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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 FIRST QUARTER OF 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 First Quarter of 2020 (1/01/20 – 3/31/20). All data is summarized on a median basis.

MARKET SNAPSHOT

brooklyn

0.1%

YEAR-OVER-YEAR

MEDIAN PPSF

4.4%

QUARTER-OVER-QUARTER

MEDIAN PPSF

5.3%

YEAR-OVER-YEAR

MEDIAN SALES PRICE

0.8%

QUARTER-OVER-QUARTER

MEDIAN SALES PRICE

BROOKLYN NEW DEVELOPMENT SPONSOR SALES

21.74% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEV SALES

WILLIAMSBURG

20.5% of Brooklyn New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

16.96% to $265,899,523 from $320,196,069 in 4Q19

LARGEST QUARTERLY UP-SWING

CROWN HEIGHTS

PPSF $1,078/SF from $765/SF

Sales Price $1,218,150 from $622,500

LARGEST QUARTERLY DOWN-SWING

GOWANUS

PPSF $1,014 from $1,095

Sales Price $755,000 from $1,078,000

HIGHEST NEW DEVELOPMENT SALE PPSF

78 Amity Street PHC $2,048 PPSF

HIGHEST NEW DEVELOPMENT SALE

50 Bridge Park Drive 14A $7,250,000

MARKET SNAPSHOT

brooklyn

MARKET SUMMARY

Quarter-over-quarter, total sales volume of Brooklyn sponsor units decreased by 16.96%, from $320,196,069 during 4Q19 to $265,899,523 this past quarter. The total number of sponsor sales decreased by 21.74%, from 299 sales during 4Q19 to 234 sales this past quarter. Quarter-over-quarter, the median price per square foot for a sold sponsor unit fell by 4.4%, from $1,132.58 during 4Q19 to $1,082.86 this past quarter, additionally the median price paid for a Brooklyn sponsor unit fell by 0.8%, from $865,513 during 4Q19 to $858,950 this past quarter. Year-over-year, median price per square foot and median sales price fell by 0.1% and 5.3%, respectively.

This past quarter, the highest price paid for a Brooklyn sponsor unit was at 50 Bridge Park Drive in Brooklyn Heights, where unit 14A was sold for $7,250,000 or $1,958.93 per square foot. The highest price paid per square foot this past quarter was at 78 Amity Street in Cobble Hill, where PHC sold for $3,100,000 or $2,047.56 per square foot.

This past quarter, the largest percentage of Brooklyn Sponsor Sales took place in Williamsburg, where 20.5% of all sponsor sales took place, or 48 out of 234 total sponsor unit sales.

MARKET UP-SWINGS

The largest quarterly up-swing occurred in Crown Heights, where the median price per square foot increased by 40.9%, from $765 to $1,078. Additionally, the median sales price in Crown Heights increased by 95.7%, from $622,500 to $1,218,150.

MARKET DOWN-SWINGS

The largest down-swing this quarter occurred in Gowanus, where the median price per square foot decreased by 7.4%, from $1,095 to $1,014. Additionally, the median sales price in Gowanus decreased by 30.0%, from $1,078,000 to $755,000.

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 1Q20

brooklyn

71%

STUDIO

DOWNTOWN BROOKLYN

28%

ONE-BEDROOM

WILLIAMSBURG

17%

TWO-BEDROOM

WILLIAMSBURG

22%

THREE-BEDROOM

PARK SLOPE

MARKET SNAPSHOT

brooklyn

1Q20 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
$876
$1,824
$856
$1,675
$1,141
$1,795
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
$1,078
$1,312
N/A
$798
$1,269
$1,014
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
$1,217
$942
$1,374
$1,176
$856
$1,174
brooklyn

1Q20 MEDIAN SALES PRICE BY NEIGHBORHOOD

BAY RIDGE
BED-STUY
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
BOERUM HILL/ COBBLE HILL
N/A
$625,067
$3,836,832
$580,000
$1,781,938
$1,260,000
$2,700,000
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
$1,218,150
$997,885
N/A
$570,000
$1,430,000
$755,000
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
$987,950
$937,809
$1,940,000
$1,357,684
$612,000
$921,162
brooklyn

1Q20 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

BAY RIDGE
BED-STUY
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
BOERUM HILL/ COBBLE HILL
0%
18.8%
2.6%
9.8%
1.3%
2.1%
1.3%
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
6.4%
9.0%
0%
3.0%
1.7%
4.7%
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
3.4%
1.7%
6.4%
5.1%
2.1%
20.5%
brooklyn

NUMBER OF UNITS SOLD IN 1Q20

BAY RIDGE
BED-STUY
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
BOERUM HILL/ COBBLE HILL
0
44
6
23
3
5
3
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
15
21
0
7
4
11
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
8
4
15
12
5
48
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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