NYC New Developments Report 26% More Sponsor Contracts In February 2022

MANHATTAN

Manhattan new developments reported 175 sponsor contracts in February, a 16% increase from the prior month and an 11% increase from the same period in 2021. Aggregate pricing jumped nearly 40% from January, with $719M in sponsor contracts reported. Median price per square foot was essentially unchanged at $2,134 (also on par with $2,047 from the year prior), yet median unit price increased 11% from January to $2.75M, due in part to several big ticket transactions.

In a fiercely competitive market where pricing is elevated, Manhattan buyers could be placing more emphasis on design and developer pedigree when it comes to new development purchases, as is reflected in the month’s top deals.

MANHATTAN PERFORMANCE

Number of Contracts

• 175 contracts reported
• +16.67% from prior month
• +11% from Feb 2021 and +73% from Feb 2020

Volume & Pricing

• $719M aggregate dollar volume
• $2.73M median unit price (+2% from Feb 2021)
• $3,134 median ppsf (+4% from Feb 2021)

MANHATTAN TOP 3S

Top Contracts

• 111 W. 57th Street PH78 last asking $53.8M Developed by JDS Development, architecture by SHoP Architects, interiors by Studio Sofield
• The Bellemont (1165 Madison Avenue) PHB last asking $24.95M Developed by Naftali Group, architecture by Robert A.M. Stern Architects, interiors by Achille Salvagni
• The Bellemont (1165 Madison Avenue) 7th Floor last asking $18.75M Developed by Naftali Group, architecture by Robert A.M. Stern Architects, interiors by Achille Salvagni

Top Closings

• Rose Hill (30 East 29th Street) PH44C sold for $20.3M (representing a 16% increase)
• 200 Amsterdam Ave unit 37A sold for $19.6M (representing a 9% discount)
• Rose Hill (30 East 29th Street) PH42A sold for $19.9M (representing a 13% price increase)

MANHATTAN PROJECT UPDATES

• Sales re-launched at 100 East 53rd Street with a new brand – The Selene – and a new sales team, Brown Harris Stevens Development Marketing