Blocks & Lots

March + Q1 2022 Report: Contracts Spike 15%, Ending Strongest 1st Quarter on Record

New York City’s new development market just completed its strongest first quarter and third most active quarter to date since Marketproof began tracking sponsor contracts in 2015. Condominium projects across Manhattan, Brooklyn and Queens reported 1,178 sponsor deals in Q1, including 513 in Brooklyn alone, making it the borough’s strongest quarter on the books.

March 2022 stands on its own as a healthy month for new development sales, with a 15% increase in sponsor contracts across the three boroughs. The biggest winner was Manhattan, which saw a 32% jump in deals from February 2022 and several significant penthouse contracts at projects like 200 East 83rd Street and 109 East 79th Street.

While the number of transactions increased city-wide, pricing remained relatively unchanged between February and March across aggregate dollar volume, median unit price and median price per square foot. However, the median unit price was up 25% from the same period in 2021, while median price per square foot was up 20%. If the data from the past month is any indication of what’s ahead in Q2 we could finally see pricing start leveling off, in line with what’s projected nationally as mortgage rates continue to rise.

Read the complete report analyzing market performance in Manhattan, Brooklyn, and Queens according to key metrics: contract volume, median price per square foot, sales velocity, and top contracts, closings, and buildings.