Blocks & Lots

Report: Manhattan Luxe New Dev Market Still Hot in September

The weather is cooling off, but Manhattan’s luxury new development market didn’t get the memo.

Though new dev condo sales dipped slightly citywide in September, those for $4 million and up spiked 30% in Manhattan, according to Marketproof’s monthly market report.

The median unit price in the borough, meanwhile, rose 20% to $2,253,750 and the asking price per square foot saw a 6% increase to $2,116.

Related Companies in particular had a banner month, securing the top spot with a $35 million sale at 35 Hudson Yards. The Cortland, the developer’s new project in West Chelsea, was the highest performer by contract volume with 22 deals, bringing the building to 30% sold.

Over in Brooklyn, luxury deals saw a whopping 200% hike, though fewer sales drove that figure as the borough has a smaller sample size.

Pricing in the overall market dropped modestly from August, with declines of -11% in Manhattan, -25% in Brooklyn, and -3% in Queens — but it still rose 22% from September 2021 and 24% from 2019.

And while some are wary of how 7%+ mortgage interest rates could impact sales activity, Marketproof President & CEO Kael Goodman feels confident.

“New York City’s new development market appears pretty healthy and continues to perform better than other U.S. markets,” he explains. “Buyer demand could taper off in the entry-level tier, but plenty of investors are shopping around at that price point too.”

To read the full report, visit Marketproof.