QUEENS NEW DEVELOPMENT MARKET REPORT
QUEENS 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 is summarized on a median basis.
MARKET SNAPSHOT
0.4%
YEAR-OVER-YEAR
MEDIAN PPSF
0.6%
QUARTER-OVER-QUARTER
MEDIAN PPSF
11.8%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
10.2%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
QUEENS NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
LONG ISLAND CITY
51.1% of Queens New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$113,548,668 in 2Q20
LARGEST QUARTERLY UP-SWING
ASTORIA
PPSF $1,147/SF from $1,038/SF
Sales Price $918,971 from $707,175
LARGEST QUARTERLY DOWN-SWING
FLUSHING
PPSF $873 from $1,191
Sales Price $630,531 from $786,880
HIGHEST NEW DEVELOPMENT SALE PPSF
24-16 Queens Plaza South 20E $1,661 PPSF
HIGHEST NEW DEVELOPMENT SALE
45-07 Court Square 8F $2,270,531
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, the total sales volume of Queens sponsor units increased by 2.33%, from $113,548,668 during 2Q20 to $116,1919,683 this past
quarter. The total number of sales increased by 15.1%, from 119 total sales in 2Q20 to 137 total sales this past quarter. Quarter-over-quarter, the median price
per square foot decreased by 0.6%, from $1,249.86 during 2Q20 to $1,242.69 this past quarter. The median price paid for a Queens sponsor unit decreased
by 10.2%, from $855,330 during 2Q20 to $767,750 this past quarter. Year-over-year, the median price paid per square foot for a Queens sponsor increased by
0.4% while the median sales price decreased by 11.8% in that same span. This drop is median sales price can be attributed to an increase in the proportion
of one-bedroom units sold relative to total quarterly sales.
This past quarter, the highest price paid for a Queens sponsor unit was at 45-07 Court Square (or 5 Court Square West), where unit 8F sold for $2,270,531
or $1,401 per square foot. The highest price paid per square foot for a Queens sponsor unit was for unit 20E at 24-16 Queens Plaza South, which sold for
$702,593 or $1,661 per square foot.
This past quarter, the majority of Queens sponsor sales were in Long Island City where 51.1% of all Queens sponsor sales occurred. This translates to 70 out
of the 137 total sponsor unit sales that took place in Queens during 3Q20.
MARKET UP-SWINGS
The largest quarterly up-swing occurred in Astoria, where the median price per square foot increased by 10.5%, from $1,038 to $1,147. Additionally, the median sales price in Astoria increased by 29.9%, from $707,175 to $918,971.
MARKET DOWN-SWINGS
The largest down-swing this quarter occurred in Flushing, where the median price per square foot decreased by 26.7%, from $1,191 to $873. Additionally, the median sales price in Astoria decreased by 19.9%, from $786,880 to $630,531.
MARKET TRENDS
During the third quarter of 2020, 13 studio sponsor unit were sold, representing 9.49% of all sponsor unit sales in Queens. One-bedroom sponsor units represented 52.55% of all sponsor unit sales in Queens during 3Q20, or 72 out of 137 total sales. Two-bedroom sponsor units represented 36.50% of all Queens sponsor unit sales, or 50 out of 137 total sales. Three-bedroom or larger sponsor units comprised the remaining 1.46% of Queens sponsor sales that occurred during 3Q20, or 2 out 137 total sales.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 3Q20
92%
STUDIO
LONG ISLAND CITY
49%
ONE-BEDROOM
LONG ISLAND CITY
52%
TWO-BEDROOM
FLUSHING
100%
THREE-BEDROOM
LONG ISLAND CITY
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 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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