Brooklyn is gaining momentum in the new development market, with August showing a significant uptick in contracts, while Manhattan remains steady and the luxury market struggles, according to Marketproof’s monthly report.
In August, 246 contracts were signed citywide, slightly up from last year, but the median price per square foot dropped -11% to $1,550. Inventory fell to 10,532 units, with no new Manhattan projects, while Brooklyn added 69 units from nine boutique launches, and Queens added 87 units from four new projects.
Manhattan saw 123 contracts with a median asking price of $2 million and $2,084 per square foot. The 520 Fifth project remains a standout, selling 61 percent of its units due to its prime location and competitive pricing below $3,000 per square foot for most units.
Brooklyn closed August with 98 deals, a 28 percent increase from last year, marking the highest volume since May 2023. The median asking price in Brooklyn was $1.3 million, with $1,299 per square foot. Kensington Manor led the borough with 10 contracts for entry-level units priced between $370,000 and $590,000.
Overall, Brooklyn’s strong performance in new development sales signals it may soon outpace Manhattan.
