More condos in Brooklyn and Queens than in Manhattan were approved to launch sales over the past 13 months, according to a TRD analysis of offering plans accepted for sale by the New York State Attorney General.
Between November 2015 and November 2016, a combined 3,577 condos were green-lighted for sale in Brooklyn and Queens versus 2,614 in Manhattan. Much of what will come online in 2017 will have to readjust to a luxury market that’s changed dramatically in the past year, including in the outer boroughs, said Bond New York’s Douglas Wagner.
“Anybody that’s got a project in the ground can’t slow down just because there’s a change in the market,” he said.
The median price of a new development condo in Manhattan stood at $2.72 million through the first two months of 2016’s fourth quarter, down from the third quarter high of $3.06 million, a TRD analysis found.
Since contracts from years ago are still closing, however, it may be a while before closed sales prices adjust to new market realities, said Donna Olshan of Olshan Realty.
“The question in these new developments will be how do these units resell?” she said.
When units at marquee luxury projects such as 150 Charles Street and 56 Leonard go on the market for a second time, the prices they go into contract for will be the real market indicator, Olshan said.