Manhattan New Development Market Report | MNS is Real Impact Real Estate

Manhattan New
Development Market Report

4th Quarter 2016


MNS is proud to present the Third Quarter 2016 edition of our New Development Market Report.

New Development Sales data, defined as such “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 2016 (10/1/16 – 12/31/16). All data summarized is on a median basis.

Market Snapshot

Year-Over-Year Median PPSF - up 11%
Quarter-Over-Quarter Median PPSF - down 0,9%

Year-Over-Year Median Sales Price - up 40,4%
Quarter-Over-Quarter Median Sales Price - down 10,2%

Manhattan New Development Sponsor Sales - up 9,52% from last quarter
Neighborhood with the Most New Dev Sales: Financial District 14,78% of all Manhattan

Total New Development Sales Volume - up 6,9% to $1,551 Million from $1,451 Million in 3Q16

Largest Quarterly Up-Swing: Gramercy Park
PPSF $2,544/SF from $1.,959/SF
Sales Price $5,142,163 from $2,716,131

Largest Quarterly Down-Swing: TriBeCa
PPSF $2,036 from $2,878
Sales Price $3,436,594 from $8,709,092

Highest New Development Sale PPSF:
Chelsea, 551 West 21st St PH18 - $34,623,250

Highest New Development Sale:
Greenwich Village, 150 Charles St PHB – $5,246/PSF

Market summary:

Sales quantities increased this quarter in Manhattan by 9.5%, from 315 units to 345 units. The volume of sales increased by 6.9% from $1,451,019,068 to $1,551,641,676. This quarter was stronger than last, during which sales decreased and volume increased by less than one percent. Over the last quarter, the median price per square foot has dropped 0.9%, and over the last year it has increased by 11%. Over the last quarter, the median sales price has decreased by 10.2%, and over the last year, it has increased by 40.4%.
The following neighborhoods experienced the largest quantities of sponsor units sold; Financial District (15%), Harlem (13%), Midtown West (12%), and TriBeCa (9%).
The sponsor sale with the highest price per square foot was at 150 Charles Street in Greenwich Village (where both the highest price per square foot and the highest sale price were last quarter). It sold for $5,245.87 per square foot. The highest sale price this quarter was in Chelsea, were a unit at 551 West 21st Street sold for $34,623,250.

Market up-swings:

The largest upswing in the market this quarter was in Gramercy Park, where the median price per square foot increased from $1,959 to $2,544; an increase of 29.9%. The median sales price increased from $2,716,131 to $5,142,163; an increase of 89.3%. There were no studios that closed this month in Gramercy Park. Instead, two and three bedroom units constituted the majority of the closings market. 10 Madison Square West, a 125-unit condominium building, contained most those units.

Market down-swings:

The largest downswing in the market this quarter was in TriBeCa, where the median price per square foot decreased from $2,878 to $2,036. This is a drop of 29.3%. The median sales price decreased from $8,709,092 to $3,436,594. This is a drop of 60.5%. Activity in TriBeCa is part of a larger pattern emerging in the city, which is the popularity of larger units which yield lesser prices per square foot. There were no studio units that closed this quarter, and only 5 one bedroom units. There were 14 two bedroom units and 12 three bedroom units.

Market Trends:

This quarter, larger sizes units composed most of the sales market. Three bedroom units were the majority at 37% of total units. Two bedrooms constituted 31% of the market. One bedroom units were 29% of the market. Studio units were only 3% of the market, or 11 units out of 345 units. This was the trend last quarter as well, where two and three bedroom units made up a combined 59% and studio units were only 1% of the sales closings market.

Market Trends: The neighborhoods that sold the most amount of 3Q16 new development inventory per unit size::

Studios -Midtown West (45,45%)
One Bedrooms - Harlem(29%)
Two Bedrooms - Financial District (19,81%)
1,500 + SF - Chelsea (20,31%)

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 (

Manhattan New Development
market report archive


  • Determine if it's better to rent or to buy by filling in a few numbers and percentages.

  • Check out samples of leases and riders you will find throughout the Manhattan rental market.

  • A list of maps and transit options available in New York City and beyond.

  • Print out our moving checklist so you can be sure to have all your ducks in a row before you move.

  • Know the pertinent steps to buying an apartment in Manhattan. The guidance you receive can make or break your deal. Know before you go.

  • We know real estate terms and abbreviations can get confusing, so we’ve put together a list of terms and definitions for you.