Prices and sales volume up at new developments in Manhattan, Brooklyn

TRD New York /
Mar.March 15, 2012 12:01 AM

Median listing prices for units in new developments in Manhattan and Brooklyn have increased year-over-year, and contract activity in both boroughs has increased by more than 40 percent, according to Streeteasy.com’s February new development market report covering Manhattan, Brooklyn and Queens.

The median listing price for Manhattan new development units was up 6.8 percent last month to $1.44 million from February 2011, the report says. In Brooklyn, where supply is more constrained, the median price was also up, 16.8 percent year-over-year to $697,000.

The priciest neighborhood across all boroughs, was the Upper West Side, where the median listing price was $3.25 million, up 7.4 percent on a price-per-square-foot basis year-over-year.

The most popular buildings on the Upper West Side — based on saved listings, searches and page views on Streeteasy.com — were the Aldyn, the Rushmore, 846 West End Avenue and the Laureate, same as in last month’s inaugural new development report, the report shows.

The Manhattan neighborhood that saw the biggest jump in prices, however, was the Upper East Side. There, the median listing price for new development units was $2.29 million, up 13.8 percent year-over-year. The number of price cuts remained relatively flat.

The total number of listings at new developments in Manhattan held steady between February 2011 and February 2012, whereas in Brooklyn there were 8 percent fewer listings, down to 538. New contracts were up in both boroughs year-over-year, 14.3 percent to 88 in Manhattan, and 40 percent to 63 in Brooklyn.

Brooklyn fared extremely well when it came to price increases and price cuts last month, with 130 percent more price increases and 48.5 percent fewer price cuts compared to February 2011.

Williamsburg was Brooklyn’s most expensive area, with a median listing price of $897,000, a 30 percent increase from last year at the same time, when the median was $685,000, the reports says.

In Queens, activity and supply were up, and median prices in Long Island City inched up towards those in popular Brooklyn neighborhoods.

Inventory in Queens increased in February by 29 percent compared to the same month a year ago. The borough also saw another nearly 300 percent jump in new contracts, same as in January, to 13 from 3 year-over-year. The most popular new development buildings in Long Island City the most popular Queens neighborhood, were, like last month, the Murano, the L Haus, the View at East Coast and 1 Vernon Jackson, the report says. — Guelda Voien


Related Article

arrow_forward_ios
135 Joralemon Street in Brooklyn Heights and 48 2nd Place in Caroll Gardens (Credit: Wikipedia)

Brooklyn luxury market saw 15 contracts signed last week

130 Furman Street and 296 Sixth Avenue in Brooklyn

Brooklyn’s luxury market saw 22 contracts close above $2M last week

The state of new development, according to those who build and sell it

83 1st Place in Carroll Gardens and 952 East 9th Street in Midwood (Credit: Google Maps)

Brooklyn’s luxury market saw 16 contracts above $2M signed last week of May: Stribling

REBNY president John Banks and Zillow CEO Richard Barton (Credit: iStock)

Two years after Premier Agent fracas, NYS regulators tighten rules for online ads

From left: Robert Reffkin, Elizabeth F. Stribling, Elizabeth Ann Stribling-Kivlan, and Compass COO Maelle Gavet; Inset, from left: Linda Maloney and Megan Scott

Two months after Compass deal, Stribling’s seeing a string of departures

The interiors of 16 Sidney Place and 15 Willow Street in Brooklyn

Brooklyn’s luxury market saw 20 contracts close above $2M last week: Stribling

215 Clinton Avenue and 16 Grace Court Alley in Brooklyn (Credit: Google Maps)

Brooklyn’s luxury market saw 15 contracts close above $2M last week

arrow_forward_ios