BROOKLYN NEW DEVELOPMENT MARKET REPORT
BROOKLYN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THE SECOND QUARTER 2024 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 2024 (4/1/24– 6/30/24). All data is summarized on a median basis.
MARKET SNAPSHOT
15.3%
YEAR-OVER-YEAR
MEDIAN PPSF
3.8%
QUARTER-OVER-QUARTER
MEDIAN PPSF
26.5%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
5.7%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
BROOKLYN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEV SALES
GREENPOINT
26.0% of Brooklyn New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$491,217,935 in 1Q24
LARGEST QUARTERLY UP-SWING
CROWN HEIGHTS
PPSF $1,301/SF from $1,054/SF
Sales Price $1,150,000 from $625,000
LARGEST QUARTERLY DOWN-SWING
CARROLL GARDENS / RED HOOK
PPSF $1,353 from $1,739
Sales Price $2,060,000 from $2,785,000
HIGHEST NEW DEVELOPMENT SALE PPSF
60 FRONT STREET 26B $2,524 PPSF
HIGHEST NEW DEVELOPMENT SALE
60 FRONT STREET 26B $6,700,000
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, total new development sales volume in Brooklyn increased by 18.46%, from $491,217,935 in 1Q24 to $581,898,737 in 2Q24, and the
total number of sponsor sales increased by 12.90% from 341 to 385. Quarter-over-quarter, the median price per square foot for increased by 3.8%, from
$1,392 to $1,445 as the median sales price paid increased by 5.7%, from $1,195,000 to $1,262,547. Year-over-year, median price per square foot increased
by 15.3%, from $ 1,253 to $1,445 psf, and the median sales price increased by 26.5%, from $997,885 to $1,262,547.
This past quarter, the highest sales price and the highest price per square foot paid both occurred at Olympia on 60 Front Street in DUMBO where unit 26B
sold for $6,700,000 ($2,524 psf).
Greenpoint saw the largest percentage of Brooklyn Sponsor Sales closings this quarter at 25.97%, or 100 out of the 385 total closings.
MARKET UP-SWINGS
The largest quarterly up-swing by price per square foot occurred in Crown Heights, which increased by 23.5% from $1,054 psf to $1,301 psf, as the median sales price increased by 84.0%, from $625,000 to $1,150,000.
MARKET DOWN-SWINGS
The largest down-swing this quarter occurred in Carroll Gardens / Red Hook, where the median price per square foot decreased by 22.2%, from $1,739 psf to $1,353 psf, as the median sales price decreased by 26.0%, from $2,785,000 to $2,060,000.
MARKET TRENDS
During the second quarter of 2024, there were 18 studio units that closed, representing 4.68% of the 385 total sponsor unit sales in Brooklyn, 127 were one-bedrooms (32.99%), 148 were two-bedrooms (38.44%) and 92 were three-bedrooms+ (23.90%).
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 2Q24
56%
STUDIO
GREENPOINT
29%
ONE-BEDROOM
GREENPOINT
21%
TWO-BEDROOM
GREENPOINT
24%
THREE-BEDROOM+
GREENPOINT
MARKET SNAPSHOT
2Q24 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
2Q24 MEDIAN SALES PRICE BY NEIGHBORHOOD
2Q24 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 2Q24
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.
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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.
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
