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
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
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
- 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