NYC New Development
July Market Snapshot

New development contracts reached 176 in June, up 7% from May. Total contract volume rose 1% to $566M. Despite the higher deal count, prices declined: price per square foot fell 5% to $1,882, and the average unit price dropped 6% to $3.22M. Fewer large luxury sales contributed to more moderate overall pricing.

Manhattan drove market activity with 103 signed contracts, a 33% increase from May and nearly 60% of citywide transactions. This performance balanced weaker results in the outer boroughs. Brooklyn fell to 62 contracts and Queens to 11, both marking recent lows.

Year-over-year, signed contracts fell from 201 to 176, while dollar volume edged higher on select high-priced deals. Buyers remain active but are more selective as the market absorbs new inventory.

June’s market was shaped by inventory location and perceived value rather than broad momentum. Manhattan continues to draw the most demand, while Brooklyn and Queens have cooled after earlier strength.

Manhattan’s rising share of new development raises the question of whether buyer demand has fundamentally shifted, or if Brooklyn and Queens will rebound as more inventory becomes available.