Blocks & Lots

News: New development condo sales slow for second straight month (The Real Deal)

Brooklyn sees most dramatic decline of any borough, but activity remains far higher than pre-Covid

After a buying craze that characterized much of last year, sales of new development condos slowed across the city in May for the second straight month. Still, the market remains robust compared to pre-pandemic times — especially in Manhattan.

Buyers signed contracts for 360 sponsor units in May, down 9 percent from April, according to a new report from Marketproof. Despite the monthly decline, activity was still 46 percent higher than in May 2019.

The fact that Brooklyn — where demand for new condos recovered more quickly from the pandemic than in Manhattan — saw the most drastic drop could signal a turning point in the market, according to Marketproof CEO Kael Goodman.

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