NEW DEV MARKET HEATS UP IN MARCH
MARCH 2025 NEW DEV CONDO MARKET UPDATE
April 2, 2025
- After a slow start to the year, Manhattan recorded 157 contracts in March, up from 95 in January and 101 in February
- Two $50M+ mega-deals were signed during the month
- Seven deals exceeding $20 million were reported, marking only the third time since record-keeping began in 2015
- 258 units in 17 buildings were launched in March
"Following a slow start to the year in Manhattan, March’s surge in signed contracts – including five $20M+ deals at 111 West 57th Street – was a welcome sign of momentum. However, as we've pointed out in our weekly reports, while Brooklyn and Queens continue to see a steady flow of new listings, Manhattan's limited new inventory is raising growing concerns.”
Luxury
Fifty-three contracts were signed on units priced at or above $4M, versus 37 in February and 43 last year.
Only three of those 53 contracts were signed in Brooklyn.
Nine deals were on residences asking $10M or more, and seven were priced at $20M or more.
Notable Deals
111 West 57th Street - UNIT PT72 - asking $56M
4-bed asking $7,718 PSFCentral Park Tower - UNIT 116 - asking $52.9M
5-bed asking $7,478 PSF
Manhattan
157 contracts were signed in March, compared to 101 last month and 143 last year. The median sale price was $2,649,000 and the median PPSF was $1,918.
The 16-unit new development at 355 West 39th Street, The Yard Condominium, launched sales this month.
Top Performer by Contract Volume
720 West End Avenue
720 West End Avenue reported sixteen contracts for one-, two-, and three-bedroom residences priced between $975K and $6.5M. Corcoran Sunshine Marketing Group launched sales last July and reports that 25 of the development’s 130 units are under contract.
Brooklyn
115 contracts were signed in March, compared to 95 last month and 104 last year. The median sale price was $1,270,000, and the median PPSF was $1,526.
Fifteen projects launched sales, adding 149 new development units in total.
Top Performer by Contract Volume
65 Eckford Street
65 Eckford Street, in Greenpoint, reported fifteen contracts for one- and two-bedroom units priced between $1.135M and $1.375M. Serhant launched the building in January and reports that 18 of 22 residences are under contract.
Queens
30 contracts were signed in March, compared to 47 last month and 37 last year. The median sale price was $790,000, and the median PPSF was $1,270.
A 93-unit new development in Elmhurst called Skyhill Tower launched sales this month.
Top Performer by Contract Volume
The Mona
The Mona, in Astoria, reported seven contracts for one- and two-bedrooms priced between $695K and $1.298M. Nest Seekers International launched sales for the 14-unit development in January and now has seven units remaining.
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 4/1/2025
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