This is?fingers crossed?the last of the first-quarter market reports, MNS's analysis of the Manhattan new development market for Q1. The major numbers: new development sales fell from $670 million to $375 million, a 44 percent decline. Median sale prices for condos fell 33 percent from the previous quarter and 38 percent year-over-year. Studio and one-bedroom units made up 50 percent of the quarter's new development sales.
Gramercy was the neighborhood with the largest number of new development sales in the first quarter, thanks to One48. The Upper East Side saw a decent upswing in new development sales prices thanks to 1212 Fifth Avenue and 949 Park Avenue. Soho is practically off the new development charts for the quarter thanks largely to one $9 million sale at 350 West Broadway.
And here, we can't resist one more chart:
· Manhattan New Development Market Report [MNS]
· Market Report coverage [Curbed]
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