Updated: April 2012

Download in PDF for a more readable, printer-friendly option

Table of Contents:

1. Introduction
2. Market Snapshot
3. Neighborhood Price Trends
   • Harlem
   • Upper West Side
   • Upper East Side
   • Midtown West
   • Midtown East
   • Murray Hill
   • Chelsea
   • Gramercy Park
   • Greenwich Village
   • East Village
   • SoHo
   • Lower East Side
   • TriBeCa
   • Financial District
   • Battery Park City
4. The Report Explained

Introduction

MNS is proud to present the First Quarter 2012 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 2012 (01/01/12 – 03/31/12). All data summarized is on a median basis. This report also includes quarterly tracking graphs over a nine-quarter look back and will continue to track the trends going forward.

Market Snapshot

Year-Over-Year Median PPSF – down 1%
Quarter-Over-Quarter Median PPSF – down 6%

Year-Over-Year Median Sales Price – down 38%
Quarter-Over-Quarter Median Sales Price – down 33%

Manhattan New Development Sales Inventory - down 35 % from last quarter.

Total New Development Sales Volume – down 44% to $375M from $670M in 4Q11

Neighborhood with the Most New Dev Sales: Gramercy (21% of Manhattan New Development Sales)

Largest Quarterly Up-Swing: Upper East Side
PPSF: $1,427/SF from $1,377/SF
Sales Price: $2.71M from $1.49M

Largest Quarterly Down-Swing: Murray Hill
PPSF: $1,267 from $1,596
Sales Price: $1.17M from $1.96M

Highest New Development Sale:
Laureate - 2150 Broadway – #11ABC - $17,066,000

Highest New Development Sale PPSF:
77 Reade St - PHD - $3,972

Market summary:

Although pricing from last quarter is down 33%, it is evident from price per square foot numbers that the market value is still holding steady. What happened this quarter is a major inventory shift in new development sales in Manhattan. A median price of $990K begs the question not of why, but of what.

Last quarter, 37% of the inventory sold was studios and one-bedrooms and this quarter the smaller units accounted for 50% of the inventory. This shift brought median pricing down under $1M from $1.5M last quarter, but a median price per foot of $1,220 (2011 average was $1,235/SF) shows that value is steady, and yet 10% higher than 2010 average of $1,100/SF.

Year-over-year Manhattan new development condominium sales numbers are down 1% (versus up 14% last quarter) on a price per square foot basis ($1,220/SF this quarter versus $1,236/SF in 1Q11). Sales prices are down 38% ($990K this quarter versus just under $1.59M in 1Q11).

Market up-swings:

Due to one $9M sale in the 8-Unit boutique condo at 350 West Broadway, SoHo’s off the chart pricing this quarter might be what the NYTimes referred to as a “Blip”. The real upswings can be found downtown, where the condo-hotel market dominated FiDi this quarter and pushed the median price per square foot up to $1,274/ SF from $922/SF last quarter. 60% of the market downtown sales came from Setai, W, and The Hyatt.

Midtown West, which includes the midtown Setai on 5th Ave with a median sales price of $1,730/SF, also had a great showing from 13 closings at The Sheffield at a median sales price of $1,610/SF.

The only new development product on Upper East Side was from 1212 Fifth Ave, and the duplexes at 949 Park Ave. However, strong demand in the long established neighborhood increased its year-over-year median price per square foot 7% to $1,427/SF and its median sales price to $2.7M.

Market down-swings:

On the downside, price per square foot moved on average $90/SF, indicating many stable neighborhood sales prices. Chelsea lost a little luster this quarter with a 4Q11 median of $1,296/SF (vs $1,409/SF in 3Q11). Just 11 sponsor units closed this quarter. Absorption of the 63 units on the market listed at a median of $1,390 is estimated to be about 15 months.

Inventory analysis:

Manhattan new development sales inventory numbers are down 35% from last quarter, and this quarter’s total sales volume was just $375M, almost cutting the volume in half from last quarter.

Last quarter, 20% of new development sales were $3M-$4M apartments on the Upper West Side. This quarter, 20% of new development sales were in Gramercy at the condo One48 with a median price of $750K. In addition, 15% of new development sales were in Harlem so this dramatic shift in inventory is what caused the 33% drop in median sales price.

