For New York Metropolis’s new growth market, 2025 has been a 12 months of whisper trades and low stock.
Whereas a handful of buzzy gross sales launches powered the market, executives, brokers and knowledge analysts spent the 12 months warning of an imminent stock cliff, as demand for high quality initiatives continued to considerably outpace provide.
“The general story is constant to only whittle down on the stock,” mentioned Marketproof co-founder Kael Goodman. “The entire variety of items is rising so slowly.”
The market nonetheless had its fair proportion of highs.
Maybe the buzziest new growth launch kicked off with little fanfare in early spring, when the gross sales workforce at Zeckendorf Improvement and Atlas Capital began quietly inking deals for condos on the growth.
“All the pieces I’ve mentioned this 12 months has been with an asterisk with 80 Clarkson subsequent to it,” mentioned Goodman.
Although some brokers have described the West Village mission as “the large one everyone seems to be interested by,” particulars about its gross sales progress have to date remained a tightly-guarded secret.
The few specifics which have surfaced have largely been by means of brokers’ social media posts boasting about bringing consumers to the constructing, together with final month when Bespoke posted on Instagram about signing a contract for Unit 24, asking $31 million.
Instagram additionally gave us the primary trace of offers on the Flatiron Constructing conversion, one other hotly anticipated mission in Manhattan. Corcoran’s Steve Gold claimed credit for representing the primary purchaser to signal a contract on the constructing in an October publish to his account. A few month later, Unit 3North, asking $19.4 million, landed among the many high two most costly offers inked in Manhattan that week.
One other notable pending deal was at Aurora Capital Associates’ 140 Jane Road, which discovered a purchaser for its penthouse asking $88 million. If the unit closes at that value, it could break the document for the priciest condominium deal in Downtown Manhattan.
For different initiatives, 2025 was the 12 months of the comeback.
Offers at 111 West 57th Road had been gradual earlier than Sotheby’s Worldwide’s Nikki Area Crew took over gross sales final summer season. Since then, condos on the Billionaires’ Row supertall, developed by JDS Improvement and Property Markets Group, have been routinely among the two priciest pending offers famous in weekly contract experiences. The tower notched $400 million in gross sales this 12 months and is 95 p.c bought, in accordance with a spokesperson.
One other Midtown mission has additionally picked up steam after roughly a decade in the marketplace. In October, 53 West 53rd Road, referred to as the MoMA tower, nabbed a purchaser for Unit 65, final asking $47 million.
Throughout the East River, two rival new developments in Williamsburg have been vying for neighborhood value information, with offers at Two Timber’ One Domino Sq. and Naftali Group’s Williamsburg Wharf repeatedly one-upping one another for the priciest condominium offers per sq. foot. Each buildings are actually slightly below 65 p.c bought, in accordance with knowledge from Marketproof.
Beneath the highlights ran an undercurrent of issues concerning the waning stock pipeline in Manhattan.
“The stock state of affairs goes to proceed to worsen, it’s not going to get higher,” mentioned Corcoran Sunshine’s Kelly Mack.
However the shrinking choices aren’t an upside for buildings which have been struggling to dump items, Mack mentioned. As an alternative, these consumers are turning to the resale market or ready for a brand new mission to begin promoting.
“A number of superb new growth properties which have just lately come to market, or will within the first half of the 12 months, will likely be beneficiaries of the present market dynamic,” Mack mentioned. The shortage of stock “creates a way of urgency to behave shortly on these properties.”
Not so quick…
Ryan Serhant’s “Proudly owning Manhattan” is again on Netflix.
The second season of the fact TV sequence premiered on Friday with eight episodes out there on the streaming service. The present options a couple of new faces, together with Peter Zaitzeff, who joined Serhant final January and took over gross sales at 200 Amsterdam for the brokerage.
The Actual Deal, alongside different reporters, editors and influencers, obtained a sneak peek of the brand new season on Wednesday night time at an occasion hosted by Serhant at Zero Bond. Members of the media, with cocktails and buckets of popcorn, cozied up on couches on the personal membership to observe the primary episode, alongside the solid of the present.
“Not everybody lives on this season,” Serhant, clad in a pale pink swimsuit, mentioned, calling again to a scene within the first season the place he fired his former agent, Jonathan Normolle.
In response to a query about his management model, Serhant veered into a proof of how the present got here to be, alluding to a bidding warfare between Netflix and different streaming providers.
“Lots of different folks in actual property who’ve TV reveals and don’t anymore misplaced to us,” Serhant mentioned. “However that wasn’t your query.”
Solid member Jordan Harm described the brand new season as a “deeper dive into everybody’s private {and professional} story.” Jessica Markowski added that she hoped to vary her notion this time after she was painted as a villain final season for recording a podcast with Normolle making enjoyable of a few of their colleagues.
“It was one thing I wasn’t actually pleased with,” Markowski mentioned. “Season two, I actually targeted on enterprise at the beginning and actually proving to Ryan and the corporate that I can do that.”
“Coming in and getting, you recognize, beat up just a little,
The brokerage hosted its official premiere occasion on Friday at Terminal 5 on West 56th Road.
NYC Deal of the Week
The priciest deal to land in metropolis information this week was a penthouse at 443 Greenwich Road, which bought for slightly below $40 million. Unit PHG as soon as belonged to Justin Timberlake and Jessica Biel, who purchased the condominium for $20 million in 2017 and bought it 5 years later for $29 million.
The 5,300-square-foot condominium has 4 bedrooms and a 2,650-square-foot wraparound terrace. Corcoran’s Noble Black had the itemizing.
Learn extra
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