3Q11 Manhattan New Development Report
Manhattan New Development Market Report
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Table of Contents:
- Market Snapshot
- Neighborhood Price Trends
- The Report Explained
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.
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
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%.
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.
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.
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)
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, 1-bedrooms, and 2-bedroom units are grouped by square
footage ranges. Studios are under 700 square feet, 1-bedrooms are under 900 square feet, and 2-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 5,500 square feet.
Presented with a quarter-over-quarter and year-over-year comparison, both city-wide and by neighborhood,
MNS’ New Development Report tracks the market trends throughout Manhattan and Brooklyn . MNS offers a
unique insight to 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: 212.475.9000
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 “Manhattan New Development Report” with a link back to its
original location (http://www.mns.com/manhattan_new_development_report).