Manhattan logs busiest month for new development sales since April
Citywide contracts nearly doubled year-over-year, but slowed compared to October due to 27% dip in Brooklyn
The pace of new development sales didn’t slow down for Thanksgiving this year — except in Brooklyn.
Buyers signed contracts for 413 new development condos across the city in November, a slight drop from October’s 449 deals, according to a monthly analysis by Marketproof.
November’s contracts nearly doubled the amount signed in November 2020 and were up almost 80 percent from November 2019.
The month-over-month decline was primarily due to a 27 percent drop in Brooklyn contracts, from 184 in October to 138 in November. Queens saw 43 deals, roughly the same as in October.
Manhattan’s 231 contracts, meanwhile, marked the second-busiest month this year, trailing only April, when 285 contracts were signed. April was the city’s best month for new condo sales in five years, with 474 deals across the five boroughs.
“It’s just amazing the strength of this market,” said Marketproof CEO Kael Goodman, who authored the report.
Goodman said an anticipated influx of foreign buyers resulting from the lifting of travel restrictions on Nov. 8 has yet to noticeably impact the market.
“We haven’t seen evidence of that,” he said. “What I can say is that it’s one of the things we’re all waiting for.”
The best-selling projects last month included Naftali Group and Rockefeller Group’s condo at 200 East 83rd Street on the Upper East Side, where 16 contracts were signed, Skyline Tower in Long Island City, which saw 15 deals, and Tishman Speyer’s 11 Hoyt, where nine contracts were signed.
Extell Development’s 1010 Park Avenue and Broad Street Development’s 40 Bleecker Street sold their final units last month.