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Manhattan New
Development Market Report
2019 2nd Quarter
Introduction
MNS is proud to present the Second 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 second quarter of 2019 (4/01/19 – 6/30/19). All data summarized is on a median basis.
Market summary:
Quarter-over-quarter, the total number of sponsor sales in Manhattan increased by 98.8%, from 256 during 1Q19 to 509 this past quarter. In that same span, total sales volume increased by 44.7%, from $1,503,511,929 to $2,175,440,920. The median price per square foot increased by 0.6%, from $2,110 to $2,123. The median sales prices decreased by 14.2%, from $2,982,399 to $2,559,020. Year-over-year, median price per square foot is up 1.8%, from $2,086 during 2Q18 to $2,123 this past quarter. In that same span, median sales price fell by 15.1%, from $3,013,705 to $2,559,020.
This past quarter, the Lower East Side had the highest number of sponsor sales in all tracked Manhattan neighborhoods, with 21.2% of all sales, or 108 out of 509 total sales. The next highest number of sales occurred within Gramercy Park, where 19.1% or 97 out of 509 total sales took place.
During 2Q19, the highest price paid per square foot for a sponsor unit occurred at 220 Central Park South, where unit 44A was sold for $26,474,500 or $8,501.77 per square foot. The highest price paid for a single sponsor unit this quarter was at 212 Fifth Avenue, where unit PHA, one of the three units in the building that were purchased by Amazon founder and CEO Jeff Bezos, was sold for $51,550,000 or $5,114.59 per square foot.
Market up-swings:
The largest quarterly upswing was observed in Chelsea, where the median per square foot increased by 31.8%, from $1,676 to $2,208. Additionally, the median sales price in Chelsea increased by 70.6%, from $3,000,000 to $5,116,975.
Market down-swings:
The largest quarterly downswing was observed in the Upper West Side, where the median price per square foot fell by 26.1%, from $2,556 to $1,890. Additionally, the median sales price in the Upper West Side fell by 31.8%, from $5,856,813 to $3,997,001.
Market Trends:
Out of 509 total sponsor units sold in Manhattan during 2Q19, 3% or 17 were studios, 35% or 178 were onebedrooms, 36% or 182 were two-bedrooms, and the remaining 26% or 132 units were three-bedrooms or larger.
The neighborhoods that sold the most amount of 2Q19 new development inventory per unit size:
Studios - Gramercy Park (23.5%)
One Bedrooms - Lower East Side (44.4%)
Two Bedrooms - Gramercy Park (22.0%)
Three- Bedrooms+ - Upper West Side (25.8%)
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.
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.
Can't find what you're looking for? Ask MNS for more information at www.mns.com.
Contact Us Now: 718.222.0211
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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