New development condo sales held steady everywhere but Brooklyn

rendering of Galerie in Long Island City
Galerie, Long Island City

Market Update: October 10-23

New York City new development condo sales are looking consistent, following a stretch of post-summer declines. Projects reported 34 new deals last week, compared to 33 previously. Manhattan and Queens both saw an uptick but Brooklyn dropped nearly 30%. Average asking prices above $4 million soared 40% up to $8.7 million.

The most expensive sale was a $17 million penthouse at the Robert A.M. Stern-designed 150 East 78th Street. Number two was a $10 million residence at 1228 Madison Avenue, designed by the same architect with his signature pre-war inspired aesthetic.

But modern is also appealing to buyers these days – both in terms of design and lifestyle. The just-opened Ritz Carlton New York, NoMad sold a turk-key two-bedroom suite that was asking $8.8 million. At $5,078 per square foot, this sale is poised to set a neighborhood record when it closes. The hotel-condo is referred to as a collection of pied-a-terre penthouses because of the unique ownership structure where Ritz-Carlton rents out the suites for owners when they’re out of town. 

“In this post-covid landscape, many sophisticated buyers are looking for a different kind of foothold in the city, something more flexible that won’t sit empty while they’re away. The penthouses at the Ritz-Carlton in NoMad fulfill that need perfectly,” said Douglas Elliman’s Erin Boisson Aries, who is leading sales at the project with her team. “These are extremely rare Manhattan residences that come with not only the finest hotel service but you can also elect to have Ritz-Carlton manage your home when you’re not using it.”

Among the four sales reported in Queens, two were asking above $2 million, which Marketproof considers the boro’s luxury threshold. GALERIE found a buyer for a three-bedroom asking $2.1 million and according to Brown Harris Stevens New Development Marketing the project has now sold all of its 182 units. 

The design, paired with well-curated amenities and a commitment to art throughout was well received by the wide variety of buyers who chose GALERIE to be home, and we are incredibly proud to complete sales at this milestone project,” said Brendan Aguayo, SVP and Managing Director at BHSDM, Sales Director at GALERIE. 

Meanwhile in Brooklyn, fewer sales translated to higher average prices because of a big ticket contract reported at One Clinton. The ultra-luxury condo signed a five-bedroom residence that was asking $8.995 million and $2,221 per square foot. Otherwise, much of the boro’s activity last week was on more attainably priced homes at developments like 111 Montgomery, which signed a one-bed asking under $1 million, and 1160 Greene Ave which had a $635,000 contract.

Signs are pointing to the market steadying into the winter, especially if next week brings another 30 to 40 deals. It will be interesting to see how the luxury sector fares and if transactions with high-net-worth buyers continue to sway average pricing.