Brooklyn New Development Report | MNS is Real Impact Real Estate



Brooklyn New
Development Market Report

1st Quarter 2016


MNS is proud to present the First Quarter 2016 edition of our New Development Market Report.

New Development Sales data, defined as such “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 2016 (01/01/16 – 3/31/16). All data summarized is on a median basis.

Market Snapshot

Year-Over-Year Median PPSF - up 2.6%
Quarter-Over-Quarter Median PPSF - up 4.98%

Year-Over-Year Median Sales Price - down 11%
Quarter-Over-Quarter Median Sales Price - down 12.16%

Brooklyn New Development Sales - down 29.4% from 4Q15
Neighborhood with the Most New Dev Sales - Crown Heights & Williamsburg (40% each of all Brooklyn)

Total New Development Sales Volume - down 38.8% to $90.4 Million from $147.5 Million in 4Q15

Highest New Development Sale:
212 North 9th Street, PHA + PHC, Williamsburg – $3,113,104

Highest New Development Sale PPSF:
229 Sackett Street, Unit 4, Cobble Hill – $1,577.46/SF

Market summary:

Brooklyn’s sponsor sale market activities fell this quarter, with the number of sponsor sales decreasing by 29.4% from 119 units sold in 4Q15 to 84 units sold in 1Q16, and total sales volume decreasing by 38.76% from $147,558,299 to $ $90,369,473. From a pricing standpoint, median price per square foot grew by 4.98% - from $1,107.38 in 4Q15 to $1,162.51 in 1Q16, as median sales price declined by 12.16% - from $985,000 in 4Q15 to $865,258 in 1Q16.

Greenpoint/East Williamsburg saw the most sponsor sales activity this quarter, with 34 closings, making up 40.48% of the total sales activity for the borough. Meanwhile, the following neighborhoods did not account for any Sponsor Sales this quarter; Bay Ridge, Brooklyn Heights, Carroll Gardens, DUMBO, Fort Greene, Gowanus, Kensington, Prospect-Lefferts Gardens.

The highest sale price was observed in Williamsburg at 212 North 9th Street which combined Penthouse A and C into a single unit, at $3,113,104. Cobble Hill saw the highest price per square foot at $1,577.46 in Apt 4 at 229 Sackett Street, where a 4-unit multifamily was converted into condos.

Market up-swings:

Park Slope saw the highest growth in median price per square foot and median sales price this quarter, increasing by 19.3%, from $1064 in 4Q15 to $1270 in 1Q16 and 60%, from $962,500 in 4Q15 to $1,540,104 in 1Q16. These increases were the result of only 2 units closing this quarter in 2 converted multi-families at 312 12th Street and 192 15th Street. Not far behind, was Williamsburg which saw a 11.3% increase in price per square foot and 47.6% increase in sales price. Despite having 3 of its 8 recorded sales coming from a converted 4 unit multifamily with large loft apartments, and hence a lower price per square foot, Williamsburg median prices remained strong as we saw a few closings at the 33 unit building at 212 N 9th street in excess of $1400psf and between $979,750 and $3,113,104.

Market down-swings:

Bushwick experienced the largest decreases this quarter, decreasing by 20.9% in price per square foot, from $977 in 4Q15 to $838 in 1Q16. Median Sales price in Bushwick also fell at a rate of 49% from $754,951 in 4Q15 to $510,000 in 1Q16. Both of these decreases were largely the result of 83.3% of the sales being from Studio and One Bedroom units, namely from 1094 Madison Street.

Market Trends:

This quarter we saw a balance between sales amongst smaller and larger sized apartments; as Studios made up 11.90% of sales, One Bedrooms 40.48%, 2 Bedrooms 23.81% and 3 Bedrooms+ also 23.81%. We also saw a decrease in the number of sponsor sales this quarter, which highlights the fact that new construction condo inventory is currently limited

*The neighborhoods that sold the most amount of 1Q16 new development inventory per unit size:

Studios - Bedford-Stuyvesant (40%)
One-Bedrooms - Greenpoint (71%)
Two-Bedrooms - Greenpoint (50%)
1,500 + SF - Boerum Hill & Cobble Hill (35%)

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.

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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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