Skip to content
Friday, October 23, 2026 · Today’s edition, 6:30 a.m. ETFri, Oct 23 · 6:30 a.m. editionSign inMy Desk 0EditionsSign in

Commercial Observer column forecasts more than 30% rise in NYC development site sales

A Chelsea site being marketed by the author's team drew more than 80 offers, with pricing about 15% above the high end of original expectations.

At a glance

  1. The author writes that the figure rests on activity the team is tracking, and the actual statistics are expected shortly.
  2. A Chelsea development site the author's team is marketing drew more than 80 offers, the column says.
  3. The buyer pool is also widening beyond Manhattan's usual developer list, according to the column.

A Commercial Observer column published Oct. 20 projects that New York City development site sales volume will rise more than 30% this year from 2025. The author writes that the figure rests on activity the team is tracking, and the actual statistics are expected shortly.

A Chelsea development site the author's team is marketing drew more than 80 offers, the column says. The author calls that the greatest number of offers the team has seen on a single development site since 2015, and says pricing reached approximately 15% above the high end of its original expectations. The column notes construction costs, financing expenses and regulatory requirements remain challenging.

The buyer pool is also widening beyond Manhattan's usual developer list, according to the column. Established developers from Brooklyn, Queens and the Bronx are looking to complete their first Manhattan projects, bringing capital and, in some cases, different underwriting than the incumbents. The author writes that the most aggressive buyer is not necessarily the obvious one.

Planning department weighs rezonings

The column describes the Department of City Planning as apparently receptive to rezonings, and says that in several situations the additional density the department appears willing to consider has been substantially greater than the team anticipated. On that basis, the author says the team is increasingly advising certain owners not to sell their development sites immediately.

Rezoning is already a live variable in city housing policy: this publication reported in August on a five-year plan for 17,675 Staten Island homes.

Reported by the Deals desk from Commercial Observer. Published . Corrections

Related

Real Estate

Manhattan investment sales fall 27% in Q3 to $2.5B as deal count rises

Avison Young's report puts the borough's annual dollar pace above 2025 but below its 10-year average, with office at nearly half of quarterly volume and REITs taking 36%.

Real Estate

OZ 1.0 investors must recognize deferred gains on Dec. 31, 2026; rollovers generally barred

About 25,000 investors hold more than $100 billion of deferred gains, and unfinished OZ 1.0 projects face new property and funding tests.

Real Estate

New York comptroller's AI scenarios put 25% odds on an investment bust

Savills data show AI tenants signed 8.2 percent of Manhattan's new office leasing in the first half of 2026, up from 0.7 percent in all of 2020.

Real Estate

ORIX buys AMLI Lenox with $83M New York Life loan

The 391-unit tower was 96% occupied and will be renamed Akari Buckhead.

Real Estate

Endeavor buys Carnegie Point in Charlotte for $38.8M

Redline Property Partners sold the 92%-leased, 108,000-square-foot building it bought for $27.8 million in January 2022.

Private Real Estate Dailyfrom Private Wealth Daily

Non-traded REITs, data centers, industrial and manager fundraising. Weekdays at 7:20 a.m. ET.

Free. Weekday mornings. Unsubscribe from any edition in one click.

From other sections