BROOKLYN NEW DEVELOPMENT MARKET REPORT

Brooklyn infographics

BROOKLYN NEW DEVELOPMENT MARKET REPORT ARCHIVE

TABLE OF CONTENTS

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

INTRODUCTION

MNS IS PROUD TO PRESENT THE FIRST QUARTER 2022 EDITION OF OUR NEW DEVELOPMENT MARKET REPORT.

New Development Sales data, defi ned as “Arms-Length” fi rst 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 2022 (1/1/22– 3/31/22). All data is summarized on a median basis.

MARKET SNAPSHOT

brooklyn

3.4%

YEAR-OVER-YEAR

MEDIAN PPSF

6.3%

QUARTER-OVER-QUARTER

MEDIAN PPSF

23.7%

YEAR-OVER-YEAR

MEDIAN SALES PRICE

33.2%

QUARTER-OVER-QUARTER

MEDIAN SALES PRICE

BROOKLYN NEW DEVELOPMENT SPONSOR SALES

38.39% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEV SALES

DOWNTOWN BROOKLYN

26.0% of Brooklyn New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

24.84% to $206,174,114 from $274,298,514 in 4Q21

LARGEST QUARTERLY UP-SWING

BED-STUY

PPSF $834/SF from $729/SF

Sales Price $712,000 from $865,513

LARGEST QUARTERLY DOWN-SWING

BAY RIDGE

PPSF $664 from $847

Sales Price $725,000 from $860,000

HIGHEST NEW DEVELOPMENT SALE PPSF

50 Bridge Park Drive PH3AB $2,290 PPSF

HIGHEST NEW DEVELOPMENT SALE

50 Bridge Park Drive PH3AB $9,995,000

MARKET SNAPSHOT

brooklyn

MARKET SUMMARY

Quarter-over-quarter, total new development sales volume in Brooklyn decreased by 24.84%, from $274,298,514 during 4Q21 to $206,174,114. The total number of sponsor sales decreased by 38.69% from 211 sales during 4Q21 to 130 this past quarter. Quarter-over-quarter, the median price per square foot for a sold sponsor unit increased by 6.3%, from $1,243 to $1,321. In that same span, the median price paid for a Brooklyn sponsor unit increased by 33.2%,from $975,000 to $1,299,028. This signifi cant increase is due mostly to the increased sales volume of larger three+ bedroom units in neighborhoods such as Brooklyn Heights, Boerum Hill and Downtown Brooklyn. Year-over-year, median price per square foot increased by 3.4%, from $1,278 to $1,321, while the median sales price increased by 23.7%, from $1,050,000 to $1,299,028.

This past quarter, the highest price and price per square foot paid for a Brooklyn sponsor unit was at 50 Bridge Park Drive in Brooklyn Heights, where the combo unit 23AB sold for $9,995,000 which equates to $2,200 per square foot.

This past quarter, the largest percentage of Brooklyn Sponsor Sales took place in Downtown Brooklyn, where 26.15% of all sponsor sales took place, or 34 out of 130 total sponsor unit sales.

MARKET UP-SWINGS

The largest quarterly up-swing by price per square foot occurred in Bedford-Stuyvesant, where prices increased by 14.3%, from $729 to $834 per square foot. Conversely, the overall sales price dropped from $865,513 last quarter to $712,000 during 1Q22, mostly to higher sales volume of smaller one-bedroom units.

MARKET DOWN-SWINGS

The largest down-swing this quarter occurred in Bay Ridge, where the median price per square foot decreased by 21.6%, from $847 to $664. Additionally, the median sales decreased by 15.7%, from $860,000 to $725,000.

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 1Q22

brooklyn

33%

STUDIO

DOWNTOWN BROOKLYN & DUMBO

29%

ONE-BEDROOM

BEDFORD-STUYVESANT

37%

TWO-BEDROOM

DOWNTOWN BROOKLYN

30%

THREE-BEDROOM

BROOKLYN HEIGHTS

MARKET SNAPSHOT

brooklyn

1Q22 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
$664
$834
$1,435
$1,561
$819
$750
$1,164
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
$1,048
$1,458
$1,657
$974
-
-
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
$1,220
-
$1,154
-
$1,094
$1,211
brooklyn

1Q22 MEDIAN SALES PRICE BY NEIGHBORHOOD

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
$725,000
$712,000
$1,775,356
$3,075,000
$525,000
$2,075,000
$1,143,500
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
$766,500
$1,687,557
$1,510,000
$805,000
-
-
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
$742,000
-
$861,750
-
$739,480
$1,170,400
brooklyn

1Q22 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
0.77%
9.23%
10.00%
8.46%
0.77%
0.77%
3.08%
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
6.15%
26.15%
8.46%
7.69%
0.00%
0.00%
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
0.77%
0.00%
7.69%
0.00%
1.54%
8.46%
brooklyn

NUMBER OF UNITS SOLD IN 1Q22

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
1
12
13
11
1
1
4
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
8
34
11
10
0
0
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
1
0
10
0
2
11
ASTORIA

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 Brooklyn 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 “Brooklyn New Development Report” with a link back to its original location

http://www.mns.com/Brooklyn_new_dev_report

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