Manhattan New
Development Market Report

2017 4th Quarter


MNS is proud to present the Fourth Quarter 2017 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 fourth quarter of 2017 (10/01/17 – 12/31/17). All data summarized is on a median basis.

Market Snapshot

Year-Over-Year Median PPSF - down 6.2%
Quarter-Over-Quarter Median PPSF - up 1.1%

Year-Over-Year Median Sales Price - down 8.3%
Quarter-Over-Quarter Median Sales Price - up 22.8%

Manhattan New Development Sponsor Sales - down 15.5% from 3Q17
Neighborhood with the Most New Dev Sales: Upper West Side 28% of all Manhattan

Total New Development Sales Volume - 4.8% to $1.724 Million from $1.645 Million in 3Q17

Largest Quarterly Up-Swing: Chelsea
PPSF $3,026/SF from $1,821/SF
Sales Price $7,850,000 from $1,937,425

Largest Quarterly Down-Swing: Gramercy Park
PPSF $1,855 from $2,884
Sales Price $2,459,901 from $5,200,625

Highest New Development Sale PPSF:
Midtown East, 432 Park Ave. 92A, 92B, 93B - $7,654/SF

Highest New Development Sale:
Midtown East, 432 Park Ave. 92A, 92B, 93B - $91,125,497

Market summary:

Quarter-over-quarter, the total number of sponsor sales decreased by 15.5%, from 444 during 3Q17 to 375 during 4Q17. In the same span, total sales volume increased by 4.8%, from $1,645,487,694 to $1,724,988,145. Median price per square foot increased by 1.1% over the last quarter from $1,894 to $1916, while median sales price increased by 22.8% from $2,371,444 to $2,911,005. Year-over-year, median price per square foot decreased by 6.2%, from $2,042 during 4Q16 to $1,916 during 4Q17. Median sales price also fell year-over-year, by 8.3%, from $3,175,988 during 4Q16 to $2,911,005 during 4Q17.
Last quarter, the Upper West Side had the highest number of sponsor sales in tracked Manhattan neighborhoods, at 28% of total sponsor sales, which translates to 105 out of 375 sales. The next highest number of sponsor sales took place in the Upper East Side, which represented 17.6% of all sales, or 66 out of 375 sales.
This past quarter, the sponsor sale with the highest sales price and highest price paid per square foot was at 432 Park Ave in Midtown East. A nearly 12k square foot combination of units 92A, 92B, and 93B sold for an impressive $91,125,497 or $7,654 per square foot.

Market up-swings:

The largest quarterly upswing occurred in Chelsea, where the median price per square foot increased by 66.2%, from $1,821 to $3,026. Additionally, the median sales price increased by 305.2%, from $1,937,425 to $7,850,000. This large quarterly upswing was due to the low number of sponsor sales that occurred in Chelsea, which led to price sensitivity, along with a couple of expensive units that were sold at 551 West 21st Street, a 19-story, 44-unit luxury new development that was built in 2015. Most notably in this building was PH20, consisting of 6,400 square feet of interior space, and a 4,579 square foot private rooftop terrace, which sold for $38,053,728.

Market down-swings:

The largest quarterly down swing occurred in Gramercy Park, where the median price per square foot decreased 35.7% from $2,884 in 3Q17 to $1,855 in 4Q17. This decrease was largely the result of a decrease in closings this quarter, namely from Madison Square Park Tower at 45 E 22nd St. Last quarter, we saw a total of 83 closings, of which 72% were from apartments with 2-bedrooms or larger, compared to this quarters closings which totaled only 28.

Market Trends:

Out of the 375 sponsor units that were sold in Manhattan during 4Q17, 5% or 17 were studios, 25% or 92 were one-bedrooms, 33% or 125 were two-bedrooms, and 38% or 141 were three-bedrooms or larger.

Studios - Upper East Side (35.3%)
One Bedrooms - Midtown West (28.3%)
Two Bedrooms - Upper West Side (30.4%)
1,500 + SF - Upper West Side (31.9%)

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.

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.

Can't find what you're looking for? Ask MNS for more information at

CONTACT US NOW: 212.475.9000

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 (

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