February was another strong month for new development sales across New York City. Developers reported 402 new sponsor contracts, a 26% increase from the month prior and a 35% increase over the same period last year.
Following a record year for new development sales with 5,000 sponsor units sold, the city’s total sponsor inventory has decreased approximately 7% since February 2021, from 15,000 units to 14,100, accounting for 3,900 units that were added to total inventory.
Even though median unit price is up 9% year over year, there is a healthy stock of new development condos for individual buyers and institutional investors to choose from, which translates to negotiability and potential opportunities for bulk purchases as sponsors look to reduce exposure and pay down debt.
Read the complete report analyzing market performance in Manhattan, Brooklyn and Queens according to key metrics: contract volume, aggregate dollar volume of contracts, median price per square foot, and top contracts, closings, and buildings.