28 JANUARY 13, 2022 RIDGEWOOD TIMES WWW.QNS.COM
REAL ESTATE
December 2021 was a hot month for NYC new developments
BY KAEL GOODMAN
CEO OF MARKETPROOF, INC.
2021 was a record-setting
year for New York City’s
new developments and
December was the icing on the
cake. Three-hundred-fortyone
sponsor condo contracts
were reported, marking a
44% increase from 2020 and a
remarkable 65% increase from
2019 (pre-pandemic). Manhattan
saw the most signifi cant
jump, with a nearly 90% increase
year over year.
This strong performance
also accounts for a typical holiday
slump that was potentially
amplifi ed by the omicron surge,
which brought restrictions
back to New York City around
the holidays. The market saw
a 15% decrease in contracts
reported between December
and November 2021.
“The new development market
is defying the pandemic,
with signifi cant contract activity
even through the holiday
season,” said Kael Goodman,
co-founder and CEO of Marketproof
Inc. “As we head into the
New Year with a new mayor
and with retail and commercial
activity also trending upward,
the residential ecosystem is
primed for continued growth
into 2022.”
DECEMBER
CONTRACT ACTIVITY
Manhattan, Brooklyn
and Queens: 341 contracts
reported; $1.03B aggregate dollar
volume; 44% increase from
2020 and 65% increase from
2019; 15.17% decrease from
prior month; $1.89M median
unit price (59% increase from
December 2020); $1,807 median
ppsf (34% increase from
December 2020)
QUEENS
Compared to Brooklyn
and Manhattan, Queens saw
the most significant drop in
activity around the holidays,
with 29 reported contracts
representing a 33% decrease
from November 2021. Yet,
the numbers also show a notable
uptick from December
2019: a 190% increase in the
number of contracts signed,
a 252% increase in the aggregate
dollar volume of signed
contracts and a 76% increase
in median unit price, while
the median ppsf inched up
5%. New development contract
activity in Queens is always far
below the levels in Brooklyn
and Manhattan because the
borough has fewer new developments
in progress. However,
there is one project that is arguably
the market-maker: Skyline
Tower (aka 3 Court Square).
Developed by Risland US
Holdings, United Construction
& Development and FSA
Capital, the 67-story 801-unit
tower swept Marketproof’s top
3 list in December with the borough’s
most expensive contract
(a $1.95M two-bedroom), the
third most expensive closing
(a $1.837M two-bedroom closed
for full ask), and the most contracts
signed of any building (17
deals reported). Skyline Tower
is 51% sold since sales started in
2019.
Number of Contracts: 29
contracts reported; -32.56%
from prior month in 2021; +38%
from December 2020 and +190%
from December 2019
Volume & Pricing: $34.3M
aggregate dollar volume; $1.2M
median unit price (+26% from
December 2020); $1,476 median
ppsf (+18% from December
2020)
Read more on QNS.com.
Ridgewood Times Sales Guide
RIDGEWOOD GLENDALE MASPETH MIDDLE VILLAGE
69th Avenue
Listings selected at random. Courtesy MLS
Under $600,000
2118 Greene Ave. #D1
$529,000
Condo
1 bedroom, 1 bathroom
Keller Williams Realty Landmark
Ii, Limited Liability Broker
$600,000-$1,000,000
60-91 70th Ave.
$800,000
Multi-family
9 bedrooms, 5 bathrooms
Ayman Aziz, Keller Williams
Realty Greater
Over $1,000,000
58-05 69th Ave.
$1,388,000
Multi-family
8 bedrooms, 2 1/2 bathrooms
Kayla Piao and Qun Lin, Winzone
Realty Inc
80th Road 52nd Drive Juniper Valley Road
Under $600,000
90-60 Union Tpke. Unit 12E
$429,000
Co-op
2 bedrooms, 1 bathroom
Barrington Richards, Fine Choice
Realty Inc
$600,000-$1,000,000
6248 80th Road
$920,000
Single-family
4 bedrooms, 2 bathrooms
Amanda Morgado, William Raveis
Real Estate
Over $1,000,000
71-11 68th St.
$1,250,000
Multi-family
7 bedrooms, 5 bathrooms
Lucy Lu, Landmark International
R E LLC
Under $600,000
52-30 65th Place Unit 3C
$365,000
Co-op
2 bedrooms, 1 bathroom
Aneta Pycior, Crifasi Real Estate
Inc
$600,000-$1,000,000
73-49 52nd Drive
$850,000
Townhouse
3 bedrooms, 1 bathroom
Michele Cheng, Keller Williams
Realty Greater
Over $1,000,000
68-12 53rd Drive
$1,149,000
Single-family
4 bedrooms, 2 bathrooms
Afshin Termechi, Keller Williams
Landmark II
Under $600,000
72-31 Metropolitan Ave. Unit 2G
$538,000
Condo
2 bedrooms, 1 bathroom
Etan Hakimi, Mitra Hakimi Realty
Group LLC
$600,000-$1,000,000
72-25 66th Drive
$924,999
Single-family
3 bedrooms, 2 bathrooms
David Van Aken, Sold By Bart R E
Partners Inc
Over $1,000,000
71-03 Juniper Valley Road
$1,088,000
Single-family
3 bedrooms, 2 bathrooms
Stephen Yarczower, EXP Realty
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