NEW DEV MARKET CLIMBS, LUXURY EXCELS
OCTOBER 2024 NEW DEV CONDO MARKET UPDATE
November 1, 2024
- Citywide, demand hit a 17-month high
- Queens was the only borough that did not double last October’s contract volume; in fact, demand slowed Y-O-Y
- During the past decade, there have been only four times when more $10M+ contracts have been signed in a single month
- Four projects launched in Manhattan, eight in Brooklyn, and three in Queens to introduce a combined 325 new units to the marketplace
"October posted the highest contract volume year-to-date, and the number of $20M+ deals nearly tied the record for the past decade. NYC has just disproven many preconceived notions, including that the market slows after Q3, that sales fall as mortgage rates rise, and that buyers press the “pause” button before a presidential election.”
Luxury
61 contracts priced at or above $4M were signed in October, versus September’s tally of 48 and 25 posted last year.
All except two contracts were signed in Manhattan; the others were in Brooklyn.
Seventeen deals were on residences asking $10M or more, and six were priced at $20M or more.
Robert A.M. Stern Architects dominated luxury with the top-three selling buildings – 255 East 77th Street, The Henry, and The Cortland – which reported a combined 23 contracts in October.
Notable Deals
140 Jane Street - 6th floor - last asking $40.5M
5-bed asking $5,137 PSF
Manhattan
165 contracts were signed in October, compared to 141 last month and 84 last year. This is the highest contract volume since May 2023. The median sale price was $2,725,000, and the median PPSF was $2,212.
Four projects launched sales, adding 22 new development units in total.
Top Performer by Contract Volume
255 East 77th Street
255 East 77th Street, a 62-unit Upper East Side collaboration between Naftali Group and RAMSA, reported twelve contracts on two-, three-, four-, and five-bedroom residences priced between $3.475M and $9.38M. Compass launched sales for the developer a month ago.
Brooklyn
99 contracts were signed in October, compared to 78 last month and 49 last year. This is the second-highest contract volume since May 2023. The median sale price was $1.495M, and the median PPSF was $1,338.
Eight projects launched sales, adding 136 new development units in total.
Top Performer by Contract Volume
Bergen Brooklyn
For the second straight week, Boerum Hill’s 105-unit new build called Bergen Brooklyn reported eight contracts on one- and two-bedroom units priced between $1.275M and $3.15M. Avdoo & Partners Development keeps sales and marketing in-house and has reported 29 contracts since launching sales six months ago.
Queens
29 contracts were signed in October, compared to 19 last month and 35 last year. The median sale price was $925,000, and the median PPSF was $1,434.
Three projects launched sales, adding 167 new development units in total.
Top Performer by Contract Volume
Mason LIC
After two months on top, Vela was replaced by Mason LIC as the top-selling new development in Queens. The 42-unit building reported twelve contracts for studio, one- and two-bedroom residences priced between $625K and $1.32M. Serhant launched sales for the sponsor two months ago and has contracts on 15 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 11/1/2024
Access inventory, past sales for over 1 million new development and resale properties, and pipeline of future projects.