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.
Number of Contracts
Volume & Pricing
Top Contracts
Top Closings