Marketproof, Inc.

10/10/2023

Who’s financing luxury deals? 💰

In a previous post, we tracked the % of cash purchases in both new dev and resales as mortgage rates climbed. This week, we take a look at financing in the $4M+ luxury segment.

Year-to-date, there have been 210 luxury sales, 64 of which secured at least some financing. The loan-to-value ratios ranged from 11% to 96% of the purchase price, with the average being 62%.

19 different lenders originated those 64 loans, with Citibank providing financing on the largest number of transactions (11), followed by JP Morgan Chase (8) and then Bank of America (6).

Luxury buyers that close with cash and refinance thereafter are not included in this analysis.

01/27/2023

06/28/2022

The NYC new development market saw a 15% decrease in reported contracts last week, the second-fewest number of signings all year. However, 52 contracts are comparable to what was reported towards the end of June in 2019 and 2018. Do you think we've hit a new normal?

06/23/2022

In West Chelsea, the 144-unit condo The Cortland officially started sales one week ago, but eight units are already in contract, having been signed pre-sale. All of these homes were listed for $5M or more, including a $16.75M three-bedroom and a $23.5M five-bedroom.

Overall, the asking prices range from $1.7M to $25M, with an average asking PPSF of $3,001, amounting to a projected sellout of $560.3M.

The 26-story building was designed by Robert A.M. Stern, who incorporated his signature classical architecture, with a facade made of limestone and over one million handmade and hand-laid bricks. Olson Kundig handled the design of the residences, most of which have Hudson River views, as the condo is located right across from Chelsea Piers and the waterfront. As for amenities, they include a 75-foot lap pool, children’s pool, fitness studio, health club, squash court, virtual reality lounge, game room, performance space, and a roof terrace with grilling areas.

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📸 courtesy of

06/21/2022

As predicted, the new development market seems to be stabilizing near its pre-pandemic levels... and that's not a bad thing. Last week's numbers were very similar to the previous week and continue the recent shift towards high-priced homes in Manhattan.

Manhattan reported 35 contracts, Brooklyn 19, and Queens 7.

06/17/2022

Morningside Heights' has nearly doubled its sales pace 🏃 Considered the first luxury condo in the uptown neighborhood, the 182-unit project recently increased its sales velocity from an all-time average of 2.6 sales/month to 4.3 sales/month. Another testament to the condo's success is that its units are closing at a slight increase at a time when discounts are more the norm.

The 33-story building was designed with a modern take on the surrounding neo-Gothic architecture. The interiors have oversized casement windows (to take advantage of the Hudson River and Riverside Church views), oak cabinetry, and marble bathrooms. Amenities include a motor court entrance, 70-foot heated indoor pool, fitness center by The Wright Fit, private gardens, and an outdoor dining terrace.

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06/15/2022

Has the pandemic bubble finally burst? After a yo-yo 2020 and a record-setting 2021, it seems that the NYC new development market may finally be normalizing near its pre-Covid levels. Last week, there were 51 sponsor contracts reported, the fewest since the final holiday weeks of 2020. But to put this in perspective—the average number of weekly contracts for 2019 was not far off at 59.

Despite the 34% decrease in contracts, the aggregate asking price only dropped 8%, and the average contract price of $2.8M was the third-highest of the year. This is evidence of the market's recent shift from lower-priced units in Brooklyn and Queens back to high-end properties in Manhattan.

06/13/2022

Record alert 🚨 This $4.8M Long Island City penthouse is now the most expensive condo ever sold in queens, according to listing agent who put it into contract this month. It steals the top spot from a unit that sold in 2020 for just $3.45M.

Located at the Arris Lofts, the duplex home is the combination of two top-floor units. It has 2,750 square feet of interior space and an unbelievable 2,640 square feet of outdoor space. There are 3 bedrooms, 3.5 baths, a bonus room, and views all the way to the Empire State Building. Bonus bragging rights—it's been featured on TV shows "Master of None," "Elementary," and "Almost Family."

Listed with and Nicholas Lounsbury at

📸 via

06/10/2022

Despite the monthly decline, activity was still 46% higher than in May 2019 (pre-pandemic). Thanks for covering our most recent monthly report !

https://bit.ly/3tsDNz6

Contracts for new development condos declined again in May, with Brooklyn seeing the steepest drop, but activity remains strong compared to 2019.

06/09/2022

Starchitect ' first NYC condo is finally coming to market. One High Line (formerly The XI) launched this week with $2B in inventory.

06/09/2022

Starchitect Bjarke Ingels' first NYC condo is finally coming to market, after seven long years. One High Line (formerly The XI) launched this week with $2B in inventory. According to the already-accepted offering plan, the 235 units will range in price from $2.35M to $65M, with an average asking PPSF of $3,558, though Marketproof will be keeping an eye out for new pricing from developer Witkoff.