2021 NEW DEVELOPMENT RECAP
January 1, 2022
A Blockbuster Year
In 2021, the NYC new development market reported 4,773 contracts for sponsor-controlled units, a staggering 90% increase from 2020. Compared to the pre-pandemic years of 2019 and 2018, last year reported a 55% and 72% increase, respectively. Likewise, new development sponsor closings were up 74% as compared to 2020. Compared to 2019 and 2018, they were up 50% and 61%, respectively.
This analysis does not include resales or multi-unit sales, but when looking at these closings, 2021 was even more impressive. The biggest sale overall was for a $157M two-unit resale at 220 Central Park South, which included the $82.5M 60th Floor and the $75M 61st Floor.
On Top in 2021
Top Contracts
67 Vestry Street, PHA asking $45M
This 6,200-square-foot penthouse (plus 2,000 SF of outdoor space) was the most expensive at the 17-unit Tribeca condo.Central Park Tower, 112 asking $40.8M
Since commencing sales just over three years ago, NYC's tallest residential building is 22% sold.Central Park Tower, 53P asking $40.7M
Of the condo's 178 units, 22 were originally priced at $40M or above.
Top Closings
220 Central Park South, 67th Floor sold for $59.5M
This apartment sold for $10,025 PSF, above the 116-unit condo's average sold PPSF of $6,609.Central Park Tower, 109 sold for $48M
This five-bedroom unit sold at a 38.6% discount. The building's average asking PPSF is $6,296, but the average sold PPSF is $4,485.Central Park Tower, 112 sold for $40.8M
Similarly, this five-bedroom unit sold at a 35% discount.
Manhattan Reports 2,370 Sponsor Contracts in 2021
Reported contracts in Manhattan new developments saw the largest increase year over year, increasing 139% from 991 contracts in 2020. This is an 82% increase from 2019 and a 59% increase from 2018.
Harlem's 300 West led the borough with 112 contracts, ranging from a $499K studio to a $3.4M four-bedroom. The 170-unit condo commenced sales a year-and-a-half ago and is already 76% sold. Following with 110 contracts was FiDi's 130 William Street. The first residential tower in the U.S. from architect David Adjaye, the 243-unit condo is 77% sold since commencing sales three-and-a-half years ago. It also reported the most contracts (83) of any NYC new development in 2020.
Brooklyn Reports 1,883 Sponsor Contracts in 2021
Reported contracts in Brooklyn new developments increased 63% from 1,155 contracts in 2020. This is a 47% increase from 2019 and an 81% increase from 2018.
Downtown Brooklyn's 11 Hoyt led the borough (and the entire city) with 140 contracts, ranging from a $645K studio to a $3.75M four-bedroom. The first residential tower in NYC from architect Jeanne Gang, the 479-unit condo is 65% sold since commencing sales three years ago. In 2020, it reported the second-most contracts (70) in NYC. Flatbush's 567 Ocean Avenue followed with 88 reported contracts. The 108-unit condo started sales almost two years ago and is 74% sold.
Queens Reports 530 Contracts in 2021
Reported contracts in Queens new developments increased 48% from 358 contracts in 2020. This is a 6% increase from 2019 and a 120% increase from 2018.
With 105 reported contracts, Long Island City's Skyline Tower led the borough. These units ranged from a $638K studio to a $2.6M three-bedroom. The 801-unit condo, the tallest building in the outer boroughs, is 51% sold since starting sales two-and-a-half years ago.
Report Methodology
- The period 2015-2019 is 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 1/1/2022
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