NEW DEV MARKET STABLE, FEWER LAUNCHES
FEBRUARY 2025 NEW DEV CONDO MARKET UPDATE
March 3, 2025
- Citywide, contract volume was similar to February 2023 and 2024
- The top five contracts totaled nearly $107M
- Only 38 new units launched this month
- Queens reported the most significant contract volume since August 2023, but it appears to be due to batch reporting
"At first glance, February demand looks normal compared to the past few years. But, a more careful look reveals that Queens was significantly higher than normal due to batch reporting, while Manhattan underperformed by about 25%. That being said, Manhattan began to surge towards month’s end, so we’ll watch if that momentum continues into March.”
Luxury
37 contracts priced at or above $4M were signed in February versus January’s tally of 29 and 33 posted last year.
Three of those 37 contracts were signed in Brooklyn.
Ten deals were on residences asking $10M or more, and three were priced at $20M or more.
Notable Deals
111 West 57th Street - UNIT 49 - asking $24.25M
3-bed asking $5,398 PSF200 Amsterdam Avenue - UNIT 41 - asking $22.5M
4-bed asking $4,816 PSF
Manhattan
101 contracts were signed in February, compared to 96 last month and 136 last year. The median sale price was $2.725M, and the median PPSF was $2,138.
The 6-unit new development at 418 East 75th Street launched sales this month.
Top Performer by Contract Volume
720 West End Avenue
720 West End Avenue reported eight contracts for one-, two-, and three-bedroom residences priced between $995K and $3.525M. These are the first contracts reported since Corcoran Sunshine Marketing Group launched sales of the 130-unit development last May.
Brooklyn
92 contracts were signed in February, compared to 91 last month and 109 last year. The median sale price was $1.495M, and the median PPSF was $1,375.
Three projects launched sales, adding 16 new development units in total.
Top Performer by Contract Volume
Bergen Brooklyn
Bergen Brooklyn reported seven contracts for one-, two-, and three-bedroom units priced between $1.525M and $3.425M. Since launching the 105-unit building last May, Avdoo & Partners Development has reported 53 contracts.
Queens
48 contracts were signed in February, compared to 18 last month and 27 last year. The median sale price was $1,017,090, and the median PPSF was $1,444.
The 16-unit new development at 12-16 30 Avenue launched sales this month.
Top Performer by Contract Volume
The Austin
The Austin, in Forest Hills, reported 15 contracts for one-, two-, and three-bedroom residences priced between $874K and $2,460,250. Modern Spaces launched sales for the sponsor in December, and these are the first contracts reported for the 98-unit project.
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 3/1/2025
Access inventory, past sales for over 1 million new development and resale properties, and pipeline of future projects.