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BROOKLYN NEW DEVELOPMENT MARKET REPORT

Brooklyn infographics

BROOKLYN NEW DEVELOPMENT MARKET REPORT ARCHIVE

TABLE OF CONTENTS

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  1. Intro
  2. Market Snapshot
  3. Neighborhood Price Trends
  4. The Report Explained

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

brooklyn

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

2.14% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEV SALES

CROWN HEIGHTS

14.4% of Brooklyn New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

9.53% to $291,240,667 from $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

brooklyn

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.

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 2Q20

brooklyn

60%

STUDIO

DOWNTOWN BROOKLYN

21%

ONE-BEDROOM

GOWANUS

22%

TWO-BEDROOM

CROWN HEIGHTS

23%

THREE-BEDROOM

CROWN HEIGHTS

MARKET SNAPSHOT

brooklyn

2Q20 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD

BAY RIDGE
BED-STUY
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
BOERUM HILL/ COBBLE HILL
N/A
$954
$1,738
$874
$1,420
$1,161
N/A
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
$1,140
$1,245
N/A
$791
$1,261
$1,182
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
$1,276
$815
$1,431
$1,242
$843
$1,237
brooklyn

2Q20 MEDIAN SALES PRICE BY NEIGHBORHOOD

BAY RIDGE
BED-STUY
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
BOERUM HILL/ COBBLE HILL
N/A
$676,114
$3,900,000
$590,000
$2,050,000
$1,200,000
N/A
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
$1,300,000
$732,500
N/A
$547,500
$1,680,113
$782,072
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
$995,000
$962,620
$2,025,000
$1,575,000
$490,000
$1,012,000
brooklyn

2Q20 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

BAY RIDGE
BED-STUY
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
BOERUM HILL/ COBBLE HILL
0%
11.8%
3.9%
9.2%
1.3%
3.1%
0%
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
14.4%
8.7%
0%
2.6%
1.3%
14.0%
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
7%
1.7%
4.4%
2.2%
0.4%
14.0%
brooklyn

NUMBER OF UNITS SOLD IN 2Q20

BAY RIDGE
BED-STUY
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
BOERUM HILL/ COBBLE HILL
0
27
9
21
3
7
0
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
33
20
0
6
3
32
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
16
4
10
5
1
32
ASTORIA

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.

Can’t find what you’re looking for? Ask MNS for more information at www.mns.com

Contact Us Now: 718.222.0211
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

http://www.mns.com/Brooklyn_new_dev_report

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