DataMarkets & Economy

CityRealty sees big potential for new Manhattan development sales

Despite a slowdown in the ultra-luxury market, new developments expected to gross $30 billion by 2020
  • Anticipated sales for Manhattan new development are expected to total approximately $30 billion through 2019.
  • In 2014, just 17 percent of all condo sales were new development. In 2015, that share grew to 26 percent.
  • By 2019, the Financial District is expected to overtake Midtown for new development unit count.

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The high-end development craze may be coming to a slight slowdown in New York City, but prices on for-sale units are still growing, according to CityRealty’s Manhattan New Development report. While sales volume is rising and expected to increase further, the number of new developments isn’t necessarily pushing prices higher. Rather, the priority over the past eight years has shifted from higher quantity to quality – fewer apartments that can reap larger rewards due to their elevated price tags. Anticipated sales for Manhattan new developments are expected to total approximately $30 billion through 2019, according to the report. They’ve already risen is years past, from $4.1 billion in 2014 to $5.4 billion in 2015. Aggregate sales for 2016 are expected to reach $8.4 billion and an estimated $10 billion in 2018 – and that's only including future projects that have been filed with the attorney general or where pricing information has been made public. Manhattan develo...