Annual Manhattan new dev sales could hit $12B by 2020

A weekly feature bringing you the industry’s latest intel
By Chava Gourarie | November 17, 2017 08:00AM

According to this week’s market reports, new development inventory in Manhattan could bring in annual sales worth nearly $12 billion by 2020, and office sales in Manhattan had a dollar volume of $129 billion in the last decade, more than double the next largest market in DC, which came in at $45 billion.

Residential

Residential sales | REBNY
The total dollar volume for residential sales in Manhattan decreased by 1 percent in the third quarter, to $13.5 billion, and average home price increased by 1 percent to $987,000. Read the full report here.

Luxury sales | Olshan Realty
Twenty-five residential contracts were signed last week at $4 million and above, half of which were in new developments, with a total asking dollar volume of $193 million. Read the full report here.

Townhouse sales | Leslie J. Garfield
Between October 28 and November 10, 12 townhouses went into contract in Brooklyn and Manhattan, 12 entered the market, and 19 dropped their asking price. Read the full report here.

New development | CityRealty
There are 5,636 new development units expected through 2020 in Manhattan with a total projected sellout of $11.9 billion. Average sales in the third quarter fell to $3.9 million from a high of $6.1 million in 2016. Read the full report here.

Commercial

Office sales | CommercialCafe
Manhattan saw $128.7 billion in office sales between 2007 and 2017, compared with $118.4 the previous decade. After a low in 2009, the post-recession office market peaked in 2015. Read the full report here.