New development condo sales dropped nearly 30% week over week and 60% below 2019 norms.
Forty sales were reported across 28 buildings, compared to 100 deals in the same period pre-pandemic. Three of them were asking above $4 million, putting the luxury tier right on target with pre-pandemic figures.To be fair, real estate agents didn’t have a full week to transact with Jewish holiday Yom Kippur falling on Wednesday and then a quiet Friday leading into the three-day weekend.
Yet despite diminished activity, prices overall trended upwards due to strength at the higher-end. The average contract was 8% more expensive, up to around $2 million and $1,637 per square foot ., a boutique condominium designed by all-star duo Robert A.M. Stern Architects and Kelly Behun for interiors. Developer CBSK Ironstate sold homes asking $11.2 million and $8.7 million. Compass Development Marketing Group is handling sales with Philip Scheinfeld and Jim St. André.
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