Manhattan

Manhattan contract activity in November 2021 was nearly identical to that of the prior month. The number of contracts reported, total dollar volume and median price per square foot were all within 5% of October 2021.

November contracts reported were also well above the average monthly contracts of the prior 12 months.

Even with the decrease in big ticket sales in November, the borough still saw 83 contracts above $4M. Many of these transactions were in high-profile new developments with stone facades and more classically-inspired architecture like 67 Vestry and 200 East 83rd Street.

Developed by RFR, the 17-unit 67 Vestry is 71% sold since launching sales this june and reported 4 transactions in November ranging from $8.2M - $27M. Naftali and Rockefeller Group’s 200 East 83rd Street is once again a top-performer of the month, with 16 contracts including a $23.75M penthouse.

November also marked important milestones for Extell’s 1010 Park Avenue and Broad Street Development’s 40 Bleecker, both of which sold their final unit this month.

Brooklyn

Brooklyn contract activity dipped in November 2021 compared to the prior month, continuing the borough’s slow decline from the highs of early summer. Even with the 27% decrease from October, Brooklyn is still seeing 62% more activity than the same period in 2019.

Last month, 15 Driggs reported 13 contracts out of its 44 total units, potentially driving up the October numbers. November’s stand-outs were 11 Hoyt and One Clinton, two projects that have consistently ranked in the top 3 contracts in Marketproof’s weekly report. The 9 contracts signed at Tishman Speyer’s 11 Hoyt ranged from $695K to $3.75M, bringing the building to 62% sold. One Clinton, developed by Hudson Companies, reported 8 deals on units ranging from $2.58M to $3.93M, bringing the project to 70% sold.

Queens

Queens held steady in November, continuing on the trajectory established earlier this fall. 43 contracts were reported in the borough, representing a 7.5% increase over October 2021 and a 16% increase compared to the same period in 2019.

Out of the total contracts in November, 15 were signed at Skyline Tower, arguably the borough’s most prominent new development project. Developed by Risland U.S. Holdings, United Construction & Development and FSA Capital, the Long Island City tower is selling at a rate of 12.4 contracts per month and is now 48% sold since launching sales in 2019. November deals ranged in price from $245K to $2.5M.