April was best month for new condo sales in 5 years

Buyers sign 474 contracts for sponsors’ New York City condos

By Erin Hudson

The RealDeal



(378 West End, 300 West and 567 Ocean Avenue, Getty)


Long-suffering condo developers just had their busiest month in five years.


Some 474 new development contracts were signed last month in New York City, according to Marketproof, which tracks sponsor sales across all price points in the city.


The contracts were inked at 198 different condominiums.

In Manhattan, 235 contracts were signed, up from 165 in March. It was the borough’s highest level of activity in three years.


Bespoke Living’s 170-unit building at 300 West 122nd Street reported the largest number of Manhattan contracts, 32. Prices at the project range from just under $500,000 to $3.4 million. Douglas Elliman Development Marketing is handling sales.


In Brooklyn, the 201 deals signed in April across 100 buildings were the most in three years. (March’s 189 contracts had likewise been a three-year high.) The top performer was New Empire Real Estate’s condo at 567 Ocean Avenue in Prospect Park South — or what old-timers would call Flatbush — with 31 deals. The 108-unit Bentley Zhao building has listed units for $400,000 to $1.38 million. Nest Seekers International is handling sales.


For luxury contracts, defined here as units last asking $5 million or more, there were 64 deals penned, the most since March 2015. The leader was developer Ken Horn’s 378 West End Avenue. The Upper West Side building, developed by Horn’s Alchemy Properties and Daishin Securities, had nine contracts signed for luxury units. Compass is handling sales at the building.


Marketproof’s figures are largely based on contracts reported by developers to the Real Estate Board of New York’s Residential Listing Service.


https://therealdeal.com/2021/05/06/april-was-best-month-for-new-condo-sales-in-5-years/