2021 ANALYSIS OF NEW DEVELOPMENT SALES IN MANHATTAN’S FINANCIAL DISTRICT SHOW CONDO GLUT EASING
Marketproof New Development conducted a study of all sponsor-controlled developments with an accepted offering plan in Manhattan’s Financial District (FiDi), inclusive of the Seaport area. We compared activity in this section from the first 11 months of 2021 with the same period in 2020, 2019, and 2018, and we analyzed the neighborhood’s new condo inventory against other new development condo-centric submarkets, including Midtown, Long Island City, and Downtown Brooklyn.
What did we find? FiDi has the most unsold condominium units of any neighborhood in New York City, but steady sales in 2021 are chipping away at the supply. FiDi new developments have reported 155 contracts in the first 11 months this year, a 61% increase from 2020 that has resulted in a 10.2% decrease in inventory.
Read the complete report analyzing market performance according to key metrics: contract volume, aggregate dollar volume of contracts, average price per square foot, average unit price, and price distribution.