NEW DEV SALES ON PACE WITH LAST YEAR
APRIL 2025 NEW DEV CONDO MARKET UPDATE
May 2, 2025
- In Manhattan and Brooklyn, demand matched last year
- 20-unit The Armorie launched and sold out this month in a bulk sale
- 288 units in 17 buildings were launched in April
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"Contract volume was lighter than in March, possibly due to holidays, tariff concerns, or both. Meanwhile, the 20-unit new development, The Armorie, showed that bulk sales, though hard, do get done even in a tight market.”
Luxury
34 contracts were signed on units priced at or above $4M, versus 53 in March and 45 last year.
Only two of those 34 contracts were signed in Brooklyn.
Four deals were on residences asking $10M or more, but none reached the $20M mark.
Notable Deals
140 Jane Street - Unit 2N - asking $19.95M
4-bed asking $4,363 PSF111 West 57th Street - Unit 35 - asking $17.25M
3-bed asking $3,840 PSF
Manhattan
138 contracts were signed in April, compared to 157 last month and 138 last year. The median sale price was $2,090,100, and the median PPSF was $1,994.
63-unit Vita New York, 20-unit 140 Hillside Avenue, 20-unit The Armorie, 14-unit Sixteen Fifth Avenue, and 8-unit The Katharine launched this month.
Top Performer by Contract Volume
The Armorie
Corcoran Sunshine Marketing Group launched The Armorie this month and reports to Marketproof that all twenty of the building’s units – comprised of one- to four-bedrooms priced from $1.475M to $7.195M – are under contract in a bulk deal.
Brooklyn
75 contracts were signed in April, compared to 118 last month and 75 last year. The median sale price was $1,473,000, and the median PPSF was $1,348.
10 projects launched sales, adding 38 new development units in total.
Top Performer by Contract Volume
The Ainsley
The Ainsley reported nine contracts for one-, two-, and three-bedroom units priced from $895K to $2.495M. Nest Seekers International launched the 28-unit building in March.
Queens
20 contracts were signed in April, compared to 29 last month and 28 last year. The median sale price was $955,000, and the median PPSF was $1,562.
115-unit Vesta and 10-unit Sunny View Condominium launched this month.
Top Performer by Contract Volume
Vesta
Vesta reported five contracts for one- and two-bedrooms priced between $970K and $1.805M. Serhant launched the 115-unit building this month.
Report Methodology
- For “Top Performer by Contract Volume,” if there is a tie by deal count, the building with the largest dollar volume of deals is selected
- Inventory movement is constant, considering reported contracts, recorded closings, and other relevant factors
- Report is based on reported contracts and may not represent all contracts signed
- Prices are based on the last asking price before a unit was put into contract
- New development contracts are sponsor stage (sponsor controlled) projects that are eligible to sell units
- Data as of 5/2/2025
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