How is NYC’s New Development Condo Market Faring Post Labor Day?

The Solaire - 20 River Terrace, Battery Park City, Manhattan
The Solaire – Photo Courtesy of Evan Joseph Photography
Evan Joseph

On the heels of strong activity in August, New York City new development condos started September with a decline in contract volume – but this 17% dip doesn’t mean the real estate market is underperforming. Condo developers reported 39 sales last week, right on par with pre-pandemic levels (40 deals in 2019). The market continues to normalize. 

Queens was the only boro to see sales increase last week with five deals (+67%). Manhattan had 19 (-24%) and Brooklyn at 15 (-21%). 

Skyline Tower, a mega-condo in Long Island City, reported four sales, more than any other project in the city. Asking prices for those units range from $701,280 for a studio to $1,882,558 for a two-bedroom. These prices are on the higher-end for Queens, where $2,000,000.

Boutique condo Nova, located at 41–05 29th Street, also stood out with a one-bedroom sale, asking $1,003,275. The Fogarty Finger-designed development noted for its “remarkable terracotta facade” and amenities that provide a “balanced lifestyle” has seen impressive velocity since launching earlier this year. Modern Spaces is handling sales with agents Kenneth Lee and Sophia Park.

“Despite the slowing down market, this 86 unit, white terracotta Flatiron inspired Nova LIC has been selling steadily. Pre-sale achieved 50% year to date,” said Eric Benaim, CEO of Modern Spaces. 

Activity was spread across Brooklyn last week. 111 Montgomery in Crown Heights, Brooklyn Point in Downtown Brooklyn and 42 Devoe Street in East Williamsburg reported two deals apiece. While contract volume and average asking price in the boro was down overall price per square foot held relatively steady at $1,228 (-5%).

Manhattan experienced the most prominent decline last week but was also the only boro with luxury sales. 196 Orchard signed a penthouse asking $4,995,000 and Lantern House reported a $9,550,000 contract.

The Solaire, a hybrid condo-rental in Battery Park City, reported two deals: a one-bed asking $1,375,000 and a two-bed asking $1,720,000.

“Even before the official launch of sales at The Solaire, we had seen a very enthusiastic response from buyers, many of whom have been looking for the opportunity to purchase in Battery Park City for years,” said Aaron Goed of Corcoran Sunshine Marketing Group, Sales Director at The Solaire, adding that closings are now underway. He also attributes “exceptionally strong traffic” to the building’s amenities newly reimagined by COOKFOX.