Manhattan New
Development Market Report

2019 1st Quarter

Introduction

MNS is proud to present the First Quarter 2019 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 first quarter of 2019 (1/01/19 – 3/31/19). All data summarized is on a median basis.

Market summary:

Quarter-over-quarter, the total number of sponsor sales in Manhattan decreased by 8.2%, from 279 during 4Q18 to 256 during this part quarter. In that same span, total sales volume fell by 15.2%, from $1,773,966,451 to $1,503,511,929. The median price per square foot increased by 2.4%, from $2,061 during 4Q18 to $2,110 this quarter. The median sales price also increased quarter-over-quarter, from $2,771,175 to $2,982,399, or 7.6%. Year-over-year, median price per square foot is up 4.6%, from $2,016 during 1Q18 to $2,110 during 1Q19. Median price is also up 4.6% year-over-year, from $2,850,000 during 1Q18 to $2,982,399 during 1Q19.
This past quarter, Gramercy Park had the highest number of sponsor sales in all tracked Manhattan neighborhoods, with 21.5% of all sales, which translates to 55 out of 256 total sales. The next highest number of sales occurred within the Lower East Side, where 38 out 256 sales, or 14.84%, took place.
This past quarter, the highest price paid per square and highest sales price paid for a sponsor unit belong to unit 50 at 220 Central Park South. The buyer, Ken Griffin, shelled out an astonishing $239,958,219 or $10,419.83 per square foot for the 23,029 square foot unit.

Market up-swings:

The largest quarterly upswing was observed in Midtown West, where the median per square foot increased by 34.5%, from $2,739 to $3,684. Additionally, the median sales price in Midtown West increased by 33.4%, from $3,444,79 to $4,596,629.

Market down-swings:

The largest quarterly downswing was observed in TriBeCa, where the median price per square foot fell by 22.4%, from $2,968 to $2,302. Additionally, the median sales price in TriBeCa fell by 28.2%, from $7,381,295 to $5,300,000.

Market Trends:

Out of 256 total sponsor units sold in Manhattan during 1Q19, 9% or 22 were studios, 29% or 73 were one-bedrooms, 27% or 69 were two-bedrooms, and the remaining 36% or 92 units were three-bedrooms or larger.

The neighborhoods that sold the most amount of 1Q19 new development inventory per unit size:

Studios - Gramercy Park (31.8%)
One Bedrooms - Gramercy Park (38.4%)
Two Bedrooms - Lower East Side (17.4%)
Three- Bedrooms+ - Upper West side (19.6%)

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 are separated into studios, one-bedrooms, two-bedrooms and three-bedrooms+. Square footages are reported in accordance with the building’s filed condo declaration. Typically in Manhattan, studios are under 600 square feet, one-bedrooms range from 600-800 square feet, two-bedrooms from 800-1,300 square feet and three-bedrooms+ in excess of 1,450 square feet.

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 Report™ 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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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 (http://www.mns.com/manhattan_new_dev_report).

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