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MANHATTAN NEW DEVELOPMENT MARKET REPORT

Manhattan infographics

MANHATTAN NEW DEVELOPMENT MARKET REPORT ARCHIVE

TABLE OF CONTENTS

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  1. Intro
  2. Market Snapshot
  3. Neighborhood Price Trends
  4. The Report Explained

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

manhattan

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

25.6% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES

UPPER WEST SIDE

32.14% of Manhattan New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

24.0% to $870,839,913 from $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

manhattan

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

manhattan

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

manhattan

2Q20 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD

Battery Park City
Chelsea
East Village
Finacial District
Gramercy
-
$2,343
$2,485
$1,279
$1,903
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
$2,529
$973
$1,768
$2,136
$2,579
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
$1,565
$2,011
$2,014
$1,536
$2,348
manhattan

2Q20 MEDIAN SALES PRICE BY NEIGHBORHOOD

Battery Park City
Chelsea
East Village
Finacial District
Gramercy
-
$6,700,000
$6,300,000
$1,662,500
$2,295,000
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
$4,512,511
$738,231
$1,432,964
$1,750,000
$2,199,511
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
$2,305,760
$2,326,193
$3,838,000
$1,725,908
$3,222,000
manhattan

2Q20 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

Battery Park City
Chelsea
East Village
Finacial District
Gramercy
0.00%
1.34%
1.34%
0.89%
6.25%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
2.68%
8.48%
7.59%
4.91%
4.91%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
1.79%
6.25%
12.95%
8.48%
32.14%
manhattan

NUMBER OF UNITS SOLD IN 2Q20

Battery Park City
Chelsea
East Village
Finacial District
Gramercy
0
3
3
2
14
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
6
19
17
11
11
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
4
14
29
19
72
BATTERY PARK CITY
CHELSEA
EAST VILLAGE
FINANCIAL DISTRICT
GRAMERCY PARK
GREENWICH VILLAGE
HARLEM
LOWER EAST SIDE
MIDTOWN EAST
MIDTOWN WEST
MURRAY HILL
SOHO
TRIBECA
UPPER EAST SIDE
UPPER WEST SIDE

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.

Can’t find what you’re looking for? Ask MNS for more information at www.mns.com

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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.

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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