New dev contracts cap boom year with $1B December

Buyers signed deals for 341 new development condos, down from November but up significantly from 2019, 2020

New York /
Jan.January 05, 2022 04:15 PM

Kael Goodman, founder and chief executive officer, Marketproof, in front of an illustration of the Skyline Tower (Marketproof, Skyline Tower, iStock)

New development contracts finished the year with a slight holiday dip, capping off a promising 2021.

Buyers signed contracts for 341 new development condos across the city in December, according to a monthly analysis by Marketproof, a 15 percent decrease from November’s 413 deals. The 341 units were asking a combined $1.03 billion.

Still, contract activity was up 44 percent from December 2020 and 65 percent from December 2019, a sign that the market has more than recovered from its pandemic slump. The median last asking price was $1.9 million, or $1,807 per square foot — a 34 percent year-over-year jump.

“As we head into the New Year with a new mayor and with retail and commercial activity also trending upward, the residential ecosystem is primed for continued growth into 2022,” said Marketproof CEO Kael Goodman, who authored the report.

As usual, Manhattan led the five boroughs in deals. Its 204 contracts reported in December represented a 71 percent jump from pre-pandemic levels, but an 11 percent decrease from November. The two most expensive deals were at Legion Investment Group’s 109 East 79th Street, where a pair of penthouses that went into contract were asking $35 million and $29.8 million, respectively

Meanwhile, the pens practically ran out of ink at Extell’s One Manhattan Square, where 20 contracts were signed. Notable closings included a penthouse duplex at Extell’s 1010 Park Avenue for $32.7 million and penthouse at Shibumi Development’s 601 Washington Street for $31 million.

Brooklyn notched 128 new development contracts, a 45 percent increase from December 2019. The median unit had an asking price of $1.2 million, or $1,309 per square foot.

In Queens, activity fell by a third month over month, but remained 190 percent above pre-pandemic levels. Skyline Tower, Risland US Holdings’ 67-story behemoth in Long Island City, drew both the most contracts, with 17, and the most expensive contract in the borough, for a unit asking just under $2 million.

Numbers may be slightly down as the holidays left fewer days for dealmaking, but there’s little reason for developers to fret, according to Goodman.

“Numbers are still really elevated, and we can expect it to continue,” he said.





    Related Articles

    arrow_forward_ios
    New York Ranger Jacob Trouba (Getty)
    Rangers’ star Jacob Trouba nets Tribeca condo for $6.7M
    Rangers’ star Jacob Trouba nets Tribeca condo for $6.7M
    Chrissy Teigen and John Legend with 374 Broome Street (Credit: Karwai Tang/Getty Images; Google Maps)
    John Legend and Chrissy Teigen selling penthouse apartments in Nolita
    John Legend and Chrissy Teigen selling penthouse apartments in Nolita
    Michael Fulfree and Bianca D’Alessio of Nest Seekers International (Nest Seekers)
    They can sell the Hamptons. But can they sell “Selling the Hamptons”?
    They can sell the Hamptons. But can they sell “Selling the Hamptons”?
    From left: Ryan Johnson and Jeff Berens, co-founders of Culdesac, in front of a rendering of Culdesac Tempe (Culdesac, iStock)
    Startup that wants to build car-free cities raises $30M Series A
    Startup that wants to build car-free cities raises $30M Series A
    Eviction problems hit NJ, NY after moratoriums lift
    Eviction problems hit NJ, NY after moratoriums lift
    Eviction problems hit NJ, NY after moratoriums lift
    Goldman Sachs CEO David Solomon and National Affordable Housing Trust CEO Lori Little (Getty, National Affordable Housing Trust, iStock)
    Goldman Sachs to launch fund supporting Black affordable developers
    Goldman Sachs to launch fund supporting Black affordable developers
    (iStock/Illustration by Kevin Rebong for The Real Deal)
    Existing home sales hit 15-year high in 2021
    Existing home sales hit 15-year high in 2021
    After 17 years, Ossining stops project on technicality: lawsuit
    After 17 years, Ossining stops project on technicality: lawsuit
    After 17 years, Ossining stops project on technicality: lawsuit
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...