Billionaires’ Row boom leads new dev to five-month high

March saw a number of blockbuster new development deals amid dwindling inventory.

In total, there were 302 contracts signed in New York City compared to 284 in the same month last year, according to Marketproof’s monthly report.

“It was a nice little uptick,” said Marketproof CTO Ning Zhou of the month’s performance. It was the highest monthly contract total since October of last year, which reported 293 deals.

The luxury market, defined as deals over $4 million, performed particularly well last month, buoyed by six contracts over $20 million at 111 West 57th Street. There were 53 deals signed over $4 million last month.

Sotheby’s International’s Nikki Field took over sales last summer to sell the final 27 units in the 59-unit tower, developed by JDS Development and Property Markets Group.

The building is down to its last 10 units, according to Field, who said the luxury market has only been strengthened by wealthy buyers with cash looking to park their money into a relatively stable asset — New York City real estate.

“They’re going to gravitate to areas like New York that have proven over and over and over again that they can withstand whatever the world hits them with,” she said.

The Billionaires’ Row tower formerly had 60 units up for sale, but Field last week unveiled a $110-million quadplex that combined the top two penthouses.

It was a good month for the former 111 West 57th Sales team as well — Corcoran’s Kane Manera, along with Janet Wang and Corcoran Sunshine Marketing Group, inked a $53 million contract at Central Park Tower, the second highest contract of the month.

In total, Manhattan saw 157 contracts signed compared to 143 last year. The median sale price was $2.65 million, and the median price per square foot was $1,918.

Those numbers continue to be juiced by Glacier Equities and InterVest Capital Partners’ project at 720 West End Avenue, which reported 16 deals last month. The 131-unit building, which launched sales last year with Corcoran Sunshine, has been batch reporting its contracts, leading to slightly inflated numbers for 2025.

Units are priced between $1 million and more than $12 million at the Thomas Juul-Hansen-designed building.

The Yard Condominium, a 16-unit new development by B&P Development at 355 West 39th Street, launched sales this month, but Marketproof’s Kael Goodman said in a statement that “Manhattan’s limited new inventory is raising growing concerns.”

Buyers signed 115 deals in Brooklyn, up from 104 last year. The median sale price was $1.27 million and the median price per square foot was $1,526.

A 22-unit condo at 65 Eckford Street led the borough with 15 contracts priced between roughly $1 million and $2 million. Serhant’s Vladi Team and Serhant New Development launched sales for the building in January.

The borough added 149 units to the market across 15 projects.

In Queens, 30 contracts were signed in March, down from 37 reported the same time last year. The median sale price was $790,000, and the median price per square foot was $1,270.

The Mona, a 14-unit development in Astoria, led the borough with seven contracts priced between $700,000 and $1.3 million. Nest Seekers International launches sales in January.

Skyhill Tower, a new development in Elmhurst, added 93 units of inventory to Queens with its sales launch in March.