While some wondered what the future of NYC would look like, others doubled down and bought condos.
According to Marketproof, NYC’s leading real estate data platform, the result was a banner summer for NYC’s new development sales. Between June and August, nearly 1,200 units went into contract. That’s a remarkable 134% increase over last year — and it was the best summer of sales in more than five years. (What does ‘Going into Contract mean?’).
Of course, not every condo building enjoyed the same sales bump. So what condos led to the boom?
The top 5 performers represent a range of price points in Manhattan and Brooklyn, including both boutique and large buildings with outdoor space, pools, and other prized amenities.
Here are the top 5.
5. 130 William Street – 30 Sold
Rendering courtesy of 130 William
This summer, 30 contracts were reported at 130 William, famed architect Sir David Adjaye’s first NYC high-rise tower. Developed by Lightstone, the 61-story condo is located between the Financial District and Fulton Seaport. Sales commenced in 2018, with prices for the 243 studio to 4+ bedroom units ranging from $701K to $20M. The average asking price is $2,042 per square foot. Currently, 68% sold and achieving an average of $1,887 per square foot, Marketproof projects 130 William will sell out as soon as 2022.
Learn more about 130 William Street >
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4. Lantern House – 32 Sold
Rendering courtesy of Related Companies
32 contracts were reported this summer at Lantern House, the unique condo from famed designer Thomas Heatherwick, known for Vessel and Little Island. Developer Related Companies commenced sales of the 180 one- to 4+ bedroom residences in early 2020, asking from $1.4M to $18.98M and $2,735 per square foot on average.
Lantern House is now 56% sold and is achieving $2,118 per square foot on average, including two big-ticket closings at $12M. According to Marketproof analysis, Lantern House is projected to sell out in 2023.
Learn more about Lantern House >
3. One Manhattan Square – 32 Sold
Rendering courtesy of One Manhattan Square
32 contracts were reported at Extell’s ambitious One Manhattan Square, rising 81 floors above the East River at 252 South Street. Sales commenced in 2017 asking from $1.05M to $13.18M for the 814 studio to 4+ bedroom homes and an average of $2,300 per square foot.
One Manhattan Square is currently 43% sold with units closing at $2,112 per square foot on average. Based on the current pace of sales, Marketproof projects One Manhattan Square will sell out in 2028, seven years from now.
Learn more about One Manhattan Square >
2. 300 West – 34 Sold
Rendering courtesy of 300 West
34 contracts were reported at 300 West, the 13-story condo at 300 West 122nd Street. Developed by Bespoke Living and designed by Isaac & Stern, the building has 170 units. Sales commenced in summer 2020 with prices ranging from $499K to $3.4M and asking an average of $1,284 per square foot.
300 West is now 60% sold but closings have not begun. The mix includes a handful of 4+ bedrooms, all of which have reported contracts asking up to $1,653 per square foot. If sales continue at this pace, 300 West is anticipated to sell out within the year.
Learn more about 300 West >
1. 11 Hoyt – 54 Sold
Rendering courtesy of 11 Hoyt
Topping the list with 54 reported contracts this summer is 11 Hoyt. This 57-story Tishman Speyer-developed, Studio Gang-designed condo, is reshaping Downtown Brooklyn. The building’s 480 studio to four-bedroom residences came to market in 2018 with prices ranging from $650,000 to $5.89M and asking an average of $1,542 per square foot.
11 Hoyt is now 58% sold and has achieved an average of $1,405 per square foot. Marketproof projects 11 Hoyt will sell out in 2023 if the current pace continues.
Learn more about 11 Hoyt >
These days, when the world feels so unpredictable, can we count on NYC’s new development condo sales to continue at this breakneck pace? On the heels of this incredible summer selling season, Marketproof is looking ahead to a busy fall with a new crop of developments commencing sales. Stay tuned for our fall report.
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Top photo courtesy of 11 Hoyt.