QUEENS NEW DEVELOPMENT MARKET REPORT
QUEENS NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THE FIRST QUARTER OF 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 First Quarter of 2020 (1/01/20 – 3/31/20). All data is summarized on a median basis.
MARKET SNAPSHOT
0.4%
YEAR-OVER-YEAR
MEDIAN PPSF
10.6%
QUARTER-OVER-QUARTER
MEDIAN PPSF
26.4%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
22.2%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
QUEENS NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
FLUSHING
36.8% of Queens New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$199,830,400 in 4Q19
LARGEST QUARTERLY UP-SWING
ASTORIA
PPSF $1,097/SF from $1,036/SF
Sales Price $678,155 from $806,059
LARGEST QUARTERLY DOWN-SWING
LONG ISLAND CITY
PPSF $1,279 from $1,324
Sales Price $922,304 from $1,160,805
HIGHEST NEW DEVELOPMENT SALE PPSF
21-30 44TH DRIVE PHB $1,615 PPSF
HIGHEST NEW DEVELOPMENT SALE
1122 44TH DRIVE PH3 $2,495,000
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, the total sales volume of Queens sponsor units decreased by 19.96%, from $199,830,400 during 4Q19 to $159,934,547 this past quarter. The total number of sales increased by 5.1%, from 176 total sales during 4Q19 to 185 total sales this past quarter. Quarter-over-quarter, the median price per square foot for a Queens sponsor unit fell by 10.6%, from $1,303.71 during 4Q19 to $1,164.87 this past quarter. The median price for a Queens sponsor unit fell by 22.2%, from $1,028,717 during 4Q19 to $800,499 this past quarter. Year-over-year, the median price paid per square foot for a Queens sponsor unit fell by 0.4% while the median sales price decreased by 26.4% in that same span.
This past quarter, the highest price paid for a Queens sponsor unit was at 11-22 44th Drive, where PH3 sold for $2,495,000 or $1,274 per square foot. The highest price paid per square foot for a Queens sponsor unit was for PHB at 21-30 44th Drive, which sold for $1,780,000 or $1,615 per square foot.
This past quarter, the majority of Queens sponsor sales were in Flushing where 36.8% of all Queens sponsor sales occurred. This translates to 68 out of the 185 total sponsor unit sales that took place in Queens during 1Q20.
MARKET UP-SWINGS
The largest quarterly up-swing occurred in Astoria, where the median price per square foot increased by 5.9%, from $1,036 to $1,097. Additionally, the median sales price in Astoria decreased by 15.9%, from $806,059 to $678,155.
MARKET DOWN-SWINGS
The largest down-swing this quarter occurred in Long Island City, where the median price per square foot decreased by 3.4%, from $1,324 to $1,279. Additionally, the median sales price in Long Island City decreased by 20.5%, from $1,160,805 to $922,304.
MARKET TRENDS
During the first quarter of 2020, 13 studio sponsor unit were sold, representing 7.03% of all sponsor unit sales in Queens. One-bedroom sponsor units represented 60.54% of all sponsor unit sales in Queens during 1Q20, or 112 out of 185 total sales. Two-bedroom sponsor units represented 28.11% of all Queens sponsor unit sales, or 52 out of 185 total sales. Three-bedroom or larger sponsor units comprised the remaining 4.32% of Queens sponsor sales that occurred during 1Q20, or 8 out 185 total sales.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 1Q20
46%
STUDIO
LONG ISLAND CITY
41%
ONE-BEDROOM
FLUSHING
37%
TWO-BEDROOM
LONG ISLAND CITY
100%
THREE-BEDROOM
LONG ISLAND CITY
MARKET SNAPSHOT
1Q20 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
1Q20 MEDIAN SALES PRICE BY NEIGHBORHOOD
1Q20 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 1Q20
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 Queens 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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