Demand for $4M+ units was 31% lower this month than its pre-pandemic 2015-2019 March average, and Q1 finished down 11% from its respective pre-pandemic benchmark. Compared to February, contract volume was higher by 22% to 45 but, because March deals were 12% less expensive at a median price of $5.45M, total dollar volume slid 2%. Median PPSF fell 14% to $2,503.
Other than an $18.45M contribution from Brooklyn, the $290M in luxury deals this month were signed in Manhattan, with Related’s The Cortland leading the way. The Robert A.M. Stern Architects-designed building recorded 7 deals listed for $37M. 80 units remain, which is 18 months of inventory if sales continue at their current pace. It took Extell Development only 4 contracts to notch over $40M in listed deals at 50 West 66th Street. Sales have only recently begun, and, at the current pace of sales, it would take about 4 years to find buyers for the remaining 117 residences.
With 180 signed contracts this month, demand for Manhattan was 5% stronger than the pre-pandemic 2015-2019 March average. Compared to February, demand was 41% higher. Total dollar volume, however, did not experience a comparable increase, up only 8% to $526M, because this month’s deals were significantly less expensive at $2M compared to $2.5M last month. Median PPSF was unchanged at $2,096.
Top Performers by Contract Volume
300 West 30 Street
300 West 30th Street recorded 22 contracts in March, nineteen of which were 1-beds ranging from $950k to $1.37M, and three were 2-beds asking $1.96M, $1.715M, and $1.675M. Only 21 of 69 units remain, and Aleksey Gavrilov and Joseph Grosso of Corcoran are expected to sell out the building by mid-May if sales continue at their current pace.
450 Washington posted 12 contracts for the second month in a row, seven of which were 1-beds ranging from $1.375M to $1.975M, four were 2-beds ranging from $2.25M to $3.25M, and one a 3-bed listed for $6.47M. In just over 4 months, Corcoran Sunshine Marketing Group has found buyers for 50 residences.
Manhattan Top 3s
During March, 145 new dev contracts were signed in Brooklyn, a 61% increase over the average March numbers during the pre-pandemic 2015-2019 period. Demand was 45% higher in March than in February. Median price and total contract volume were significantly higher month-over-month, at $1.1M (+31%) and $208M (+74%), respectively. Median PPSF was higher, too, up 6% to $1,251.
Top Performers by Contract Volume
Post House recorded 8 contracts in March on 1-, 2-, and 3-beds ranging in asking price from $1.05M to $3.495M. After a year on the market, only 7 of 41 units remain, and a sellout is expected within 2 months. Tamara Abir and Noah Plener of Compass represent the developer.
Brooklyn Point recorded 6 contracts in March on 1- and 2-bed units ranging in price from $1.24M to $2,575,815. On sale for 5 years, the building is now 73% sold, with 143 units remaining. At the current pace of sales, that is 18 months of inventory. Serhant partnered with Extell Development in November 2020 to assist with sales and marketing.
Brooklyn Top 3s
The Greene recorded 3 contracts during March, all 2-beds last listed for $1.9M, $1.535M, and $1.22M. The project launched less than 5 months ago, and Michael Bethoney, Nayi Shen, Marina Kote, and Michael DeSena of Nest Seekers have sold 23% of the building, with 99 units left to sell. At the current pace of sales, this represents 17 months of inventory.
Nova also reported 3 signed contracts this week: a pair of 1-beds asking $1,014,300 and $934,500, and a studio listed for $661,500. On sale for less than a year, the building is already nearly half sold. Kenneth Lee and Sophia Park of Modern Spaces have 43 units left to sell, roughly 3 years of inventory at the current sales pace.
Queens Top 3s
- *Used as a normalized benchmark for comparison as it is the most recent period unaffected by the COVID pandemic.
- 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 4/1/2023