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Brooklyn New Dev

Weekly New Development Market Update for Manhattan and Brooklyn: June 17 - June 23, 2024

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  • 62 NYC new development contracts were signed last week, an 11% increase from the week before.
  • 56 new closings totaled $289M.
  • PPSF: Average contract asking price: $1,936 | Average closed sale price: $1,588
  • Of the 62 new dev contracts signed in NYC, 43 (+19%) were in Manhattan, 18 (+20%) were in Brooklyn, and 1 was reported in Queens.


Manhattan: 43 New Contracts Totaled $122M


Number of new signed new dev contracts in Manhattan increased from 36 to 43 this week, surpassing 40 for the first time in 12 weeks.

43 contracts were distributed across 23 buildings. 

520 Fifth Avenue in Midtown reported NINE contracts last week. Deals were on 1 and 2BR units were priced between $1.87M and $3.7M. 17% of the project has sold in just two months.

Lightquare in Hell’s Kitchen reported five contracts for 1 to 3BR units asking $899K to $2.5M. 


Brooklyn: 18 New Contracts Totaled $30M


Deal volume increased from 15 to 18 this week. These contracts were distributed across 13 projects, with no single project reporting more than four contracts.

The Huron in Greenpoint reported four contracts on studio to 3BR units asking between $740K and $3.25M. 

The Diana in Bed-Stuy reported two deals on a studio and a 3BR unit, asking $520K and $1.1M.


Data for this report is deemed reliable at the time of collection, but is not guaranteed accurate. Data points were collected from Marketproof.com. Analysis and conclusions are subject to errors, omissions and revisions.

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With over a decade of expertise in Manhattan and Brooklyn, Brandon Mason looks forward to providing you with a real estate experience that is second to none. Feel free to explore our website, and contact Brandon with any questions you may have.

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