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“The Treadwell is a project that met the moment, pairing quality construction, residence design and amenity curation with an expertly selected unit mix to appeal to buyers in a contracting market" - Robin Schneiderman, Managing Director, Brown Harris Stevens Development Marketing
"New Yorkers love Gramercy for its history and its charm, and that holds true even for buyers who appreciate contemporary design" - Yoel Shargian, Head of Development, 200E20th
A 2022 analysis by CityRealty found that multifamily condominium developments typically came close to selling out within three to four years of completion, depending on their size, location, and pricing. However, the study covered a period disrupted by the pandemic, which complicated sales activity and delayed sellouts at several properties.
By stark contrast, the supply of entry-level new condos, defined as those priced at $1,800 per square foot or less, is projected to plummet 74 percent. Such a contraction could intensify competition for relatively affordable new construction, particularly in established residential neighborhoods where development opportunities are already scarce.
Not every development follows this trajectory. Larger buildings and projects in less established residential locations can take considerably longer to sell out. At 222 LES Tower + Lofts, common-charge incentives have been introduced to attract buyers. Meanwhile, sales at One Manhattan Square accelerated following pandemic-era repricing, declining condo inventory, and the full opening of its 100,000-square-foot amenity package. The tower also benefits from one of the city's last 20-year tax abatements and the addition of a Brooklyn Fare supermarket at its base.
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