real Estate Group. With over 20 years of experience in high-value real estate transactions, they specialize in guiding executors, trustees, and families through the unique complexities of estate-related property sales in New York City.
by Howard Morrel & Leslie Hirsch, Co-Founders, Trusts and Estates Division, Christie’s International Real Estate Group In the evolving landscape of Manhattan real estate, one trend has become increasingly clear: the rise of trusts as a preferred vehicle for property transactions. As generational wealth continues to shape buying power across the city, more families are […]
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