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Mentioned in this Article:
Stephen G. Kliegerman

Stephen G. Kliegerman
President of Development Marketing

Brokers Weekly

New Development Market Surge Underway

Halstead Property Development Marketing announced is has sold out four prominent new developments in the last three months.

Stephen G. Kliegerman, president of Halstead PDM, said the team created “targeted and strategic media campaignsˮ to propel the on-site traffic at each development, producing an influx of deals.

The results included the completion of sales at 58 Metropolitan, 80 Metropolitan, ONE48, and Parkside Flats. “The sales activity over the last several months has been incredible,ˮ said Kliegerman.

“The combination of our work with developers in the pre-planning phase to select finishes and maximize square footage by re-working floor plans, the strategic changes made mid-stream in re-branding and pricing, along with our marketing strategies and dedicated and highly trained on-site sales teams, positioned these developments for rapid sales pace.

“We are very proud of our successes with these projects and are looking forward to launching a new round of developments shortly.”

Halstead is also seeing brisk sales at its existing slate of projects, including 5th on the Park, +aRt, Harlem Sol and Windows on 123 Lofts 5 West in Harlem has contracts out on 77% of its units after only two months on the market; and the team recently launched the first of three townhouse units at Kirkman Lofts in DUMBO, which is also over 90% sold.

The brokerage’s boom signals a renewed strength in the new development market in New York City.

According to the newest report from StreetEasy.com, the median listing price for a new Manhattan condo has risen n 1.1% in the last six months and by 8.7% since a year ago.Overall inventory has dropped by nearly 20 percent, according to the StreetEasy research.

In Brooklyn, contracts have decreased 5.9% since six months ago but have increased 10.3% since last year. Inventory has also declined 33.5% since six months ago and 43.1% since a year ago.

In Queens, the median listing price is now $669,500 which is 5.6% higher than six months ago and 31.5% higher than a year ago. Inventory declined by 24.8% since six months ago and by 8.7% since a year ago.

Wednesday, August 22, 2012