New York condo presale market, 2026

Manhattan signed 240 new condo contracts in Q3 2026, down 27%, while 768 new units launch in Q4, the most since 2014, at about $2,070 per square foot. No unit can be advertised before the Attorney General accepts the offering plan, and the plan cannot go effective until 15% of units are under contract.

Updated 20 October 2026 · Compiled by TERAMOK Research · Reviewed by Kirill Samarits, Founder and CEO · Every figure links to its source

240

Manhattan new condo contracts, Q3 2026 (down 27%)

Commercial Observer, 7 Oct 2026 (Brown Harris Stevens Development Marketing data)

~$2,070

average closed price per sq ft, Manhattan new development, Q3 2026

CRE Daily, 7 Oct 2026 (citing The Real Deal)

768

units expected to launch in Manhattan in Q4 2026

Commercial Observer, 7 Oct 2026 (Brown Harris Stevens Development Marketing data)

15%

of units under contract before an offering plan can go effective

13 NYCRR 20.3 (NY Department of Law regulation)

Condo projects selling now

Named for-sale projects selling or launching in 2025 and 2026, from public reporting. Figures are as reported on the date shown in the source.

New York presale market 2026: named for-sale projects
Project	Area	Developer	Units	Pricing and status	Source
80 Clarkson Street	West Village	Zeckendorf and Atlas Capital	113	From $6.755M; first 22 contracts disclosed May 2026	The Real Deal, 6 Jul 2026
The Strathmore, 400 E 84th St	Upper East Side	Related Companies	n/a	38 contracts in Q2 2026, average ask over $1,700/sq ft	The Real Deal, 6 Jul 2026
The Emmet Building, 95 Madison Ave	NoMad	n/a	n/a	28 contracts in Q3 2026, average ask $2,036/sq ft	CRE Daily, 7 Oct 2026 (citing The Real Deal)
155 West 68th Street	Upper West Side	n/a	324	15 contracts in Q3 2026, average ask $1,402/sq ft	CRE Daily, 7 Oct 2026 (citing The Real Deal)
250 West 96th Street	Upper West Side	n/a	130	About two-thirds sold; 13 contracts in Q3 2026	CRE Daily, 7 Oct 2026 (citing The Real Deal)
One Domino Square	Williamsburg, Brooklyn	Two Trees Management	160	More than 128 closed or in contract, over $360M in sales	New York Real Estate Journal, 8 Sep 2026
Front & York	DUMBO, Brooklyn	n/a	400	More than 80% sold; 11 contracts in Q3 2026	CRE Daily, 7 Oct 2026 (citing The Real Deal)
The Morgan, 38 E 35th St	Murray Hill	Continuum and Aksoy Holding	137	Available $1.49M to $4.045M	CityRealty, 1 Oct 2026
Loggia NoMad, 842 Sixth Ave	NoMad	Pro-H Development	94	Asking $1.1M to $4.35M; launching fall 2026	CityRealty, 1 Oct 2026
430 West 37th Street	Midtown West	ZD Jasper Realty	128	Anticipated $1.15M to $5.25M; pre-launch	CityRealty, 1 Oct 2026
175 East 82nd Street	Yorkville	Douglaston Development	73	Anticipated $3M to $40M; sales launching	CityRealty, 1 Oct 2026

