New condos in Brooklyn and Queens, fall 2026: steadier, but not cheaper
After three years of sharp rises, prices across our buildings grew 2.4% in the last twelve months. Where demand is still outrunning supply, and what that means for buyers.
Chloe Laurent
Customer Care Manager
Published
Reading time
2 min read
For buyers, the last three years in Brooklyn and Queens have felt relentless. Prices for new condos in the neighborhoods we build in rose by around a fifth between 2022 and 2025. This year, finally, the pace has slowed. Across the contracts we signed between September 2025 and August 2026, the average price per square foot rose 2.4%, against 7.1% the year before.
That is not the same as prices falling. A two-bedroom condo that sold for around $1.2 million three years ago would now sell for closer to $1.45 million. But it does mean the rush of buyers competing for the same home has mostly gone.
Where demand is still strongest
The tightest part of the market remains the family home. Three-bedroom condos with outdoor space near Prospect Park still draw several buyers in the first week of a release, and most of ours sold at the list price. Supply is the issue: few new buildings include many three-bedroom homes, because they are harder to make work on paper.
One-bedroom homes near the subway are the other pressure point, particularly in Gowanus and Astoria. People moving to New York for work tend to want the same thing in the same places, and many would rather buy than keep renting.
Where buyers have more choice
Larger homes in new towers have become noticeably easier to buy. In Long Island City, where several new buildings finished this year, some sponsors are paying buyers' closing costs or offering credits to close the deal. Penthouses above $3 million are also taking longer to sell than they did.
What this means for buyers
If you are looking now, you have a little more room to negotiate than a year ago, but mostly on terms rather than price. A sponsor will often agree to cover part of the transfer taxes, include a storage unit or offer a credit at closing before it will cut a list price, because a lower price on one home sets a reference for the rest of the building.
Interest rates matter as much as prices. A pre-approval that is a few months old may no longer reflect the rate you can get, so it is worth refreshing before you sign a contract.
What this means for investors
Condos remain the simplest way to buy a home to rent out in New York, since most condo buildings allow renting with far fewer restrictions than a co-op. Rents in both boroughs remain high, but homes priced well above recent sales in the building are sitting, and the cost of a month empty is far higher than the difference in rent.
market, prices, new development
Written by
Chloe Laurent
Customer Care Manager
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