In tracking the neighborhoods that sold the most amount of 4Q11 new development inventory per unit size:

Studios - Gramercy (63%)
One Bedrooms - Harlem (20%)
Two Bedrooms - Harlem (23%)
Three Bedrooms (1500 +) - Upper West Side (36%)

Market Snapshot

Updated: April 2012

Download in PDF for a more readable, printer-friendly option

Table of Contents:

1. Introduction
2. Market Snapshot
3. Neighborhood Price Trends
   • Bay Ridge
   • Bed-Stuy
   • Brooklyn Heights
   • Boerum-Cobble Hill
   • Bushwick
   • Carroll Gardens
   • Clinton Hill
   • Crown Heights
   • Downtown Brooklyn
   • Fort Greene
   • Gowanus
   • Greenpoint
   • Kensington
   • Park Slope
   • Prospect Heights
   • Prospect Lefferts Gardens
   • Williamsburg
4. The Report Explained

Introduction

MNS is proud to present the First Quarter 2012 edition of our New Development Market ReportTM. 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 2012 (01/01/12 – 03/31/12). All data summarized is on a median basis. We also included quarterly tracking graphs over a nine quarter look back (1Q10) and will continue to track the trends going forward.

Market Snapshot

Year-Over-Year Median PPSF – up 14%
Quarter-Over-Quarter Median PPSF – up 2%

Year-Over-Year Median Sales Price – up 9%
Quarter-Over-Quarter Median Sales Price – down 1%

Brooklyn New Development Sales Inventory - down 47% from last quarter.
Neighborhood with the Highest Inventory – Williamsburg (37% of all Brooklyn)

Total New Development Sales Volume – down 38% to $91M from $148M in 4Q11

Largest Quarterly Up-Swing: Downtown Brooklyn
PPSF: $716/SF from $622/SF
Sales Price: $805K from $563K

Largest Quarterly Down-Swing: Boerum-Cobble Hill
PPSF: $578/SF from $682/SF
Sales Price: $487K from $1.44M

Highest New Development Sale Price:
Love Lane Mews - 9 College Place #4D - $3,327,613

Highest New Development Sale Price per Foot:
EDGE North PH2F = $1,135/SF

Market summary:

In Brooklyn, it is not surprising that the first quarter of 2012 was straining for inventory. Even though there was a 47% drop in sales numbers from last quarter and a 75% slash from last year, we are still seeing extremely steady pricing across the borough. Some internal neighborhoods have been volatile in their median numbers, which is really a reflection on inventory and the sales analyzed, as opposed to the market overall.

Year-over-year Brooklyn new development condominium sales price per foot numbers are up 14% ($637/SF this quarter versus $559/SF in 1Q11), and median sales prices are up 9% ($538K this quarter versus $494K in 1Q11).

Compared to last quarter 4Q11, Brooklyn new development price per square foot median numbers are up a smidge to $637 from $622 but median sales prices are down 1%, to $538K from $543K.

Market up-swings:

Downtown Brooklyn’s median sales numbers this quarter have almost doubled from a year ago and price per foot in this area has soared to over $700/SF. One-bedrooms downtown sold for $550,000, while two-bedrooms sold for over $800,000. Most of the product comes from the high floor condos at the Toren where sales activity has picked up due to lack of competition.

This quarter, DUMBO emerged from a 4 quarter new development hiatus at the same price per square foot from 1Q11, just shy of $800/SF. A few closings at Kirkman Lofts and 192 Water Street pushed the neighborhood to a much higher median sales price of $900K up from $680K in 1Q11.

With the start of closings from Love Lane Mews, Brooklyn Heights finally surpassed the $1M median sales price number after 2 years of hovering just under 7 figures. The Mews had the highest sales price of the quarter in the borough, selling the condo’s largest apartment for $3,327,613.

Williamsburg inched up another 5% this quarter to $782/SF (from $746/SF last quarter) and is up $110/SF from 1Q11 where the median was $672/SF. EDGE, which represented 50% of the number of sales in the neighborhood and $20M of the $32M sold this quarter, boosted the neighborhood up 17% with its median of $890/SF.

Market down-swings:

Except for a few sales at Northpoint Towers and The Pencil Factory, the median for Greenpoint this quarter barely grazed $400,000. Although there was steady pricing on a per foot basis at $637/SF, 50% of the sales in the neighborhood were studio sizes with a median sales price of $350,000. These sales brought Greenpoint’s median price per foot down 11% from last quarter.