How fast new condos are selling

Manhattan: 240 new condo contracts in Q3 2026, down 27% from 331 and 34% below the ten-year Q3 average of 362. Year to date: 938 contracts, down 13%.
Commercial Observer, 7 Oct 2026 (Brown Harris Stevens Development Marketing data)
Manhattan supply: 3,027 units on the market against a ten-year average of 4,209, with a pipeline of 3,796 units, up 40%. Another 768 units in 20 buildings are expected to launch in Q4 2026.
Commercial Observer, 7 Oct 2026 (Brown Harris Stevens Development Marketing data)
Brooklyn: 198 new development contracts in Q3 2026, down 21%; year-to-date sales volume $1.2B, down 8%; pipeline 2,139 units.
Commercial Observer, 7 Oct 2026 (Brown Harris Stevens Development Marketing data)
Queens: new development contracts fell by more than half in Q2 2026, to 40.
The Real Deal, 6 Jul 2026
Luxury carried the spring: Manhattan contracts at $10M and above rose to 38 in Q2 2026 from 22, half of all dollar volume.
The Real Deal, 6 Jul 2026
About 1,000 unsold units sit in four Manhattan projects launched four or more years ago, which is why new launches compete on product and marketing, not scarcity.
CRE Daily, 7 Oct 2026 (citing The Real Deal)
Looking ahead, new condo launches in Manhattan and parts of Brooklyn and Queens are projected to fall 11% through 2029 as developers favour rentals.
Bloomberg Tax, 2026 (Corcoran Sunshine 2026 Pipeline report)

What new condos cost

Manhattan new development averaged $2,131 per sq ft at closing in Q2 2026, up from $2,053 a year earlier, and about $2,070 in Q3 2026.
The Real Deal, 6 Jul 2026
Across all five boroughs, the 2025 median new development contract was $1,663,672, down 5%, at a median $1,721 per sq ft, up 2%.
Marketproof NYC new development report, year-end 2025
Most of the condos still to come will be luxury product at $2,400 per sq ft or more, per Corcoran Sunshine's 2026 pipeline report.
CityRealty, 1 Oct 2026
Brooklyn and Queens new development price per square foot for 2026 is not published in the sources we checked.
Not published

Deposits, and the law that protects them

Market practice is a 10% deposit at contract signing.
Brick Underground
The offering plan must state the deposit. It cannot be less than the lower of $1,000 or 10% of the price, and anything above 10% must be disclosed as a special risk.
13 NYCRR 20.3 (NY Department of Law regulation)
Every deposit is held under a written escrow agreement, placed in escrow within five business days, in an interest-bearing account with the interest credited to the buyer.
13 NYCRR 20.3 (NY Department of Law regulation)
Deposits remain the buyer's money, held in trust, never mixed with the sponsor's funds, and returned in full if the sale does not close. A buyer cannot waive this.
NY General Business Law 352-h
If the buyer is not told the deposit was placed in escrow within 15 business days, the buyer may rescind within 90 days.
13 NYCRR 20.3 (NY Department of Law regulation)

What a sponsor must file before selling

No offer, advertisement or sale of a condo unit may be made in or from New York until the offering plan is filed with the Department of Law and the Attorney General issues a letter confirming the filing. The AG must answer within 30 days with that letter or a deficiency notice.
NY General Business Law 352-e
The plan cannot be declared effective until bona fide buyers have signed for at least 15% of the units offered. Contracts with the sponsor, selling agent or their principals do not count, and neither do contracts still inside a rescission period.
13 NYCRR 20.3 (NY Department of Law regulation)
Once 80% of units are under contract, the plan must be declared effective. If the sponsor abandons the plan first, every buyer is refunded in full with interest.
13 NYCRR 20.3 (NY Department of Law regulation)
The plan must also disclose whether construction financing is committed and any minimum number of contracts the lender requires.
13 NYCRR 20.3 (NY Department of Law regulation)
Buyers can rescind if the first closing slips 12 months or more, if the budget rises 25% or more, or if a financing commitment lapses before closing.
13 NYCRR 20.3 (NY Department of Law regulation)

What lenders require

For a buyer's mortgage to be eligible for Fannie Mae, at least 50% of units in a new project, or the current phase, must be sold or under contract to owner-occupants or second-home buyers.
Fannie Mae Selling Guide B4-2.2-02, 5 Aug 2026
Construction lenders set their own presale conditions deal by deal, and the plan must disclose them. We found no current published survey of New York construction-loan presale levels, so we do not quote one.
13 NYCRR 20.3 (NY Department of Law regulation)

