The number of new Manhattan condominiums sold in January declined to match the average monthly sales between 2015 and 2020. Although there was a drop in activity overall in recent months from the pandemic highs, some of the city's trophy projects rebounded with high-dollar deals.
Sponsors put 104 units into contract in January, which was nearly equivalent to December's total, indicating a market rebound from a low in October. Extell Development led luxury deals, with Manhattan taking the majority of contracts worth $4 million or more.
According to Marketproof CEO Kael Goodman, high prices left room for negotiation, with a 14.9% difference between asking and closing prices. Median prices for new condos in Manhattan rose 2% above pre-pandemic levels to $1,994 per square foot, while overall median prices fell 5% to $1.99 million.
In contrast, Brooklyn saw a 13% increase in asking prices but below pre-pandemic average contract signings. "Brooklyn is cooling," according to Goodman, "the big stuff is largely sold."
New condos in Queens generated less revenue than the pre-pandemic average, indicating weakened demand in the borough. However, some developments are still selling well, such as ZD Jasper's ground-up project at 45-30 Pearson Street in Long Island City, where nearly 15% of units have been sold.
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