November Brings Consistency to NYC New Development Sales

Market Update: October 31-November 6

November picked up right where October left off for new development condos in New York City. Buyer activity last week stayed consistent with 53 new sales reported compared to 52 previously.

Yet prices are trending up. The average unit was asking nearly 18% more and every boro experienced an increase.

A similar story played out in the luxury tier. Although the volume of contracts signed on units asking over $4M was down last week (6 sales compared to 9 previously), the latest deals reflect a 40% higher average asking price at $7,545,833.

The top contract was signed on a four-bedroom at The Tower at Gramercy Square that was asking $15.3 million. Second was an $8.1 million four-bedroom at ultra-luxury Brooklyn Heights condo Quay Tower.

Brooklyn was the only boro to see a drop in activity last week, but also had the most substantial increase in average asking price – up 37%. The average price per square foot also rose 15% to $1,440.

Among the 18 developments in Brooklyn that reported sales, Extell’s mega-tower Brooklyn Point had the largest share with three new deals.

It was also a good week for 98 Front in Dumbo, which found buyers for a two-bedroom that was asking $1.7 million and a $3 million three-bedroom penthouse.

Jennifer Lee of Serhant, who is representing the LEED-certified condo’s penthouse collection, says buyers are coming to Dumbo for the lifestyle.

“98 Front being in the heart of Dumbo offers residents direct access to all these famous eateries and shops right outside their front door, including direct access to Brooklyn Bridge Park and the waterfront.”

She added that the project stands out for “the feeling of tranquility and zen you get from the minute you enter the front doors.”