MANHATTAN NEW DEVELOPMENT MARKET REPORT
MANHATTAN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THE SECOND 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 second quarter of 2020 (4/01/20 – 6/30/20). All data summarized is on a median basis.
MARKET SNAPSHOT
0.6%
YEAR-OVER-YEAR
MEDIAN PPSF
6.0%
QUARTER-OVER-QUARTER
MEDIAN PPSF
0.8%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
12.1%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
MANHATTAN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
UPPER WEST SIDE
32.14% of Manhattan New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$1,145,278,650 in 1Q20
LARGEST QUARTERLY UP-SWING
EAST VILLAGE
PPSF $2,485/SF from $1,834/SF
Sales Price $6,300,000 from $2,562,500
LARGEST QUARTERLY DOWN-SWING
SOHO
PPSF $2,011 from $2,468
Sales Price $2,326,193 from $2,267,133
HIGHEST NEW DEVELOPMENT SALE PPSF
220 Central Park South 65 $9,479 PPSF
HIGHEST NEW DEVELOPMENT SALE
220 Central Park South 65 $56,258,313
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, the total number of sponsor sales in Manhattan decreased by 25.6%, from 301 total sales during 1Q20 to 224 sales this past quarter. In that same span, total sales volume fell 24.0%, from $1,145,278,650 to $870,839,913. The median price per square foot increased by 6.0%, from $2,014 during 1Q20 to $2,136 this past quarter. Additionally, the median sales price increased by 12.1%, from $2,300,000 during 1Q20 to $2,579,000 this past quarter. Year-over-year, median price per square foot is up 0.6%, from $2,123 during 2Q19 to $2,136 during this past quarter. In that same span, median sales improved by 0.8%, from $2,559,020 during 2Q19 to $2,579,000 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 224 total sales, 72 or 32.14% took place in the Upper West Side. The next highest number of sales took place in TriBeCa, where 29 or 12.95% of all sponsor sales took place.
Through 2Q20, both the highest price per square foot and highest price paid for a sponsor unit took place at 220 Central Park South. Unit 65 sold for $56,258,313 or $9,479.08 per square foot.
MARKET UP-SWINGS
The largest quarterly upswing was observed in the East Village, where the median price per square foot increased by 35.5%, from $1,834 to $2,485. Additionally, the median sales price in the East Village increased by 145.9%, from $2,562,500 to $6,300,000.
MARKET DOWN-SWINGS
The largest quarterly downswing was observed in SoHo, where the median price per square foot fell by 18.5%, from $2,468 to $2,011. Additionally, the median sales price in SoHo increased by 2.6%, from $2,267,133 to $2,326,193.
INVENTORY ANALYSIS
Out of 224 total sponsor units sold in Manhattan during 2Q20, 2% or 5 were studios, 30% or 67 were one-bedrooms, 43% or 97 were two-bedrooms, and the remaining 25% or 55 units were three-bedrooms or larger.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 2Q20
40%
STUDIO
SOHO
28.4%
ONE-BEDROOM
UPPER WEST SIDE
37.1%
TWO-BEDROOM
UPPER WEST SIDE
30.9%
THREE-BEDROOMS+
UPPER WEST SIDE
MARKET SNAPSHOT
2Q20 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
2Q20 MEDIAN SALES PRICE BY NEIGHBORHOOD
2Q20 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 2Q20
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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