THE STATE OF MANHATTAN NEW DEVELOPMENTS: 2022
It’s no secret that since all the reopenings in New York City, the real estate industry has been booming – in most cases, past what we were seeing in 2019 pre-pandemic. So what trends are we exactly seeing now? Let us help break down the stats for you.
Developers have gotten back into the full swing of things; the Upper East and Upper West Side are reigning supreme as the neighborhoods with the most new developments, at 21 and 22, respectively. Both have 12 new developments out of their total that are over 60% sold (with a great deal of those close to 100% sold), and the rest not over 60% sold are well on their way there. Though the size of each varies, from some as small as 3-5 units, to almost 250 units, stunning luxury is not lacking in any. Active listing prices are ranging between $1.5M and reaching up to a whopping $42M (we’re looking at you, 555 West End Avenue). Safe to say these neighborhoods won’t be slowing down any time soon.
Midtown West is also seeing quite a boom, due in great part to Related’s Hudson Yards that has helped to completely change the scene over there. Out of the 19 new developments in the area, 10 are more than 60% sold. Active listing starting prices are ranging from anywhere 780k to the highest asking price of an impressive 66 million.
Tied for 19 new developments is the extremely popular SoHo / Tribeca area – 15 are more than 60% sold. Active listing starting prices range from 1.15 million highest priced units go all the way up to 79 million.
Looking east, the Lower East Side / East Village area has not been forgotten by developers either. Out of the total 17 new developments, 10 are more than 60% sold. Active listing starting prices are currently ranging from 690k to over 18 million for the highest priced homes.
Other neighborhoods of note include:
Chelsea, with 13 total new developments, and 8 of those more than 60% sold. Active listing prices in this area start at 1.725 million and currently reach up to 18.3 million.
Upper Manhattan, with 16 total new developments, and 9 of those more than 60% sold. Active listing prices range from 500k to 5.6 million.
And finally, the Gramercy / Kips Bay area, with 12 total new developments, and 5 of those more than 60% sold. Current listing prices in this area start at 698k, and the highest priced units reach up to 15.3 million.
From all of these numbers, anyone looking to buy, sell, or develop in Manhattan can rest assured that it is a booming market out there right now. But don’t think we forgot another very popular location for new developments – Brooklyn. Make sure to stay tuned for our complete breakdown of everything happening in Brooklyn as well.
