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Brooklyn New
Development Market Report
2019 2nd Quarter
Introduction
MNS is proud to present the Second Quarter 2019 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 2019 (4/01/19 – 6/30/19). All data is summarized on a median basis.
Market summary:
Quarter-over-quarter, the total sales volume of Brooklyn sponsor units increased by 142.4%, from $183,154,467 during 1Q19 to $444,016.987 this past quarter. The total number of sponsor sales increased by 115.6%, from 160 sales during 1Q19 to 345 sales this past quarter. Quarter-over-quarter, the median price per square foot increased by 5.7%, from $1,083.65 during 1Q19 to $1,145.83 this past quarter. Median sales price also experienced a quarter-over-quarter increase, improving by 8.0%, from $907,000 during 1Q19 to $980,000 this past quarter. Year-over-year, median price per square foot is down 7.3%, while median sales price is down 1.8%.
This past quarter, the highest price paid for a Brooklyn sponsor unit was at 325 Pacific Street, where Townhome 1 was sold for $6,400,000 or $1,091.59 per square foot. The highest price paid per square foot was for unit PHB at 78 Amity Street, which sold for $3,362,500 or $2,057.83 per square foot.
This past quarter, the largest percentage of Brooklyn Sponsor Sales was in Williamsburg, where 23.5% of all sponsor sales took place, or 81 out of 345 total sponsor unit sales.
Market up-swings:
The largest quarterly up-swing occurred in Boerum Hill/Cobble Hill, where the median price per square foot increased by 18.5%, from $1,339 to $1,587. Additionally, the median sales price in Boerum Hill/Cobble Hill increased by 31.4%, from $1,750,000 to $2,300,000.
Market down-swings:
The largest down-swing this quarter occurred in Brooklyn Heights, where the median price per square foot decreased by 21.9%, from $1,592 to $1,243. Additionally, the median sales price in Brooklyn Heights decreased by 1.5%, from $4,513,960 to $4,447,925.
Market Trends:
During the second quarter of 2019, fourteen studio sponsor units were sold, representing 4.06% of all sponsor unit sales in Brooklyn. One-bedroom sponsor units represented 37.39% of all sponsor unit sales during in Brooklyn during 2Q19, or 129 out of 345 total sales. Two-bedroom sponsor units represented 39.42% of all Brooklyn sponsor unit sales, or 136 out of 345 total sales. Three-bedroom or larger sponsor units comprised the remaining 19.13% of Brooklyn sponsor sales that occurred during 2Q19, or 66 out of 345 total sales.
Neighborhoods where the majority of each unit type was sold in 2Q19:
Studios - Kensington (36%)
One-Bedrooms - Williamsburg (34%)
Two-Bedrooms - Greenpoint (19%)
Three Bedrooms+ - Boerum Hill - Cobble Hill (29%)
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 are separated into studios, one-bedrooms, two-bedrooms and three-bedrooms+. Square footages are reported in accordance with the building’s filed condo declaration. 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 Report™ 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 www.mns.com.
Contact Us Now: 718.222.0211
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 (http://www.mns.com/brooklyn_new_dev_report).
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