Brooklyn New
Development Market Report

4th Quarter 2013


MNS is proud to present the Fourth Quarter 2013 edition of our New Development Market Report.

New Development Sales data, defined as such “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 Fourth Quarter of 2013 (10/01/13 – 12/31/13). All data summarized is on a median basis.

Market Snapshot

Year-Over-Year Median PPSF - up 15.0%
Quarter-Over-Quarter Median PPSF - down 3%

Year-Over-Year Median Sales Price - up 13%
Quarter-Over-Quarter Median Sales Price - up 5%

Brooklyn New Development Sales Inventory - down 66.3% from 3Q13
Neighborhood with the highest inventory - Greenpoint (26% of all Brooklyn)

Total New Development Sales Volume - down 70.2% to $49.7 Million from $166.7 Million in 3Q13

Largest Quarterly Up-Swing: Williamsburg
PPSF $1,012/SF from $709/SF
Sales Price $1,680,112 from $539,672

Largest Quarterly Down-Swing: Prospect Heights
PPSF $694/SF from $704/SF
Sales Price $427,503 from $585,676

Highest New Development Sale:
360 Furman Street Apt. 202 – $ 2,494,712

Highest New Development Sale PPSF:
56 South 3rd Street Apt 1A – $1,060/SF

Market summary:

The total number of New Development Sponsor sales in Brooklyn dipped throughout 4Q13. The following neighborhoods did not account for any New Development sales during this time: Bay Ridge, Bushwick, Carroll Gardens, Fort Greene, Gowanus, Kensington, and Prospect-Lefferts Gardens. The low number of sponsor sales in Brooklyn can be attributed to extremely limited availability for New Development condominiums, a slowdown during the winter buying season, rising interest rates for typical condo buyers in the borough, as well as high sales activity during the previous quarter. With that said there were still notable signs of growth in several submarkets. Median pricing throughout Brooklyn rose by 5% from the previous quarter to $778,961, up from $741,707. Since this time last year, Median Price per Square Foot and Median Sales Price each rose by 15% and 13%, respectively.

Market up-swings:

Over 25% of New Development Sponsor sales in Brooklyn occurred in Greenpoint during 4Q13. Since the previous quarter Median Price per Square Foot jumped 20% to $814, up from $675. Similarly, Median Sales price climbed to $618,198, up 7% from $580,000. As New Development property comes to the Greenpoint waterfront in the coming years it can be expected that demand will remain strong for these product types and price trends will continue to move upward. As Brooklyn’s population continues to expand, the current development planned for the borough should yield positive returns.

Market down-swings:

The overall dollar volume of Sponsor sales in the 4Q13 dropped to $49,748,416, a significant decrease from the previous quarter during which buyers took advantage of new inventory on the market as sales volume surged to $166,787,278. Although overall transactions contracted, the Brooklyn condo market showed strong potential for future growth as limited supply did not meet existing demand.

Sales Volume:

One-Bedrooms and 1500+ SF units represented 31% and 37% of all sales in Brooklyn during 4Q13, respectively. New Development Condominiums in Williamsburg should continue to see high growth margins throughout 2014, where over 450 units are in the pipeline.

The neighborhoods that sold the most amount of 4Q13 new development inventory per unit size:

Studios - Prospect Heights (50%)
One-Bedrooms - Greenpoint (47%)
Two-Bedrooms - Greenpoint / Kensington (36%)
Three-Bedrooms - Williamsburg (22%)

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. Studios are under 700 square feet, one-bedrooms are under 900 square feet, and two-bedrooms are under 1,450 square feet. Added to the report is the over-sized unit type that ranges from 1,500 square feet to 7,000 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 Manhattan 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

CONTACT US NOW: 212.475.9000

Note: All market data is collected and compiled by MNS's 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.

Brooklyn New Development
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