It’s turning right into a fall to neglect for New York Metropolis’s new growth market.
Town recorded 215 contracts in October, down roughly 30 % from the identical interval the prior yr, in line with a Marketproof report.
It has been the third straight month the place new growth contracts didn’t beat final yr’s numbers. Throughout that point interval, the phase’s contract volume has fallen by roughly 19 %.
Whereas demand total within the metropolis remained sturdy, the brand new growth market has continued to undergo from a lack of new inventory with which to entice patrons. In Brooklyn specifically, there have been simply 146 new models launched previously two months, down from 240 models launched throughout September and October of final yr.
The highest-selling growth within the borough in October was One Domino Square, which reported seven contracts. The 160-unit condominium tower, which launched gross sales in Might 2024, has reported 94 models bought, in line with Marketproof.
The condos are part of Two Bushes’ Williamsburg mixed-use waterfront challenge, which additionally features a 399-unit rental tower. An in-house workforce helmed by Aaron Goed has led gross sales.
Manhattan has launched comparatively extra models final month, with new developments placing up 259 models on the market from notable builders and buildings, together with the Brodsky Group’s and Sorgente Group’s 38-unit conversion on the Flatiron Building and Associated Corporations’ 144-unit Higher East Aspect challenge known as the Strathmore.
The highest-selling challenge was Izaki Group Funding’s 68-unit challenge at 525 Sixth Avenue in Greenwich Village. The event, dubbed Village West, reported 9 contracts in October and eight in September.
Core Group Advertising and marketing’s Doron Zwickel and Caleb Nickels are main sale, in line with StreetEasy.
The borough additionally noticed two of the most costly condos in the marketplace report contracts in October, with unit 121 at Central Park Tower inking a cope with a last asking price of $55 million and 53 West 53rd Road getting signed with a last asking price of $47 million.
The marketplace for houses asking no less than $4 million was nonetheless down, with 43 contracts signed in comparison with 58 signed final yr.
In Queens, there have been simply 12 contracts signed, down from 35 final yr.
Century Growth Group’s Vesta growth has led the borough in signed contracts each month since launching gross sales in April, including three extra offers in October. Serhant’s Kayla Lee and Serhant New Growth Advertising and marketing are main gross sales.
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