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New Development Sales Volume Declines in Brooklyn, Queens
New development sales volume for condominiums and co-op units was down in both Brooklyn and Queens for the second quarter. However, both boroughs saw an increase in the average contract-signed price based on last asking prices, according to a Q2 2023 new development analysis by the Brown Harris Stevens Development Marketing (BHSDM) Research & Advisory division.
Brooklyn had 275 new development contracts signed in Q2, down 15% from Q1. Sales volume totaled $364 million based on last asking prices, down 11% from the previous quarter. The average new development contract-signed price in the borough was $1,322,766, up 5% from Q1.
In Queens, there were 128 new development contracts signed during Q2 2023, down 31%, while sales volume of $131 million was down 15% from Q1. The average contract-signed sale price rose 23% from Q1 to $1,026,802. Queens’ most active neighborhood for new development sales was Long Island City with 85 contracts signed, and the most active building was 45-30 Pearson St. with 33 contracts signed.
- ◦Sale/Acquisition
