Market Update: October 24-30
October ended on a high note. New development buyers signed 53 contracts, 56% more than the week before. That increase was even higher in Brooklyn – up 180%.
The average unit was asking $2,059,444, down nearly 40%. Yet the luxury market performed well with nine deals for new dev condos asking more than $4 million. The week before had seven.
The Belnord – landmark Upper West Side building known as the Arconia on Hulu’s hit shot Only Murders in the Building – sold the week’s priciest new development condo. It was a four-bedroom priced at $7.4M. This is one of the most complex historic conversions underway in the city but with the help of architect Robert A.M. Stern the developer has created some beautiful layouts that are said to be perfectly balanced.
“Entering through The Belnord’s arched, gated entrance […] is like being transported back to Gilded Age New York City—but with condominium living that is attuned to today,” said Maya Kadouri, sales director at The Belnord on behalf of Douglas Elliman Development Marketing. “The condominiums, priced from $4M to just over $13M, are now 80% sold.”
Speaking of buildings with a story, Umbrella Factory in Brooklyn – a unique condo constructed with heavy timber within a historic factory– is also seeing sales success in this market. The Williamsburg project found four buyers last week, the most in the boro. Prices range from $595,000 to around $2.6 million.
According to Andrew Barrocas, CEO of MNS, which is repping Umbrella Factory, “[there] are always buyers for this type of project.” Adding, “We will continue to sell and if interest rates didn’t jump we’d be selling quicker.”
With another rate hike expected in the future, it’s possible some segments of the market will feel buyers pulling back. However, there is always demand for well-priced, well-made product.