Brooklyn New
Development Market Report

3rd Quarter 2017


MNS is proud to present the Third Quarter 2017 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 Third Quarter of 2017 (7/01/17 – 9/30/17). All data summarized is on a median basis.

Market Snapshot

Year-Over-Year Median PPSF - up 13.6%
Quarter-Over-Quarter Median PPSF - up 7.81%

Year-Over-Year Median Sales Price - down 6.0%
Quarter-Over-Quarter Median Sales Price - down 3.66%

Brooklyn New Development Sales - up 1.7% from 2Q17
Neighborhood with the Most New Dev Sales - Prospect Heights (25.0% of all Brooklyn)

Total New Development Sales Volume - 12.3% to $250.5 Million from $285.6 Million in 2Q17

Highest New Development Sale:
130 Furman Street S401, Brooklyn Heights – $10,248,025

Highest New Development Sale PPSF:
51 Jay Street PHD, Dumbo – $2,210/SF

Market summary:

For the second quarter in a row, total sales volume for Brooklyn Sponsor sales fell. This time from $285,517,050 in 2Q17 to $250,500,992, or a decrease of 12.3%. This is a continuation of the correction seen in Brooklyn sponsor sales volume from 4Q16-2Q17. The total quantity of sponsor sales in Brooklyn remained stable from 2Q17 to 3Q17, growing by 1.7%, from 181 to 184 total units sold. Quarter-over-quarter, median price per square foot increased by 7.8%, while median sales price fell by 3.7%. Year-over-year, median price per square foot increased by 13.6%, while median sales price fell by 6%.

For the second quarter in a row, the most expensive sale in the Brooklyn sponsor unit sub-market took place at 130 Furman Street in Brooklyn Heights. Unit S401 sold for $10,248,025, or $1,879.08 per square foot. 130 Furman street is a new development that was built in 2015, it contains 106 units. The highest priced unit, as measured by price per square, to sell during 3Q17 was PHD at 51 Jay Street in DUMBO.

This past quarter, the most sponsor unit sales occurred in Prospect Heights, where 25% of all Brooklyn sponsor sales took place. This translates to 46 out of the total 184 sponsor units that sold in 3Q17. The majority of sponsor units sold in Prospect Heights were at 550 Vanderbilt Avenue, a new development built in 2017. 550 Vanderbilt contains 278 units spread across seventeen stories.

Market up-swings:

The largest quarterly up-swing occurred in DUMBO, where the median price per square foot increased by 38.2%, from $1,580 to $2,183. Additionally, the median sales price in DUMBO increased by 68.7%, from $3,503,000 to $5,908,905. This swing is, in large part, due to the low sponsor sale quantity seen in DUMBO, where only three sponsor units were sold, all at 51 Jay Street, a 75-unit seven story new development.

Market down-swings:

The largest down-swing this quarter occurred in Boerum/Cobble Hill, where the median price per square foot decreased by 9.8%, from $1,503 to $1,356. Additionally, the median sales price in this neighborhood fell by 31.6%, from $3,207,488 to $2,193,442. This down swing can be easily explained by the low quantity of sponsor sales in the area, which often leads to price swings.

Market Trends:

In 3Q17, five sponsor studios were sold, representing only 3% of sold sponsor units. One-bedroom sponsor units were an impressive 45% of total sponsor units sold in 3Q17, representing 83 out of 184 sold units. Two-bedrooms comprised 35% of total sponsor unit sales, or 65 out of 184 units. Lastly, three plus bedroom units were 17% of total sales, or 31 units.

*Neighborhoods where the majority of each unit type was sold in 3Q17:

Studios - Prospect Heights (100%)
One-Bedrooms - Prospect Heights (44%)
Two-Bedrooms - Greenpoint (29%)
Three Bedroom+ - Gowanus (24%)

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.

If you would like to republish this report on the web, please be sure to source it as the "Manhattan New Development Report" with a link back to its original location (

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