New development in Brooklyn and Queens slowed in 2025 as high interest rates and expensive land made it harder for developers to start new projects. The number of condo units filed in the top ten developments dropped by 36 percent compared to 2024, from 980 to 628. The total projected sellout value for these projects also fell by 34 percent, from $1.4 billion last year to $918 million this year.
A report from Douglas Elliman and Miller Samuel found that Brooklyn’s new development condo inventory declined nearly 25 percent year over year during the third quarter. In Queens, closed sales of new development condos dropped by 55 percent over the same period.
The most valuable filing this year was New Empire Corp’s project at 757 Flatbush Avenue in Flatbush, with a projected sellout of $136.4 million for its 132 units. The eight-story building will include retail and commercial space. Construction began this summer, and the developer secured a $9.2 million refinancing from Pacific National Financing this fall.
Joyland Group and Prospect Developers II ranked second with “The Sixth,” a six-floor, 43-unit building at 127 Kent Avenue in Williamsburg near the waterfront. Corcoran is advertising the project, though units have not yet been listed for sale. Joyland acquired the site for $43.3 million at the end of last year.
Other notable filings included Beechwood Homes’ Lighthouse project at 141 Beach 67th Street in Arverne ($110 million), Aview Equities’ planned development at 23 Ocean Parkway in Windsor Terrace ($109 million), and Avdoo Partners’ building at 110 Boerum Place in Cobble Hill ($100 million).
In Bedford-Stuyvesant, Allure Group is developing condos alongside rental units at DeKalb Avenue with an expected $99 million sellout after securing $155 million in construction financing.
Smaller but high-value projects were also filed, such as Redhoek + Partners’ Onyx Residences on East 1st Street in Gravesend (12 units; $76 million) and several others across Elmhurst, Flushing, and Crown Heights.
The neighborhoods seeing major condo filings shifted further from Manhattan compared to previous years; while trendy areas like Williamsburg dominated last year’s list, this year’s biggest developments are located in places like Flatbush, Arverne, and Windsor Terrace.
