Brooklyn New Development Report | MNS is Real Impact Real Estate

Brooklyn New
Development Market Report

1th Quarter 2017


MNS is proud to present the First Quarter 2017 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 2017 (1/01/17 – 3/31/17). All data summarized is on a median basis.

Market Snapshot

Year-Over-Year Median PPSF - up 6.7%
Quarter-Over-Quarter Median PPSF - up 4.07%

Year-Over-Year Median Sales Price - up 80.6%
Quarter-Over-Quarter Median Sales Price - up 27.9%

Brooklyn New Development Sales - up 67.0% from 4Q16
Neighborhood with the Most New Dev Sales - Boerum Hill-Cobble Hill (31.8% of all Brooklyn)

Total New Development Sales Volume - up 73.8% to $511.6 Million from $294.3 Million in 4Q16

Highest New Development Sale:
90 Furman Street N1000, Brooklyn Heights – $10,669,580

Highest New Development Sale PPSF:
90 Furman Street N1000, Brooklyn Heights – $2,548/SF

Market summary:

The Brooklyn sponsor sale market grew this quarter, by 73.8%, from $294,296,115 to $511,568,409. Quantity also increased this quarter. While there were 179 closed sales in the final quarter of 2016, there were 299 closed sales in the first quarter of 2017. Over the last quarter, the median price per square foot increased by 4.1%, from $1,192 to $1,240. Additionally, the median sales price has increased by 28%, from $1,221,900 to $1,563,014. Over the last year, the median price per square foot has increased by 6.7%, from $1,163 per square foot. Over the last year, the median sales price has increased by 80.6%, from $865,258.

This quarter the highest overall sale price, and the highest price per square foot, were the result of the same transaction at 90 Furman Street in Brooklyn Heights. Named the Pierhouse at Brooklyn Bridge Park, this new development contains 106 units. This quarter, a unit sold for $10,669,580, or $2,547.66 per square foot.

For the last two quarters, units in Williamsburg composed the largest proportion of closed sales in the borough. However, this quarter, Boerum Hill-Cobble Hill came in first, with 118 of 299 units, or 32% of closed sales. The Boerum at 265 State Street, a 19 story new development with 128 units, had very high levels of activity this quarter.

Market up-swings:

The largest upswing this quarter occured in Greenpoint, where the median price per square foot increased by 49.6%, from $758 per square foot to $1,135 per square foot. This is due to high levels of activity at 1059 Manhattan Avenue, a newly constructed 23 unit building. This quarter, there were 13 units sold from this building.

Market down-swings:

The largest downswing this quarter occured in Carroll Gardens, where the median price per square foot decreased by 18.5%, from $1,496 to $1,219. This is due to low inventory levels. Carroll Gardens only had one sale this quarter. Despite it’s competitive price per square foot ($1,219), higher quantity and prices last quarter brought that median price per square foot up to levels that could not be matched this quarter. 97 Douglass Street, for instance, had three high priced closings last quarter (all above $2 million.) Nevertheless, there were still only four units sold in Carroll Gardens last quarter.

Market Trends:

There were 13 studios sold, and they composed 4.3% of the borough’s 299 closed sales. 80 one bedroom units sold, and they composed 26.8% of total units sold. Additionally, there were 114 two bedroom units sold. For this reason, at 38.1% of total units, two bedroom units were the most plentiful this quarter of any other unit size. Last, there were 92 three plus bedroom units sold, and they composed 30.8% of total units.

*Neighborhoods where the majority of each unit type was sold in 1Q17:

Studios - Greenpoint - Greenpoint (31%)
One-Bedrooms - Greenpoint (23%)
Two-Bedrooms - Boerum Hill-Cobble Hill (34%)
Three Bedroom+ - Boerum Hill-Cobble (42%)

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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