Sales of new Manhattan projects triple in 2021

Manhattan’s average unit to contract was 1,746 square feet and asking for $ 4.8 million (iStock)

Despite the uncertain recovery of the Manhattan pandemic, the borough recorded a record year in new development contracts.

Some 1,732 newly developed units entered into contract in 2021, according to a new report from Brown Harris Stevens Development Marketing. That’s a huge 233% increase from last year and 82% from 2019.

Signings slowed towards the end of the year, with 353 contracts in the fourth quarter. They peaked in the second quarter with 540.

Stephen Kliegerman, president of BHSDM, said 2021 “was more than a year of return for Manhattan’s new development: sales were far exceeding even pre-pandemic numbers.

He expects the momentum to continue as the Wall Street bonuses arrive and the rich continue to get richer during the pandemic.

Some neighborhoods have been hot spots for new development contracts: the number of contracts signed between West 14th and West 34th streets increased 650% between 2019 and 2021. On the Upper East Side, signatures jumped 430 %.

“The dramatic increase in contract signing activity between West 14th and West 34th Streets is a result of new projects coming to market, such as The Maverick and Lantern House,” said Laura Tomana, vice president of research and market analysis at BHSDM.

Meanwhile, activity has slowed down on Billionaires’ Row, as luxury buyers opted for trophy properties on the Upper West Side in SoHo.

The average Manhattan unit to be concluded was 1,746 square feet and was asking for $ 4.8 million. That’s a 16.5% increase in size and 45% in price compared to a year ago.

Towards the end of the year, a third of all signings crossed the $ 5 million mark, while 27% fell below $ 2 million. But Manhattan wasn’t the only borough with a busy market for expensive new condos, as Brooklyn also showed robust growth in the high end of the new development market.

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