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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.
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.
Brooklyn condos have been riding this spring’s NYC real estate market recovery to record highs. The borough’s sponsors reported 188 contracts last month, far exceeding the past three years’ record of 150.
Marketproof tracks condo buildings, including those under construction, currently selling, and those that have moved on to resales. That gives us a clear view into the buildings driving the market’s recovery.
Below are the eight Brooklyn new developments that have reported the most contracts this year. The lowest average asking PPSF is $654 and the highest $1,790, and no two are in the same neighborhood. The diversity of the buildings underscores the depth of the market, which is not coasting on a single booming neighborhood or market segment.
This Flatbush building has reported 21 contracts this year, leading Brooklyn. The nine-floor, 108-unit project by New Empire Real Estate features the affordable prices that allowed Brooklyn to outsell Manhattan last year. Its average asking PPSF is just $927, and it offers 24 studios for less than $500,000. The building also has 42 1-beds and 37 2-beds, all with asking prices of less than $1m. Nest Seekers is handling sales.
When it comes to new development, buyers who are choosing to stay in New York — and have the means to stay — are choosing Brooklyn and Queens. Five months after Covid-19 crippled the city’s real estate market, sales across the city are down, but the boroughs beyond Manhattan are faring better, in some rare cases even exceeding pre-pandemic expectations.
While the New York exodus, to the suburbs and beyond, has so far been overstated, many of those who have left were affluent residents with second homes and had played a disproportionate role in supporting the overpriced Manhattan condo market, which was already slumping before Covid-19. Citywide, more than 60 percent of new condos remain unsold — and much of that supply had accumulated before the virus arrived, according to Kael Goodman, the chief executive of Marketproof, a real estate analytics company.
Outdoor space was crucial for Tabrez Haider and Anjuman Ara, who are under contract to buy a two-bedroom apartment with outdoor space at 567 Ocean Avenue, a nine-story condo under construction in Flatbush, Brooklyn. Prices range from $400,000 for a studio to $1.375 million for a three-bedroom, according to Andrew Barrocas, the chief executive of MNS Real Estate, which is handling sales.
The latest condominium to be offered in Prospect Park South, 567 Ocean offers close proximity to Brooklyn's most expansive green space. It also delivers an exceptional amenities package and a great many layouts from which to choose. Many of these feature private outdoor space. On the market for $1,090,000 by MNS, a floor-through three-bedroom residence features an enormous terrace the width of the residence, as well as a private balcony off the master bedroom.
"Buyers want the option as often as possible to be outside in a particularly convenient way, and private outdoor space is the number one way to achieve that goal," says Tamar Krasnow, vice president of new development at MNS. "[As] for the units we are currently pricing in buildings we are gearing up to launch, we are adding a premium [for private outdoor space]. And on units that are currently selling, there is less negotiability — if any — on units featuring private outdoor space."
It’s that time of year again where we take a moment to look back at all that has happened and reevaluate our lives as well as celebrate the prospects of what the new year holds for both ourselves and those around us. On this momentous occasion, we share a time honored tradition, which has been maintained in order to reflect and make improvements upon: our New Year’s Resolution. In spite of the ongoing pandemic, making New Year’s resolutions is a great solution to take our minds away from the quarantine and focus our energy on something more constructive.
RESOLUTION: Take More Walks
A Sloan Kettering Registered Nurse, who currently lives in Astoria, purchased at 567 Ocean a sight unseen due to her hectic schedule. The proximity to the iconic, 586-acre Prospect Park (less than half a mile away) was what heavily influenced her to move forward – she also plans to have a dog once she moves in, who she’ll be able to share the enjoyment of living by the park with.
According to a recent study, 62% of respondents report that the pandemic has caused a shift in what they value in a home, and most are now looking for larger outdoor areas. Given this trend, take a look at NYC residential buildings in close proximity to parks that are now benefitting from the pandemic.
A Sloan Kettering Registered Nurse, who currently lives in Astoria, purchased at 567 Ocean sight unseen due to her hectic schedule. The proximity to the iconic Prospect Park (less than half a mile away) was what heavily influenced her to move forward – she also plans to have a dog once she moves in, who she’ll be able to share the enjoyment of living by the park with. This represents an overall increase in activity in the mid-range condo market (specifically within the $500k to $1M range), as first-time homebuyers take advantage of low interest rates. MNS is the exclusive sales team for 567 Ocean.
According to a recent study, 62% of respondents report that the pandemic has caused a shift in what they value in a home, and most are now looking for larger outdoor areas. While we may be nearing the end of COVID below are just a few examples of buildings benefitting and how trends may stay for the future.
A Sloan Kettering Registered Nurse, who currently lives in Astoria, purchased at 567 Ocean sight unseen due to her hectic schedule. The proximity to the iconic Prospect Park (less than half a mile away) was what heavily influenced her to move forward – she also plans to have a dog once she moves in, who she’ll be able to share the enjoyment of living by the park with. This represents an overall increase in activity in the mid-range condo market (specifically within the $500k to $1M range), as first-time homebuyers take advantage of low interest rates.
“People have been stuck inside their homes for 8 months now and they’re realizing the importance of outdoor space – both as a condo amenity, and as a neighborhood amenity. The proximity to Prospect Park has obviously been a huge driver for buyers, but also with the current interest rates, it’s never been a better time to invest at 567 Ocean.” – Tamar Krasnow, VP of New Development, MNS
According to a recent study, 62% of respondents report that the pandemic has caused a shift in what they value in a home, and most are now looking for larger outdoor areas.
A Sloan Kettering Registered Nurse, who currently lives in Astoria, purchased at 567 Ocean sight unseendue to her hectic schedule. The proximity to the iconic Prospect Park (less than half a mile away) was whatheavily inuenced her to move forward – she also plans to have a dog once she moves in, who she’ll beable to share the enjoyment of living by the park with. This represents an overall increase in activity in themid-range condo market (specically within the $500k to $1M range), as rst-time homebuyers takeadvantage of low interest rates. MNS is the exclusive sales team for 567 Ocean.
According to Kaiser Family Foundation (KFF), 53% of adults surveyed reported worry and stress tied to the COVID-19 pandemic has had a negative impact on their mental health. Quarantine life has certainly compelled many individuals to reevaluate everyday life choices that impact health, making 2021 New Year’s Resolutions more relevant than ever as a way to fully commit to establishing a better quality of life long-term.
The residential real estate industry is helping lead the way for better living in 2021, with amenities and perks that allow residents to foster healthier lifestyles.
Below are New Year’s Resolutions we predict will be most popular in 2021 and homes that can help you reach them.
A Sloan Kettering Registered Nurse, who currently lives in Astoria, purchased at 567 Ocean sight unseen due to her hectic schedule.
The proximity to the iconic, 586-acre Prospect Park (less than half a mile away) was what heavily influenced her to move forward – she also plans to have a dog once she moves in, who she’ll be able to share the enjoyment of living by the park with.
