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BROOKLYN NEW DEVELOPMENT MARKET REPORT

Brooklyn infographics

BROOKLYN NEW DEVELOPMENT MARKET REPORT ARCHIVE

TABLE OF CONTENTS

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  1. Intro
  2. Market Snapshot
  3. Neighborhood Price Trends
  4. The Report Explained

INTRODUCTION

MNS IS PROUD TO PRESENT THE THIRD 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 Third Quarter of 2020 (7/01/20 – 9/30/20). All data is summarized on a median basis.

MARKET SNAPSHOT

brooklyn

1.3%

YEAR-OVER-YEAR

MEDIAN PPSF

6.6%

QUARTER-OVER-QUARTER

MEDIAN PPSF

10.7%

YEAR-OVER-YEAR

MEDIAN SALES PRICE

12.6%

QUARTER-OVER-QUARTER

MEDIAN SALES PRICE

BROOKLYN NEW DEVELOPMENT SPONSOR SALES

31.9% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEV SALES

BED-STUY

15.4% of Brooklyn New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

38.5% to $179,056,956 from $291,240,667 in 2Q20

LARGEST QUARTERLY UP-SWING

KENSINGTON

PPSF $936/SF from $815/SF

Sales Price $762,669 from $962,620

LARGEST QUARTERLY DOWN-SWING

FORT GREENE

PPSF $970 from $1,261

Sales Price $1,625,000 from $1,680,113

HIGHEST NEW DEVELOPMENT SALE PPSF

50 Bridge Park Drive 12C $2,117 PPSF

HIGHEST NEW DEVELOPMENT SALE

100 Amity Street 12 $4,797,525

MARKET SNAPSHOT

brooklyn

MARKET SUMMARY

Quarter-over-quarter, total sales volume of Brooklyn sponsor units decreased by 38.52%, from $291,240,667 last quarter to $179,056,956 this past quarter. The total number of sponsor sales decreased by 31.88%, from 229 sales during 2Q20 to 156 this past quarter. Quarter-over-quarter, the median price per square foot for a sold sponsor unit decreased by 6.6%, from $1,161.14 during 2Q20 to $1,084.71 this past quarter, additionally the median price paid for a Brooklyn sponsor unit decreased by 12.6%, from $975,000 during 2Q20 to $851,750 this past quarter. Year-over-year, median price per square foot improved by 1.3% while the median sales price fell by 10.7%.

This past quarter, the highest price paid for a Brooklyn sponsor unit was at 100 Amity Street in Cobble Hill, where unit 12 was sold for $4,797,525 or $1,820.00 per square foot. Additionally, the highest price paid per square foot for a Brooklyn sponsor unit this past quarter was at 50 Bridge Park Drive in Brooklyn Heights, where unit 12C was sold for $3,050,000 or $2,116.59 per square foot.

This past quarter, the largest percentage of Brooklyn Sponsor Sales took place in Bedford-Stuyvesant, where 15.4% of all sponsor sales took place, or 24 out of 156 total sponsor unit sales.

MARKET UP-SWINGS

The largest quarterly up-swing occurred in Kensington, where the median price per square foot increased by 14.8%, from $815 to $936. Additionally, the median sales price in Kensington decreased by 20.8%, from $962,620 to $762,669.

MARKET DOWN-SWINGS

The largest down-swing this quarter occurred in Fort Greene, where the median price per square foot decreased by 23.1%, from $1,261 to $970. Additionally, the median sales price in Fort Greene decreased by 3.3%, from $1,680,113 to $1,625,000.

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 3Q20

brooklyn

33%

STUDIO

DOWNTOWN BROOKLYN & CROWN HEIGHTS

19%

ONE-BEDROOM

GREENPOINT & BED-STUY

18%

TWO-BEDROOM

BUSHWICK

19%

THREE-BEDROOM

PROSPECT HEIGHTS

MARKET SNAPSHOT

brooklyn

3Q20 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD

BAY RIDGE
BED-STUY
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
BOERUM HILL/ COBBLE HILL
N/A
$948
$1,902
$847
$1,556
$1,028
$1,820
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
$1,022
$1,250
N/A
$742
$970
$1,234
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
$1,170
$936
$1,213
$1,167
$846
$1,197
brooklyn

3Q20 MEDIAN SALES PRICE BY NEIGHBORHOOD

BAY RIDGE
BED-STUY
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
BOERUM HILL/ COBBLE HILL
N/A
$803,000
$3,260,275
$740,000
$2,372,154
$691,251
$4,797,525
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
$900,000
$768,600
N/A
$540,000
$1,625,000
$1,244,545
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
$770,000
$762,669
$1,288,102
$2,138,325
$520,000
$1,219,500
brooklyn

3Q20 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

BAY RIDGE
BED-STUY
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
BOERUM HILL/ COBBLE HILL
0%
15.4%
1.3%
12.2%
3.2%
1.9%
0.6%
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
12.2%
3.8%
0%
1.9%
0.6%
11.5%
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
10.3%
1.9%
7.7%
7.1%
1.9%
6.4%
brooklyn

NUMBER OF UNITS SOLD IN 3Q20

BAY RIDGE
BED-STUY
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
BOERUM HILL/ COBBLE HILL
0
24
2
19
5
3
1
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
19
6
0
3
1
18
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
16
3
12
11
3
10
ASTORIA

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.

Can’t find what you’re looking for? Ask MNS for more information at www.mns.com

Contact Us Now: 718.222.0211
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

http://www.mns.com/Brooklyn_new_dev_report

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