2025 NYC NEW DEVELOPMENT MARKET REPORT & TOP SELLING BUILDINGS OF THE YEAR
January 1, 2026
- Inventory across all three boroughs contracted in 2025
- Supply remains tight in Manhattan at 34 months and Brooklyn at 31 months, while Queens is oversupplied with 111 months of inventory
- Contract activity decreased in Manhattan and Brooklyn, but increased in Queens
Year over year, contract volume fell 11%, and contract dollar volume fell 14%.
The price metrics were little changed year over year, with median price slipping 5% to $1,663,672 and median PPSF expanding 2% to $1,721.
“80 Clarkson is widely believed to be one of 2025’s top-selling developments and the clear leader in dollar volume and luxury sales. However, because the project did not report contract activity, demand-side analysis and year-over-year price comparisons are largely inconclusive. What we do know is that, excluding the building, NYC's total contract volume is down 11%, and even assuming a complete sellout at 80 Clarkson, overall volume would still trail last year by 7%. For that reason, fewer new sponsor launches, not robust sales, caused supply to contract significantly, from 11.2K units in 2023 and 2024 to only 9.8K units to end 2025. This still represents a $30.8 billion opportunity and 3.5 years of supply, some of which has been on the market for quite some time.”
For the buildings of the year, we have winners in four categories: high-rise, mid-size, boutique, and top deal. Congrats to the teams at The Greenwich by Rafael Vinoly, 720 West End Avenue, The Willow, and 140 Jane Street for their #1 finishes.
Kael Goodman - Co-Founder and CEO of Marketproof, Inc.
Luxury
Year over year, Manhattan saw 75 fewer luxury contracts. Brooklyn moved in the opposite direction, posting a 5-unit increase in luxury sales in 2025. While that gain may appear modest in absolute terms, it represents a meaningful 19% increase given the relatively small size of Brooklyn’s luxury market. Queens has not yet recorded a single luxury sale above $4 million.
Manhattan
Compared with 2024, the median price and median PPSF in 2025 appear essentially flat at $2.5 million and $2,100, respectively.
Manhattan inventory contracted by 14%, down from 4,446 units to 3,841. It would take 34 months to absorb these units at the current sales pace.
Brooklyn
Brooklyn deal volume fell 8% from the year before to 1,040 contracts signed, but dollar volume dipped by only 2% to $1.759B.
Median price and PPSF were stable Y-O-Y at $1.4M and $1,429, respectively.
Inventory contracted 8% from 2,959 to 2,718 units. This represents 31 months of inventory if absorption continues at its current pace.
Queens
Deal volume in Queens expanded by 15%, from 309 signed contracts in 2024 to 355 this year, driving dollar volume higher by 25% to nearly $400M.
Inventory contracted by 14% to 3,282 units, but this still represents nearly 111 months of supply.
Top Selling Buildings of The Year
This marks our fourth annual awards ceremony to honor the buildings that reported the highest deal volume and the most expensive contract of 2025. Deal volume winners are divided into three building categories: high-rise, mid-size, and boutique. Congratulations to the teams at The Greenwich by Rafael Vinoly, 720 West End Avenue, The Willow, and 140 Jane Street for their #1 finishes in their respective categories.
HIGH-RISE (201+ units)
The Greenwich by Rafael Vinoly
64 deals, representing 24% of all units
Architect: Rafael Vinoly Architects
Sales: Douglas Elliman Development Marketing
MID-SIZE (101 - 200 units)
720 West End Avenue
59 deals, representing 45% of all units
Architect: BP Architects
Sales: Corcoran Sunshine Marketing Group
BOUTIQUE (31 - 100 units)
The Willow
41 deals, representing 59% of all units
Architect: COOKFOX Architects
Sales: Compass Development Marketing Group
TOP DEAL
140 Jane Street - #PH8
$87.5M
Architect: BKSK Architects
Sales: Corcoran Sunshine Marketing Group
Report Methodology
- Inventory levels include sponsor units in resale-stage buildings (consistent with the updated methodology introduced in 2023)
- Report is based on reported contracts and may not represent all contracts signed
- Prices reflect the last asking price before a unit went into contract
- New development contracts are sponsor-stage (sponsor-controlled) projects that are eligible to sell units
- Data as of 1/1/2026
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