MANHATTAN & BROOKLYN | WEEKLY SCOOP

The In-Between

Just like our favorite streaming series, every story has a beginning, an end, and the all-important in-between.

In-between each monthly scoop, NYC’s real estate market continues to churn with transactions. I’m here to keep you in the loop. Expect a concise, weekly snapshot of the market’s latest moves—straight to the point, just for you.

CORCORAN WEEKLY REPORT: DEC 14 to 20, 2024
MANHATTAN | CONDOS & CO-OPS

• Contract Surge in Manhattan: Last week saw 218 contracts signed in Manhattan, marking a 4% increase week-over-week and an impressive 22% rise year-over-year—the highest activity in five weeks and the ninth consecutive year-over-year increase.

• Sponsor Sales Skyrocket: Sponsor sales continue to shine, more than doubling for the third time in five weeks, with a 131% increase year-over-year, totaling 37 contracts.

• Luxury Market Gains Momentum: Sales over $5M tripled year-over-year, with a remarkable 200% increase, reaching 21 contracts—a milestone achieved only four times since 2020.

• High-End Resale Co-ops Lead the Market: For the first time this year, the two priciest contracts were resale co-ops, both full-floor residences located on prestigious Fifth Avenue.

CORCORAN WEEKLY REPORT: DEC 14 to 20, 2024
BROOKLYN | CONDOS & CO-OPS

• Brooklyn Contract Activity Declines: Last week, 43 contracts were signed in Brooklyn, marking a 26% decrease week-over-week and a 27% drop year-over-year.

• Divergent Trends by Price Point: While sales over $1M rose by 16% year-over-year, transactions under $1M plummeted by 48%, highlighting a shifting demand toward higher-priced properties.

• Declines in Co-op and Condo Sales: Co-op sales in Brooklyn fell 35% year-over-year, and condo deals dropped 24%, reflecting a broader market cooldown.

• Luxury Penthouse Tops Brooklyn Sales: The priciest sale last week was a three-bedroom penthouse at One Williamsburg Wharf, boasting a private rooftop terrace with stunning views of Manhattan and the New York Harbor.