EARLY MOMENTUM CONTINUES TO STRENGTHEN
FEBRUARY 2024 NEW DEV CONDO MARKET UPDATE
March 1, 2024
- Citywide, deal volume rose by 21% from January, marking the third consecutive month of increases
- Total dollar volume dipped by 15% month over month, largely due to contracts on ultra-luxury units that elevated this figure last month
- The luxury market saw a 10% increase in deal volume from last month but a 35% drop in dollar volume with lower priced units going into contract
- January 2024 saw year-over-year deal volume increase 4% compared to January 2023, and February 2024 saw a 12% volume increase compared to February 2023
The momentum from the start of the year carried over, with deal volume increasing 21% from 214 in January to 258 this month. Deal count increased in each borough, with Manhattan accounting for 52% of all contracts. Total dollar volume dipped 15% to $669M from $768M. However, last month's dollar volume included a $149M contract at Central Park Tower that elevated this figure. The median PPSF remains stable, with a slight dip of 4% from $1,691 to $1,622. The median price dipped slightly by 7% to $1.62M from $1.73M last month.
February 2024 beat the same month in 2023 by 12%, signaling year-over-year strength in demand. Of the 258 deals citywide, 134 (52%) were in Manhattan, 98 (38%) were in Brooklyn, and 26 (10%) were signed in Queens.
“Last month, we linked the uptick in demand to lower mortgage rates. This month, despite a rise in rates, the new dev market showed sustained growth, with demand rising for the third consecutive month and exceeding last year's levels. This trend reinforces our optimism about the market's resilience.”
Kael Goodman - Co-Founder and CEO of Marketproof, Inc.
Luxury
The luxury market continued its upward trajectory, with deal volume growing for the third consecutive month. Contracts reported grew from 31 to 34, but the total dollar volume dipped from $463M to $300M, mainly due to a couple of ultra-luxury units going into contract last month. The median price dipped by 14% to $5.9M from $6.9M last month, and the median PPSF was $2,649, a 7% drop.
One High Line led in deal volume with four contracts over $4M. The West Chelsea complex found buyers for 86 of 235 residences since sales launched a little over a year ago. Corcoran Sunshine Marketing Group handles sales and marketing.
Of the 34 luxury deals this month, 30 were in Manhattan, and four were signed in Brooklyn.
Manhattan
Compared to January, deal volume increased from 113 to 134 (19%) contracts, the total dollar volume dipped 25% from $645M to $482M, the median price dipped slightly to $2.3M from $2.5M, and the median PPSF inched higher by 1% to $2,060.
Top Performers by Contract Volume
Tribeca Green
Tribeca Green, a conversion cooperative developed by Related in Battery Park City, led all projects with twelve contracts on 1- and 2-bed units ranging from $599K to $1.85M. Corcoran Sunshine Marketing Group has sold 165 units since launching sales a year ago.
200 East 20th Street
200 East 20th Street, a 52-unit boutique in Gramercy Park by Glacier Global Partners and Tidhar Group, reported seven contracts on 1-bed units priced between $1.44M and $2.05M. 19% of the units have sold since sales launched two months ago. Douglas Elliman handles marketing and sales.
Manhattan Top 3s
Top Contracts
Aman Residences, New York - Unit PH23 asking $56M
4-bed asking $8,895 PSF200 Amsterdam Avenue - Unit 43A asking $22.5M
4-bed asking $4,816 PSFArloparc - Unit PH asking $19.75M
5-bed asking $3,719 PSF
Top Closings
One High Line - WEST TOWER - Unit 29B sold for $11.6M
3-bed closing at $3,679 PSF200 Amsterdam Avenue - Unit 35B sold for $9.3M
3-bed closing at $3,464 PSFClaremont Hall - Unit 39A sold for $6.75M
4-bed closing at $2,442 PSF
Brooklyn
Deal volume rose 26% to 98 contracts from 78 reported last month, the largest increase of all boroughs. The total dollar volume increased by 43% to $166M. The median price went from $1.28M to $1.58M, an increase of 24%. The median PPSF dipped slightly by 3% to $1,403.
Top Performers by Contract Volume
11 Hoyt Street
11 Hoyt Street led Brooklyn with eleven deals on 2- and 3-bed units, last asking between $1.69M and $3M. Since launching sales in 2018, this Downtown Brooklyn project has almost sold out, with 93% of the 479 units closed or under contract. Corcoran Sunshine Marketing Group handles sales.
650 Greene Avenue
650 Greene Avenue in Bedford Stuyvesant reported six signed contracts on 1-to-3-bed residences ranging from $650K to $1.35M. Since sales started this month, the 10-unit Brooklyn boutique has found buyers for 60% of the units. Nest Seekers International handles marketing and sales.
Brooklyn Top 3s
Top Contracts
Olympia Dumbo - Unit 12A asking $7.25M
4-bed asking $2,365 PSFOlympia Dumbo - Unit 19B asking $4.995M
3-bed asking $2,280 PSFOne Clinton - Unit 30C asking $4.95M
3-bed asking $1,555 PSF
Top Closings
The 415 Degraw - Unit 3 sold for $4.45M
4-bed closing at $2,053 PSFQuay Tower - Unit 15C sold for $2.9M
3-bed closing at $1,624 PSF11 Hoyt Street - Unit 50H sold for $2.4M
3-bed closing at $1,525 PSF
Queens
Deal volume rose by 13%, from 23 to 27 signed contracts, marking the fourth consecutive month of increases. The total dollar volume dipped slightly from $26.2M to $22M. The median price decreased from $815K to $767K, and the median PPSF slipped 10% from $1,32 to $1,197.
Top Performers by Contract Volume
134-16 35th Avenue
134-16 35th Avenue, in Flushing, led Queens with ten contracts on 1- and 2-bed units asking between $525K and $772K. On sale since June of last year, the project has found buyers for 27 of the 69 units. Global Real Estate Ventures handles sales.
Skyline Tower
Skyline Tower, in Long Island City, reported five contracts on studio to 2-bed units asking between $691K and $1.37M. On sale since May 2019, the developers have sold 673 of 800 units at an average of 139 residences per year. Helen Lee's team at Modern Spaces is selling the remaining units.
Queens Top 3s
Top Contracts
5-12 47th Avenue - Unit 3A asking $1.425M
2-bed asking $1,344 PSFSkyline Tower - Unit 3305 asking $1.4M
2-bed asking $1,473 PSF50-07 5th Street - Unit 5C asking $1.2M
2-bed asking $1,450 PSF
Top Closings
Skyline Tower - Unit 6001 sold for $1.96M
2-bed closing at $2.025 PSF5-13 47th Road - Unit 1A sold for $1.52M
2-bed closing at $1,326 PSF5-15 47th Road - Unit 3B sold for $1.46M
2-bed closing at $1,358 PSF
Report Methodology
- *2015-2019, used as a normalized benchmark for comparison as it is the most recent period unaffected by the COVID pandemic
- 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 3/1/2024
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