BUYERS TAP THE BRAKES
MAY 2026 NEW DEV CONDO MARKET UPDATE
Published: June 2, 2026
- Excluding the pandemic (2020), this was the slowest May of the past decade.
- For the second straight month, Brooklyn logged a large number of $4M+ luxury deals, with 7.
- 117 new sponsor units launched in Brooklyn, 90 in Queens, and 47 in Manhattan.
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"As anticipated, nearly every demand metric we track softened from April, signaling that the Spring selling season is beginning to fade. More surprising, however, was that contract activity fell to its weakest May level of the past decade outside of the pandemic-disrupted 2020 market."
Luxury
40 contracts were signed for units priced at $4M or above, compared with 48 in April and 50 last year.
7 of the 40 contracts were signed in Brooklyn, continuing last month's unusually strong luxury-market activity.
Down significantly from recent months, 12 deals were for residences priced at $10M or more, and only 1 exceeded $20M.
Notable Deals
255 East 77 - #PHA asking $25.8M
7-bed asking $4,344 PSFFlatiron Building - #N8 asking $17.6M
4-bed asking $4,532 PSF50 West 66th Street - #41W asking $16.7M
3-bed asking $5,930 PSF
Manhattan
78 contracts were signed in May, compared to 108 in April and 101 last year. The median sale price was $3,272,500, and the median PPSF was $2,209.
The Beaufort in Midtown launched sales this month, adding 47 new units to the sponsor inventory.
Top Performer by Contract Volume
One Manhattan Square
One Manhattan Square reported 5 contracts for one-, two-, and three-bedroom apartments priced from $1.39M to $3.585M. The 814-unit development launched in January 2016, and Extell and Corcoran Sunshine Marketing Group have 227 residences remaining.
Brooklyn
75 contracts were signed in May, compared to 79 in April and 80 last year. The median sale price was $1,775,000, and the median PPSF was $1,609.
117 new sponsor units launched across nine projects: 194 Bainbridge Street (42 units), 222 16th Street (32), 373 Rutland Road (9), 32 Schaefer Street (8), Giio (8), 386 Kosciuszko Street (7), 212 Huron Street (4), 173 Kingsland Avenue (4), and 21 Conselyea Street (3).
Top Performer by Contract Volume
One Domino Square
One Domino Square, in Williamsburg, reported 7 contracts for two-bedroom homes priced from $2.545M to $2.855M. Two Trees launched their 160-unit development two years ago, and reports that 110 residences have sold, with another 11 under contract.
Queens
13 contracts were signed in May, compared to 16 in April and 28 last year. The median sale price was $1,068,000, and the median PPSF was $1,254.
The Rowan II in Astoria-Ditmars launched 90 new sponsor units.
Top Performers by Contract Volume
Vesta
Vesta, in Hunter's Point, reported three contracts for one-bedroom apartments priced from $915K to $1.1M. Serhant launched the 115-unit development in April 2025 and reports that 63 residences have sold, with another 15 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 projects that are eligible to sell units
- Data as of 6/1/2026
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