NEW DEV MARKET OUTPERFORMS PRIOR YEARS
NOVEMBER 2024 NEW DEV CONDO MARKET UPDATE
December 1, 2024
- Contract volume was 50% higher Y-O-Y, with luxury demand up nearly 100% Y-O-Y
- The top two contracts were $54.5M and $45M
- It was a slow month for new launches, with less than 100 units coming to market
"With two major holidays in November, a drop in contract volume from October is expected. What is surprising, however, is the surge in demand across all boroughs and all price points compared to November 2022 and 2023.”
Luxury
50 contracts priced at or above $4M were signed in November versus October’s tally of 58 and 27 posted last year.
Only one of those fifty contracts was signed in Brooklyn.
Thirteen deals were on residences asking $10M or more, and five were priced at $20M or more.
Notable Deals
50 West 66th Street - 52E - last asking $54.5M
5-bed asking $7,851 PSF140 Jane Street - PH11 - last asking $45M
5-bed asking $7,960 PSF
Manhattan
126 contracts were signed in November, compared to 163 last month and 92 last year. The median sale price was $3.3M, and the median PPSF was $2,322.
No new projects were launched in November.
Top Performer by Contract Volume
520 Fifth Avenue
520 Fifth Avenue reported seven contracts on one-, two-, three-, and four-bedroom residences priced between $2.325M and $12.75M. Corcoran Sunshine Marketing Group launched sales for the 76-story tower in April and has already sold 78 of 99 residences.
Brooklyn
96 contracts were signed in November, compared to 105 last month and 53 last year. The median sale price was $1,562,500, and the median PPSF was $1,447.
Five projects launched sales, adding 44 new development units in total.
Top Performer by Contract Volume
Bergen Brooklyn
For the third straight month, Boerum Hill’s 105-unit Bergen Brooklyn was the borough’s top-selling new development, reporting six contracts on one-, two-, and three-bedroom units priced between $1.35M and $3.3M. Avdoo & Partners Development keeps sales and marketing in-house and has reported 35 contracts since launching sales in May.
Queens
21 contracts were signed in November, compared to 29 last month and 17 last year. The median sale price was $885K, and the median PPSF was $1,409.
Two projects launched sales, adding 47 new development units in total.
Top Performer by Contract Volume
Mason LIC
For the second month, Mason LIC was the top-selling new development in Queens. The 42-unit building reported eight contracts for studio, one- and two-bedroom residences priced between $660K and $1.7M. Serhant launched sales for the sponsor in September and has contracts on 23 units.
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 12/1/2024
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