Developers in the boro reported 117 contracts totaling $340,584,970, reflecting an 18% increase in volume from July and 33% from the same period pre-pandemic. Monthly median prices dipped: the average unit was asking $1,880,000 (- 23%) and $1,900 PSF (- 8%).
The month’s top-performers by contract volume, with 8 deals a piece, were 208 Delancey and The Cortland. Designed by ODA’s Eran Chen, the Lower East Side condo from New Empire Real Estate is approaching 50% sold with Compass Development Marketing.
Located at 555 West 22nd Street, The Cortland is still fairly new to market, having launched in June, but developers Related Companies and Mitsui Fudosan America have already signed big ticket units, including the month’s top 2 deals. They are also seeing impressive velocity – 6.7 monthly contracts on average. Related is handling sales in-house.
One Wall Street was the month’s most searched development on Marketproof. The 565-unit historic conversion from Macklowe Properties reported another five contracts and has been averaging 3.8 deals over the past 3 months. Compass Development Marketing is handling sales with agents Kirk Rundhaug and Landis Hosterman.
Manhattan Top 3s
Sponsors reported 110 contracts in August, a 57% increase from 70 deals the previous month, and identical to the same period in 2019. Median prices were elevated from July, with units asking $1,257,500 (+28%) and $1,464 (+9%) per square foot. We also see an increase when comparing median prices from 2021, which means buyers are spending more in the boro post rate hike.
Post House in Boerum Hill stood out with 15 contracts on units ranging from $1,010,000 to $2,750,000. The 41-unit development from Sterling Town Equities launched sales in April and if this pace continues could sell out within 6 months. Compass Development Marketing is handling sales with the Tamara + Noah Team, led by brother-sister duo Tamara Abir and Noah Plener.
Habitual top-performer Brooklyn Point had the second highest volume with developer Extell reporting 10 deals in August on units asking from $1,115,000 to $3,657,195. The 482-unit Downtown Brooklyn tower has averaged 9.5 deals over the past 6 months and is 54% sold. Extell is handling sales in-house but has tapped SERHANT to market select units.
One Prospect Park West inked the boro’s top contract in August, bringing the WORKSTEAD-designed historic conversion to nearly 90% sold. Douglas Elliman Development Marketing is handling sales.
Brooklyn Top 3s
Sponsors reported 23 contracts, a nearly 40% increase from July. Queens was the only boro to see a decline in activity compared to 2019, which saw 36. Median prices dropped: asking price was down 13% at $737,500 and PPSF dipped 6% to $1,256.
Novo LIC was the winningest development, reporting 7 deals in August – all 1-beds asking from $700, 810 to $825,000. The 33-unit Long Island City condo launched this spring and is approaching 60% sold. Aleksey Gavrilov and Joseph Grosso of Corcoran’s Grosso Gavrilov Team are handling sales. As quoted in amNewYork, they attribute the project’s appeal to its modern and functional design.
10-64 Jackson Avenue in Hunter’s Point reported 4 contracts on 1-, 2- and 3-beds asking from $750,000 to $1,795,000. Launched in January, the curvaceous 22-unit condo from BK Developers is 45% sold. Modern Spaces is handling sales with agents Alexander Pereira and Gala Chan.
Queens Top 3s
- 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 9/1/2022