News: Rising rates slow new development sales in Brooklyn, Queens (The Real Deal)

Manhattan stayed hot, but activity cooled in the outer boroughs, where buyers are more reliant on financing.

New developments in the city reported 397 signed contracts for sponsor units in April, a 14 percent dip from March, according to a new report from Marketproof. Most of the decline can be attributed to Brooklyn and Queens, where activity plummeted 26 percent and 24 percent, respectively.

“We’re right at the beginning of the next phase of New York City real estate,” said Kael Goodman, CEO of Marketproof.

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Olympia Dumbo rendering courtesy of March