The Real Deal

NYC’s New Development Sales Picked Up Speed In October

November 4, 2021

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Last month also marked a significant uptick from the same month’s volume of contracts in 2020 and 2019. This October’s volume was a 102 percent increase compared to 2020 and a 79 percent increase compared to 2019.

The majority of deals took place in Manhattan, as per usual, with 224 contracts, an increase of 122 percent compared to last year and up 167 percent compared to the borough’s contracts in Oct. 2019.

The number of luxury deals, properties asking $4 million or more, increased as well, largely due to a sizable number of contracts being reported at 200 East 83rd Street, an Upper East Side condo developed by Naftali Group and Rockefeller Group that launched sales last month. The project reported 35 contracts asking between $3.6 million and $11.5 million.

As a result, the median asking price in Manhattan new development jumped to $3.6 million, up from 71 percent last October and up 52 percent from in 2019.