It was a typical week for the Manhattan and Brooklyn real estate market.

Contract activity and new properties entering the market remained consistent with recent levels.  As such, the Elegran | Forbes Global Properties NYC Consumer Sentiment Index was near parity with the pre-pandemic average, measuring +10 this week. In Manhattan, 239 contracts were signed, representing a 16% increase compared to the previous week, while Brooklyn saw a decrease of 8% with 126 contracts signed.

Although the overall supply of properties for sale in both boroughs continues to rise, the number of new properties entering the market this week was slightly lower. In Manhattan, there was a 15% decrease compared to last week, and in Brooklyn, a 10% decrease.

In the Manhattan rental market, the supply of available units appeared to reach a low point at 2,950 units over the past three weeks. However, it has been increasing for the past two weeks and has now surpassed 3,000 units again this week.

Manhattan Supply

Supply jumped almost 3% to 6,760 units for sale this week as 451 new listings came to market.

Brooklyn Supply

Supply increased by 3% to 3,124 units for sale this week as 240 new listings came to market. 

Manhattan Pending Sales: Pending sales increased by 2% to 2,815 units this week.

Brooklyn Pending Sales: Pending sales increased by almost 2% to 1,809 units this week.

Manhattan Consumer Sentiment

This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index decreased from +2 to -2, as 239 contracts were signed, a 16% increase from last week. Despite the increase in contract activity, the Sentiment Index decreased as the seasonality adjustment changed this week to account for the spring market. 

Brooklyn Consumer Sentiment

This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index decreased from +85 to +51, as 126 contracts were signed, an 8% decrease from last week. 

New Development Insights 

Marketproof reported that 39 new development contracts were signed in 32 buildings this week. The following buildings were the top-selling new developments of the week:

- 30 E 31 (Midtown South) reported 3 contracts

- 659 Baltic St (Park Slope) reported 2 contracts.

If you would like to chat about the most recent market activity, feel free to contact us at info@elegran.com or connect with one of our Advisors.

About Us

Welcome to Elegran | Forbes Global Properties, where our mission is to revolutionize the world of real estate. Founded in 2008 by Michael Rossi, our journey began with an unwavering drive for motivation, innovation, and a genuine care for our clients.

As an independently owned brokerage, we pride ourselves on our elite team of "advisors," offering a personalized touch that goes above and beyond the traditional real estate experience. Armed with robust data insights, we empower our clients to make informed decisions that lead to success.

Distinguished as the exclusive member of the invitation-only Forbes Global Properties network in NYC, Elegran proudly stands at the forefront of excellence. This exclusive partnership broadens our horizons, enabling us to connect buyers, sellers, and investors with extraordinary luxury properties not only in New York City but across the globe.

Our passion lies in turning your real estate dreams into reality, and we are committed to providing exceptional service at every step of the journey.

Are you ready to experience the Elegran difference? Dive into the possibilities at www.elegran.com and embark on an unforgettable real estate adventure with us.