New development condo in NYC

Let’s call it a FULL NYC come back by now - New development sales opened this year on a strong note. The first week of 2022 saw 80 contracts signed in the city at an average asking price of $1,703 per square foot, compared to 58 contracts averaging $1,660 per square foot in the same week last year, that’s a handsome 38% year on year increase!

Although the number of foreign buyers in New York City plummeted during the pandemic and has yet to recover, which is out of expectation of many local brokers, local New Yorkers have continued to dominate the sales market, pouring money into new developments Downtown and on the Upper East and Upper West sides.

One of the obvious reasons is the rents, which have gotten so high since mid of 2021 that some have figured they might as well buy instead to capitalize on the opportunity of the historic super-low interest rates.

And is it a big concern that the Fed is going to increase the interest rates? Not really, according to many big developers in NYC. Rising mortgage rates, even after climbing to a 22-month high in recent weeks since February 2022, the average 30-year fixed-rate mortgage was still down almost 20 percent from January 2019. It creates even more activity in the market as observant buyers rush to lock in the best deals before they’re gone.

The top 3 most valuable new condo projects in Manhattan are:

The Cortland at 555 West 22nd St, West Chelsea. Developed by Related Companies with projected sellout of $560 million.

220 East 83rd St, Upper East Side. Developed by Naftali Group with projected sellout of $544 million

The Solaire at 20 River Terrace, Battery Park City. Developed by Albanese Organization with projected sellout of $475 million.

The top 3 most valuable new condo projects in Brooklyn are:

Olympia at 30 Front St, Dumbo. Developed by Fortis with projected sellout of $375 million.

510 Driggs Avenue, Williamsburg. Developed by Vicki Zhi with projected sellout of $104 million.

450 Warren St, Boerum Hill. Developed by Tankhouse with projected sellout of $40 million.

If you are thinking of making a move to NYC, Jersey City and northern New Jersey, we would love to assist you. Contact Graham at gsteam2021@gmail.com or via his cell: 201.375.1723.