New York real estate is in motion again. September’s numbers across Manhattan, Brooklyn, and Long Island City show one clear pattern — buyers are making deliberate moves toward quality, design, and long-term value.
The story isn’t about volume. It’s about intent. Smart money is chasing strong product, and that’s what’s keeping this market alive and competitive.
Manhattan: Scarcity Still Wins
Manhattan continues to define the benchmark for global real estate.
In September, there were 130 new development contracts signed, averaging $3.1 million per home and $2,373 per square foot.
Ultra-luxury is holding firm. Residences at buildings like 111 West 57th Street and 125 Greenwich continue to trade above $5,000 per foot, proving that even in a higher-rate environment, well-designed, limited-supply inventory will always find its buyer.
Midtown and Downtown saw the strongest movement, particularly in full-service developments with amenities that feel private, not crowded. Buyers are showing clear preference for craftsmanship, privacy, and curated lifestyle — the qualities that make Manhattan timeless.
Brooklyn: Lifestyle and Design Take the Lead
Brooklyn continues to outperform expectations. September recorded 80 new development contracts with an average of $1,515 per square foot.
Williamsburg, Park Slope, and Fort Greene are driving that activity, supported by smaller boutique projects across Cobble Hill and Carroll Gardens. What’s pushing these deals forward isn’t size — it’s design.
Buyers are responding to homes that feel custom-built and community-driven. They want architectural distinction, natural light, and walkable neighborhoods over generic square footage. Brooklyn continues to deliver that mix better than any other borough.
Long Island City: The Smart Buyer’s Move
Long Island City has been one of the quietest but strongest performers of the past year. In September, 36 contracts were signed at an average of $1.2 million and $1,558 per square foot.
That’s serious traction for a submarket that, not long ago, was considered fringe. The inventory mix — newer product, generous layouts, skyline views — is exactly what today’s buyers are looking for. It’s still close to Midtown, still accessible, and still has room to grow.
For buyers priced out of Manhattan or Brooklyn, LIC offers design, convenience, and a true long-term upside. The next five years here will be big.
What the Numbers Mean
Across all three boroughs, the trend is clear: the market is rewarding precision. Developers and agents who know how to price strategically, design intelligently, and market authentically are winning.
Buyers are doing their homework. They’re looking for the right fit — not just the next listing. The pace of this market isn’t random; it’s rational.
New York real estate has always been about cycles, but it’s also about confidence. And right now, confidence is returning to new development.
At The Lundgren Team, that’s exactly where we thrive — at the intersection of strategy, storytelling, and execution.
