Blocks & Lots

News: Condo Sales Are Soaring All Over Manhattan — Except Midtown (Bloomberg)

The stretch of the east and west 50s that includes the towers of Billionaires’ Row is the only section of the borough where new-development sales are lagging behind their pre-pandemic performance. In the first 10 months of the year, the number of contracts declined 5.9% from the same period in 2019, according to data from Marketproof Inc.

If the preference for small units holds, it would be a giant mismatch with the inventory that’s available. Of the unsold new condos in Midtown, 59% are priced higher than the average apartment that went into contract this year through October, said Kael Goodman, founder of Marketproof.