QUEENS NEW DEVELOPMENT MARKET REPORT
QUEENS NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THE FOURTH 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 Fourth Quarter of 2020 (10/01/20 – 12/31/20). All data is summarized on a median basis.
MARKET SNAPSHOT
9.1%
YEAR-OVER-YEAR
MEDIAN PPSF
4.6%
QUARTER-OVER-QUARTER
MEDIAN PPSF
21.5%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
5.2%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
QUEENS NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
FLUSHING
51.6% of Queens New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$116,191,683 in 3Q20
LARGEST QUARTERLY UP-SWING
FLUSHING
PPSF $1,147/SF from $873/SF
Sales Price $793,912 from $630,531
LARGEST QUARTERLY DOWN-SWING
LONG ISLAND CITY
PPSF $1,251 from $1,341
Sales Price $835,238 from $875,695
HIGHEST NEW DEVELOPMENT SALE PPSF
24-16 Queens Plaza South 21E $1,678 PPSF
HIGHEST NEW DEVELOPMENT SALE
133-27 39th Avenue PH1D $2,791,157
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, the total sales volume of Queens sponsor units increased by 21.24%, from $116,191,683 during 3Q20 to $140,866,116 this past quarter. The total number of sales increased by 13.1%, from 137 total sales in 3Q20 to 155 total sales this past quarter. Quarter-over-quarter, the median price per
square foot decreased by 4.6%, from $1,242.69 during 3Q20 to $1,185.42 this past quarter. In that same span, the median price paid for a Queens sponsor
unit increased by 5.2%, from $767,750 to $807,545. Year-over-year, the median price paid per square foot for a Queens sponsor decreased by 9.1% while the
median sales price decreased by 21.5% in that same span.
This past quarter, the highest price paid for a Queens sponsor unit was at 133-27 39th Avenue, where unit PH1D sold for $2,791,157 or $1,354 per square
foot. The highest price paid per square foot for a Queens sponsor unit was for unit 21E at 24-16 Queens Plaza South, which sold for $710,000 or $1,678 per
square foot.
This past quarter, the majority of Queens sponsor sales were in Flushing where 51.6% of all Queens sponsor sales occurred. This translates to 80 out of the
155 total sponsor unit sales tracked by this report.
MARKET UP-SWINGS
The largest quarterly up-swing occurred in Flushing, where the median price per square foot increased by 31.5%, from $873 to $1,147. Additionally, the median sales price in Flushing increased by 25.9%, from $630,531 to $793,912.
MARKET DOWN-SWINGS
The largest down-swing this quarter occurred in Long Island City, where the median price per square foot decreased by 6.7%, from $1,341 to $1,251. Additionally, the median sales price in Long Island City decreased by 4.6%, from $875,696 to $835,238.
MARKET TRENDS
During the fourth quarter of 2020, 12 studio sponsor unit were sold, representing 7.74% of all sponsor unit sales in Queens. One-bedroom sponsor units represented 50.97% of all sponsor unit sales in Queens during 4Q20, or 79 out of 155 total sales. Two-bedroom sponsor units represented 33.55% of all Queens sponsor unit sales, or 52 out of 155 total sales. Three-bedroom or larger sponsor units comprised the remaining 7.74% of Queens sponsor sales that occurred during 4Q20, or 12 out 155 total sales.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 4Q20
75%
STUDIO
LONG ISLAND CITY
49%
ONE-BEDROOM
FLUSHING
63%
TWO-BEDROOM
FLUSHING
50%
THREE-BEDROOM
FLUSHING
MARKET SNAPSHOT
4Q20 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
4Q20 MEDIAN SALES PRICE BY NEIGHBORHOOD
4Q20 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 4Q20
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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