Blocks & Lots

News: Agents, developers see bright future for new NYC condos (The Real Deal)

New development sales opened the year on a strong note. The first week of 2022 saw 80 contracts signed in the city at an average asking price of $1,703 per square foot, compared to 58 contracts averaging $1,660 per square foot in the same week last year.

A year ago, investors who were flush with capital eyed pandemic-era discounts to beef up their portfolios, but many of those bargains never materialized. The market picked up faster than the players had anticipated, Marketproof CEO Kael Goodman said. Developers were able to refinance, giving them more time to move their inventory as sales ramped up through the spring.

Last year “started with institutional buyers expecting to buy bulk condo deals,” Goodman said. “That’s not where we are at all today.”