New development sales contracts jump 109% in New York!
The pace of new development sales contracts are barely slowing in New York, even as the coronavirus stages a comeback.
Some 421 contracts were signed across the city in August, up 109 percent from a year ago and 88 percent more than August 2019, according to a monthly analysis of new development sales contracts by Marketproof, a real estate analytics company. That made it the fourth-busiest month since 2015, beaten only by March, April and May of this year.
Most of last month’s contracts were signed in Manhattan and Brooklyn. Manhattan had 196 deals, followed by Brooklyn’s 185. Queens had 39.
The best-selling projects that reported the largest number of contracts were Related Companies’ Lantern House, 130 William Street, 11 Hoyt Street in downtown Brooklyn and an Astoria project at 32-86 33rd Street.
Notably, the new development condominium market grew last month while the resale market had a month-over-month decline. Although 533 resale contracts were signed, which outnumbered August’s new developments condo contracts, that marked a 7 percent decline compared with July for the resale market. For new development condos, August’s activity was up 16 percent from July’s. You can read more here.
The fall market is here. New development is in demand and we expect a very strong resale market as well. If you have questions about the active market, please reach out. Our team is here to help.