A wave of condo sales is driving the NYC new development market to years-long highs as a post-COVID boom materializes. Manhattan condos have been reaping the benefits of that surge in recent weeks, reporting the most contracts last week since January 2020.
Sponsor contracts for this month are likely to surpass last month’s total of 164, which already marked a three-year high.
Marketproof tracks condo buildings, including those under construction, currently selling, and those that have moved on to resales. That gives us a clear view into the buildings driving the market’s recovery.
Below are the eight Manhattan condos that have reported the most contracts this year. Their average asking PPSF varies from $1,284 for 300 West in Harlem to $3,069 for NoHo’s 40 Bleecker. No two are in the same neighborhood, and they are distributed across uptown, midtown, and downtown, underscoring the diverse strength of the recovering market.
1. 130 William St
This Fulton Seaport building has reported 35 contracts this year, leading the Manhattan market. It has 243 units across 61 floors. Lightstone is the developer, and Corcoran is handling sales. 130 William started selling three years ago, and it has sold 51% of its units since for a brisk pace of 3.7/month. Seventy-four 1-beds asking for $1.25–3.25m and 90 2-beds asking for $1.85–4.95 make up the majority of units. The average asking PPSF is $2,025.
2. 300 West
300 West has been on fire this month, reporting 19 contracts in the last two weeks. It has reported a total of 35 this year. The Bespoke Living building was designed by Isaac & Stern, and Douglas Elliman is handling sales. Sales started nine months ago, and the building has now sold 28% of its 170 units. 300 West is cheap by Manhattan condo standards with an average asking PPSF of $1,284. The plurality of its units are 1-beds, 71 for $695k–1.01m. But it also has 31 studios for $499–620k with average common charges of $415, not a heavy burden by the standards of Manhattan new developments.
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3. Madison House
Midtown South’s Madison House comes in a distant third with 19 contracts this year. The Fosun Group and JD Carlisle building started sales two years ago and has sold 38% of its units. Its 198 units across 62 floors have an average asking PPSF of $2,425. The vast majority of its units are 1-beds or 2-beds. The 82 1-beds are asking for $1.47–3.27m, the 96 2-beds $2.58–6.9m. Douglas Elliman is spearheading sales.
4. One United Nations Park
One United Nations Park is a Sheldon Solow building in Murray Hill that has reported 18 contracts this year. Sales started three years ago, but only 18% of the units have sold, underscoring what a breakout year the condo is experiencing. The building has 148 units across 43 floors with an average asking PPSF of $2,195. Two-beds make up the plurality of units. There are 74 asking for $2.88–4.51m. Corcoran is in charge of sales.
5. 49 Chambers St
This Chetrit Group Civic Center building has reported 16 contracts this year. It offers 98 units across 15 floors with an average asking PPSF of $1,889. The plurality of the units are 2-beds. The 36 units have an asking price range of $2.33–4.42m. Sales started four years ago, and the condo has sold 53% of its units since. Douglas Elliman is handling sales.
6. 277 5th Avenue
277 5th Avenue is a Victor Group, Lendlease, and Shokai condo in Nomad. It has reported 14 contracts this year. The building has 129 units across 55 floors with an average asking PPSF of $2,779. Most of its units, 73, are 2-beds with an asking price range of $3.04–9.5m. It started sales three years ago and has sold 64% of its units. Corcoran is spearheading sales.
7. 40 Bleecker St
This NoHo condo has reported 14 contracts this year. It has 60 units across 12 floors and has sold 78% of them since sales started three years ago. The Broad Street building’s units have an average asking PPSF of $3,069, the most expensive among the Manhattan condos we list here. The plurality of its units are 2-beds with an asking price range of $2.95–6.57m. Douglas Elliman is handling sales.
8. Vandewater
Vandewater has reported 12 contracts this year. Savanna is the developer behind the Morningside Heights condo. It has 182 units acros 33 floors and has sold 34% of its units since starting sales two years ago. The average asking PPSF is $1,705. Studios start at $940k. Sixty-four two-beds make up the plurality of units with an asking price range of $1.7–3.4m. Halstead is handling sales.
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Photo above courtesy of 300 West.
