JULY CONTRACTS FALL BELOW PRE-PANDEMIC NORMS
JULY 2022 NEW DEV CONDO MARKET UPDATE
August 1, 2022
- Contract volume fell below 2019 levels for the first time in 2022
- 188 sponsor deals: Manhattan had 99 (-28%), Brooklyn had 66 (-27%), Queens had 23 (-38%)
- Median unit price and PPSF ticked up, reflecting market bifurcation
- The Narrows was July’s top-performer with 8 contracts
- Aman New York Residences was the most searched property on Marketproof in July and closed the year's most expensive sale at $75.9M
New development activity declined 28.5% in July, dipping below pre-pandemic levels for the first time in 2022. Sponsors reported 188 deals across 96 buildings, 37% fewer than July 2019 and slightly below 2020 performance (-2%). Aggregate dollar volume was also down at $446,987,993 (-38% from June). The $1,695,000 median unit price was up 6.3% from June and 12% compared to July 2019. The median PPSF was $1,681, a slight 5.2% decrease from June yet 13% higher than pre-pandemic.
Nearly 20% of July’s contracts were above $4M and the month brought two big ticket deals on Billionaire’s Row: a $13,245,000 condo at 53W53 and a $21,000,000 penthouse at 111 West 57th Street.
“July threw some curveballs, between volatility in the stock market, crypto crashes, high-profile layoffs, ongoing inflation and a heat wave – and that’s what the contract volume is reflecting. But the luxury tier still has a steady pulse so developers may start discounting their inventory above $4M to capture those buyers and keep up the momentum.”
Kael Goodman - Co-Founder and CEO of Marketproof, Inc.
Manhattan
With 99 contracts totaling $327,579,629, activity in the boro dropped nearly 30% and aggregate dollar volume was down over 40%. Pricing metrics held steady month to month and were higher compared to pre-pandemic with median PPSF at $2,154 (-4% from June; +11% from 2019) and unit price at $2,455,000 (-1.6% from June; + 15% from 2019).
Extell’s One Manhattan Square had 6 deals, the most in Manhattan, and Solow Building Company reported 5 at One United Nations Park. It was also a strong month at 200 Amsterdam, where developers SJP Properties & Mitsui Fudosan American recorded 4 deals.
Aman New York, the most viewed building on Marketproof in July, nabbed two of the three top closings.
Manhattan Top 3s
Top Contracts
- 111 West 57th PH20 asking $21,000,000
3-bed asking $3,986 PSF
Sales by Corcoran - 53W 53rd St # 54B asking $13,245,000
3-bed asking $3,967 PSF
Sales by Douglas Elliman Development Marketing - The Belnord # 201 asking $9,250,000
4-bed asking $2,170 PSF
Sales by Douglas Elliman Development Marketing
Top Closings
- Aman New York #20A sold for $75,891,560
4-bed sold for $11,161 PSF
Sales in-house - Aman New York #21A sold for $53,385,224
3-bed sold for $8,491 PSF
Sales in-house - Beckford Tower PH29 sold for $25,215,894
6-bed sold for $3,866 PSF
Sales by Douglas Elliman Development Marketing
Brooklyn
It was the boro’s slowest month since June 2020. Sponsors reported 66 contracts, a nearly 26% dip from June and nearly 50% below 2019 levels. Aggregate dollar volume was down over 30% to $97,622,835 but the median PPSF increased 8.9% from June to $1,358. Median unit price dropped 13.2% to $997,000 but was still above 2019 levels.
The top-performer was also the second most viewed building on Marketproof in July: Sapol Construction’s The Narrows, which reported 8 contracts (63% sold). Loketch Group and Meral Property Group’s The Salvation Lofts at 10 Quincy Street had 7 deals (46% sold). CIM Group & LIVWRK’s 111 Montgomery had 4 deals (60% sold) and the duo’s Dumbo project Front & York set a new PPSF record for Brooklyn with a July penthouse closing.
Brooklyn Top 3s
Top Contracts
- Quay Tower #21B asking $4,750,000
3-bed asking $2,309 PSF
Sales by Serhant - 11 Hoyt #54A asking $4,300,000
3-bed asking $2,073 PSF
Sales by Corcoran Sunshine Marketing Group - 256 North 9th PHA asking $3,495,000
3-bed asking $1,785 PSF
Sales by Nestseekers
Top Closings
- One Clinton #34B sold for $4,650,000
4-bed sold for $1,872 PSF
Sales by Corcoran Group - 11 Hoyt #43A sold for $3,800,000
4-bed sold for $1,943 PSF
Sales by Corcoran Sunshine Marketing Group - One Prospect Park West #2J sold for $3,233,200
3-bed sold for $1,897 PSF
Sales by Douglas Elliman
Queens
23 sponsor deals were reported in July, a 37.8% drop from June but a 53% jump from 2019. Aggregate dollar volume was down over 38% at $21,785,529 but was 24% above 2019. Median prices ticked up slightly from June: PPSF was at $1,340 (+2.2%) and unit price was $850,000 (+5%).
With 7 contracts reported in July, Nova from SP Development and Heritage Real Estate Partners, was the month’s top-performer (37% sold). Eden had 4 contracts and is now 20% sold within 3 months. Skyline Tower developers Risland US Holdings, United Construction & Development and FSA Capital reported 2 deals.
Queens Top 3s
Top Contracts
- Skyline Tower #2401 asking $1,568,293
2-bed asking $1,686 PSF
Sales by Modern Spaces - The Farrington #12A asking $1,496,269
2-bed asking $1,342 PSF
Sales by Modern Spaces - Skyline Tower #801 asking $1,450,152
2-bed asking $1,559 PSF (part of bulk deal)
Sales by Modern Spaces
Top Closings
- Galerie #179 sold for $2,140,945
3-bed sold for $1,420 PSF
Sales by Brown Harris Stevens Development Marketing - Skyline Tower #5201 sold $1,752,278
2-bed sold for $1,808 PSF
Sales by Modern Spaces - Skyline Tower #5209 sold for $1,604,700
2-bed sold for $1,646 PSF
Sales by Modern Spaces
Report Methodology
- 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 8/1/2022
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