NYC NEW DEV CONTRACTS UP 11% IN NOVEMBER 2022
NOVEMBER 2022 NEW DEV CONDO MARKET UPDATE
December 1, 2022
- Activity increased 11% from October but was down 21% from 2019 (pre-pandemic)
- 7% more luxury deals
- Manhattan contracts increased 24%
- Median unit price jumped 24% in Brooklyn
- Central Park Tower had the top contract at $66M
- Mega-condos Skyline Tower, 11 Hoyt and Brooklyn Point continue to see high contract volume
New development activity rose 11% in November. Sponsors reported 186 contracts at projects across the city, up from 168 in October.
Deals totaled $548,484,498, reflecting a nearly 37% jump in monthly dollar volume while contract prices trended down. The median unit was asking $1,595,000 (+10%) and $1,678 PSF (+5%), despite more activity in the luxury tier.
Manhattan reported 92 deals (+24.3%), Brooklyn had 79 (+2.6%), and Queens had 15 (-12%).
“New York City has settled into a new post-covid normal. Fewer deals are being signed compared to pre-pandemic but deals are still happening and monthly contract volume is fairly consistent. Some developers are already offering incentives to capture more market share. Discounts are next.”
Kael Goodman - Co-Founder and CEO of Marketproof, Inc.
Luxury
Sponsors reported 30 deals on units asking above $4M, a 7% increase from October that reflects sustained demand at the higher-end of the market. Properties from prestige development brands continue to attract high-net-worth buyers.
1289 Lexington, Zeckendorf’s new UES condo, and 35 Hudson Yards tied for highest number of luxury deals with 3 apiece. The Residences at the Ritz Carlton, New York in Nomad found a buyer for a $4.5M one-bed suite and is nearly 80% sold.
In Brooklyn, Quay Tower and Olympia Dumbo are defining the luxury market.
Quay Tower on the Brooklyn Heights waterfront signed a 3-bed asking $4.55M and a 4-bed PH asking around $8M, bringing the project to nearly 60% sold.
Fortis Property Group’s Olympia Dumbo condo reported a 3-bed asking $6.35M and is now 33% sold.
Manhattan
Contract volume increased 24%, from 74 to 92 contracts. While this reflects a nearly 60% drop year over year, the same period in 2019 saw only 15% more transactions.
November’s deals were reported across 55 buildings and totaled $408,244,464, which was 48% higher than October. Median unit price was down 13% to $2,392,500 while median PPSF dipped slightly to $2,061 (-3%).
Top Performers by Contract Volume
1289 Lexington
9 contracts on units asking from $3.3M to just under $6M. Sales began in June 2022 and the boutique condo is already 20% sold, averaging 3.7 monthly deals. Brown Harris Stevens is handling sales with Jeffrey Stockwell.
208 Delancey St
9 contracts on units ranging from $905K to $3.2M. The 85-unit condo has been averaging 4 monthly deals and could sell out within 9 months at this pace. Compass is handling sales with Andy Li and Ian Slater.
The Broad Exchange Building
4 contracts on units asking from $885K to $1.6M. Located at 25 Broad Street, the FiDi conversion has 307 condo units. Corcoran Sunshine Marketing Group is handling sales.
The Cortland
4 contracts on units asking from around $2M to nearly $11M. Related Sales is handling sales along with CORE.
Manhattan Top 3s
Top Contracts
Central Park Tower #124 asking $66M
5-bed asking $9,330 PSFXoco 325 #PHW asking $18.5M
4-bed asking $4,199 PSF22 Bond #PH1 asking $17.5M
3-bed asking $4,674 PSF
Top Closings
150 East 78th St #PH16 closing at $33.4M
4-bed asking $9,388 PSF111 West 57th St #52 closing at $26M
3-bed asking $6,224 PSF111 West 57th St #55 closing at $23.5M
3-bed asking $5,618 PSF
Brooklyn
Contract volume held fairly steady in November with 79 sponsor deals reported (+3%) across 45 buildings. Luxury activity was also consistent: 3 deals above $4M for the third consecutive month. Yet the year over year figures show a pronounced decline in activity – down 19% from 2021 and 12% from 2019.
Prices were up across the board. Deals totaled $124,428,619 (+15%) with the median unit asking $1,208,010 (+24%) and $1,380 PSF (+9%).
Top Performers by Contract Volume
111 Montgomery
5 contracts on units ranging from $852K to $1.7M. The Crown Heights condo is averaging 3.8 monthly sales and sell-out is projected within a year. Compass Development Marketing Group is handling sales with Tamara Abir, Carrie Mccue, and Jacqueline Mumm-Gill.
Brooklyn Point
5 contracts on 1- and 2-beds asking from $1.2M to $2.4M. The 481-unit mega-tower has been averaging 6.3 monthly deals. Extell Marketing Group is handling sales in-house.
11 Hoyt St
5 contracts on units asking from $795K to just under $2M. The 479-unit mega-tower has been averaging 6.8 monthly deals and is now 80% sold.. Corcoran Sunshine Marketing Group is handling sales.
Brooklyn Top 3s
Top Contracts
Quay Tower #PH2B asking $8.1M
4-bed asking $2,788 PSFOlympia Dumbo #25B asking $6.4M
3-bed asking $2,361 PSFQuay Tower #20B asking $4.55M
3-bed asking $2,265 PSF
Top Closings
One Clinton #36B closing at $8M
5-bed closing $1,856 PSF187 N 8th St/510 Driggs Ave #4A closing at $4.1M
4-bed closing $2,144 PSFTimber House #2B closing at $3.6M
3-bed closing $1,507 PSF
Queens
Queens was the only boro to see a decline in November. Sponsors reported 15 deals, down 12%, yet total dollar volume was essentially the same at $15,811,415 (-1%) with prices trending up. The median unit was asking $876,750 (+15%) and $1,298 (+6%).
Top Performers by Contract Volume
Nova
4 contracts on units asking from $645,000 to around $1.5M. The Long Island City condo has been averaging 2.2 monthly sales and is now 44% sold. Modern Spaces is handling sales with Kenneth Lee and Sophia Park.
Skyline Tower
2 contracts on 2-bed units asking just under $2M. Now 70% sold, the 801-unit mega-tower has been averaging 7.3 monthly deals. Modern Spaces and Nest Seekers International are handling sales.
37-29 32nd St
2 contracts on 2-beds asking $967K and $976K. The 10-unit condo is 60% sold in a year. Compass is handling sales with Tim Rothman, Gilbert Morales, Jessica Meis, and Kaci Kaplan.
Queens Top 3s
Top Contracts
Skyline Tower #5902 asking $2M
2-bed asking $1,997 PSFSkyline Tower #5802 asking $2M
2-bed asking $1,992 PSF10-64 Jackson Ave #4A asking $1.8M
3-bed asking $1,298 PSF
Top Closings
10-64 Jackson Ave #PH2 closing at $2M
3-bed closing at $1,519 PSFTangram House West #8G closing at $1.4M
2-bed closing at $1,199 PSFSkyline Tower #3610 closing at $1.2M
1-bed closing at $1,821 PSF
Report Methodology
- 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 12/1/2022
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