BROOKLYN NEW DEVELOPMENT MARKET REPORT
BROOKLYN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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MNS IS PROUD TO PRESENT THE THIRD QUARTER 2020 EDITION OF OUR NEW DEVELOPMENT MARKET REPORT.
New Development Sales data, defined as “Arms-Length” first offering transactions where the seller is considered a “Sponsor”, was compiled from the Automated City Register Information System (ACRIS) for sponsor sales that traded during the Third Quarter of 2020 (7/01/20 – 9/30/20). All data is summarized on a median basis.
MEDIAN SALES PRICE
MEDIAN SALES PRICE
BROOKLYN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEV SALES
15.4% of Brooklyn New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$291,240,667 in 2Q20
LARGEST QUARTERLY UP-SWING
PPSF $936/SF from $815/SF
Sales Price $762,669 from $962,620
LARGEST QUARTERLY DOWN-SWING
PPSF $970 from $1,261
Sales Price $1,625,000 from $1,680,113
HIGHEST NEW DEVELOPMENT SALE PPSF
50 Bridge Park Drive 12C $2,117 PPSF
HIGHEST NEW DEVELOPMENT SALE
100 Amity Street 12 $4,797,525
Quarter-over-quarter, total sales volume of Brooklyn sponsor units decreased by 38.52%, from $291,240,667 last quarter to $179,056,956 this past quarter.
The total number of sponsor sales decreased by 31.88%, from 229 sales during 2Q20 to 156 this past quarter. Quarter-over-quarter, the median price per
square foot for a sold sponsor unit decreased by 6.6%, from $1,161.14 during 2Q20 to $1,084.71 this past quarter, additionally the median price paid for a
Brooklyn sponsor unit decreased by 12.6%, from $975,000 during 2Q20 to $851,750 this past quarter. Year-over-year, median price per square foot improved
by 1.3% while the median sales price fell by 10.7%.
This past quarter, the highest price paid for a Brooklyn sponsor unit was at 100 Amity Street in Cobble Hill, where unit 12 was sold for $4,797,525 or $1,820.00 per square foot. Additionally, the highest price paid per square foot for a Brooklyn sponsor unit this past quarter was at 50 Bridge Park Drive in Brooklyn Heights, where unit 12C was sold for $3,050,000 or $2,116.59 per square foot.
This past quarter, the largest percentage of Brooklyn Sponsor Sales took place in Bedford-Stuyvesant, where 15.4% of all sponsor sales took place, or 24 out of 156 total sponsor unit sales.
The largest quarterly up-swing occurred in Kensington, where the median price per square foot increased by 14.8%, from $815 to $936. Additionally, the median sales price in Kensington decreased by 20.8%, from $962,620 to $762,669.
The largest down-swing this quarter occurred in Fort Greene, where the median price per square foot decreased by 23.1%, from $1,261 to $970. Additionally, the median sales price in Fort Greene decreased by 3.3%, from $1,680,113 to $1,625,000.
During the third quarter of 2020, six studio sponsor units were sold, representing 3.85% of all sponsor unit sales in Brooklyn. One-bedroom sponsor units represented 37.82% of all sponsor unit sales during in Brooklyn during 3Q20, or 59 out of 156 total sales. Two-bedroom sponsor units represented 35.26% of all Brooklyn sponsor unit sales, or 55 out of 156 total sales. Three-bedroom or larger sponsor units comprised the remaining 23.08% of Brooklyn sponsor sales that occurred during 3Q20, or 36 out of 156 total sales.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 3Q20
DOWNTOWN BROOKLYN & CROWN HEIGHTS
GREENPOINT & BED-STUY
3Q20 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
3Q20 MEDIAN SALES PRICE BY NEIGHBORHOOD
3Q20 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 3Q20
THE REPORT EXPLAINED
INCLUDED IN THIS RESEARCH ARE WALK-UP AND ELEVATOR NEW DEVELOPMENT CONDOMINIUM BUILDINGS, AS WELL AS NEW CONVERSION CONDOMINIUMS IF THE SALES WERE APPLICABLE SPONSOR TRANSACTIONS. EXCLUDED FROM THE REPORT ARE ALL COOPERATIVE SALES.
Unit types such as studios, one-bedrooms, and two-bedroom units are grouped by square footage ranges. Typically, studios are under 550 square feet, one-bedrooms range from 500-750 square feet, two-bedrooms from 800-1,000 square feet and three-bedrooms+ from 950 square feet to in excess of 1,500 square feet. Presented with a quarter-over quarter and year-over-year comparison, both city-wide and by neighborhood, MNS New Development ReportTM tracks the market trends throughout Brooklyn and Brooklyn. MNS offers a unique insight into the new development market by tracking stalled construction sites on a quarterly basis, a great indicator of where development in general is moving. MNS is your source to find neighborhood price per square foot analysis, average sale prices, unit type sales trends, overall price movement, neighborhood inventory comparisons, and absorption rates.
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Note: All market data is collected and compiled by MNS’ marketing department. The information presented here is intended for instructive purposes only and has been gathered from sources deemed reliable, though it may be subject to errors, omissions, changes or withdrawal without notice.
If you would like to republish this report on the web, please be sure to source it as the “Brooklyn New Development Report” with a link back to its original location