With just a sprinkling of new development closings in Fort Greene, this quarter’s $530,000 median sale price is down almost $200,000 (27%) from a peak in 2Q11. The median price per foot however, is up 13% this quarter to $649/SF from $577/SF, showing signs of strength and desirability in the neighborhood. On the market now are 19 units at the boutique condo, Fino122. At $645/SF and high-demand three-bedrooms priced at a median price of $850,000, we will look towards those closings to boost the neighborhood well over its peak.

Inventory analysis:

It’s the same story of emaciated condo-inventory from last quarter. But the lack of competition has helped to keep prices holding steady. On the market median prices are $650,000 and a median asking price per foot of $708/SF. With high demand and little supply comes minimal negotiating, so we might expect to see next quarter’s sales prices to be about 15-20% higher than this quarter.

The first quarter of 2012 brought 47% less sponsor sales to Brooklyn’s city registry, compared to 4Q11. Williamsburg still has the highest percentage of all Brooklyn new development sales at 37%, followed by Brooklyn Heights at 11% and Bed-Stuy at 10%. MNS exclusives alone represented $40M of the $90M total new development sales volume in the neighborhoods analyzed.

The neighborhoods that sold the most amount of 4Q11 new development inventory per unit size:

Studios - Williamsburg (56%)
One-Bedrooms - Williamsburg (31%)
Two-Bedrooms - Williamsburg (35%)
Three-Bedrooms (1500+) - Brooklyn Heights (37%)

Market Snapshot

Updated: January 2012

Download in PDF for a more readable, printer-friendly option

Table of Contents:

1. Introduction
2. Market Snapshot
3. Neighborhood Price Trends
   • Harlem
   • Upper West Side
   • Upper East Side
   • Midtown West
   • Midtown East
   • Murray Hill
   • Chelsea
   • Gramercy Park
   • Greenwich Village
   • East Village
   • SoHo
   • Lower East Side
   • TriBeCa
   • Financial District
   • Battery Park City
4. The Report Explained

Introduction

MNS is proud to present the Fourth Quarter 2011 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 Fourth Quarter of 2011 (10/01/11 – 12/31/11). All data summarized is on a median basis. This month also includes quarterly tracking graphs over an eight quarter look back and will continue to track the trends going forward.

Market Snapshot

Year Over Year Median PPSF - up 14%
Quarter Over Quarter Median PPSF - up 4%

Year Over Year Median Sales Price - up 18%
Quarter Over Quarter Median Sales Price - down 3%

Manhattan New Development sales inventory - down 33% from last quarter.
Neighborhood with the most New Dev Sales: Upper West Side (18% of Manhattan New Development Sales)

Total New Development Sales Volume – down 14% to $675 Million from $790 Million in 3Q11

Largest quarterly up-swing: Murray Hill
PPSF: $1,596/SF from $1,029/SF
Sales Price: $1.86M from $998K

Largest quarterly down-swing: East Village
PPSF: $1,042 from $1,168
Sales Price: $468K from $870K

Highest New Development Sale:
471 Washington St - PH Combo - $17,055,687

Market summary:

Overall, 2011 was a dramatic year for New Development Sales compared to 2010. Sales numbers are up from an annual 2010 median of $1.2M and $1,099/SF to $1.5M and $1,235/SF for 2011.

Year-over-Year Manhattan New Development Condominium sales numbers are up 14% (versus 8% last year) on a price per square foot basis ($1,296/SF this quarter versus $1,113/SF in 4Q10). Sales prices are up 18% ($1.487M this quarter versus just under $1.224M in 4Q10).

Compared to last quarter 3Q11, Manhattan New Development price per square foot median numbers are up 4% to $1,296/SF from $1,243/SF but median sales prices are down 3% to $1.48M from $1.53M.

Market up-swings:

Where it’s up, it was really up. Overall, price per square foot moved on average $250/SF this quarter. Huge jumps in median price per foot occurred this quarter in neighborhoods including Upper West Side at $1,680/SF, Midtown West at $1,461/SF and Murray Hill at $1,596/SF. Downtown jumps were in Greenwich Village at $ 3,072/SF and Tribeca at $1,817/SF.

