Blocks & Lots

News: New development activity spikes in February — even in Queens (The Real Deal)

New development sales stayed hot in February.

Developments reported 402 sponsor contracts last month, a 35 percent increase from February 2021, according to a report from Marketproof. They asked a combined $1.07 billion, or about $2.7 million per unit.

“With resale inventory tight and rental prices high, there’s still plenty of sponsor inventory out there,” said Goodman. “If you’re a resale buyer or institutional buyer, there’s an opportunity to find what you’re looking for with increased negotiability.”