Marketproof is tracking nearly 500 NYC new development projects with over 11K unsold sponsor units.
Contracts
Notably, there were only 2 contracts reported signed between Sep 14 – 20 for units with asking prices between $2M and $5M.
45 contracts in all were reported, including 18 in Manhattan, 15 in Brooklyn, and 12 in Queens.
Last week’s contracts leaned towards smaller units. 20 had asking prices below $1,000,000. In fact, 30 of the 41 were either studios or 1-bedrooms, that’s 73% of the units.
The most expensive contract was for a 5-bed, 7-bath unit at 520 West 28th Street in Chelsea. The asking price was $24,975,000 for this 6,618 square foot penthouse with 2,552 feet of private outdoor space. Though we don’t yet know how this one penciled out, sales at this level have been seeing discounts of up to 25%.
Meanwhile, The Hero in LIC reported the most contracts signed with 8 units. These were all studios and 1-bedrooms with an average asking price of $800,625, or $1,325 per square foot. The Hero is now 40% sold, middle of the LIC pack.
The Numbers
- Reported Signed: 45
- With outdoor space: 11
- Total Value: $78,398,907
- Average Ask: $1,912,168
- Median Ask: $1,061,826
- Median Square Feet: 927
- Median Bedrooms: 1
- Median Ask PPSF: $1,378
Note: Not all new development projects report their contracts signed. Contracts are a barometer of market activity, they give us asking prices, but not closed prices. Marketproof tracks sales, contracts and listings, and other signals to project pricing for current and future sales.
Sales
6 sales closed during the week, including 3 in Brooklyn, 2 in Manhattan, and 1 in Queens. (Note: due to DOF processing lag more sales can be reported in the future).
This light volume is not surprising as contracts from March thru when the market reopened in June were of course very, very low.
Plus, with WFH and NYC’s budget woes potentially having operational effects, DOF does not appear to be functioning normally at this time.
All in, the sales volume was $76M and principally consisting of one sale: the $62M sale at 220 Central Park South that has been previously covered by TRD.
Beyond this mega-sale, other sales included:
- Brooklyn – 1 bedroom at Extell’s Brooklyn Point went for $1.2M, at the asking price
- Brooklyn – 1 bedroom out in Brighton Beach went for $405K, 17% below ask
- Queens – 1 bedroom garden apartment at The Craftsmen went for $1.35M, at the asking price
The Numbers
- Closed: 6
- With outdoor space: 3
- Value: $76,266,885
- Average: $12,711,148
- Median: $1,281,292
- Average PPSF: $3469
- Median PPSF: $2082
- Average Discount: 9.6%
Blog Post
A condo offering plan: All you need to know
A condo offering plan is a disclosure document that lays out the terms under which a sponsor offers to sell you a condo (or parking space or storage bin).
An offering plan is written by attorneys that specialize in this kind of work, and in NYC there is a small group of law firms that write most of the plans.
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