Per The Real Deal, July's new development sales in NYC dipped below pre-pandemic levels for the second consecutive month, with 217 contract signings—down nearly 14% from last year and 9% from the 2015-2019 average. The total deal volume was $570 million, with a median price per square foot of $1,746.
Despite this decline, Jason Thomas, Senior VP of Research and Analytics at Brown Harris Stevens Development Marketing, suggested the market is likely more stable than most think, as delayed reporting could close the gap.
“I don’t think it’s particularly soft at all ... I think it’s going to be, in the end, totally stable.” - Jason Thomas
Thomas' sentiments were echoed by other industry experts quoted in the article, who pointed out that the recent, strong sales performance of new developments in Manhattan signify a bright future.
