Brooklyn New Dev

Weekly New Development Market Update for Manhattan and Brooklyn – March 11-March 17, 2024

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  • 62 NYN new development contracts were signed last week, a 19% increase from the week before.
  • 78 new closings totaled $125M.
  • PPSF: Average contract asking price: $1,878--> Average closed sale price: $1,463.
  • Of the 62 new dev contracts signed in NYC, 35 (+30%) were in Manhattan, 15 (-35%) were in Brooklyn, and 12 (+500%) were signed in Queens.


Manhattan: 35 New Contracts Totaled $170M

Number of new signed new dev contracts in Manhattan rose 30% from 27 last week to 30 this week.

No project reported more than three contracts, but 35 contracts were distributed across 26 buildings. 

The Broad Exchange Building in the Financial District reported three contracts last week. Deals were 1BR and 2BR units priced between $1.095M and $1.87M. 

One High Line in West Chelsea also reported three contracts lasted week. Deals were for 2BR and 3BR units last asking between $4.2 and $11.2M. 


Brooklyn: 15 New Contracts Totaled $29M

Deal volume fell for the second week in a row, from 23 last week to 15 this week, a 35% decrease. These 15 contracts were distributed across 13 projects, with none reporting more than two contracts.

11 Hoyt in Downtown Brooklyn reported two contracts on 2BR and 3BR units asking $2.06M and $2.595M.

349 22nd Street in Greenwood also reported two contracts, both for 3BR units, asking $1.675M and $1.85M. 


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

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