Brooklyn dominates November first recorded condo closings

By Adam Pincus

Last month, condominium developers in New York City closed and recorded their first sales in 13 projects. Of those, 12 were in Brooklyn and one was in Manhattan. There were no Queens projects that recorded their first sale last month.

The Manhattan project, Adellco’s 27E79, a seven-unit project with an $88.5 million sellout at 27 East 79th Street on the Upper East Side, had the most expensive initial closing of the month, at $5.55 million.

The first recorded closings indicate relatively stronger momentum in Brooklyn for new product, as buyers and developers came to the closing table despite the economic headwinds. This analysis is only considering closed and recorded sales, and is not counting contract sales.

Despite Manhattan seeing the most expensive initial sale, it was Brooklyn that saw far more closings. The borough had 12 projects that recorded a first sale, with 23 sales for a total consideration of $30.3 million.

The most expensive first recorded closing in Brooklyn was for $2.157 million at 394 Vanderbilt Avenue in Fort Green, a five-unit project developed by the Brooklyn Home Company with a sellout of $10.4 million. The firm recorded two sales last month for a total of $4.7 million.

Condos with first recorded closings in November 2020