New development sales in July dropped below pre-pandemic levels for the second consecutive month, with 217 contracts signed—a 14 percent decrease from last year. Manhattan saw 120 contracts totaling $428 million, while Brooklyn recorded 68 contracts, down 30.6 percent from last July. However, Queens defied trends, more than doubling its pre-pandemic average with 23 contracts worth $24 million. Despite the slowdown, experts suggest the market remains stable, with projects like 520 Fifth Avenue and 50 West 66th Street leading in contract signings. The luxury market also saw a decline, with 26 contracts signed, down from 37 last year.
520 Fifth Avenue
