Brooklyn New Dev

Weekly New Development Market Update for Manhattan and Brooklyn – May 6-12, 2024

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  • 54 NYC new development contracts were signed last week, a 17% decrease from the week before.
  • 99 new closings totaled $178M.
  • PPSF: Average contract asking price: $1,913 | Average closed sale price: $1,445
  • Of the 54 new dev contracts signed in NYC, 33 (+3%) were in Manhattan, 19 (+6%) were in Brooklyn, and 2 (-87%) were reported in Queens.

 

Manhattan: 33 New Contracts Totaled $150M

Number of new signed new dev contracts in Manhattan increased from 32 to 33 this week.

33 contracts were distributed across 25 buildings, and no project reported more than two contracts. 

The Centrale in Turtle Bay reported two contracts last week, including the top contract. Deals were on 2 and 5BR units priced at $2.825M and $24.95M. 

The Cortland in West Chelsea reported contracts on two 3BR units asking $7.95 and $10.25M. 

 

Brooklyn: 19 New Contracts Totaled $25M

Deal volume increased from 18 to 19 this week. These contracts were distributed across 19 projects.

Brooklyn Point in Downtown Brooklyn reported the top contract on a 2BR unit asking $2.54M. 

108 King Street in Red Hook reported the second highest Brooklyn contract on a 3BR unit asking $2.245M.

 

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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