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New York & Tri-State  + Midtown New York  + Apartments  | 

Manhattan’s For-Sale Apartment Market Bounces Back

The rebound of Manhattan’s residential sector continued in the second quarter, with contract activity on new-development, for-sale apartments up 64% by unit count over Q1, Brown Harris Stevens Development Marketing (BHSDM) reported. Total sales volume for the quarter reached $2.46 billion, up from Q1’s $1.53 billion. 

Q’2s tally of units under contract averages out to 163 units per month absorbed. That’s significantly higher than in any of the past five years, according to BHSDM.

“This quarter demonstrated just how resilient New York is,” said Stephen Kliegerman, BHSDM president. “Buyers recognize that New York is the most resilient and vibrant city in the world. It has historically rebounded extremely well coming out of a significant event, and New York real estate is a limited commodity that over time performs very well. We have every reason to believe this trend will continue this year.”

Pictured: 53 W. 53rd St.


Inside The Story


About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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