Manhattan New Development Contract Signings Doubled

Thanksgiving be damned, the new development market continued its hot streak.

The 246 signed contracts signed this month represents the third-highest total in November in the last 10 years, according to Marketproof CTO Ning Zhou.

This month was only outpaced by the post-Covid boom in 2021, which saw 381 November signings, and 2017, which netted just two more contracts than this year’s total. Contracts this month still represented a drop-off from last month’s year-high count.

“With two major holidays in November, a drop in contract volume from October is expected,” Marketproof CEO Kael Goodman said in a statement. “What is surprising, however, is the surge in demand across all boroughs and all price points compared to November 2022 and 2023.”

In line with the trajectory of the year, the luxury segment outperformed the rest of the market, nearly doubling last November’s contracts above $4 million to 50 from 28. There were 13 deals on homes asking $10 million or more and five on those asking at least $20 million.

The top contract last month went to Unit 52E, asking $54.4 million, at Extell Development’s 50 West 66th Street. A penthouse at boutique development 140 Jane Street went into contract with a last asking price of $45 million.

Manhattan netted 126 new-development contracts in November, 37 percent more than the 9 signed in the same month last year. The median sale price was $3.3 million and the median price per square foot was $2,322.

Mickey Rabina’s supertall at 520 Fifth Avenue raked in seven more contracts last month. The 1,002 foot-high skyscraper has been an anomalous figure in a market where developers have shied away from ambitious projects. The tower has sold 78 of its 100 residences since Corcoran Sunshine Marketing Group launched sales in April and has a projected sellout of $329 million.

The Perrie, a 95-unit development from Craig Wood’s Cape Advisors, also scored seven contracts last month. The Turtle Bay project made headlines when it announced it was FHA-financing eligible. Units are priced from $875,000 to nearly $1.6 million, and 75 percent of the apartments are asking less than $1.2 million. The upper bound for FHA loans is $1.15 million in Manhattan.

Brooklyn added 96 new development contracts in November, compared with 53 last year. The median sale price was $1.6 million and the median price per square foot was $1,447.

For the third straight month, Avdoo & Partners Development’s Bergen Brooklyn led the borough’s contract count. The 105-unit development reported six contracts, and has recorded 35 deals since launching sales in May.

For the second straight month, Queens underperformed compared to last year with contracts falling to 21 from 29. The median sale price was $885,000 and the median price per square foot was $1,409.

Maison LIC stayed on top of the borough with eight contracts signed at the 42-unit development from ZD Jasper Realty.

Queens added the most new units, 167, through three sales launches. Brooklyn added 136 through four launches and Manhattan added 22 across four.