MANHATTAN NEW DEVELOPMENT MARKET REPORT
MANHATTAN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THE FIRST QUARTER OF 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 first quarter of 2020 (1/01/20 – 3/31/20). All data summarized is on a median basis.
MARKET SNAPSHOT
4.5%
YEAR-OVER-YEAR
MEDIAN PPSF
3.5%
QUARTER-OVER-QUARTER
MEDIAN PPSF
22.9%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
1.3%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
MANHATTAN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
UPPER WEST SIDE
21.3% of Manhattan New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$1,504,440,967 in 4Q19
LARGEST QUARTERLY UP-SWING
MURRAY HILL
PPSF $1,825/SF from $1,347/SF
Sales Price $1,936,675 from $1,425,000
LARGEST QUARTERLY DOWN-SWING
MIDTOWN WEST
PPSF $2,425 from $3,383
Sales Price $3,418,618 from $1,988,478
HIGHEST NEW DEVELOPMENT SALE PPSF
220 Central Park South 57B $8,920 PPSF
HIGHEST NEW DEVELOPMENT SALE
220 Central Park South 62 $52,185,313
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, the total number of sponsor sales in Manhattan decreased by 13.0%, from 346 total sales in 4Q19 to 301 sales this past quarter. In that same span, total sales volume fell 23.9%, from $1,504,440,967 to $1,145,278,650. The median price per square foot increased by 3.5%, from $1,946 during 4Q19 to $2,014 this past quarter. Additionally, the median sales price fell by 1.3%, from $2,329,640 during 4Q19 to $2,300,000 this past quarter. Year-overyear, median price per square foot is down 4.5%, from $2,110 during 1Q19 to $2,014 during this past quarter. In that same span, median sales price fell by 22.9%, from $2,982,399 during 1Q19 to $2,300,000 this past quarter.
Out of all the neighborhoods tracked by this report, the Upper West Side had the highest number of sponsor sales this past quarter. Out of 301 total sales, 64 or 21.3% took place in the Upper West Side. The next highest number of sales took place in Harlem, where 58 or 19.3% of all sponsor sales took place.
Through 1Q20, both the highest price per square foot and highest price paid for a sponsor unit took place at 220 Central Park South. For the price per square foot record, unit 57B was sold for $28,640,950 or for $8,919 per square foot and for the highest price paid, unit 62 was sold for $52,185,313 or $8,792.81 per square foot.
MARKET UP-SWINGS
The largest quarterly upswing was observed in Murray Hill, where the median price per square foot increased by 35.5%, from $1,347 to $1,825. Additionally, the median sales price in Murray Hill increased by 35.9%, from $1,425,000 to $1,936,675.
MARKET DOWN-SWINGS
The largest quarterly downswing was observed in Midtown West, where the median price per square foot fell by 28.3%, from $3,383 to $2,425. Additionally, the median sales price in Midtown West increased by 71.9%, from $1,988,478 to $3,418,618.
INVENTORY ANALYSIS
Out of 301 total sponsor units sold in Manhattan during 1Q20, 2% or 5 were studios, 42% or 125 were one-bedrooms, 31% or 94 were two-bedrooms, and the remaining 26% or 77 units were three-bedrooms or larger.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 1Q20
80%
STUDIO
HARLEM
23.2%
ONE-BEDROOM
HARLEM
26.6%
TWO-BEDROOM
UPPER WEST SIDE
31.2%
THREE-BEDROOMS+
UPPER WEST SIDE
MARKET SNAPSHOT
1Q20 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
1Q20 MEDIAN SALES PRICE BY NEIGHBORHOOD
1Q20 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 1Q20
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 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’ 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.
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