Residential real estate developments in New York City reported 47 new condo sales leading up to Labor Day 2022. Although this shows a 22% dip from the previous week, the market presents unusually strong compared to the same period pre-pandemic (2019), which saw 39 contracts.
The luxury tier in Manhattan also looks healthy based on last week’s seven sales above $4,000,000. One57 – Extell’s ultra-luxury tower at 157 W 57th Street that sparked Billionaire’s Row – sold a sponsor unit asking $13,900,000. Prestige developer Naftali Group notched buyers for two big ticket residences at The Bellemont – asking $9,650,000 and $8,625,000.
Manhattan was also the only boro to see increased contract volume. Developers reported 25 contracts (+ 19%), compared to 19 (-34.5% in Brooklyn and three in Queens (-70%).
The week’s most active project was 208 Delancey, with four sales on units asking from $750,000 to $1,250,000. It was also a strong week for boutique condo One Essex Crossing, which reported two one-bedroom sales on residences asking $1,465,000 and $1,600,000.
“One Essex Crossing has resonated well with the market with 65% of residences sold since its launch in January 2021,” said Jad Cary, Licensed Associate Real Estate Broker, One Essex Crossing Corcoran Sunshine Marketing Group.
The 83-unit boutique condo has an attractive Downtown location and, according to Cary, the ability to move in right away has also been a draw.
Despite the slowdown in Brooklyn, several projects had multiple sales, including Salvation Lofts at 10 Quincy Street, where two new deals were signed. An interesting adaptive re-use project, this Clinton Hill condominium brings new life to an iconic Gilded Age warehouse – and if that sounds intriguing to you, then you’re clearly not alone because the project is already 52% sold in five months.
“Its unique combination of a fully restored historic facade, exposed beams, arched windows and extra high ceilings […] far surpass any of the more typical cookie cutter condos currently on the market,” said Deborah Rieders, who is leading sales along with her team at Corcoran Group. She says amenities and private outdoor space are also points of distinction.
As for Queens: The boro’s new development landscape is still pretty nascent, home to far fewer new developments than Manhattan and Brooklyn. Last week’s 70% drop reflects a difference of only seven sales and it’s possible next week will fill that gap.
