THOUGH SALES HAVE SLOWED, INVENTORY IS STILL DECLINING AS EVEN FEWER UNITS ARE COMING ONTO THE MARKET

OCTOBER 2023 NEW DEV CONDO MARKET UPDATE

November 6, 2023



  1. Volume and price metrics were essentially unchanged from September
  2. YTD, deal volume and total dollar volume are 12% and 6% greater than before the pandemic
  3. Buyers signed eight $10M+ deals in October, most notably a $25M penthouse in 15 Hudson Yards and one for $22M in One High Line
  4. This month saw deal volume decrease by 29% from the average pre-pandemic October


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Month-over-month, the numbers were little changed. The 181 contracts signed totalled $454M, and the median price and the median PPSF were $1.5M and $1,594 respectively.



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“Historically, demand is much stronger in October than September, only this year it wasn’t. It would be easy to blame mortgage rates, but we all know there's much more going on now.”

Kael Goodman - Co-Founder and CEO of Marketproof, Inc.



Luxury


Compared to September, deal volume declined from 26 to 24 contracts, the total dollar volume contracted by 8% to $210M, the median price slid by 2% to $5.6M, and the median PPSF rose by 3% to $2,658.

All but one of the 24 luxury deals this month were signed in Manhattan.  With three deals totaling $46M, 15 Hudson Yards takes top honors in deal count and total dollar volume.  Corcoran Sunshine Development Marketing launched the building for Related and Oxford Properties Group in 2016 and the 284 unit development is now over 80% sold.  After five months on top, One High Line moved into the #2 spot with two deals totaling more than $27M.  Since relaunching the project in September 2022, Deborah Kern and Steve Gold of Corcoran have found buyers for 68 of 235 units.

Manhattan


Month–over-month, deal volume remained constant at 88 contracts, the total dollar volume contracted by 6% to $328M, the median price fell by 13% to $2.1M and the median PPSF slid by 5% to $2,028.

Top Performers by Contract Volume

One11 Residences
One11 Residences reported eight contracts on 1- and 2-bedroom units priced between $1.25M and $3.15M. Sales director Maria Mainieri launched sales in September 2022 and has sold 21 of 99 units in the Midtown rehab.

1289 Lexington
1289 Lexington reported four contracts on 2- and 3-bed units priced between $2.595M and $6.15M. Jill Bernard and Alan Shaker of Brown Harris Stevens have sold 29 of 60 residences since launching sales in June 2022.

 

Manhattan Top 3s

Top Contracts

  1. 15 Hudson Yards #PH88B asking $25.0M
    4-bed asking $4,793 PSF

  2. One High Line, West Tower #28AD asking $22.1M
    6-bed asking $4,131 PSF

  3. Central Park Tower #70W asking $19.9M
    3-bed asking $6,295 PSF

Top Closings

  1. 200 Amsterdam Avenue #36A sold for $12.1M
    4-bed closing at $3,795 PSF

  2. 53W53 #35A sold for $7.3M
    2-bed closing at $2,365 PSF

  3. 154 Spring Street #5 sold for $6.8M
    3-bed closing at $1,634 PSF

Brooklyn


Month-over-month, deal volume decreased marginally from 59 to 58 contracts, but October’s deals were 32% more expensive with a median price of $1.43M. Subsequently, the total dollar volume rose 8% to $89M and the median PPSF grew 10% to $1,409.

Top Performers by Contract Volume

The Calyer Greenpoint
The Calyer Greenpoint reported four signed contracts on 1-, 3- and 4-bed units listed between $1.125M and $3.05M. Sales began in September, and Jessica Peters, Daniel Fried, and Zachary Mansour of The Jessica Peters Team at Douglas Elliman now have 16 units left to sell.

11 Hoyt
11 Hoyt reported four signed contracts on 2- and 3-bed units listed between $1.725M and $2.195M. Sales launched in October 2018, and Corcoran Sunshine Marketing Group has sold 427 of 479 units.

 

Brooklyn Top 3s

Top Contracts

  1. Quay Tower #19A asking $5.3M
    4-bed asking $2,131 PSF

  2. The Calyer Greenpoint #4A asking $3.1M
    3-bed asking $1,854 PSF

  3. 18 8th Avenue #D asking $3.0M
    4-bed asking $1,649 PSF

Top Closings

  1. Olympia Dumbo #30A sold for $8.1M
    4-bed closing at $2,640 PSF

  2. Olympia Dumbo #30B sold for $6.4M
    3-bed closing at $2,723 PSF

  3. Front and York, York Tower #19E sold for $3.5M
    3-bed closing at $2,108 PSF

Queens


Compared to September, October’s volume metrics were higher, but price metrics were lower. Deal volume rose by 17% to 35 contracts, the total dollar volume grew by 16% to $37M, the median price dropped by 27% to $855K, and the median PPSF fell by 10% to $1,211.

Arcadia Woodside
Arcadia Woodside reported ten contracts on 1- and 2-bed units listed between $618K and $915K. These are the first contracts reported since the building launched a month ago and Juan (Bella) Zhang of Arcadia Realty and Sophia X Yao of Chase Global Realty now have 66 left to sell.

Skyline Tower
Skyline Tower reported six contracts this month on 1-, 2-, and 3-beds from $1,121,133 to $3.25M. On sale since May 2019, the developers have sold 628 of 800 units at an average of 140 residences per year. Helen Lee's team at Modern Spaces is selling the remaining units.

 

Queens Top 3s

Top Contracts

  1. Skyline Tower #PH408 asking $3.3M
    2-bed asking $2,453 PSF

  2. Skyline Tower #PH202 asking $3.0M
    2-bed asking $3,018 PSF

  3. Skyline Tower #5301 asking $1.9M
    2-bed asking $1,976 PSF

Top Closings

  1. Skyline Tower #3902 sold at $1.8M
    2-bed closing at $1,797 PSF

  2. Nova #7C sold at $1.2M
    2-bed closing at $1,273 PSF

  3. Skyline Tower #3410 sold at $1.2M
    1-bed closing at $1,798 PSF

Report Methodology

  • *2015-2019, used as a normalized benchmark for comparison as it is the most recent period unaffected by the COVID pandemic
  • 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 11/1/2023

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