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53 West 53rd Street, #63 53 West 53rd Street, #63
According to CityRealty data, the median price of a sponsor listing in a new development Manhattan condominium is a whopping $2,475,000, or an average price per square foot of about $2,400. Unsurprisingly, the Upper East Side's Gold Coast is the most expensive neighborhood to buy a condo in (at an average price per square foot of nearly $6,000), largely in part that condo buildings are rare and new developments are few and far between in the staunchly protected historic area.
Indeed, new development condo listings in any part of New York are priced at a premium, about one-third to 40% higher than their non-new development counterparts on average. Units in these new buildings typically feature state-of-the-art appliances and finishes, lofty ceiling heights, and access to an expansive amenities package.


According to public listings, there are 746 new development sponsor units available in Manhattan. However, this number is substantially less than the actual number of unsold sponsor units since developers typically unload their units in phases. We have pegged the number of unsold new development inventory to upwards of 7,500, a figure that could take about half a decade to clear at the current pace of sales

With so many apartments to sell, many sponsors have adjusted their prices since their first approved offering plan. Below, see a selection of some of the more visible price reductions in new development condominiums in Manhattan and Brooklyn and a selection of listings that compare their current asking price to the price stated in the initial development offering plan.



Central Park Tower, #80E (Corcoran Sunshine Marketing Group)


53 West 53, #53A (Douglas Elliman Real Estate)


One Wall Street, #830 (Compass)

Rendering of 77 Greenwich Street (Binyan Studios)

77 Greenwich Street, #36A (CORE Group Marketing LLC)

Soori High Line exterior West Chelsea condos

Soori High Line, #5C (Compass)

DDG

100 Franklin Street, #PH (Douglas Elliman Real Estate)


277 Fifth Avenue, #46B (Douglas Elliman Real Estate)

(Macklowe)

200 East 59th Street, #26D (Douglas Elliman Real Estate)

Dave Burk

35 Hudson Yards, #7801 (Corcoran Group)

Flatiron House condos Flatiron House and view south over lower Manhattan

Flatiron House, #19A (Corcoran Sunshine Marketing Group)


1289 Lexington Avenue, #14E (Brown Harris Stevens Residential Sales LLC)


The Brooklyn Grove, #16M (Nest Seekers LLC)

500-West-45th-Street-01 Bloom on Forty Fifth via Compass

Bloom on Forty Fifth, #327 (Keller Williams NYC)


LUNA, #101 (THE DEVELOPMENT MARKETING TEAM)


One United Nations Park, #42H (Corcoran Sunshine Marketing Group)


Vandewater, #9C (Brown Harris Stevens Development Marketing LLC)


The Benny, #7D (Real New York)


Lexi Condos, #10C (REAVIS PARTNERS LLC)

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