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New Yorkers Sign Fewer New Development Contracts in Q3
In Manhattan, 241 new development contracts were signed in Q3 2023, down 40 percent from Q2 2023 and down 30 percent from Q3 2022. The average new development contract-signed price in Manhattan was $3.7 million, down 10 percent from Q2 2023 but up nine percent from Q3 2022, according to a Q3 new development analysis from Brown Harris Stevens.
The most active neighborhood was Chelsea, and the most active building was 500 West 18th Street. In Brooklyn, 215 new development contracts were signed in Q3 2023, representing a 42 percent decline in contracts signed from Q2 2023. The most active neighborhood was Williamsburg, and the most active building was 710 Metropolitan Avenue.
Queens had 102 new development contracts signed in Q3 2023, with a total contract sales volume of $103 million. This represents a 45 percent decline in contracts signed from Q2 2023. Long Island City was the most active neighborhood in Queens, and 45-30 Pearson Street was the most active building.
- ◦Development
