In Manhattan, New Development Above $10M Surges

The data is in, and the numbers prove that in Q2, the top-end of the market continued to thrive. Half of the total dollar value for new development contracts signed in Manhattan in Q2 2026 came from sales of units priced at $10 million or more, according to the Brown Harris Stevens Development Marketing Research & Advisory Division’s Quarterly New Development Analysis of Manhattan and Brooklyn and reported in The Real Deal.

A whopping 38 new development contracts signed in Q2 which had last asking prices of $10 million or more, significantly above the 10-year average of 21 new development contracts signed.

There were 311 new development contracts signed (Realized Demand) in Manhattan, down 14 percent from Q2 2025 and down 17 percent from the 10-year average; yet, the total contract-signed sales volume for new development based on the last asking price was $1.5 billion*, higher than its 10-year average of $1.4 billion, in large part due to robust sales priced $10 million and up.

“New inventory, real supply, signed contracts, and sales volume all declined this past quarter. While elevated interest rates, economic uncertainty, and local policy changes, including the recently enacted pied-à-terre tax, continue to weigh on the market, the data also reinforces a clear trend: well-located, high-quality new developments that are priced appropriately continue to outperform, generating strong buyer interest and selling at a healthy pace,” said Robin Schneiderman, Managing Director, BHSDM.

To read more about the findings for both Manhattan and Brooklyn, head to The Real Deal or reach out to [email protected].

*(Contracts Signed, Realized Demand, and Sales Volume do not take into account unreported deals at 80 Clarkson Street, so Q2 2026 totals are likely even higher than the numbers reported.)