QUEENS NEW DEVELOPMENT MARKET REPORT
QUEENS NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THE SECOND 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 Second Quarter of 2020 (4/01/20 – 6/30/20). All data is summarized on a median basis.
MARKET SNAPSHOT
20.1%
YEAR-OVER-YEAR
MEDIAN PPSF
7.3%
QUARTER-OVER-QUARTER
MEDIAN PPSF
5.6%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
6.8%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
QUEENS NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
LONG ISLAND CITY
63.9% of Queens New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$159,934,547 in 1Q20
LARGEST QUARTERLY UP-SWING
LONG ISLAND CITY
PPSF $1,324/SF from $1,279/SF
Sales Price $895,576 from $922,304
LARGEST QUARTERLY DOWN-SWING
ASTORIA
PPSF $1,038 from $1,097
Sales Price $707,175 from $678,155
HIGHEST NEW DEVELOPMENT SALE PPSF
24-16 QUEENS PLAZA SOUTH 19B $1,569 PPSF
HIGHEST NEW DEVELOPMENT SALE
21-30 44TH DRIVE 6A $2,310,000
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, the total sales volume of Queens sponsor units decreased by 29.00%, from $159,934,547 during 1Q20 to $113,548,668 this past quarter. The total number of sales decreased by 35.7%, from 185 total sales in 1Q20 to 119 total sales this past quarter. Quarter-over-quarter, the median price per square foot increased by 7.3%, from $1,164.87 during 1Q20 to $1,249.86 this past quarter. The median price paid for a Queens sponsor unit increased by 6.8%, from $800,499 during 1Q20 to $855,330 this past quarter. Year-over-year, the median price paid per square foot for a Queens sponsor increased by 20.1% while the median sales price increased by 5.6% in that same span. As opposed to 2Q19, a much larger share of sales took place in higher-priced neighborhoods like Long Island City and Flushing, leading to large year-over-year price changes.
This past quarter, the highest price paid for a Queens sponsor unit was at 21-30 44th Drive, where unit 6A sold for $2,310,000 or $1,336 per square foot. The highest price paid per square foot for a Queens sponsor unit was for unit 19B at 24-16 Queens Plaza South, which sold for $875,695 or $1,569 per square foot.
This past quarter, the majority of Queens sponsor sales were in Long Island City where 63.9% of all Queens sponsor sales occurred. This translates to 76 out of the 119 total sponsor unit sales that took place in Queens during 2Q20.
MARKET UP-SWINGS
The largest quarterly up-swing occurred in Long Island City, where the median price per square foot increased by 3.6%, from $1,279 to $1,324. Additionally, the median sales price in Long Island City decreased by 2.9%, from $922,304 to $895,576.
MARKET DOWN-SWINGS
The largest down-swing this quarter occurred in Astoria, where the median price per square foot decreased by 5.4%, from $1,097 to $1,038. Additionally, the median sales price in Astoria decreased by 4.3%, from $678,155 to $707,175.
MARKET TRENDS
During the second quarter of 2020, 17 studio sponsor unit were sold, representing 14.29% of all sponsor unit sales in Queens. One-bedroom sponsor units represented 55.46% of all sponsor unit sales in Queens during 2Q20, or 66 out of 119 total sales. Two-bedroom sponsor units represented 22.69% of all Queens sponsor unit sales, or 27 out of 119 total sales. Three-bedroom or larger sponsor units comprised the remaining 7.56% of Queens sponsor sales that occurred during 2Q20, or 9 out 119 total sales.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 2Q20
76%
STUDIO
LONG ISLAND CITY
59%
ONE-BEDROOM
LONG ISLAND CITY
63%
TWO-BEDROOM
LONG ISLAND CITY
78%
THREE-BEDROOM
LONG ISLAND CITY
MARKET SNAPSHOT
2Q20 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
2Q20 MEDIAN SALES PRICE BY NEIGHBORHOOD
2Q20 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 2Q20
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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