News & Press Contact


Sky-High Demand for Luxury

Since 2007, the average size of new buildings has shrunk by more than half, with an average of 38 units per building this year, compared to 80 units in 2007, according to data from Corcoran Sunshine. While there may be fewer and smaller buildings, the average apartment size in new condo developments has grown by around 23 percent. Perhaps reflecting the rising number of families choosing to stay in New York, the average size apartment now reaches 1,560 square feet, compared with 1,265 square feet in 2007, Corcoran Sunshine data show. “The velocity of sales has been historic,” said Kelly Kennedy Mack, the president of Corcoran Sunshine. “That is because so few properties were introduced to the market over the last couple of years, so there is a lot of pent-up demand.”

Read Article