"Elevated interest rates and high land prices have made ground-up development more difficult to pencil out, and Brooklyn and Queens saw scaled-back condo filings in response. The total unit count of the 10 priciest developments declined 36 percent this year from 2024, from 980 to 628. Total projected sellout of the top 10 also declined 34 percent year over year, from $1.4 billion to $918 million."
"In Brooklyn, the listing inventory for new development condos in the third quarter declined year over year by nearly 25 percent, according to a report from Douglas Elliman and Miller Samuel. In Queens, the number of closed sales on new development condos declined by 55 percent in the same period. New Empire Corp's 757 Flatbush Avenue took home the top spot on this year's list. The finish was a sign of the times: the project's $136 million projected sellout would have come in fifth in 2024."
Elevated interest rates and high land prices made ground-up development harder to pencil out, prompting developers to scale back condo filings in Brooklyn and Queens in 2025. The total unit count among the 10 priciest developments fell 36 percent, from 980 to 628, while projected sellout for the top 10 dropped 34 percent, from $1.4 billion to $918 million. Brooklyn listing inventory for new development condos declined nearly 25 percent year over year in the third quarter, and Queens closed sales on new development condos fell 55 percent. The largest filings shifted from waterfront trendy neighborhoods to areas farther from Manhattan, and New Empire’s 757 Flatbush led the list.
Read at therealdeal.com
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