Who is buying

New York State drew about 7% of all foreign-buyer purchases in the US between April 2024 and March 2025, and foreign buyers nationally paid cash in 47% of purchases.
NAR International Transactions report, 2025
From 1 July 2026, non-primary residences valued at $1M or more by the city pay an annual pied-a-terre surcharge, which matters for second-home and international buyers of new condos.
Steptoe, 2026
The share of foreign, investor and end-user buyers in New York new development is not published in the sources we checked.
Not published

What presale marketing costs and converts, from our own campaigns

TERAMOK has not yet published a New York campaign. These are dated results from our presale work in other markets, with clients under NDA, so New York developers can benchmark a launch before the plan is accepted.

Leads to reservations

180 qualified leads produced 22 of 48 units reserved before groundbreaking, about 12% of leads reserving

Chicago building

Cost of first leads

104 leads on roughly $1,000 of first-month ad spend

44-unit Miami project

Cost per qualified lead at scale

411 leads a month at $72 per qualified lead

Mixed-use development in Europe, 2026

In New York, no advertising can run before the AG filing letter, so the work that can start early is positioning, brand, film and the website, ready to switch on the day the plan is accepted. See published results and pricing.

Questions developers and buyers ask

How many units must be sold before a New York condo offering plan goes effective?

At least 15% of the units offered must be under contract to bona fide buyers. Contracts with the sponsor, selling agent or their principals do not count. Once 80% are under contract, the plan must be declared effective (13 NYCRR 20.3).

Is my deposit on a New York preconstruction condo safe?

Yes, by law. Deposits remain the buyer's money, held in trust in a separate escrow account (GBL 352-h and 352-e), placed within five business days in an interest-bearing account, with interest credited to the buyer (13 NYCRR 20.3).

How much deposit do New York developers ask for?

Usually 10% at contract signing. The regulation sets a floor of the lower of $1,000 or 10%, and any deposit above 10% must be disclosed in the plan as a special risk.

Can a developer market a New York condo before the Attorney General accepts the plan?

No. No offer, advertisement or sale can be made until the Attorney General issues a letter confirming the plan has been filed (GBL 352-e). Brand, film and website work can be prepared in advance and launched on acceptance.

Can I back out of a New York preconstruction condo contract?

Only where the plan or the regulation gives the right: for example a delay of 12 months or more in the first closing, a budget increase of 25% or more, a lapsed financing commitment, or a rescission period the sponsor offers.

What do new condos in Manhattan cost per square foot in 2026?

About $2,131 per square foot at closing in Q2 2026 and about $2,070 in Q3 2026 (Brown Harris Stevens Development Marketing). Most upcoming product is priced at $2,400 per square foot or more.

Are New York new development sales slowing in 2026?

Yes in volume: Manhattan contracts fell 27% year over year in Q3 2026 to 240, and Brooklyn fell 21% to 198, while 768 new Manhattan units are expected to launch in Q4 2026.

What presale level do lenders require for a New York condo?

For buyers' mortgages to be Fannie Mae eligible, 50% of units in the project or phase must be sold to owner-occupants or second-home buyers. Construction-loan presale conditions vary by deal and must be disclosed in the offering plan.

Sources and method

Compiled on 20 October 2026 from statutes, lender guides, market reports and established local press, each named next to the figure it supports. We publish only figures with a named source; where nothing current is published we say so rather than estimate. TERAMOK campaign figures are our own, from clients under NDA. Free to cite with a link to this page. Corrections: info@teramok.us.

Not yet published anywhere we checked: Not published in the sources we checked: Corcoran Sunshine's quarterly figures (client-only), 2026 Brooklyn and Queens price per square foot, current construction-lender presale levels, and the buyer mix of New York new development.

Planning a presale launch?

We build the presale system around these rules: positioning, film, the launch website and paid media, measured against reservation milestones.

Book a strategy call Presale budget calculator