BROOKLYN NEW DEVELOPMENT MARKET REPORT
BROOKLYN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THE SECOND 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 Second Quarter of 2020 (4/01/20 – 6/30/20). All data is summarized on a median basis.
MARKET SNAPSHOT
1.3%
YEAR-OVER-YEAR
MEDIAN PPSF
7.2%
QUARTER-OVER-QUARTER
MEDIAN PPSF
0.5%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
13.5%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
BROOKLYN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEV SALES
CROWN HEIGHTS
14.4% of Brooklyn New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$265,899,523 in 1Q20
LARGEST QUARTERLY UP-SWING
GOWANUS
PPSF $1,182/SF from $1,014/SF
Sales Price $782,072 from $755,000
LARGEST QUARTERLY DOWN-SWING
CARROLL GARDENS
PPSF $1,420 from $1,675
Sales Price $2,050,000 from $1,781,938
HIGHEST NEW DEVELOPMENT SALE PPSF
50 Bridge Park Drive PH1A $2,731 PPSF
HIGHEST NEW DEVELOPMENT SALE
50 Bridge Park Drive PH1A $20,301,000
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, total sales volume of Brooklyn sponsor units increased by 9.53%, from $265,899,523 during 1Q20 to $291,240,667 this past quarter. The total number of sponsor sales decreased by 2.14%, from 234 sales during 1Q20 to 229 sales this past quarter. Quarter-over-quarter, the median price per square foot for a sold sponsor unit increased by 7.2%, from $1,082.86 during 1Q20 to $1,161.14 this past quarter, additionally the median price paid for a Brooklyn sponsor unit increased by 13.5%, from $858,950 during 1Q20 to $975,000 this past quarter. Year-over-year, median price per square foot improved by 1.3% while the median sales price fell by 0.5%.
This past quarter, the highest price paid for a Brooklyn sponsor unit was at 50 Bridge Park Drive in Brooklyn Heights, where PH1A was sold for $20,301,000 or $2,731.20 per square foot. This was also the highest price paid per square foot for a sponsor unit during 2Q20.
This past quarter, the largest percentage of Brooklyn Sponsor Sales took place in Crown Heights, where 14.4% of all sponsor sales took place, or 33 out of 229 total sponsor unit sales.
MARKET UP-SWINGS
The largest quarterly up-swing occurred in Gowanus, where the median price per square foot increased by 16.6%, from $1,014 to $1,182. Additionally, the median sales price in Gowanus increased by 3.6%, from $755,000 to $782,072.
MARKET DOWN-SWINGS
The largest down-swing this quarter occurred in Carroll Gardens, where the median price per square foot decreased by 15.2%, from $1,675 to $1,420. Additionally, the median sales price in Carroll Gardens increased by 15.0%, from $1,781,938 to $2,050,000.
MARKET TRENDS
During the second quarter of 2020, fifteen studio sponsor units were sold, representing 6.55% of all sponsor unit sales in Brooklyn. One-bedroom sponsor units represented 33.62% of all sponsor unit sales during in Brooklyn during 2Q20, or 77 out of 229 total sales. Two-bedroom sponsor units represented 41.05% of all Brooklyn sponsor unit sales, or 94 out of 229 total sales. Three-bedroom or larger sponsor units comprised the remaining 18.78% of Brooklyn sponsor sales that occurred during 2Q20, or 43 out of 229 total sales.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 2Q20
60%
STUDIO
DOWNTOWN BROOKLYN
21%
ONE-BEDROOM
GOWANUS
22%
TWO-BEDROOM
CROWN HEIGHTS
23%
THREE-BEDROOM
CROWN HEIGHTS
MARKET SNAPSHOT
2Q20 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
2Q20 MEDIAN SALES PRICE BY NEIGHBORHOOD
2Q20 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 2Q20
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
