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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 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

queens

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

15.1% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES

LONG ISLAND CITY

51.1% of Queens New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

2.3% to $116,191,683 from $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

queens

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.

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 3Q20

queens

92%

STUDIO

LONG ISLAND CITY

49%

ONE-BEDROOM

LONG ISLAND CITY

52%

TWO-BEDROOM

FLUSHING

100%

THREE-BEDROOM

LONG ISLAND CITY

MARKET SNAPSHOT

brooklyn

3Q20 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD

ASTORIA
FLUSHING
FOREST HILLS
$1,147
$873
$1,040
JACKSON HEIGHTS
LONG ISLAND CITY
N/A
$1,341
REGO PARK
RIDGEWOOD
$842
N/A
brooklyn

3Q20 MEDIAN SALES PRICE BY NEIGHBORHOOD

ASTORIA
FLUSHING
FOREST HILLS
$918,971
$630,531
$733,140
JACKSON HEIGHTS
LONG ISLAND CITY
N/A
$875,695
REGO PARK
RIDGEWOOD
$498,730
N/A
brooklyn

3Q20 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

ASTORIA
FLUSHING
FOREST HILLS
1.5%
43.1%
0.7%
JACKSON HEIGHTS
LONG ISLAND CITY
0%
51.1%
REGO PARK
RIDGEWOOD
3.6%
0%
brooklyn

NUMBER OF UNITS SOLD IN 3Q20

ASTORIA
FLUSHING
FOREST HILLS
2
59
1
JACKSON HEIGHTS
LONG ISLAND CITY
0
70
REGO PARK
RIDGEWOOD
5
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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