2024 NYC NEW DEVELOPMENT MARKET REPORT & TOP SELLING BUILDINGS OF THE YEAR
January 1, 2025
- Y-O-Y, contract volume in Manhattan and Brooklyn was higher by 14% and 6%, respectively
- Citywide, the price metrics increased substantially, indicating an uptick in home prices
- Manhattan captured more than 50% of demand for the first time since 2018
- Brooklyn’s median new development price increased by 43%
Year-over-year, new development activity grew 2% in 2024. Sponsors reported 2,956 contracts, representing aggregate sales of $8.6B.
The median asking price was $1.75M, and the median asking PPSF was $1,711, increasing by 24% and 10%, respectively.
Manhattan deal count grew by 14% to 1,635, Brooklyn deals rose by 6% to 1,032, and Queens dropped by 43% to 289 contracts.
Y-O-Y, new development inventory was flat at 11.2K units, representing a $35.8B market opportunity and about 3.8 years of inventory.
“This year, NYC's new development market was far stronger than in 2023. Demand and prices climbed, luxury soared, and rapid absorption rates at popular projects solidified the city’s unwavering appeal.
Despite what history suggests, demand surged, not slowed, as the year wound down, heating up previously sluggish sales at buildings such as Monogram New York. Other buildings achieved strong sales all year. 520 Fifth Avenue was 2024’s shining example, selling 82 residences, or 83% of all units, since launching in April. We expect this momentum to carry into 2025.
Last year, we predicted that few new launches in Manhattan would cause inventory to dip below 3 years. That’s exactly what happened, as buyers’ appetites took a large bite out of the available supply. We’ll continue to follow the supply story closely next year.
For the buildings of the year, we have winners in four categories: highrise, midsize, boutique, and top deals. Congrats to the teams at One High Line, The Huron, 520 Fifth Avenue, and Central Park Tower for their #1 finishes. Additional praise is due for One High Line, Tribeca Green, and Central Park Tower as they were also on the podium in the 2023 Market Report.”
Kael Goodman - Co-Founder and CEO of Marketproof, Inc.
Luxury
Year-over-year, demand for luxury grew from 426 to 494 contracts. Consistent with previous years, 95% of those deals were signed in Manhattan and 5% in Brooklyn. Queens is yet to report a contract on a unit priced at $4M or more.
The total dollar volume of this year’s 494 contracts is about $4.5B, the median price was nearly $6.3M, and the median PPSF was $2,725.
Manhattan
Compared to 2023, all metrics increased. Deal volume grew by 14% to 1,635 signed contracts, and the total dollar volume increased by 28% to $6.7B. The median price increased by 5% to $2.5M, and the median PPSF increased by 4% to $2,116.
Manhattan inventory contracted substantially from 5,040 to 4,446 units. At the current rate of 1,635 contracts per year, It would take 2.7 years to absorb these unsold units with an average price of $4.1M.
Brooklyn
All metrics in Brooklyn increased as well. Deal volume grew 6% to 1,032 contracts; the total dollar volume increased by 22% to $1.6B; the median price ballooned by 43% to $1.4M; and the median PPSF rose by 11% to $1,409.
Inventory increased modestly from 2,863 last year to 2,959. This represents about 2.9 years of inventory priced at an average of $1.6M.
Queens
Compared to 2023, Queens' volume metrics fell significantly while the price metrics grew moderately. Deal volume decreased by 43% to 289 signed contracts; the total dollar volume fell by 28% to $288M; the median price grew by 13% to $858K; and the median PPSF reached $1,334 (+9%).
Inventory expanded by 16% to 3,796 units. These unsold units have an average price tag of $998K.
Top Selling Buildings of The Year
This marks our third annual awards ceremony to honor those buildings that reported the largest volume of deals and most expensive contracts of 2024. Deal volume winners are separated into three building categories – highrise, midsize, and boutique. Congratulations to the teams at One High Line, The Huron, 520 Fifth Avenue, and Central Park Tower for their #1 finishes in their respective categories.
TOWERS (201+ units)
One High Line
62 deals, representing 26% of all units
Architect: Bjarke Ingels Group, Woods Bagot
Sales: Corcoran Sunshine Marketing Group
Tribeca Green
54 deals, representing 20% of all units
Architect:Robert A. M. Stern Architects, Ismael Leyva Architects
Sales:Corcoran Sunshine Marketing Group
The Broad Exchange Building
43 deals, representing 14% of all units
Architect: CetraRuddy, Clinton & Russell
Sales: Reuveni Real Estate
MIDSIZE (101 - 200 units)
The Huron
73 deals, representing 43% of all units
Architect: Morris Adjmi Architects
Sales: Serhant
Claremont Hall
58 deals, representing 30% of all units
Architect: Robert A. M. Stern Architects, SLCE Architects
Sales: Corcoran Sunshine Marketing Group
Monogram New York
52 deals, representing 27% of all units
Architect: Ismael Leyva Architects
Sales: Douglas Elliman Development Marketing
BOUTIQUE (31 - 100 units)
520 Fifth Avenue
82 deals, representing 83% of all units
Architect: Kohn Pedersen Fox Associates, Pentagram
Sales: Corcoran Sunshine Marketing Group
The Treadwell
40 deals, representing 61% of all units
Architect: SLCE Architects, INC Architecture & Design
Sales: Brown Harris Stevens Development Marketing
134-16 35th Avenue
27 deals, representing 63% of all units
Architect: HPL Engineering
Sales: Global Real Estate Ventures Group
TOP DEALS
Central Park Tower - Unit 107
$117,390,496
Architect: Adamson Associates and Adrian Smith + Gordon Gill Architecture
Sales: Extell Marketing Group and Corcoran Sunshine Marketing Group
Central Park Tower - Unit 39B
$59,000,000
Architect: Adamson Associates and Adrian Smith + Gordon Gill Architecture
Sales: Extell Marketing Group and Corcoran Sunshine Marketing Group
125 Perry Street - Unit PHW
$57,500,000
Architect: Ismael Leyva Architects
Sales: Compass
Report Methodology
- The methedology for inventory levels changed from 2023 to include sponsor units in resale stage buildings
- 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 1/1/2025
Access inventory, past sales for over 1 million new development and resale properties, and pipeline of future projects.