The tributes to these large numbers for 4Q11:

Market down-swings:

On the downside, price per square foot moved on average $90/SF, indicating many stable neighborhood sales prices. Chelsea lost a little luster this quarter with a 4Q11 median of $1,296/SF (vs $1,409/SF in 3Q11). Just 11 sponsor units closed this quarter. Absorption of the 63 units on the market listed at a median of $1,390 is estimated to be about 15 months.

Inventory analysis:

The fourth quarter of 2011 brought 32% less sponsor sales to the city registry, compared to last quarter, but again this quarter, the Upper West Side had the most new development sales with 18% of Manhattan’s inventory. Combined Harlem, Upper East, Upper West and Midtown West had 59% of all new development sales this quarter.

FiDi’s new development sales were down 56%, but the steady increase in pricing is a sign of strength and establishment in the neighborhood. Third quarter’s median pricing was $870/SF versus the fourth quarter’s $922/SF. On the market inventory with at least 130 units split between condos at 99 John and 75 Wall and the condo-hotels of Setai and the W should keep this neighborhood active for years.

In tracking the neighborhoods that sold the most amount of 4Q11 new development inventory per unit size:

Studios - Harlem (29%)
One Bedrooms - Midtown West (25%)
Two Bedrooms - Harlem (17%)
Three Bedrooms (1500 +) - Upper West Side (43%)

Market Snapshot

Updated: January 2012

Download in PDF for a more readable, printer-friendly option

Table of Contents:

1. Introduction
2. Market Snapshot
3. Neighborhood Price Trends
   • Bay Ridge
   • Bed-Stuy
   • Brooklyn Heights
   • Boerum-Cobble Hill
   • Bushwick
   • Carroll Gardens
   • Clinton Hill
   • Crown Heights
   • Downtown Brooklyn
   • Fort Greene
   • Gowanus
   • Greenpoint
   • Kensington
   • Park Slope
   • Prospect Heights
   • Prospect Lefferts Gardens
   • Williamsburg
4. The Report Explained

Introduction

MNS is proud to present the Fourth Quarter 2011 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 Fourth Quarter of 2011 (10/01/11 – 12/31/11). All data summarized is on a median basis. This month also includes quarterly tracking graphs over an eight quarter look back (1Q10) and will continue to track the trends going forward.

Market Snapshot

Year Over Year Median PPSF - up 8%
Quarter Over Quarter Median PPSF - up 7%

Year Over Year Median Sales Price - up 15%
Quarter Over Quarter Median Sales Price - down 6%

Brooklyn New Development sales inventory - down 36% from last quarter.
Neighborhood with the most inventory - Williamsburg (25% of all Brooklyn)

Total New Development Sales Volume – down 35% to $148 Million from $230 Million in 3Q11

Largest quarterly up-swing: Brooklyn Heights
PPSF: $944/SF from $724/SF
Sales Price: $890K from $738K

Largest quarterly down-swing: Prospect Heights
PPSF: $718/SF from $938/SF
Sales Price: $845K from $1.17M

Highest New Development Sale:
One Brooklyn Bridge - 360 Furman Street #205 - $3,650,867

Market summary:

In Brooklyn, 2011 has faired better than 2010, with a peak median sales price in the third quarter at $575K, and a strong finish in the fourth quarter with a high median sales price per foot of $622/SF.

Year-over-Year Brooklyn New Development Condominium sales price per foot numbers are up 8% ($622/SF this quarter versus $574/SF in 4Q10), and median sales prices are up 15% ($542K this quarter versus $471K in 4Q10).

Compared to last quarter 3Q11, Brooklyn New Development price per square foot median numbers are up 7% but median sales prices are down 6%, to $542K from $575K.

Market up-swings:

Park Slope has remained steady during 2010 and into 2011, but the neighborhood has trended up the last three quarters, finishing the year at a median sales price of $630K. The 15 closings at 400 5th Ave had a median price per foot of $692/SF, boosting the neighborhood up 4% this quarter, as did sales at the lovely TBHC (The Brooklyn Home Company) at $955/SF.

Where in Brooklyn can you sell for over $1,000SF? Certainly in Williamsburg! In 4Q11, Edge had the highest price per square foot closing at $1,142/SF and also had 5 other closings over $1,000/SF. 2 Northside Piers had one PH closing at $1,073/SF. With 34% of the Williamsburg market, Edge has continued to absorb at a median of $863/SF this quarter, versus the $746/SF in the rest of the neighborhood.

