July new development sales contracts shoot up 94%

There were 366 sponsor contracts signed last month in NYC

New York /
Aug.August 11, 2021 08:30 AM
Renderings of 109 East 79th Street and 11 Hoyt Street (Photos via Noë & Associates with The Boundary, Studio Gang)

Renderings of 109 East 79th Street and 11 Hoyt Street (Photos via Noë & Associates with The Boundary, Studio Gang)

New condos in the city continued to fly off the shelves last month.

In July, 366 units went into contract, a 94 percent increase from a year ago and 28 percent more than in pre-pandemic July 2019.

The figures on new development deals come from Marketproof, a real estate analytics company that tracks sponsor sales in the city across all price points.

July’s activity was shy of the record levels in April and May The number of sponsor units scooped up in July was down 5 percent from June’s total of 386 contracts.

“We’re still seeing record numbers,” said Kael Goodman, CEO and founder of Marketproof.

The dealmaking is easing a glut of unsold new condos that has plagued luxury developers for several years.

The majority of last month’s sales contracts were signed in Manhattan and Brooklyn. Manhattan had 182 deals and the Borough of Churches had 144. Queens had 40.

The city’s best-selling projects last month were Tishman Speyer and Vanke US’ 11 Hoyt Street in Brooklyn, with 17 contract signings; One Manhattan Square with 13; and the Harlem building 300 West and Related Companies’ Lantern House with 12 each.

Legion Investment Group’s Upper East Side condo at 109 East 79th Street reported the biggest price volume last month with three buyers signing contracts on units asking a combined $39 million. Not all contract signings result in sales.

Goodman warned that the spread of the Delta variant could eat into contract activity. In the final days of July and the start of August he saw the number of transactions drop.

“People are obviously getting more nervous again, getting more cautious,” he said.





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