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New-development sales, and Corcoran, dominate in Hudson Yards

As Manhattan neighborhoods go, Hudson Yards is quite new, having spouted in 2012 on virgin territory constructed over an active rail yard. The first phase of the 28-acre development led by the Related Companies opened only four years ago, in 2019. As a result, more than 95 percent of the neighborhood’s residential deals last year were sponsor sales — and more than 96 percent of that sales volume was handled by the Corcoran Group, which leads the city’s brokerages in new development business. Corcoran booked 64 sponsor sales worth $432 million in the gleaming towers of Hudson Yards. Corcoran Sunshine Marketing Group, the new development-focused arm formed by a 2005 merger by the brokerage, has been a longtime partner with Related at its landmark project. The only other firm marketing new units in the neighborhood was Brown Harris Stevens, which closed six deals for $12.7 million. Those new development sales — plus a smattering of resales — were enough to earn those two brokerages the top slots, with vastly more volume than the firms competing on the basis of resales alone. There were only 22 resales in Hudson Yards last year, and nearly half of those were closed by Compass or Brown Harris Stevens. Compass’ six resales put it in the No. 3 spot with just $4.5 million in volume. After that, for the most part, firms’ places in the ranking depended on the individual price tag of the single resales they closed. To measure brokerages’ success in selling homes in Hudson Yards, The Real Deal tapped into the dataset of 58,000 deals from 2022 in our citywide brokerage ranking, looking specifically at sales in the mammoth mixed-use development atop the MTA’s West Side Yard.

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