MIXED MARKET, LUXURY SHINES
SEPTEMBER 2024 NEW DEV CONDO MARKET UPDATE
October 1, 2024
- Citywide, demand this month was higher than in September 2022 and 2023
- The $4M+ luxury market was strong; the $10M+ market was exceptionally strong
- Ten projects launched in Manhattan, ten in Brooklyn, and two in Queens to introduce a combined 460 new units to the marketplace
- Supply expanded from 10,532 to 10,640 units
"Borough performance was mixed yet again, but one metric was clear. September was all about luxury, and expensive luxury at that. There were more eight-figure ($10M+) contracts signed this month than at any time since 2021 during the post-pandemic buying spree.”
Luxury
47 contracts priced at or above $4M were signed in September, one shy of doubling August’s tally and significantly more than the 27 posted last year.
16 of the 47 deals were on residences asking at least eight figures, i.e., $10M or more.
All except one contract was signed in Manhattan; the other was in Brooklyn.
The Henry, on the Upper West Side and represented by Compass Development Marketing Group, led the luxury market with six contracts in September.
Notable Deals
The Surrey Residences - #12A
last asking $28M - 6-bed asking $5,170 PSF
Manhattan
141 contracts were signed in September, compared to 122 last month and 92 last year. The median sale price was $2.55M and the median PPSF was $2,177.
Ten projects launched sales, adding 261 new development units in total.
Top Performer by Contract Volume
Monogram New York
Monogram New York, a 190-unit condo tower in Turtle Bay, reported 9 contracts on 1- and 2-bedroom units priced between $969,100 and $4,977,200. Sales launched last September, and Douglas Elliman Development Marketing reports contracts on 37 residences.
Brooklyn
61 contracts were signed in September, compared to 100 last month and 45 last year. The median sale price was $1.175M, and the median PPSF was $1,282.
Ten projects launched sales, adding 105 new development units in total.
Top Performer by Contract Volume
Bergen Brooklyn
Bergen Brooklyn, in Boerum Hill, reported eight contracts on studio, one-, two-, and three-bedroom units priced between $950K and $3.6M. Avdoo & Partners Development keeps sales and marketing in-house and has reported 21 contracts since launching their 105-unit building in May.
Queens
19 contracts were signed in September, compared to 24 last month and 23 last year. The median sale price was $840,000, and the median PPSF was $1,261.
Two projects launched sales, adding 94 new development units in total.
Top Performer by Contract Volume
Vela
For the second month in a row, Vela, a 29-unit new project in Astoria, reported four contracts on 1- and 2-bedroom units priced between $678K and $1.545M. Serhant launched sales for the sponsor in November of last year and has contracts on 12 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 10/1/2024
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