Brooklyn New
Development Market Report

2018 1st Quarter


MNS is proud to present the First Quarter 2018 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 2017 (1/01/18 – 3/31/18). All data is summarized on a median basis.

Market Snapshot

Year-Over-Year Median PPSF - up 7.3%
Quarter-Over-Quarter Median PPSF - up 8.2%

Year-Over-Year Median Sales Price - down 27.8%
Quarter-Over-Quarter Median Sales Price - up 14.3%

Brooklyn New Development Sales - down 7.2% from 4Q17
Neighborhood with the Most New Dev Sales - Williamsburg (19.4% of all Brooklyn)

Total New Development Sales Volume - up 2.6% to $286.5 Million from $279.2 Million in 4Q17

Highest New Development Sale:
171 Columbia Heights 5A, Brooklyn Heights – $4,725,000

Highest New Development Sale PPSF:
171 Columbia Heights 7C, Brooklyn Heights – $2,245/SF

Market summary:

For the second quarter in a row, total sales volume for Brooklyn Sponsor sales has increased, from $279,249,205 during 4Q17 to $286,528,419 during 1Q18, a 2.6% quarter-over-quarter increase. The total number of Brooklyn sponsor sales experienced a 7.2% quarter-over-quarter decrease, from 222 individual sales in 4Q17 to 206 individual sales in 1Q18. Quarter-over-quarter, median price per square foot increased by 8.2%, while the median sales price increased by 14.3%. When compared to 1Q17, median price per square foot has increased by 7.3%, while the median sales price has fallen by 27.8%.

This quarter, the most expensive sponsor unit sale occurred at 171 Columbia Heights in Brooklyn Heights. Unit 5A sold for $4,725,000 or $1,953.26 per square foot. The highest price paid per square foot this quarter also occurred by 171 Columbia Heights, where unit 7C sold for $2,244.87 per square foot or $4,060,976.

This quarter, the largest percentage of sponsor sales by neighborhood occurred in Williamsburg, where 19.4% of all Brooklyn 1Q18 sponsor sales took place. This translates to 40 out of the total 206 sponsor unit sales in Brooklyn during 1Q18. The majority of sponsor unit sales in Williamsburg took place in North and South Williamsburg, where buildings like 190 South 1st and 184 Kent Avenue dominated sales.

Market up-swings:

The largest quarterly up-swing occurred in Carroll Gardens, where the median price per square foot increased by 22.2%, from $1,204 to $1,471. Additionally, the median sales price in Carroll Gardens decreased by 33.7%, from $2,361,392 to $1,565,000. This change is indicative of smaller, more-efficiently priced units selling better than their more expensive and larger counterparts.

Market down-swings:

The largest down-swing this quarter occurred in DUMBO, where the median price per square foot decreased by 16.7%, from $1,777 to $1,480. Additionally, the median sales price quarter-over-quarter in DUMBO fell by 25.1%, from $3,597,059 to $2,695,000. This price swing can be explained by the low quantity of sponsor sales in the area, which often leads to dramatic price swings.

Market Trends:

During the first quarter of 2018, eight studio sponsor units were sold, representing 4% of all sponsor unit sales in Brooklyn. One-bedroom sponsor units represented 36% of all sponsor sales, or 74 out of 206 total sales. Two-bedroom sponsor units represented 40% of all sponsor sales during 1Q18, or 83 out of 206 total sales. Three-bedroom or larger sponsor units comprised the remaining 20% of sponsor sales that occurred during 1Q18, or 41 out of 206 total sponsor sales.

Neighborhoods where the majority of each unit type was sold in 1Q18:

Studios - Flatbush & Williamsburg (38%)
One-Bedrooms - Williamsburg (19%)
Two-Bedrooms - Bedford-Stuyvesant (22%)
Three Bedroom+ - Park Slope (20%)

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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