NEW DEV MARKET ON SOLID FOOTING
JANUARY 2025 NEW DEV CONDO MARKET UPDATE
February 1, 2025
- Citywide, contract volume was stable Y-O-Y
- The top two contracts totaled nearly $90M
- Eight new developments were launched, adding 142 units to the sponsor inventory
"Deal volume declined compared to December, but historically, demand has risen between January and March, and we anticipate a similar trend this year. Additionally, near-record contracts at $7,500 PSF in Tribeca and the West Village highlight that NYC remains as desirable as ever.”
Luxury
29 contracts priced at or above $4M were signed in January versus December’s tally of 47 and 31 posted last year.
Four of those 29 contracts were signed in Brooklyn; the average is one or two.
Eleven deals were on residences asking $10M or more, and four were priced at $20M or more.
Notable Deals
67 Vestry Street - PH - last asking $48M
4-bed asking $7,733 PSF140 Jane Street - PH10 - last asking $41M
5-bed asking $7,440 PSF
Manhattan
95 contracts were signed in January, compared to 140 last month and 112 last year. The median sale price was $2.295M, and the median PPSF was $2,027.
The 64-unit new development at 1 Park Row launched sales this month.
Top Performer by Contract Volume
Bloom on 45th
Bloom on 45th reported six contracts for studio, one- and two-bedroom residences priced between $695K and $1,695,750. Triumph Property Group, who recently took over sales, reports that 71 of 91 units have been sold or are in contract since the building launched in August 2020.
Brooklyn
84 contracts were signed in January, compared to 101 last month and 66 last year. The median sale price was $1.26M, and the median PPSF was $1,345.
Six projects launched sales, adding 64 new development units in total.
Top Performer by Contract Volume
Williamsburg Wharf
Williamsburg Wharf reported fourteen contracts for studio, one-, two-, and three-bedroom units priced between $810K and $4.15M. Serhant launched the building in October and reports that 32 of 89 residences are under contract.
Queens
18 contracts were signed in January, compared to 14 last month and 27 last year. The median sale price was $937,200, and the median PPSF was $1,355.
A 14-unit new development, The Mona, launched sales this month.
Top Performer by Contract Volume
Mason LIC
For the fourth consecutive month, Mason LIC was the top-selling new development in Queens. The 42-unit building reported seven contracts for one- and two-bedroom residences priced between $920K and $1.67M. Serhant launched sales for the sponsor in September and reports that 35 residences are sold or 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 2/1/2025
Access inventory, past sales for over 1 million new development and resale properties, and pipeline of future projects.