DOLLAR VOLUME RISES AS CONTRACTS DECLINE
AUGUST 2025 NEW DEV CONDO MARKET UPDATE
September 1, 2025
- Dollar volume rose 13% month-over-month to $597M, while the number of contracts reported fell 9%
- 140 Jane Street reported the largest deal of 2025
- The top three contracts totaled nearly $135M
- Only 27 new sponsor units launched in August, all of them in Brooklyn
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"Despite a 20% decrease in deal volume compared to 2023 and 2024, dollar volume increased, largely due to an $87.5M contract reported at 140 Jane Street. We have to consider, however, that 80 Clarkson – one of the city’s most expensive and best-selling buildings – has yet to report any contracts. If it had, both volume metrics would have been significantly greater.”
Luxury
31 contracts were signed on units priced at or above $4M, versus 27 in July and 23 last year.
Four of those 31 contracts were signed in Brooklyn.
Six deals were on residences asking $10M or more, and three reached the $20M mark.
Notable Deals
140 Jane Street – PH8- asking $87.5M
6-bed asking $9,180 PSF255 East 77 – PHB- asking $24.7M
7-bed asking $4,478 PSF111 West 57th Street – #42- asking $22.5M
4-bed asking $5,009 PSF
Manhattan
86 contracts were signed in August, compared to 123 in July and 123 last year. The median sale price was $2,897,500, and the median PPSF was $2,238.
No new sponsor units were launched in August.
Top Performer by Contract Volume
The Greenwich by Rafael Viñoly
The Greenwich by Rafael Viñoly reported eight contracts for studio, one-, and two-bedroom apartments priced from $1.245M to $3.3M. Douglas Elliman Development Marketing launched the 271-unit development in March 2024, and reports that 37 residences have sold, with another 18 under contract.
Brooklyn
88 contracts were signed in August, compared to 74 in July and 109 last year. The median sale price was $1,390,000, and the median PPSF was $1,446.
Five projects launched sales, adding 27 new sponsor units in total.
Top Performer by Contract Volume
Calvert House
Calvert House reported six contracts for studio, one-, and two-bedroom apartments priced from $460K to $960K. Corcoran Group launched the 49-unit development in June, and reported seven contracts.
Queens
27 contracts were signed in August, compared to 25 in July and 25 last year. The median sale price was $1,075,000, and the median PPSF was $1,508.
No new sponsor units were launched in August.
Top Performers by Contract Volume
Vesta
Vesta was on top again and reported eleven contracts for studio, one-, two-, and three-bedroom apartments priced from $765K to $1.6M. Serhant launched the 115-unit development in April and reports that 44 apartments are under contract.
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 9/1/2025
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