Manhattan reported 231 sponsor contracts in March totaling $774M, a nearly 8% increase in aggregate dollar volume from February’s 175 deals. In terms of contract activity and aggregate dollar volume, March 2022 was essentially on par with the same period in 2021 – showing a 5% increase and 1% increase respectively, while the median price per square foot ($2,023) and median unit price ($2.4M) were down from February 2022.
The top contracts from the month reflect the ongoing preference in Manhattan for classically-inspired architecture in blue-chip neighborhoods like the Upper East Side that have historically retained value. The poster child is 109 East 79th Street, where all five penthouses are now spoken for within a year of sales launching.
At a time of economic turbulence, it is possible that wealthy buyers are seeking stability in proven submarkets and the old adage “location, location, location.” This could be why developments that have been on the market for over five years are now seeing a jolt. Cast Iron House in Tribeca, a boutique conversion that has been selling since 2014, signed a $14.95M penthouse contract and The Fitzroy saw continued activity in March with a closing on a $15M unit that was on the market for 6 years.
Manhattan Top 3s
- 200 East 83rd Street PHC last asking $32.5M, developed by Naftali Group and Rockefeller Group and designed by Robert A.M. Stern Architects
- 109 East 79th Street PH17 last asking $29.35M, developed by Legion Investment Group, designed by SLCE Architects with interiors by Steven Harris Architects
- Cast Iron House WPH (also known as PHB) last asking $14.95M, developed by Knightsbridge Properties and designed by Pritzker Prize-winner Shigeru Ban of Shigeru Ban Architects
- Central Park Tower unit 59E sold for $18.4M (reflecting a 7.9% discount), developed by Extell Development Company with architecture by Adrian Smith + Gordon Gill Architecture
- Central Park Tower unit 61E sold for $18.4M (reflecting a 17.83% discount)
- 200 Amsterdam unit 47A sold for $16.05M (reflecting a 12.8% discount), developed by SJP Properties and Mitsui Fudosan America with architecture by Elkus Manfredi Architects and interiors by CetraRuddy
Q1 Sales Velocity / Best Sellers
*based on 469 contracts reported across 96 buildings in the first quarter
- One Manhattan Square is now 51% sold since launching sales in 2016, selling at a rate of 8 deals per month in Q1 2022
- 200 East 83rd Street is now 90% sold since launching sales a year ago, selling at a rate of 6.7 deals per month in Q1 2022
- Greenwich West is now 61% sold since launching sales in late 2018, selling at a rate of 6.3 deals per month in Q1 2022
New developments in Brooklyn reported 196 sponsor contracts in March, a 6.52% increase from the previous month and a 5% increase from the same period in 2021. While aggregate dollar volume and median price per square foot were on par with February (showing a 1.51% decrease and a 2.33% increase respectively) and median unit price dipped 7.51%, the year over year change indicates a substantial increase: 31% higher aggregate dollar volume, 31% higher median price per square foot and 41% higher median unit price. This is in line with the overall trend that appears to be materializing across the city, where activity is up and pricing is showing signs of leveling.
Olympia Dumbo (30 Front Street) is proving to be the new market maker for Brooklyn, inking the borough’s top four sales in March with an aggregate dollar volume of $ 28.52M that represents nearly 10% of the borough’s monthly aggregate dollar volume. The development is 21% sold since sales launched six months ago.
As substantial wealth flocks to Brooklyn, the borough is seeing increased demand for ultra-luxury product and residences with more than three-bedrooms. This trend is also reiterated in the month’s top closings, with a $10M combination at Quay Tower, the Brooklyn Heights waterfront condo with a history of setting price records.
Brooklyn Top 3s
The top contracts were all at Olympia Dumbo, developed by Fortis Property Group with architecture by Hill West Architects and interiors by Workstead. The project’s A line, which showcases waterfront views, appears to be selling very well.
- Quay Tower units 23A and 23B sold together for $9.995M, developed by RAL Companies, Oliver’s Realty Group and Vanke, with architecture by ODA and interiors by Marmol Radziner
- Pacific Park Brooklyn (550 Vanderbilt Avenue) PHS sold for $6.7M (reflecting a 13.2% discount), developed by Forest City Ratner and Greenland Holding Group, designed by CookFox
- 5 River Park 11A sold for $4.9M (reflecting a 9.8% increase from last asking price in 2019), developed by Fortis Property Group, designd by Romines Architecture
Q1 Sales Velocity / Best Sellers
*based on 435 contracts reported across 113 buildings
- 11 Hoyt is now 72% sold since launching sales in fall 2018, selling at a rate of 11.3 deals per month in Q1 2022
- Olympia Dumbo is now 21% sold since launching sales six months ago, selling at a rate of 6.3 deals per month in Q1 2022
- Nx (215 North Tenth Street) is now 81% sold since launching sales five months ago, selling at a rate of 6 deals per month in Q1 2022
Queens was the only borough to see a dip in March, with only 34 sponsor contracts reported, reflecting a 27.66% decrease from the previous month and a nearly 50% decrease from the same period in 2021. Monthly aggregate dollar volume was down 20.86% from February and the median price per square foot was down 12.15%, while median unit price was up 4.65% from February and up 17% from March 2021.
Queens Top 3s
- Galerie (22-18 Jackson Avenue) unit 718 last asking $2.295M, developed by Adam America Real Estate and Vanke, designed by ODA Architecture with interiors by Paris Forino
- The Rowan (21-21 31st Street) PHB last asking $2.295M, developed by Rockfarmer Properties and designed by DXA Studio
- Anable (10-64 Jackson Avenue) unit 6A last asking $1,986M developed by BK Developers and designed by Zproekt
Q1 Sales Velocity / Best Sellers
*based on 97 contracts reported across 17 buildings in the first quarter
- Skyline Tower is now 58% sold within three years of launching sales, selling at a rate of 14.7 deals in Q1 2022
- Blvd Queens is now 20% sold within ten months of launching sales, selling at a rate of 2.7 deals per month in Q1 2022
- Galerie is now 96% sold within four years of launching sales, selling at a rate of 2.3 deals per month in Q1 2022
- 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 4/1/2022