Queens leads quick rebound in NYC’s new development condo market

Market Update: November 14 – November 20, 2022

New development condo sales increased 39% last week and every borough in New York City felt the boost. Forty-three new deals made up for a recent 40% dip around Election Day and Veterans Day, as the market starts to yoyo through the holiday season.

Marketproof’s weekly report shows prices trended upward as well, with the average unit asking around $3.8 million and $1,823 per square foot. Performance at the luxury tier was consistent: six sales above $4 million were reported, including a $66 million aerie at Central Park Tower on Billionaire’s Row.

Manhattan had 21 sales (+40%), Brooklyn had 16 (+7%) and Queens experienced the most significant increase with 6 new sales, up from 1 the week before (+500%).

“For the first half of the year, it felt like activity in Queens and especially Ridgewood was a bit slower than the rest of the market. Over the last two quarters, we’ve seen that change dramatically,” said Eugene Litvak, founder of the Litvak Team at Compass.

1671 Summerfield Street in Ridgewood was among the Queens projects to find a buyer last week, signing a one-bedroom asking around $550,000. Litvak, who is leading sales, say buyer activity at the 28-unit project reflects the boro’s shifting market.

“[We] went from quiet to full open houses and we’re currently 75% in contract with most transactions at the asking price,” he said.

On the heels of what was a strong week for new development condo sales, the market is poised for another dip around Thanksgiving. Holidays mean fewer days to transact and that typically translates to fewer transactions.

How does that impact buyer sentiment?

“Buyers see the real estate market isn’t in a free fall and prices have stabilized,” said Brandon Bogard of the Bogard New York Team at Serhant, which represents projects like Everly West Soho .

“The number of calls we are getting for people listing in the spring and buyers picking up the search post holidays makes me think were going to have solid 2023 with deals to be had on both sides of the table,” he said.