Brooklyn New
Development Market Report

2017 4th Quarter


MNS is proud to present the Fourth Quarter 2017 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 2017 (10/01/17 – 12/31/17). All data is summarized on a median basis.

Market Snapshot

Year-Over-Year Median PPSF - up 3.3%
Quarter-Over-Quarter Median PPSF - down 5.7%

Year-Over-Year Median Sales Price - down 19.2%
Quarter-Over-Quarter Median Sales Price - up 3.3%

Brooklyn New Development Sales - up 20.7% from 3Q17
Neighborhood with the Most New Dev Sales - Williamsburg (14.0% of all Brooklyn)

Total New Development Sales Volume - 11.5% to $279.2 Million from $250.5 Million in 3Q17

Highest New Development Sale:
130 Furman S-100, Brooklyn Heights – $5,909,261

Highest New Development Sale PPSF:
51 Jay Street PHF, Dumbo – $2,026/SF

Market summary:

After falling the previous two quarters, total sales volume for Brooklyn sponsor sales increased, from $250,500,992 during 3Q17 to $279,249,205 during 4Q17, an 11.5% improvement. The total number of sponsor sales in Brooklyn during 4Q17 increased by 20.7%, from 184 units during 3Q17 to 222 units. Quarter-over- quarter, median price per square foot decreased by 5.7%, while median sales price increased by 3.3%. Compared to 4Q16, median price per square foot increased by 3.3%, while median sales price decreased by 19.2%.

For the third quarter in a row, the most expensive sponsor unit sale occurred at 130 Furman Street in Brooklyn Heights. Unit S-100 sold for $5,909,261 or $1,535.67 per square foot. The highest price paid per square foot for a sponsor unit during 4Q17 was for unit PHF at 51 Jay Street in DUMBO, which traded for $2,025.63 per square foot or $4,900,000.

This past quarter, the most sponsor unit sales by neighborhood occurred in Williamsburg, where 14% of all sponsor unit sales in Brooklyn took place. This translates to 31 out of the total 222 sponsor units that sold in Brooklyn during 4Q17. The majority of sponsor units sold in Williamsburg came from East Williamsburg, where buildings like 143 Meserole Street and 251 Withers Street dominated sales.

For the first time ever, this report has begun tracking sponsor unit sales in Flatbush. This past quarter, the median price per square foot in Flatbush was $865, while the median sales price was $682,228. Spearheaded by new developments like 2100 Bedford Avenue, a 71-unit eightstory condominium, Flatbush has emerged as a premier destination for owners, investors, renters and developers alike.

Market up-swings:

The largest quarterly up-swing occurred equally in Crown Heights and Park Slope, where the median price per square foot for both areas increased by 10.4%. Each areas median price also simultaneously increased by 11.7% and 12.0%, respectively. In Crown Heights, this was largely due to 92% of the total units sold being that of 2-bedroom units or larger. Similarly, in Park Slope, 90% of the units sold were 2-bedrooms or more, most of which were from 613 Baltic and 251 1st Street.

Market down-swings:

The largest down-swing this quarter occurred in DUMBO, where the median price per square foot decreased by 18.6%, from $2,183 to $1,777. Additionally, the median sales price quarter-over-quarter in DUMBO fell by 39.1%, from $5,908,905 to $3,597,059. This price swing can be explained by the combination of a low quantity of sponsor sales in the area, which often leads to dramatic price swings, together with an increase of smaller sized, and hence, less expensive unit sales compared to last quarter, which consisted solely of 3 and 4 bedroom unit sales in excess of $4-million / $2,100psf.

Market Trends:

During the fourth quarter of 2017, ten studio sponsor units were sold, representing only 5% of all sold sponsor units in Brooklyn. One-bedroom sponsor units were 37% of all sponsor sales, or 82 out of 222 total sold sponsor units. Two-bedroom sponsor units represented an impressive 39% of all sponsor units sold during 4Q17 in Brooklyn, or 86 out of 222 units. Three-bedroom sponsor units comprised 20% of total sponsor units sold in Brooklyn during 4Q17, which translates to 44 out of 222 units.

Neighborhoods where the majority of each unit type was sold in 4Q17:

Studios - Prospect Heights (60%)
One-Bedrooms - Clinton Hill & Williamsburg (21%)
Two-Bedrooms - Bedford-Stuyvesant (15%)
Three Bedroom+ - Greenpoint & 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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