New development sales plummeted 30% in July – Robert Khodadadian

Sales of new condominiums in July evoked the Tom Petty classic “Free Falling” — and it’s developers who are home with broken hearts. New development contract activity plummeted 30 percent last month, dipping below pre-pandemic levels for the first time all year. Developers reported 188 deals across the city, 37 percent fewer than in July 2019, according to a report by Marketproof. “There was one day in July where the contract numbers were so low

Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or “quiet” real estate transactions, allowing buyers and seller to bypass traditional avenues and extraneous expenses of high-profile listings in the New York City area. Development, Home Page, Extell Development, JDS Development Group, Residential Real Estate The Real Deal New York Read More