"Driving the price climb are two dueling waterfront projects that launched sales within five months of each other last year, Naftali Group's Williamsburg Wharf and Two Trees' One Domino Square. In the last 12 months, they have been the two top-selling developments in the city, according to Marketproof, combining for over 110 contracts. Both buildings have an average closed price per square foot of over $2,000, making for the kind of large-scale, ultra-luxury cocktail that can push prices up throughout the borough."
"Manhattan has not had the same ultra-desirable large projects launch that can juice contract numbers, even with buyer demand. At the end of the third quarter, Manhattan counted just under 4,000 new development condos available to purchase, leaving it roughly 25 percent under its 10-year supply average, according to data from BHSDM. Facing slim pickings, buyers signed just an estimated 298 new development contracts last quarter, down 15 percent from the 10-year average."
Brooklyn's third-quarter closed sponsor sales reached a record $1,490 per square foot, driven by two waterfront projects: Naftali Group's Williamsburg Wharf and Two Trees' One Domino Square. Those developments combined for over 110 contracts in the past 12 months and each averaged closed prices above $2,000 per square foot. Brooklyn recorded 247 new-development contracts in Q3, roughly matching the borough's 10-year average, while contract dollar volume totaled $435 million, 18 percent above the 10-year average. One Domino Square led with 18 contracts. Manhattan's new-development supply stood just under 4,000 units, about 25 percent below its 10-year average, and buyers signed an estimated 298 contracts, down 15 percent.
Read at therealdeal.com
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