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New development market report – November 2021

NY From Weehawken
Photo via Getty Images

MANHATTAN AND QUEENS STAY STRONG, BROOKLYN ACTIVITY DROPS

New York City’s new development market as a whole remained strong through November 2021, essentially mirroring the overall market activity in October 2021 and also showing a marked increase in contract activity from November of last year.

The market typically cools in mid-November around Thanksgiving and leading into the December holiday season. This year, only Brooklyn experienced a substantial dip, with 27% fewer contracts signed in November over October. Manhattan and Queens kept pace with the robust activity reported the month prior.

November also saw a decrease in sales above $4M compared to October, but this is potentially skewed by the 35 contracts that were recorded last month at 200 East 83rd Street. It is possible some of those deals were signed in September or August.

  • 413 contracts reported
  • 9% decrease from Oct 2021
  • 98.5% increase from Nov 2020
  • 79.6% increase from pre-pandemic Nov 2019

TOP CONTRACTS

  1. 1010 Park Avenue: Penthouse Duplex last listed for $35M
  2. 200 East 83rd Street: Penthouse A last listed for $27.5M
  3. 67 Vestry Street: Unit 9 last listed for $27M

TOP CLOSINGS

 

MANHATTAN


Manhattan contract activity in November 2021 was nearly identical to that of the prior month. The number of contracts reported, total dollar volume and median price per square foot were all within 5% of October 2021.

November contracts reported were also well above the average monthly contracts of the prior 12 months.

Even with the decrease in big ticket sales in November, the borough still saw 83 contracts above $4M. Many of these transactions were in high-profile new developments with stone facades and more classically-inspired architecture like 67 Vestry and 200 East 83rd Street.

Developed by RFR, the 17-unit 67 Vestry is 71% sold since launching sales this june and reported 4 transactions in November ranging from $8.2M – $27M. Naftali and Rockefeller Group’s 200 East 83rd Street is once again a top-performer of the month, with 16 contracts including a $23.75M penthouse.

November also marked important milestones for Extell’s 1010 Park Avenue and Broad Street Development’s 40 Bleecker, both of which sold their final unit this month.

Number of Contracts

  1. 231 contracts reported
  2. +3.6% compared to Oct 2021
  3. +151% compared to Nov 2020
  4. +109% compared to pre-pandemic Nov 2019
Total Dollar Volume

  1. $1.05B total aggregated dollar volume
  2. +.042% compared to October 2021
  3. +382% compared to November 2020
  4. +168% compared to pre-pandemic Nov 2019
Median Asking Price / Sq Ft

  1. $2,252 price per square foot
  2. -2.05% compared to October 2021
  3. +30% compared to November 2020
  4. +25% compared to pre-pandemic Nov 2019
Activity by Price Range (% Change from Oct 2021)

  1. Under $1M – 15 contracts (-21.05%)
  2. $1M-$2M – 63 contracts (+43.2%)
  3. $2M-$4M – 68 contracts (+3.03%)
  4. Over $4M – 83 contracts (-12.63%)

 

BROOKLYN


Brooklyn contract activity dipped in November 2021 compared to the prior month, continuing the borough’s slow decline from the highs of early summer. Even with the 27% decrease from October, Brooklyn is still seeing 62% more activity than the same period in 2019.

Last month, 15 Driggs reported 13 contracts out of its 44 total units, potentially driving up the October numbers. November’s stand-outs were 11 Hoyt and One Clinton, two projects that have consistently ranked in the top 3 contracts in Marketproof’s weekly report. The 9 contracts signed at Tishman Speyer’s 11 Hoyt ranged from $695K to $3.75M, bringing the building to 62% sold. One Clinton, developed by Hudson Companies, reported 8 deals on units ranging from $2.58M to $3.93M, bringing the project to 70% sold.

Number of Contracts

  1. 138 contracts reported
  2. -27% compared to Oct 2021
  3. +44% compared to Nov 2020
  4. +62.3% compared to pre-pandemic Nov 2019
Total Dollar Volume

  1. $216M total aggregated dollar volume
  2. -29% compared to October 2021
  3. +111% compared to November 2020
  4. +90% compared to pre-pandemic Nov 2019
Median Asking Price / Sq Ft

  1. $1,298 price per square foot
  2. -5.35% compared to October 2021
  3. +32% compared to November 2020
  4. +11% compared to pre-pandemic Nov 2019
Activity by Price Range (% Change from Oct 2021)

  1. Under $1M – 63 contracts (-18.1%)
  2. $1M-$2M – 40 contracts (-29.8%)
  3. $2M-$4M – 33 contracts (-23.8%)
  4. Over $4M – 3 contracts (-62.5%)

 

QUEENS


Queens held steady in November, continuing on the trajectory established earlier this fall. 43 contracts were reported in the borough, representing a 7.5% increase over October 2021 and a 16% increase compared to the same period in 2019.

Out of the total contracts in November, 15 were signed at Skyline Tower, arguably the borough’s most prominent new development project. Developed by Risland U.S. Holdings, United Construction & Development and FSA Capital, the Long Island City tower is selling at a rate of 12.4 contracts per month and is now 48% sold since launching sales in 2019. November deals ranged in price from $245K to $2.5M.

Number of Contracts

  1. 43 contracts reported
  2. +7.5% compared to Oct 2021
  3. +115% compared to Nov 2020
  4. +16% compared to pre-pandemic Nov 2019
Total Dollar Volume

  1. $44M total aggregated dollar volume
  2. -0.42% compared to October 2021
  3. +199% compared to November 2020
  4. -9% compared to pre-pandemic Nov 2019
Median Asking Price / Sq Ft

  1. $1,448 price per square foot
  2. +3.58% compared to October 2021
  3. +25% compared to November 2020
  4. -12% compared to pre-pandemic Nov 2019
Activity by Price Range (% Change from Oct 2021)

  1. Under $1M – 25 contracts (+47.06%)
  2. $1M-$2M – 17 contracts (-22.73%)
  3. $2M-$4M – 1 contract (0%)
  4. Over $4M – 0 contracts

 

Report Methodology

  • Report is based on reported contracts and may not represent all contracts signed
  • Prices are based on the last asking price before a unit was put into contract
  • New development contracts are sponsor stage (sponsor controlled) projects that are eligible to sell units