BROOKLYN NEW DEVELOPMENT MARKET REPORT
BROOKLYN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THE FIRST QUARTER 2023 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 First Quarter of 2023 (1/1/23– 3/31/23). All data is summarized on a median basis.
MARKET SNAPSHOT
4.5%
YEAR-OVER-YEAR
MEDIAN PPSF
8.1%
QUARTER-OVER-QUARTER
MEDIAN PPSF
19.7%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
14.6%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
BROOKLYN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEV SALES
CROWN HEIGHTS
12.2% of Brooklyn New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$380,686,945 in 4Q22
LARGEST QUARTERLY UP-SWING
KENSINGTON
PPSF $1,112/SF from $721/SF
Sales Price $1,135,000 from $1,051,986
LARGEST QUARTERLY DOWN-SWING
GREENPOINT
PPSF $1,278 from $1,446
Sales Price $1,176,500 from $1,552,831
HIGHEST NEW DEVELOPMENT SALE PPSF
50 Bridge Park Drive PH2B $1,514 PPSF
HIGHEST NEW DEVELOPMENT SALE
50 Bridge Park Drive PH2B $7,300,000
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, total new development sales volume in Brooklyn decreased by 23.65%, from $380,686,945 in 4Q22 to $290,650,674 in 1Q23, while
the total number of sponsor sales decreased by 13.28% from 256 to 222. Quarter-over-quarter, the median price per square foot for decreased by 8.1%,
from $1,372 to $1,261 as the median sales price paid decreased by 14.6%, from $1,220,950 to $1,042,500. Year-over-year, median price per square foot
decreased by 4.5%, from $ 1,372 to $1,261 psf, while the median sales price decreased by 19.7%, from $1,220,950 to $1,042,500.
This past quarter, the highest sales price and the highest price per square foot paid occurred at Quay Tower on 50 Bridge Park Drive in Brooklyn Heights
where PH2B sold for $7,300,000, $2,514 psf.
Crown Heights saw the largest percentage of Brooklyn Sponsor Sales closings this quarter at 12.16%, or 27 out of the 222 total closings.
MARKET UP-SWINGS
The largest quarterly up-swing by price per square foot occurred in Kensington, which increased by 54.1% from $721 psf to $1,112 psf, as the median sales price increased by 7.9%, from $1,051,986 to $1,135,000.
MARKET DOWN-SWINGS
The largest down-swing this quarter occurred in Greenpoint, where the median price per square foot decreased by 11.6%, from $1,446 psf to $1,278 psf, as the median sales price decreased by 24.2%, from $1,552,831 to $1,176,500.
MARKET TRENDS
During the fi rst quarter of 2023, there were 10 studio units that closed, representing 4.50% of the 222 total sponsor unit sales in Brooklyn, 101 were one-bedrooms (45.50%), 78 were two-bedrooms (35.14%) and 33 were three-bedrooms+ (14.86%).
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 1Q23
40%
STUDIO
WILLIAMSBURG
15%
ONE-BEDROOM
BEDFORD-STUYVESANT
15%
TWO-BEDROOM
WILLIAMSBURG
24%
THREE-BEDROOM+
DOWNTOWN BROOKLYN
MARKET SNAPSHOT
1Q23 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
1Q23 MEDIAN SALES PRICE BY NEIGHBORHOOD
1Q23 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 1Q23
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
