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QUEENS NEW DEVELOPMENT MARKET REPORT

Queens infographics

QUEENS NEW DEVELOPMENT MARKET REPORT ARCHIVE

TABLE OF CONTENTS

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  1. Intro
  2. Market Summary
  3. Neighborhood Price Trends
  4. The Report Explained

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

queens

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

5.1% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES

FLUSHING

36.8% of Queens New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

19.96% to $159,934,547 from $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

queens

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.

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 1Q20

queens

46%

STUDIO

LONG ISLAND CITY

41%

ONE-BEDROOM

FLUSHING

37%

TWO-BEDROOM

LONG ISLAND CITY

100%

THREE-BEDROOM

LONG ISLAND CITY

MARKET SNAPSHOT

brooklyn

1Q20 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD

ASTORIA
FLUSHING
FOREST HILLS
$1,097
$1,163
$927
JACKSON HEIGHTS
LONG ISLAND CITY
N/A
$1,279
REGO PARK
RIDGEWOOD
$835
N/A
brooklyn

1Q20 MEDIAN SALES PRICE BY NEIGHBORHOOD

ASTORIA
FLUSHING
FOREST HILLS
$678,155
$770,445
$982,611
JACKSON HEIGHTS
LONG ISLAND CITY
N/A
$922,304
REGO PARK
RIDGEWOOD
$619,205
N/A
brooklyn

1Q20 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

ASTORIA
FLUSHING
FOREST HILLS
11.4%
36.8%
0.5%
JACKSON HEIGHTS
LONG ISLAND CITY
0%
36.2%
REGO PARK
RIDGEWOOD
15.1%
0%
brooklyn

NUMBER OF UNITS SOLD IN 1Q20

ASTORIA
FLUSHING
FOREST HILLS
21
68
1
JACKSON HEIGHTS
LONG ISLAND CITY
0
67
REGO PARK
RIDGEWOOD
28
0
ASTORIA
FLUSHING
FOREST HILLS
JACKSON HEIGHTS
LONG ISLAND CITY
REGO PARK
RIDGEWOOD

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.

Can’t find what you’re looking for? Ask MNS for more information at www.mns.com

Contact Us Now: 718.222.0211
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.

If you would like to republish this report on the web, please be sure to source it as the “Queens New Development Report” with a link back to its original location

http://www.mns.com/Queens_new_dev_report

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