New York City’s new development market saw mixed results in the third quarter. Closed sales dropped 13% year-over-year, but contract signings increased by 8%. Manhattan reported 389 contracts, and Brooklyn had 231. The luxury sector performed well, with contracts for units over $10 million jumping 39%. Midtown East was a standout, led by Mickey Rabina’s 520 Fifth Avenue, which secured 37 contracts. Manhattan’s median sale price reached $2.6 million, while Brooklyn’s price per square foot hit a record $1,383. Developers are expected to reinvest in Brooklyn due to rising prices and limited inventory.
520 Fifth Avenue
