New York City’s new development market just notched another week of gains. Condo sales rose 20% city-wide between August 22 and 28 due to increased activity in the outerboros.
Developers reported 60 contracts, 54% above the same period in 2019. While national housing trends suggest a slow-down, New York City has been surpassing pre-pandemic norms for an unusually active August.
Sales also reflect higher prices: the average asking price was up nearly 20% to $1,909,532 and $1,698 per square foot (+4%). While we are seeing fewer luxury deals compared to earlier in the year, five of the reported contracts were above $4,000,000, which is on par with August 2019’s weekly average of 5.75.
Brooklyn saw the most drastic change with 29 sales, 71% more than the previous week. The boro’s average asking price was up nearly 50% to $1,371,315 with price per square foot up 16% at $1,382.
Brooklyn Point and The Narrows tied for the week’s best performance, reporting three sales apiece,
42 Devoe Street, a condominium conversion in East Williamsburg with eight units, also stood out with two deals on units asking $1,650,000 and $1,825,000. The project is now 50% sold since launching in July. Corcoran agent Carolina Gontijo, who is handling sales, says quality is motivating buyers there.
“Every detail was carefully curated with authentic craftsmanship, top-of-the-line finishes and sophisticated design,” Gontijo said. “There were no corners cut on this project.”
In Queens, sales were up 25%, gaining momentum for the sixth consecutive week. Ten deals were reported and while the average asking price dipped nearly 14% to $749,981, price per square foot was 62% higher at $1,725 per square foot. This is an important metric to watch for those looking to Queens for value.
Novo LIC had six sales,, all one-bedroom units asking from $700,810 to $825,000. Developer Park Construction Corp may be reporting contracts in batches, meaning some of those deals could have been signed earlier, but regardless the 33-unit project is selling fast, nearing 60% sold in just five months.
“[We] spent a considerable amount of time during the product and development process when working with the developer and their architect in order to deliver a modern and functional home for today’s buyers,” said Aleksey Gavrilov of the Gavrilov Grosso Team at Corcoran, which is handling sales.
“The response from buyers has been tremendous, they appreciate the attention to all the small details and the quality and style of the product,” added Joseph Grosso.
Manhattan was the only boro to see new development sales decline. Developers reported 21 sales, 16% fewer than the week before. The average asking price was up nearly 40% at $3,204,952 and price per square foot increased 8% to $2,217.
