Post-Pandemic Analysis of Midtown Manhattan New Development Sales
Marketproof New Development conducted a longitudinal study of the new development market in Midtown, focusing on the area between 50th Street and Central Park South from river to river. We compared activity in this section from 2021 with the same period in 2019 and we analyzed that performance against other new development condo-centric submarkets, including Hudson Yards, Chelsea and FiDi.
What did we find? Midtown was the only submarket to see a decrease in contract activity in Manhattan. The percent change falls short of other markets that have a similar concentration of new development projects.
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, price distribution.