The Penthouse Deal That Kept NYC’s New Dev Afloat in August

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August was a slow month for new development, save for one huge deal in the West Village.

The city recorded 201 contracts, down almost 22 percent from the prior year and 9 percent from July, according to a Marketproof report.

That didn’t slow down deal volume, which rose 13 percent from last month to $597 million, but

aided by the contract for a penthouse at 140 Jane Street, which asked $87.5 million. The top three deals last month alone accounted for over 20 percent of the total volume in August.

The main culprit driving what appears to be the otherwise lackluster month is a major project that has yet to report a single contract.

The 112-unit development from Atlas Capital and Zeckendorf at 80 Clarkson Street has yet to report a contract, despite sources telling The Real Deal that sales have been going well at the building.

“I have an asterisk next to all our numbers because the number one building in the city is not reporting,” said Marketproof CEO Kael Goodman. “It’s starting to get a little annoying.”

“I think that’s a big piece of the story,” said Brown Harris Stevens Development Marketing’s Jason Thomas on 80 Clarkson’s impact on available market data. “All of a sudden, August doesn’t look that slow.”

But there are a number of other factors likely weighing down new development’s performance, Thomas added, including a lack of new inventory, buyers expecting mortgage rates to fall on the heels of the Federal Reserve cutting interest rates in September, and the uncertainty swirling in the upcoming mayoral race.

In August, only 27 new sponsor units launched, all across five projects in Brooklyn.

“There’s not a lot of new things coming out, especially Manhattan, and people may be waiting,” Thomas said. “They’ve seen what’s out there and they’re not buyers for it.”

The luxury sector was one of the few slices of the market that ticked up in August, notching 31 contracts compared to 23 last year.

The headline deal was for the penthouse at Aurora Capital Associates and William Gottlieb Real Estate’s 140 Jane Street, where all but one of its 15 units have gone under contract since a Corcoran Sunshine Marketing Group team led by Tara King-Brown launched sales last summer.

In Manhattan, there were 86 contracts signed last month, down from 123 last year. The median sale price was $2.9 million and the median price per square foot was nearly $2,240.

The borough’s top-selling building last month was The Greenwich at 125 Greenwich Street in the Financial District, which began closing on its first residences at the end of June. In August, the building reported eight contracts signed from $1.3 million to $3.3 million.

A Douglas Elliman Development Marketing led by Stacey Spielman is heading sales at the 272-unit tower. The building has reported 37 residences sold, with another 18 under contract, according to Marketproof.

All quiet in the outer boroughs

It was a similar story in Brooklyn, where the borough saw 88 contracts, down from 109 last August. The median sale price was $1.4 million and the median price per square foot was nearly $1,450.

The top-selling project last month was Kingsdel Real Estate’s Calvert House in Prospect Lefferts Garden. The 49-unit development launched sales in June with a Corcoran Sunshine Marketing Group team and the Henderson Mulready Team.

Last month, the development reported six contracts between $460,000 and $960,000. The project also includes a second 10-unit boutique building called the Calvert Villas.

Queens showed a small uptick, with 27 contracts signed in August compared to 25 last year. The median sale price was $1.1 million and the median PPSF was $1,510.

Century Development Group’s Vesta development has led the borough in signed contracts every month since launching sales in April. In August, the 115-unit project reported 11 contracts between $765,000 and $1.6 million.

Serhant’s Kayla Lee and Serhant New Development Marketing are leading sales.