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FiDi and Williamsburg Cleaning Up in New Developments Market

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There's a reason downtown Manhattan residents are complaining about construction noise and Williamsburg construction zones are perking back to life: new developments in those areas are selling. A market report jut released by StreetEasy shows that new development sales in Manhattan were up 42% year over year, to 88 contracts signed through February. More than half of those sales (46) occurred downtown at buildings like 254 PAS, 99 John Deco Lofts, The Story House, and 130 West 12th Street. One thing that may be pushing sales up downtown is that the median price of new development contracts are significantly lower both on a cost per square foot and per unit. The median price of a downtown sale was $1.5 million in the six months ending February 2012, versus $3.25 million and $2.29 million on the Upper West and Upper East Sides, respectively.

Williamsburg was even more dominant in new development sales in Brooklyn than downtown was in Manhattan. Despite a median sales price of $897,000 in February, there were 22 new development contracts signed in February 2012. This was more than one-third of all new development contracts signed during the month, despite a cost per square foot that grew 22% year over year, to $930. The most popular new Williamsburg buildings in February were 58 Met, Two Northside Piers, The Edge - South Tower, and 144 North 8th Street.

Other findings in the report included an almost-7% rise in the median price of Manhattan's new development sales year over year. The median price for new development sales during the same period was up more than 16%.
· New Development Report - February 2012 [pdf] [StreetEasy]