Brooklyn Heights tends to also fetch high price per foot numbers, and this quarter closed 9 units at One Brooklyn Bridge Park at a median of $944/SF, a jump of 30% from 3Q11.

The tributes to these large numbers for 4Q11:

Market down-swings:

There’s been a huge slump in the Prospect Heights market since On Prospect Park stalled again, but when the remaining 20% comes back online, it may be a potential decline from its peak 2Q11 pricing of $1,000/SF. Whereas in 3Q11, there were 3 closings at a median of $938/SF, in 4Q11 there was only one at $822/SF.

This quarter’s closings for Crown Heights below $400/SF did not do the neighborhood justice, considering that the units on the market are asking a median price per foot of $565/SF. There’s about 5 months of inventory left, so we’ll look to 2012 to push this neighborhood back to its 2Q11 peak of $571/SF.

Inventory analysis:

Overall, the Borough is really suffering from condo-inventory. Brooklyn could easily absorb what is has on the market in about 3-6 months, putting serious pressure on pricing and housing options. However, of what is on the market, 50% of the inventory is one-bedrooms, and one-bedrooms have been absorbing at about half the pace of the other unit types. Two-bedrooms are the fastest to trade, about 30 a month last quarter.

The fourth quarter of 2011 brought 35% less sponsor sales to Brooklyn’s city registry, compared to 3Q11, the same decrease we saw from the second to the third quarters. Williamsburg still has the highest percentage of all Brooklyn New Development Sales.

In tracking the neighborhoods that sold the most amount of 4Q11 new development inventory per unit size, Williamsburg dominates in every category:

Studios - Williamsburg (34%)
One Bedrooms - Williamsburg (23%)
Two Bedrooms - Williamsburg (18%)
Three Bedrooms (1500 +) - Williamsburg (27%)

Market Snapshot

Updated: 3Q11

Download in PDF for a more readable, printer-friendly option

Table of Contents:

1. Introduction
2. Market Snapshot
3. Neighborhood Price Trends
   • Harlem
   • Upper West Side
   • Upper East Side
   • Midtown West
   • Midtown East
   • Murray Hill
   • Chelsea
   • Gramercy Park
   • Greenwich Village
   • East Village
   • SoHo
   • Lower East Side
   • TriBeCa
   • Financial District
   • Battery Park City
4. The Report Explained

Introduction

MNS is proud to present the Third Quarter 2011 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 Third Quarter of 2011 (07/01/11 - 09/30/11). All data summarized is on a median basis. This month also includes
quarterly tracking graphs over a seven quarter look back (1Q10) and will continue to track the trends going forward.

Market Snapshot

Year Over Year Median PPSF - up 8%
Quarter Over Quarter Median PPSF - up 4%

Year Over Year Median Sales Price - up 10%
Quarter Over Quarter Median Sales Price - up 3%

Manhattan New Development sales inventory - down 18% from last quarter.
Neighborhood with the most inventory: Upper West Side (20%)

Largest quarterly up-swing: Chelsea
PPSF: $1,409/SF from $1,142/SF
Sales Price: $1.58M from $1.17M

Largest quarterly down-swing: Lower East Side
PPSF: $940 from $980
Sales Price: $995K from $1.62M

Highest New Development Sale:
Metal Shutter Houses - 524 W 19 ST, # PH - $11,455,313

Market up-swings:

Overall, 2011 has faired better than 2010, with the biggest change occurring at the beginning of the year, a jump of 10% for median sales price per foot from $1,113/SF to $1,236/SF between 4Q10 and 1Q11.

Year-over-Year Manhattan New Development Condominium sales numbers are up 8% on a price per square foot basis ($1,243/SF this quarter versus $1,099/SF in 3Q10). Sales prices are up 10% ($1.5M this quarter versus just under $1.2M in 3Q10).

Compared to last quarter 2Q11, Manhattan New Development price per square foot median numbers are up 4% and median sales prices are up 3%.

Market up-swings:

This quarter was a story of multi-million dollar sales. The highest of those were sales at The Laureate on the Upper West Side at about $2,000/SF and a median sales price of $5M. Units started to close in August at prices starting at $3.1M up to $8.5M. But grounding the neighborhood prices back down to a median of $1,396/SF, were closings at the Aldyn, The Rushmore, and The Apthorp.

Closings at 15 Union Square West, Tribeca’s Sky Lofts and Soho Mews featured million dollar sales medians in their respective neighborhoods, a combined median of $3.5M for all three trophy buildings.

