LUXURY STEADY, OVERALL DEMAND SLUMPS
MAY 2025 NEW DEV CONDO MARKET UPDATE
June 2, 2025
- Luxury contract volume was normal, but demand for units priced less than $4M was at a 17-month low
- Manhattan demand was down both month-over-month and year-over-year, while Brooklyn and Queens remained stable or increased
- 132 new sponsor units were launched in May, versus 196 contracts signed
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"If we look at demand for the luxury segment, May was business as usual. However, for the rest of the market, it was a 17-month low. Something – whether it’s tariffs, rates, tightening inventory, or a list of other possible concerns – is causing hesitation among those buyers searching for units priced less than $4M.”
Luxury
45 contracts were signed on units priced at or above $4M, versus 34 in April and 51 last year.
Only one of those 45 contracts was signed in Brooklyn.
Ten deals were on residences asking $10M or more, and one reached the $25M mark.
Notable Deals
Madison House - Unit PH60A - asking $25.0M
5-bed asking $4,853 PSF
Manhattan
94 contracts were signed in May, compared to 138 last month and 138 last year. The median sale price was $3,455,000, and the median PPSF was $2,249.
The 42-unit Vista Noble Tower and the 2-unit 240 West 123rd Street were launched this month.
Top Performer by Contract Volume
The Willow
The Willow reported eight contracts for one-, two-, and three-bedroom residences priced from $1.37M to $4.85M. Compass Development Marketing Group launched the 69-unit development in March.
Brooklyn
76 contracts were signed in May, compared to 80 last month and 79 last year. The median sale price was $1,296,000, and the median PPSF was $1,334.
9 projects launched sales, adding 88 new sponsor units in total.
Top Performer by Contract Volume
Williamsburg Wharf
Williamsburg Wharf reported five contracts for studio and one-bedroom residences priced from $735K to $1.32M. Serhant launched the 89-unit building in October and reports 48 units under contract.
Queens
26 contracts were signed in May, compared to 22 last month and 20 last year. The median sale price was $1,005,000, and the median PPSF was $1,345.
No new sponsor units launched in May.
Top Performers by Contract Volume
Vesta
Vesta reported four contracts for studio, one- and two-bedroom residences priced between $788K and $1.86M. Serhant launched the 115-unit building in April and reports nine units under contract.
Nusun Vernon
Nusun Vernon reported four contracts for studio, one-, and three-bedroom residences priced from $605K to $2,280,450. Global Real Estate Ventures Group launched the 122-unit project last May and reports eleven units 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 6/1/2025
Access inventory, past sales for over 1 million new development and resale properties, and pipeline of future projects.