Manhattan saw a modest 4% increase in contracts signed this week compared to the previous week. In contrast, Brooklyn experienced a notable 12% decline in contract activity. This disparity contributed to a decrease in the Elegran | Forbes Global Properties Consumer Sentiment Index, which fell from +17 to +8.

On the supply front, Manhattan’s inventory remained nearly unchanged, maintaining a flat trend for the past five weeks, indicating that supply has peaked for the season. Brooklyn also showed stability in supply, with slight weekly increases over the last four weeks. As we move into the summer months, we can expect a decrease in supply, with a resurgence anticipated after Labor Day when new inventory enters the market for the fall season.

Manhattan Supply

Inventory in Manhattan remained almost unchanged at 7,425 units as 319 new listings hit the market. 

Brooklyn Supply

Inventory in the Brooklyn residential market increased slightly by almost 1% to 3,366 units as 192 new listings came to market.

Manhattan Pending Sales: Pending sales increased by 3% to 3,226 units this week. 

Brooklyn Pending Sales: Pending sales increased by almost 2% to 2,064 units this week.

Manhattan Consumer Sentiment

This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index increased from -10 to -5, as 233 contracts were signed, marking a 4% increase from the previous week and returning to the average level observed this spring. 

Brooklyn Consumer Sentiment

This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index decreased from +88 to +63. A total of 135 contracts were signed, reflecting a 12% decrease from the previous week. In June so far, Brooklyn’s contract activity is lower compared to the same period last year, a surprising development given the robustness of the borough's demand.  

New Development Insights 

Marketproof reported that 44 new development contracts were signed in 30 buildings this week. The following buildings were the top-selling new developments of the week:

- 520 Fifth Avenue (Midtown), One11 Residences (Midtown), The Rockwell (Manhattan Valley), and Tribeca Green (Battery Park City) each reported 3 contracts.

- Skyline Tower (Long Island City) reported 3 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.

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