Sales at The Cammeyer and the Manhattan House this quarter are keeping Flatiron and the Upper East Side at a steady $1,450/SF and about a $2M median sales price.

Market down-swings:

The Lower East Side is a moving target when it comes to New Developments, and because so little inventory comes out in this neighborhood, just one development can shift this neighborhood dramatically. Sales from 115 Norfolk were over $1200/SF, but 17 Orchard brought the neighborhood down to $940.

Midtown-West is trending down as well, with the median sales price of $923,000 this quarter (versus $990,000 last quarter and last year). The New Development sales in this neighborhood, including Sheffied 57, Griffin Court and The Dillon, are off about 10% from their asking prices.

Inventory analysis:

The third quarter of 2011 brought 18% less sponsor sales to the city registry, compared to last quarter, but a major shift occurred from the lower part of Manhattan to the upper part. FiDi had the most sponsor sales in 2Q11, and this quarter 20% of the borough’s new development sales were in the Upper West Side.

Gramercy doubled its New Development presence with 25 closings from Tempo, at an appropriate neighborhood median of $1200/SF, while Murray Hill is disappearing from the New Development market as 303 E 33rd sells out this quarter at $1,029/SF.

In tracking the neighborhoods that sold the most amount of 3Q11 new development inventory per unit size:

FiDi - 18% of all studios
Upper West Side – 21% of all one bedrooms
Harlem – 20% of all two bedrooms
Upper West Side - 43% of all three bedrooms (1500+SF)

Market Snapshot

Updated: 3Q11

Download in PDF for a more readable, printer-friendly option

Table of Contents:

1. Introduction
2. Market Snaphot
3. Neighborhood Price Trends
   • Bay Ridge
   • Bed-Stuy
   • Brooklyn Heights
   • Bushwick
   • Boerum-Cobble Hill
   • Park Slope
   • Carroll Gardens
   • Clinton Hill
   • Crown Heights
   • Fort Greene
   • Greenpoint
   • Downtown Brooklyn
   • Gowanus
   • Kensington
   • Prospect Heights
   • Prospect Lefferts Gardens
   • Williamsburg
4. The Report Explained

Introduction

MNS is proud to present the Third Quarter 2011 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 Third Quarter of 2011 (07/01/11 - 09/30/11). All data summarized is on a median basis. This month also includes quarterly tracking graphs over a seven quarter look back (1Q10) and will continue to track the trends going forward.

Market Snaphot

Year Over Year Median PPSF - up 7%
Quarter Over Quarter Median PPSF - up 3%

Year Over Year Median Sales Price - up 6%
Quarter Over Quarter Median Sales Price - down 6%

Brooklyn New Development sales inventory - down 34% from last quarter.
Neighborhood with the most inventory - Williamsburg (30%)

Largest quarterly up-swing: Carroll Gardens
PPSF: $703/SF from $626/SF
Sales Price: $800K from $646K

Largest quarterly down-swing: Crown Heights
PPSF: $477 from $571
Sales Price: $366K from $383M

Highest New Development Sale:
OBBP 360 Furman Street #1203 - $2,643,451

Market summary:

In Brooklyn, 2011 has faired better than 2010, with the biggest delta in the second quarter comparisons from a median sales price in 2Q10 at $515K to 2Q11 at $630K.

Year-over-Year Brooklyn New Development Condominium sales price per foot numbers are up 6% ($594/SF this quarter versus $557/SF in 3Q10), and median sales prices are up 7% (just under $600K this quarter versus $550K in 3Q10).

Compared to last quarter 2Q11, Brooklyn New Development price per square foot median numbers are up 3% but median sales prices are down 6%.

Market up-swings:

Bay Ridge is finally entering into the market, with 8 two-bedroom closings from a new development called Pier Pointe at a median sales price of $480K, a 50% median sales price improvement from last quarter.

Selling two bedrooms at a slightly lower median price of $460K is The Waterfalls on Ocean, bringing Ditmas Park back into the new development market. Not quite the $565K median sales price of two bedrooms at MNS’Vista in 3Q10, but it is a 7% boost in median sales prices from 2Q11.

Last quarter’s median prices in Gowanus was $660K and this quarter jumped 17% to $775K. This quarter, new development sales at Third + Bond and 26 4th Street (median ppf $700/SF) caught up to its competition in neighboring Carroll Gardens and Boerum Hill (median ppf $703/SF).

