2024 New York New Development Real Estate: A Successful Year Amid High Demand
Market Report 2024 New Dev Market Recap
Manhattan
The 2024 New York real estate market demonstrated impressive performance despite limited supply. Manhattan and Brooklyn, in particular, saw strong demand driving the success of new development projects. Let’s dive into the key highlights!
Manhattan: The Strength of Luxury Apartments
In Manhattan, a total of 1,635 new development contracts were signed in 2024, with total transaction value reaching $6.7 billion. This marks a 14% increase in contracts and a 28% increase in total value compared to the previous year, far exceeding the 10-year average.
Luxury apartments continued to attract affluent buyers, while newly launched projects also performed exceptionally well.
One High Line in West Chelsea: This building made headlines with a penthouse sold for $47 million, contributing to a total of 62 transactions.
520 Fifth Avenue: It became the top project in terms of volume, with 82 contracts signed since its launch.
Brooklyn: Steady Growth
Brooklyn also demonstrated steady growth throughout the year.
Total contracts reached 1,032, a 6% increase from the previous year.
The median price surged by an impressive 43% to $1.4 million, leading to a significant rise in total transaction value.
Brooklyn's sustained demand for new development projects shows its continued appeal to buyers.
High Demand Despite Low Supply
In 2024, New York’s new development market showcased its resilience by thriving under challenging supply constraints. Strong demand and rising prices led to a successful year, with Manhattan and Brooklyn playing pivotal roles.
As we look ahead to 2025, it will be exciting to see how the New York real estate market evolves.
Which neighborhoods or projects caught your attention the most?
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