While attainably-priced Brooklyn coops jump-started the rebound in early 2021, October’s numbers show luxury new development sponsor sales leading the charge across the city. This is especially true in Manhattan where the median asking price jumped to $3.6M, an increase of 71% from a year ago and 52% from asking prices in September. Much of this is due to 200 East 83rd Street, a Robert A.M. Stern-designed luxury development by Naftali Group and Rockefeller Group, which reported 35 contracts ranging from $3.6M to $11.5M. The median price per square foot rose as a result to $2,300, a 20% uptick from a year ago and 11% from September
Manhattan
- 224 contracts reported
- 28% increase from Sept 2021
- 122% increase from Oct 2020
- 167% increase from pre-pandemic Oct 2019
Like Manhattan, Brooklyn saw an uptick in new development deals. Median asking prices increased by 33% from October last year and rose 17% from September. The median price per square foot followed a similar trend with an increase of 21% year-over-year and 14% month-over-month.
In October, over 70% of the deals reported in Brooklyn were under $2M, a direct inverse of Manhattan, where more than 70% of deals reported were over $2M.
Brooklyn
- 184 contracts reported
- 56% increase from Sept 2021
- 119% increase from Oct 2020
- 142% increase from pre-pandemic Oct 2019
Queens also saw healthy activity, but as a market with fewer large-scale development projects the borough’s overall numbers never stand out compared to Manhattan and Brooklyn. However, the 19 contracts signed at Skyline Tower in Long Island City, the borough’s tallest residential building, are definitely worth noting.
Queens
- 40 contracts reported
- 7% decrease from Sept 2021
- 8% increase from Oct 2020
- 61% decrease from pre-pandemic 2019
If Marketproof’s October report is any indication of what’s ahead in November, we’ll be looking at a strong finish to Q4.
Top image of 11 Hoyt courtesy of Corcoran Sunshine Marketing Group.
