November 12, 2021
Contracts for Manhattan new development residences priced over $4 million rose precipitously in October, according to a new report from real estate data sites Marketproof and UrbanDigs. Deals for these high-tier residences rose by 352% year-over-year in October, from 21 sales in October 2020 to 95 in October 2021. Deals for Manhattan resale condominiums priced over $4 million rose 185% in the same period of time, from 35 to 100.
The median asking price in Manhattan also saw a jump to $3.6 million, representing a 71% increase year-over-year and a 52% increase from September. Marketproof’s Kael Goodman points to 200 East 83rd, the new luxury residential project designed by Robert A.M. Stern Architects and developed by the Naftali Group and Rockefeller Group, which reported 35 contracts ranging from $3.6 million to $11.5 million, as an impetus for the increase.