It’s turning into a fall to forget for New York City’s new development market.
The city recorded 215 contracts in October, down roughly 30 percent from the same period the prior year, according to a Marketproof report.
It has been the third straight month where new development contracts failed to beat last year’s numbers. During that time period, the segment’s contract volume has fallen by roughly 19 percent.
While demand overall in the city remained strong, the new development market has continued to suffer from a lack of new inventory with which to entice buyers. In Brooklyn in particular, there have been just 146 new units launched in the past two months, down from 240 units launched during September and October of last year.
The top-selling development in the borough in October was One Domino Square, which reported seven contracts. The 160-unit condo tower, which launched sales in May 2024, has reported 94 units sold, according to Marketproof.
The condos are a part of Two Trees’ Williamsburg mixed-use waterfront project, which also includes a 399-unit rental tower. An in-house team helmed by Aaron Goed has led sales.
Manhattan has launched comparatively more units last month, with new developments putting up 259 units for sale from notable developers and buildings, including the Brodsky Organization’s and Sorgente Group’s 38-unit conversion at the Flatiron Building and Related Companies’ 144-unit Upper East Side project called the Strathmore.
The top-selling project was Izaki Group Investment’s 68-unit project at 525 Sixth Avenue in Greenwich Village. The development, dubbed Village West, reported nine contracts in October and eight in September.
Core Group Marketing’s Doron Zwickel and Caleb Nickels are leading sale, according to StreetEasy.
The borough also saw two of the most expensive condos on the market report contracts in October, with unit 121 at Central Park Tower inking a deal with a last asking price of $55 million and 53 West 53rd Street getting signed with a last asking price of $47 million.
The market for homes asking at least $4 million was still down, with 43 contracts signed compared to 58 signed last year.
In Queens, there were just 12 contracts signed, down from 35 last year.
Century Development Group’s Vesta development has led the borough in signed contracts every month since launching sales in April, adding three more deals in October. Serhant’s Kayla Lee and Serhant New Development Marketing are leading sales.
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