Manhattan, Brooklyn New Developments Getting More Expensive

This month, StreetEasy introduces its new monthly “New Developments Report,” which summarizes the New York new development market. The reports are based on listings on its website. Below are some key observations from the January report.

In Manhattan, the median listing price for new developments increased by 12.6 percent since a year ago.

New developments had 10.1 percent more price increases and 11.2 percent fewer price cuts. Manhattan has slightly fewer total listings this January, but more of them are new listings (158 as opposed to 116 last year.)

The Upper West Side increased 17.3 percent in median asking price per square foot, while that of the rest of Upper Manhattan remained stable.

In Brooklyn, because of shrinking inventory, there were 43.5 percent fewer price cuts and three times the number of price increases. However, contract activity remains level with last January’s figures.

In Queens, new developments became active again with a 325 percent jump in new contracts compared to last year.