T
he new development market continued its hot streak in November, with 246 signed contracts this month representing the third-highest total in the last 10 years. According to Marketproof CTO Ning Zhou, this month's signings were only outpaced by the post-Covid boom in 2021 and 2017.

    Despite a drop-off from October's year-high count, which was expected due to two major holidays in November, demand surged across all boroughs and price points compared to last year. The luxury segment led the market, with nearly double the contracts above $4 million than last November, reaching 50 deals.

    Manhattan saw 126 new-development contracts in November, a 37% increase from the same month last year. The median sale price was $3.3 million and the median price per square foot was $2,322. Notable projects included Mickey Rabina's supertall at 520 Fifth Avenue, which sold seven more contracts last month, and The Perrie in Turtle Bay, which scored seven contracts after announcing FHA-financing eligibility.

    Brooklyn added 96 new development contracts in November, with a median sale price of $1.6 million and the median price per square foot was $1,447. Avdoo & Partners Development's Bergen Brooklyn led the borough's contract count for the third straight month. Queens underperformed compared to last year, but Maison LIC stayed on top of the borough with eight contracts signed.

    The market saw a significant increase in new units added through sales launches, with Queens adding 167 new units, Brooklyn adding 136, and Manhattan adding 22.