Marketproof is tracking nearly 500 NYC new development projects with over 11K unsold sponsor units.
This is a sample of the Free edition of Marketproof’s Weekly Newsletter, which goes out on Thursday afternoons. The Premium edition went out on Monday morning to Marketproof New Development subscribers. Subscribers can click thru the links to the contracts, sales, listings, and analysis mentioned. Please sign up for a 7-day free trial.
Contracts
Whereas in last week’s Market Report for September 13-20 there were only 2 contracts signed for units with asking prices between $2M and $5M, in the week of Sep 21-27 there were 14 in this price range.
In all, 60 contracts were reported signed, including 38 in Manhattan, 19 in Brooklyn, and 3 in Queens.
The bump in Manhattan contracts came largely from 19 units at 130 William Street, which represented contracts accumulated over recent months and were reported all at once. 130 William, a 243 unit building developed by Lightstone, is now 23% in contract. Sales started in July 2018.
565 Broome reported 3 contracts, including a 4,430 square foot duplex penthouse with 3,437 square feet of private exterior space and a $30M asking price. The building’s only unit with a higher asking price sold in August 2019 for $36.5M on a $40.M asking price, a 10% discount from ask. There is one remaining unit with an ask north of $20M.
In Brooklyn, Adam America’s 561 Pacific, put two units into contract, both 1-bedroom. The popularity of the sub-$1M Brooklyn apartment will surely continue for the foreseeable future.
The Numbers:
- Reported Signed: 60
- With outdoor space: 9
- Total Value: $170,893,810
- Average Ask: $3,417,876
- Average Ask PPSF: $2,451
- Median Ask: $2,176,495
- Median Square Feet: 742
- Median Bedrooms: 2
- Median Ask PPSF: $1,890
Note: Not all new development projects report their contracts signed. Contracts are a barometer of market activity. They give us asking prices, but not closed prices. Marketproof tracks sales, contracts and listings, and other signals to project pricing for current and future sales.
Blog Post
NYC Mansion Tax: Here’s what you need to know
The 2019 mansion tax was signed in to law by Gov. Andrew Cuomo and it applies, according to the New York State tax code, to “cities having a population of one million or more”. Naturally, NYC is the state’s only city with a population greater than one million, so this is an NYC-specific tax.
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