Evolving Skylines: Manhattan’s New Development Market | Boroughs & Burbs Ep. 125

In this episode, John Engel and Roberto Cabrera are joined by Stephen Kliegerman and Jason Thomas of Brown Harris Stevens Development Marketing to dissect the Q4 2023 Manhattan New Development Market Report and uncover what’s really happening in NYC’s most watched market segment.

The conversation unpacks the key takeaways:

• Median PPSF rose 2.7% QoQ (but dipped 0.5% YoY), signaling demand for certain high-quality developments despite mixed economic signals.

• Median sales price climbed 1.9% QoQ and 7.8% YoY, underscoring sustained appetite for premium product.

• Sponsor sales fell 29.3% and total sales volume dropped 38.9%—indicating a cooling in transaction velocity, even as pricing holds.

• The Upper West Side captured 20.14% of all new development sales, while Midtown East surged in PPSF and pricing, and the Upper East Side saw notable softening.

• A headline transaction: a Central Park Tower residence closed at $18M ($5,374 PPSF), reinforcing the continued strength of Manhattan’s luxury tier.

Stephen and Jason go beyond the numbers—exploring what these shifts mean for developers, investors, and end users in 2024, and how the pipeline of new product could reshape Manhattan’s skyline.

Watch on YouTube: https://www.youtube.com/watch?v=K9X9cTQZGVc
Episode page: https://www.boroughsandburbs.com/e/boroughs-burbs-125-new-development/

Links & Social
Guests:
• Stephen Kliegerman — Bio • LinkedIn: https://www.linkedin.com/in/stephen-kliegerman-8180589
• Jason Thomas — BHS Development Marketing • LinkedIn: https://www.linkedin.com/in/jason-thomas-05008b1b3/

Hosts:
• John Engel — IG: https://www.instagram.com/jengel199/ • LinkedIn: https://www.linkedin.com/in/jengel/
• Roberto Cabrera — IG: https://www.instagram.com/rcabrera1/ • LinkedIn: https://www.linkedin.com/in/roberto-cabrera-4619845/

Related Episodes 

• Real Estate Staging | Ep. 129

• ADUs: The Perfect Housing Solution? | Ep. 130

Keywords:
#Manhattan #NYC #newdevelopment #CentralParkTower #UpperWestSide #UpperEastSide #MidtownEast #BrownHarrisStevens #realestatemarket #boroughsandburbs #DouglasElliman #JohnEngel #TheEngelTeam #BillionairesRow