If you blinked, you may have missed the rapid rise in new construction market values east of Sepulveda.
Not quite 4 years ago, we saw the first-ever new home sold in East Manhattan over $4M (on a standard lot).
That was 1320 9th (6br/7ba, 4900 sqft.), what we called a "truly artful execution of a generally standard floorplan on a typical 50'x150' East Manhattan lot." And it didn't just break $4M, it got $4.250M. (See "There's Your First $4M+ Home Sale in East MB," June 2019.)
Several $4M+ sales followed.
Now, $5M+ is getting to be common.
There are now 5 individual sales of new homes east of the highway that have exceeded $5M – all since 2021. But this year, two $5M+ sales were the first with less than 5000 sqft. of living space.
And with that, you're seeing the PPSF for new construction trend toward $1,200/PSF.
The most recent sale is 1436 21st (5br/5ba, 4542 sqft.) (pictured here), which got all of its $5.400M asking price, with only 8 days on market.
The PPSF for 21st of $1,189/PSF does beat out one PPSF champ we had already presented here on the blog, at 1300 11th (5br/5ba, 4007 sqft.). The 11th St. home is a smaller house on a corner at Meadows that sold for $4.700M and very briefly held the record for PPSF for similar new homes at $1,173/PSF.
Heck, it was only March this year when we called attention to that record and said, "That's significantly higher than every PPSF we can find on East Manhattan new construction going back to 2019."
But the title was grabbed soon after 11th St. closed by...
1534 Curtis (5br/7ba, 4689 sqft.), which got $5.600M in an immediate sale in April, good for a PPSF of $1,194/PSF.
That's the current high for both price and PPSF.
On smaller lots, the price and PPSF record are currently held by a 2022 sale of new construction on 2nd St., of all places.
1636 2nd (5br/5ba, 3553 sqft.) got $3.950M almost 2 years ago, in June 2022, with a PPSF of $1,112/PSF.
But now, over on the Meadows side of MB Blvd., 1228 23rd (5br/6ba, 3478 sqft.) is trying to get into the conversation.
They needed just about 2 weeks to find a buyer with an asking price of $3.949M.
The ask amounts to a PPSF of $1,135/PSF, a smidge above the record-holder. Depends where they close.
(1228 23rd is listed by Joseph Nuzzolo, Thompson Team Real Estate, Inc.)
There's no other new construction on the market in East Manhattan right now, although at least one nearly completed home on 6th St. is in escrow.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
