New development condo sales reach record heights in May

UPDATED, June 9, 2021, 6:00 p.m.: The new development market reached record heights in April, and managed to kick things up a notch in May.

Last month, 477 contracts were signed in New York City, up from 474 in April according to Marketproof, a real estate analytics company that tracks sponsor sales across all price points in the city.

It is a 50 percent jump from the best month the market has seen since 2015.

“As the economy recovers from last year’s Covid shock, demand is resurgent, and NYC developers are meeting the moment,” said Marketproof CEO and founder Kael Goodman.

Instead of Manhattan leading the charge, most contracts came from Brooklyn. The borough saw 226 contracts signed, up from the 201 last month.

Manhattan saw 191 contracts signed in May, down from 235.

The developments that saw the most sales activity include 130 William in Manhattan, 11 Hoyt in Brooklyn and 5 Court Square in Queens.

Tom Wu’s 58-unit building at 5 Court Square in Long Island City saw 19 contracts signed in May. Prices for units range from $780,000 to $2.79 million, and Nest Seekers International is marketing the project.

Lightstone’s 130 William, a 242-unit building in the Financial District, was next, with 14 contracts signed in May. Asking prices range from $786,000 to $20 million, and Corcoran Sunshine Marketing Group is handling sales.

Tishman Speyer’s 480-unit 11 Hoyt in Downtown Brooklyn saw 18 contracts signed. Corcoran Sunshine Marketing Group is handling marketing for the project, where unit prices range from $650,000 to $5.89 million.

“With the help of discounts, developers are driving unprecedented activity across a wide array of price points and neighborhoods,” Goodman said. “The recovery has been remarkably steady over the past two months.”

Update: This story was updated to clarify that 130 William as 242 units.