MANHATTAN NEW DEVELOPMENT MARKET REPORT
MANHATTAN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THE THIRD 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 third quarter of 2020 (7/01/20 – 9/30/20). All data summarized is on a median basis.
MARKET SNAPSHOT
0.5%
YEAR-OVER-YEAR
MEDIAN PPSF
1.7%
QUARTER-OVER-QUARTER
MEDIAN PPSF
23.2%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
18.2%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
MANHATTAN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
UPPER WEST SIDE
25.87% of Manhattan New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$870,839,913 in 2Q20
LARGEST QUARTERLY UP-SWING
FINANCIAL DISTRICT
PPSF $1,914/SF from $1,279/SF
Sales Price $2,260,000 from $1,662,500
LARGEST QUARTERLY DOWN-SWING
MIDTOWN EAST
PPSF $1,627 from $2,136
Sales Price $1,605,000 from $1,750,000
HIGHEST NEW DEVELOPMENT SALE PPSF
220 Central Park South PH76 $12,164 PPSF
HIGHEST NEW DEVELOPMENT SALE
220 Central Park South PH76 $99,903,375
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, the total number of sponsor sales in Manhattan decreased by 10.3%, from 224 total sales during 2Q20 to 201 sales this past quarter.
In that same span, total sales volume increased by 48.0%, from $870,839,913 to $1,288,417,256. The median price per square foot decreased by 1.7%, from
$2,136 during 2Q20 to $2,101 this past quarter. Additionally, the median sales price increased by 18.2%, from $2,579,000 during 2Q20 to $3,049,659 this
past quarter. Year-over-year, median price per square foot is up 0.5%, from $2,090 during 3Q20 to $2,101 during this past quarter. In that same span, median
sales price improved by 23.2%, from $2,475,000 during 3Q19 to $3,049,659 this past quarter. These large jumps in median pricing can attributed to the fact
that three bedroom and larger units represented a greater proportion of total sales this past quarter when compared to previous quarters.
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 201 total sales, 52
or 25.87% took place in the Upper West Side. The next highest number of sales took place in Midtown West, where 30 or 14.93% of all sponsor sales took
place.
Through 3Q20, both the highest price per square foot and highest price paid for a sponsor unit took place at 220 Central Park South, where unit PH76 sold
for $99,903,375 or $12,164.05 per square foot.
MARKET UP-SWINGS
The largest quarterly upswing was observed in the Financial District, where the median price per square foot increased by 49.6%, from $1,279 to $1,914. Additionally, the median sales price in the Financial District increased by 35.9%, from $1,662,500 to $2,260,000.
MARKET DOWN-SWINGS
The largest quarterly downswing was observed in Midtown East, where the median price per square foot fell by 23.8%, from $2,136 to $1,627. Additionally, the median sales price in Midtown East decreased by 8.3%, from $1,750,000 to $1,605,000.
INVENTORY ANALYSIS
Out of 201 total sponsor units sold in Manhattan during 3Q20, 3% or 7 were studios, 24% or 48 were one-bedrooms, 42% or 84 were two-bedrooms, and the remaining 31% or 62 units were three-bedrooms or larger.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 3Q20
71.4%
STUDIO
MIDTOWN WEST
18.8%
ONE-BEDROOM
UPPER WEST SIDE
29.8%
TWO-BEDROOM
UPPER WEST SIDE
27.4%
THREE-BEDROOMS+
UPPER WEST SIDE
MARKET SNAPSHOT
3Q20 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
3Q20 MEDIAN SALES PRICE BY NEIGHBORHOOD
3Q20 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 3Q20
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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