NEW DEVELOPMENT CONDO REPORT
MANHATTAN
• Inventory grew as new filings outpaced sales
• Developers filed five plans with a total of 307 units
• Just one plan was approved for sale in October with six units and a total sellout of $10 million
• Buyers purchased 144 units valued at $470 million
SUPPLY
MANHATTAN NEW DEVELOPMENT CONDO SUPPLY
MOST EXPENSIVE CONDO PROJECTS APPROVED
| DEVELOPER | ADDRESS | TOTAL SELLOUT | RESI. UNITS |
|---|---|---|---|
| Brad Simmons | 313 West 121st Street | $10,019,485 | 6 |
Source: TRData analysis of plans approved to sell by NYS AG in October
LARGEST CONDO PROJECTS FILED
| DEVELOPER | ADDRESS | RESI. UNITS | TOTAL SELLOUT |
|---|---|---|---|
| AvalonBay Communities | 15 West 61st Street | 172 | N/A |
| Chaim Nortman | 11 Hancock Place | 71 | $91,254,675 |
| GreenOak Real Estate | 150 West 82nd Streetn(Conversion) | 40 | $89,964,725 |
| Iliad Realty Group | 67 Vestry Street | 17 | N/A |
Source: TRData analysis of plans submitted to the NYS AG in October
DEMAND
MONTHLY TOTAL MANHATTAN NEW DEVELOPMENT SALES VOLUME
MONTHLY MEDIAN SALES PRICE AND UNIT VOLUME IN MANHATTAN NEW DEVELOPMENT
| SPONSOR | SALE PRICE | ADDRESS | UNIT |
|---|---|---|---|
| Zeckendorf Development | $31,500,000 | 520 Park Avenue | 36 |
| Related Companies | $26,989,125 | 70 Vestry Street | 10N |
| Related Companies | $25,462,250 | 70 Vestry Street | 12N |
| Related Companies | $18,805,000 | 70 Vestry Street | 10S |
Source: TRData analysis of NYS AG and NYC Dept. of Finance records for units in condo projects that sold in October