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 FOURTH 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 Fourth Quarter of 2020 (10/01/20 – 12/31/20). All data is summarized on a median basis.

MARKET SNAPSHOT

brooklyn

8.4%

YEAR-OVER-YEAR

MEDIAN PPSF

13.2%

QUARTER-OVER-QUARTER

MEDIAN PPSF

6.5%

YEAR-OVER-YEAR

MEDIAN SALES PRICE

8.2%

QUARTER-OVER-QUARTER

MEDIAN SALES PRICE

BROOKLYN NEW DEVELOPMENT SPONSOR SALES

103.2% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEV SALES

DOWNTOWN BROOKLYN

17.0% of Brooklyn New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

93.7% to $346,851,050 from $179,056,956 in 3Q20

LARGEST QUARTERLY UP-SWING

FORT GREENE

PPSF $1,414/SF from $970/SF

Sales Price $2,372,500 from $1,625,000

LARGEST QUARTERLY DOWN-SWING

BROOKLYN HEIGHTS

PPSF $1,402 from $1,902

Sales Price $2,080,000 from $3,260,275

HIGHEST NEW DEVELOPMENT SALE PPSF

207 North 5th Street A $1,952 PPSF

HIGHEST NEW DEVELOPMENT SALE

155 Noble Street 2 $3,775,000

MARKET SNAPSHOT

brooklyn

MARKET SUMMARY

Quarter-over-quarter, total sales volume of Brooklyn sponsor units increased by 93.71%, from $179,056,956 during 3Q20, to $346,851,050 this past quarter. The total number of sponsor sales increased by 103.21%, from 156 during 3Q20 to 317 sales this past quarter. Quarter-over-quarter, the median price per square foot for a sold sponsor unit increased by 13.2%, from $1,084.71 during 3Q20 to $1,227.53 this past quarter. In that same span, the median price paid for a Brooklyn sponsor unit increased by 8.2%, from $851,750 to $921,516. Year-over-year, median price per square foot improved by 8.4% while the median sales price increased by 6.5%.

This past quarter, the highest price paid for a Brooklyn sponsor unit was at 155 Noble Street in Greenpoint, where unit 2 was sold for $3,775,000 or $1,492.00 per square foot. The highest price paid per square foot for a Brooklyn sponsor unit this past quarter was at 207 North 5th Street in Williamsburg, where unit A sold for $3,500,00 or $1,952.00 per square foot.

This past quarter, the largest percentage of Brooklyn Sponsor Sales took place in Downtown Brooklyn, where 17.0% of all sponsor sales took place, or 54 out of 317 total sponsor unit sales.

MARKET UP-SWINGS

The largest quarterly up-swing occurred in Fort Greene, where the median price per square foot increased by 45.7%, from $970 to $1,414. Additionally, the median sales price in Fort Greene increased by 46.0%, from $1,625,000 to $2,372,500.

MARKET DOWN-SWINGS

The largest down-swing this quarter occurred in Brooklyn Heights, where the median price per square foot decreased by 26.3%, from $1,902 to $1,402. Additionally, the median sales price in Brooklyn Heights decreased by 36.2%, from $3,260,275 to $2,080,000.

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 4Q20

brooklyn

35%

STUDIO

DOWNTOWN BROOKLYN

18%

ONE-BEDROOM

DOWNTOWN BROOKLYN

17%

TWO-BEDROOM

BEDFORD-STUYVESANT

15%

THREE-BEDROOM

CARROLL GARDENS & WILLIAMSBURG

MARKET SNAPSHOT

brooklyn

4Q20 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
N/A
$942
$1,358
$1,402
$901
$1,474
$996
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
$1,056
$1,328
$1,593
$720
$1,414
$1,129
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
$1,097
$976
$1,333
$1,471
$870
$1,258
brooklyn

4Q20 MEDIAN SALES PRICE BY NEIGHBORHOOD

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
N/A
$809,017
$1,350,000
$2,080,000
$545,000
$2,448,500
$1,418,750
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
$930,000
$983,806
$990,000
$740,000
$2,372,500
$745,000
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
$892,500
$795,762
$1,097,678
$1,492,609
$505,514
$1,185,000
brooklyn

4Q20 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
0%
15.8%
6.3%
2.2%
10.7%
1.6%
2.5%
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
2.8%
17.0%
8.2%
0.9%
0.6%
3.5%
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
6.9%
0.3%
4.4%
0.6%
1.3%
14.2%
brooklyn

NUMBER OF UNITS SOLD IN 4Q20

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
0
50
20
7
34
5
8
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
9
54
26
3
2
11
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
2
1
14
2
4
45
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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