BROOKLYN NEW DEVELOPMENT MARKET REPORT
BROOKLYN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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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
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
NEIGHBORHOOD WITH THE MOST NEW DEV SALES
WILLIAMSBURG
20.5% of Brooklyn New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$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
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.
MARKET TRENDS
During the first quarter of 2020, seven studio sponsor units were sold, representing 2.99% of all sponsor unit sales in Brooklyn. One-bedroom sponsor units represented 49.57% of all sponsor unit sales during in Brooklyn during 1Q20, or 116 out of 234 total sales. Two-bedroom sponsor units represented 32.05% of all Brooklyn sponsor unit sales, or 75 out of 234 total sales. Three-bedroom or larger sponsor units comprised the remaining 15.38% of Brooklyn sponsor sales that occurred during 1Q20, or 36 out of 234 total sales.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 1Q20
71%
STUDIO
DOWNTOWN BROOKLYN
28%
ONE-BEDROOM
WILLIAMSBURG
17%
TWO-BEDROOM
WILLIAMSBURG
22%
THREE-BEDROOM
PARK SLOPE
MARKET SNAPSHOT
1Q20 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
1Q20 MEDIAN SALES PRICE BY NEIGHBORHOOD
1Q20 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 1Q20
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.
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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