In Downtown Brooklyn, without the closings from 189 Schermerhorn this quarter, the median sales price in the neighborhood actually buoyed to $587K from last quarter’s $475K median sales price. The median price per foot is still hovering around $650/SF with Oro (80% sold), Toren (75% sold), and Belltel (60% sold) selling off their remaining inventory, a combined total of 210 units.

Market down-swings:

Despite Crown Heights’ increase of Brooklyn’s new development inventory from 4% to 7%, units at 765 Park Place and The Pacific Street Lofts closed at a median ppf of $475/SF, dragging both the neighborhood down $100/SF from last quarter and sales prices down 10% since the beginning of the year.

Now that the developer auction closed out the last 6 Penthouses at One Hanson Place, Fort Greene’s $593/SF median price per foot from last quarter is at $577/SF this quarter. Rockwell Place on the border of the neighborhood, where MNS has sold 70% of the building, and a few remaining units at Clermont Greene now structures the bulk of the neighborhoods’ new development closed inventory.

Inventory analysis:

The third quarter of 2011 brought 34% less sponsor sales to Brooklyn’s city registry, compared to last quarter, but the shift occurred outside of Williamsburg, which steadily holds the same 30% of all Brooklyn’s new development inventory. Of that 30%, the Edge closed 48 units at a median price of $846/SF.

A dramatic decrease in inventory occurred in Downtown Brooklyn and Greenpoint, both down 5% from the beginning of the year, and One Prospect Park in Prospect Heights had just 2 sales this quarter.

A 5% increase of new development sales was found in Park Slope this quarter from 8 closings at 136 Saint Marks Place at the north edge of the neighborhood and another 8 closings at 226 15th Street at the south edge of the neighborhood.

Market Snaphot

Updated: 2Q11

Download in PDF for a more readable, printer-friendly option

Table of Contents:

1. Introduction
2. Market Snapshot
3. Neighborhood Price Trends
   • Harlem
   • Upper West Side
   • Upper East Side
   • Midtown West
   • Midtown East
   • Murray Hill
   • Chelsea
   • Gramercy Park
   • Greenwich Village
   • East Village
   • SoHo
   • Lower East Side
   • TriBeCa
   • Financial District
   • Battery Park City
4. The Report Explained

Introduction

MNS is proud to present the Second Quarter 2011 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 2011 (01/01/11 - 03/31/11).

Market Snapshot

Year-over-Year Manhattan New Development Condominium sales numbers are up, 6% on a price per square foot basis ($1,238/SF this quarter versus $1,185/SF in 2Q10) and 18% on an average sales price (just $1.85M this quarter versus just under $1.6M in 2Q10). Compared to 1Q11, Manhattan New Development price per square foot averages are down 3%, while average sales prices are virtually flat.

Market up-swings:

Although absorption was relatively static, Flatiron had the most positive change this quarter, with the closings of 15 Union Square West and the mighty $13M Cupola apartment at 141 Fifth Ave forcing the neighborhood average up over 50% from last quarter.

Bringing the Lower East Side’s quarterly average price per square foot finally over the $1,000 benchmark was the Karl Fisher designed 7 unit 263 Bowery Condominium. This neighborhood had a 19% increase from last quarter on a price per square foot basis and also had the highest concentration of 2 bedroom units sold as compared to other supply within the neighborhood.

With only 1 closing of the small units at Trump Soho Hotel Condominium this quarter, versus 6 records in 1Q11, Soho’s average sales price buoyed 24%. In addition, over 80% of Soho’s sold inventory was units over 1,500 SF, just second to Tribeca’s 86% 1500+ market.

Market down-swings:

While last quarter we saw Greenwich Village and Chelsea sales at a high point, closings this quarter brought those neighborhood averages down about 50%. The Devonshire dominated the Greenwich Village market, and while these sales brought the neighborhood down from $1,805/SF to $1,548/SF, the neighborhood remained static when compared to a year ago. In Chelsea, where MNS sold the remaining 7 units at Loft 25, the initial closings at the +Art averaging $1,067/SF, buried the $1,351/SF average from last quarter.

Inventory analysis:

The second quarter of 2011 brought 20% more sponsor sales to the city registry, compared to last quarter. Of note this quarter, Midtown west emerged with 12% of Manhattan’s New Development sales primarily from Sheffield 57, Griffin Court and The Dillon.

