In a tightening market where some new development condos are lucky to sign one deal every four weeks, the city’s biggest condos are finding 7, 8, 9 or more buyers a month. Marketproof used our sales velocity tool to analyze performance at developments with 400 to 800+ units. The numbers are quite impressive.
Here’s our ranking of the ground-up mega-condos that are selling faster in 2022 than most people realize:
# 4. ONE MANHATTAN SQUARE
56% Sold (456 of 814 Units)
Averaging 6.4 monthly sales in 12-month period
Extell launched One Manhattan Square in 2016, turning Two Bridges, a neighborhood known for its affordable housing stock, into a luxury residential enclave. The 81-story tower designed by Adamson Associates has 100K square feet of residents-only amenities. Superlatives include claim to the city’s largest outdoor space.
Extell is handling sales in-house. The unit mix is studio to 4-bed, with asking prices ranging from $1.02M to $13.18M, and averaging $2,300 PSF. Closings show OMS achieving $2,071 PSF on average,above the neighborhood’s $1,731 average.
# 3. BROOKLYN POINT
66% Sold (316 of 482 Units)
Averaging 7.3 monthly sales in 12-month period
Brooklyn Point is the boro’s second-tallest tower but claims the highest rooftop infinity pool in the Western Hemisphere. Buyers also get a tax abatement.
Extell is the developer on this project as well and is handling sales in-house true to form. Units range from studios to 3-beds priced from $854K to $3.93M, and averaging $1,854 PSF. Closings show $1,726 PSF on average, compared to Downtown Brooklyn’s average of $1,037 PSF.
# 2. 11 HOYT
79% Sold (377 of 479 Units)
Averaging 7.7 monthly sales in 12-month period
11 Hoyt is the top-selling building in Brooklyn for three consecutive years. Design a key talking point for this project, envisioned by Studio Gang and Hill West Architects.
Corcoran Sunshine Marketing Group is handling sales. Units range from studio to 4+ beds that are priced from $655K-$6.55M, and averaging $1,552 PSF. Closings show $1,448 PSF on average, below Brooklyn Point yet still above neighborhood averages for Downtown Brooklyn.
# 1. SKYLINE TOWER
67% Sold (534 of 801 Units)
Averaging 9.4 monthly sales in 12-month period
Skyline Tower, also designed by Hill West, has redefined Long Island city as a luxury condo market. In 2021, the 61-story tower had the top sales velocity and highest volume of closings. If the momentum continues, the project could sell out within the year.
The remaining units at these four projects accounts for 6.2% of NYC’s new dev inventory. If their sales continue at this pace, these mega condos have the potential to influence price growth city-wide simply because overall supply is dwindling.
How do we calculate sales velocity? Simply put, this metric is calculated using the number of contracts reported over a certain number of months. The average number of contracts per month is the sales velocity. Try this feature on Marketproof.