NEW DEV DEMAND UNCHANGED Y-O-Y
JULY 2025 NEW DEV CONDO MARKET UPDATE
August 1, 2025
- Y-O-Y demand was essentially unchanged
- The top building from each borough reported a combined 33 contracts
- 222 contracts were signed in July, versus 75 new sponsor units launched
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"After June’s year-over-year volatility – with a deal slump in Manhattan and a boom in Queens – stability returned across the city at all price levels. Comparing that demand to new supply, the scale was heavily tipped towards demand, with 222 contracts signed and only 75 new sponsor units.”
Luxury
27 contracts were signed on units priced at or above $4M, versus 26 in June and 27 last year.
Only two of those 27 contracts were signed in Brooklyn.
Six deals were on residences asking $10M or more, and one reached the $20M mark.
Notable Deals
200 Amsterdam Avenue - 42A - asking $21M
4-bed asking $4,491 PSFOne11 Residences - PHC - asking $15M
4-bed asking $5,372 PSF
Manhattan
123 contracts were signed in July, compared to 99 in June and 125 last year. The median sale price was $2,150,000, and the median PPSF was $2,097.
Two projects launched sales, adding 27 sponsor units in total.
Top Performer by Contract Volume
The Greenwich by Rafael Vinoly
The Greenwich by Rafael Vinoly reported 16 contracts for studio, one-, and two-bedroom apartments priced from $1.05M to $3.1M. Although Douglas Elliman Development Marketing launched the 271-unit development in March 2024, they didn’t report until recently, so it is possible that some of July’s contracts were signed in prior months. The firm notes that 21 residences have sold, and that a total of 24 are under contract.
Brooklyn
74 contracts were signed in July, compared to 76 in June and 71 last year. The median sale price was $1,316,331, and the median PPSF was $1,357.
Nine projects launched sales, adding 48 new sponsor units in total.
Top Performer by Contract Volume
One Domino Square
On top again, One Domino Square reported 8 contracts for one-, two-, and three-bedroom apartments priced from $1.85M to $3.275M. Two Trees launched their 160-unit development in May 2024 and kept sales and marketing in-house. They report that 61 apartments have sold, with another 19 under contract.
Queens
25 contracts were signed in July, compared to 55 in June and 24 last year. The median sale price was $1,115,000, and the median PPSF was $1,469.
No new sponsor units were launched in July.
Top Performers by Contract Volume
Vesta
Vesta was on top again and reported 9 contracts for studio, one-, and two-bedroom apartments priced from $818K to $1.985M. Serhant launched the 115-unit building in April and reports that 33 apartments are 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 8/1/2025
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