BROOKLYN NEW DEVELOPMENT MARKET REPORT
BROOKLYN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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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.
MEDIAN SALES PRICE
MEDIAN SALES PRICE
BROOKLYN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEV SALES
17.0% of Brooklyn New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$179,056,956 in 3Q20
LARGEST QUARTERLY UP-SWING
PPSF $1,414/SF from $970/SF
Sales Price $2,372,500 from $1,625,000
LARGEST QUARTERLY DOWN-SWING
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
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.
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.
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.
During the fourth quarter of 2020, 20 studio sponsor units were sold, representing 6.31% of all sponsor unit sales in Brooklyn. One-bedroom sponsor units represented 46.37% of all sponsor unit sales during in Brooklyn during 4Q20, or 147 out of 317 total sales. Two-bedroom sponsor units represented 38.80% of all Brooklyn sponsor unit sales, or 123 out of 317 total sales. Three-bedroom or larger sponsor units comprised the remaining 8.52% of Brooklyn sponsor sales that occurred during 4Q20, or 27 out of 317 total sales.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 4Q20
CARROLL GARDENS & WILLIAMSBURG
4Q20 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
4Q20 MEDIAN SALES PRICE BY NEIGHBORHOOD
4Q20 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 4Q20
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