The 2Q11 New Development inventory winner was the Financial District with the same 16% that Harlem had last quarter. FIDI is also speeding in a positive direction in regards to absorption, and along with Tribeca and Battery Park City, lower Manhattan almost doubled its absorption rate to an average of about 40 units per month.

Updated: 2Q11

Download in PDF for a more readable, printer-friendly option

Table of Contents:

1. Introduction
2. Market Snaphot
3. Neighborhood Price Trends
   • Bay Ridge
   • Bed-Stuy
   • Brooklyn Heights
   • Park Slope
   • Carroll Gardens
   • Bushwick
   • Clinton Hill
   • Crown Heights
   • Fort Greene
   • Greenpoint
   • Boerum-Cobble Hill
   • Downtown Brooklyn
   • Gowanus
   • Kensington
   • Prospect Heights
   • Prospect Lefferts Gardens
   • Williamsburg
4. The Report Explained

Introduction

MNS is proud to present the Second Quarter 2011 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 2011 (01/01/11 - 03/31/11).

Market Snaphot

Year-over-Year Brooklyn New Development Condominium sales numbers are up, 2% on a price per square foot basis ($560/SF this quarter versus $548/SF in 2Q10) and 10% on an average sales price basis ($634,000 this quarter versus $568,000 in 2Q10). Quarterly comparisons are also up, 1% on a price per square foot basis and 7% for average sales prices.

Market up-swings:

Whereas last quarter Bushwick had zero New Development participation, this quarter with the addition of 6 closing from The Knick, sales averaged $460/SF. We again saw positive changes in Prospect Heights from both last year and last quarter. The almost doubling of sales in this neighborhood from $618 in 2Q10 to $1,088 this quarter is primarily owed to none other than Richard Meier’s 114-Unit On Prospect Park. The $3.3M Penthouse sale was the highest New Development sale in the borough in the second quarter (versus its $3.97M Penthouse that closed last quarter).
A quarterly look back highlights Boerum-Cobble Hill with over a 20% jump in sales prices. In the Cobble Hill historic district, closings at the converted church, called Landmark at Strong Place, began this quarter and averaged over $1.5M.
Other noteworthy market increases can be found in Crown Heights and Prospect-Lefferts Gardens.
Crown Heights overall just barely grazed the $500/SF mark with the 14 closings at The Prospect Building that averaged $570/SF. MNS’s sales at 59 Hawthorne averaged $452/SF and elevated Prospect-Lefferts Gardens average over $400/SF, up 15% from last quarter.
In Williamsburg, closings at EDGE, which made up a quarter of all 2Q11 transactions in Williamsburg, boosted the neighborhood average to $710 (versus $644 in 1Q11). Without these sales, Williamsburg would have had a $663 price per square foot average this quarter.

Market down-swings:

Greenpoint, had both a quarterly and an annual decline of about 5%, and in addition, the number of closings dropped by 50%. Last quarter, we saw the final sale of the penthouses at 50 Bayard but even without these 2 sales, the neighborhood remains flat. In 2Q10, the neighborhood was selling Loftology and Century Village but the 2nd quarter of 2011 sales at 214 Green Street and The Pencil Factory have not kept up.

Inventory analysis:

The number of sponsor sold units was up this quarter by 10%, with Clinton Hill showing the most sales growth due to the closings of 40% of the units at Isabella. New Development sales in Park Slope made an improved appearance this quarter with closings at C-560, a 44 unit project at the west edge of the neighborhood.
Downtown Brooklyn total closed sales numbers were cut in half this quarter compared to last, but that area is seeing average sales prices jump from the low $500’s to the mid $500’s this quarter. Yet again, over half of the sponsor units sold during 2Q11 in Brooklyn was from new developments located in either Williamsburg or Downtown. Inventory was split - Williamsburg - 36% (up from 33% last quarter) and Downtown Brooklyn - 13% (down from 21%).
In Williamsburg, sales of 2 bedrooms dominated the market (43%) at $682/SF (up from $664 last quarter), whereas in Downtown Brooklyn it’s a near equal 33% split between sales of studios, 1 bedrooms and 2 bedrooms.
Besides DUMBO which had no sponsor sales this quarter, the number of sponsor sales was fewest in Bay Ridge, Prospect-Lefferts Gardens, and Bushwick.