In a tightening market where some new developments are lucky to sign one deal every four weeks, the city’s biggest condos are finding multiple buyers per month. In fact, mega condos like One Manhattan Square and Skyline Tower that have 400 to 800+ units are selling a lot faster than most people realize. Is it strength in numbers? Is it the outsize amenity packages? Likely both.
Just look at Skyline Tower in Long Island City. Soaring 61-stories with architecture by Hill West, the 801-unit condo is 67% sold and averaging 9.4 monthly sales over the past year, based on Marketproof’s sales velocity analysis. It was the top-selling project in 2021. If sales continue at this pace, Skyline Tower could sell out by this time next year.
Eric Benaim, CEO, resident and founder of Modern Spaces, which is handling sales for much of the project, said, “sales at skyline can be attributed to a rare opportunity to own an actual piece of the skyline, in addition to its central location and over 20,000 square feet of amenities.”
At One Manhattan Square in Two Bridges, developer Extell has signed 55% of 814 units, the equivalent of selling out multiple boutique buildings. The 81-story tower has 100,000 square feet of amenities includings the city’s largest private outdoor space. They’re averaging 6.4 sales a month.
The same developer is also behind Brooklyn Point , which claims the highest rooftop infinity pool in the Western Hemisphere. The tower is 66% sold (316 of 482 units) and has been averaging 7.3 monthly sales. Buyers also get a tax abatement, which tends to be a selling point.
“We are in the rare position of offering buildings in Manhattan and Brooklyn that feature thoughtfully-designed residences, significant amenities, immediate occupancy, and perhaps most importantly, very favorable tax abatements,” said Ari Goldstein, Senior Vice President of Development at Extell Development Company, adding that rising rates make abatements more appealing. “One Manhattan Square and Brooklyn Point raised the bar for luxury living in the Lower East Side and Downtown Brooklyn, respectively; and savvy buyers continue to recognize the financial benefits of purchasing in these buildings.”
Also on this list is 11 Hoyt, which is nearing 80% sold for its 479 units. The Downtown Brooklyn project has been averaging 7.7 monthly contracts, which makes sense because it has been the top-selling building in Brooklyn for three consecutive years.
The remaining units at these four projects account for 6.2% of NYC’s new development inventory. If their sales continue at this pace, these developments have the potential to influence price growth city-wide simply because overall supply is dwindling. Even if the market is starting to cool.