BROOKLYN NEW DEVELOPMENT MARKET REPORT
BROOKLYN NEW DEVELOPMENT MARKET REPORT ARCHIVE
sign up for Sponsor Sale reports to be sent to your email
TABLE OF CONTENTS
JUMP TO A PARTICULAR SECTION
MNS IS PROUD TO PRESENT THE THIRD QUARTER 2021 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 Third Quarter of 2021 (7/01/21 – 9/30/21). All data is summarized on a median basis.
MEDIAN SALES PRICE
MEDIAN SALES PRICE
BROOKLYN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEV SALES
18.8% of Brooklyn New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$589,633,934 in 2Q21
LARGEST QUARTERLY UP-SWING
PPSF $1,713/SF from $1,500/SF
Sales Price $2,159,440 from $1,295,000
LARGEST QUARTERLY DOWN-SWING
PPSF $881 from $1,009
Sales Price $762,669 from $1,030,446
HIGHEST NEW DEVELOPMENT SALE PPSF
347 Henry Street 14A $2,232 PPSF
HIGHEST NEW DEVELOPMENT SALE
1 Clinton Street 27A $5,300,000
Quarter-over-quarter, total new development sales volume in Brooklyn increased by 18.11%, from $589,633,934 during 2Q21 to $696,434,087. The total
number of sponsor sales increased by 12.95%, from 471 sales during 2Q21 to 532 this past quarter. Quarter-over-quarter, the median price per square foot for
a sold sponsor unit increased by 0.1%, from $1,179.10 to $1,180.00. In that same span, the median price paid for a Brooklyn sponsor unit decreased by 1.5%,
from $995,000 to $980,000. Year-over-year, median price per square foot increased by 8.8%, from $1,084.71 to $1,180.00, while the median sales price
increased by 15.1%, from $851,750 to $980,000.
This past quarter, the highest price paid for a Brooklyn sponsor unit was at 1 Clinton Street in Brooklyn Heights, where unit 27A sold for $5,300,000 or $2,098.18 per square foot. The highest price paid per square foot for a Brooklyn sponsor unit this past quarter was at 347 Henry Street in Cobble Hill, where unit 14A sold for $4,751,761 or $2,231.92 per square foot.
This past quarter, the largest percentage of Brooklyn Sponsor Sales took place in Downtown Brooklyn, where 18.8% of all sponsor sales took place, or 100 out of 532 total sponsor unit sales.
The largest quarterly up-swing occurred in DUMBO, where the median price per square foot increased by 14.2%, from $1,500 to $1,713. Additionally, the median sales price in DUMBO increased by 66.8%, from $1,295,000 to $2,159,440.
The largest down-swing this quarter occurred in Kensington, where the median price per square foot decreased by 12.7%, from $1,009 to $881. Additionally, the median sales price in Kensington decreased by 26.0%, from $1,030,446 to $762,669.
During the third quarter of 2021, 39 studio sponsor units were sold, representing 7.33% of all sponsor unit sales in Brooklyn. One-bedroom sponsor units represented 34.77% of all sponsor unit sales during in Brooklyn during 3Q21, or 185 out of 532 total sales. Two-bedroom sponsor units represented 39.66% of all Brooklyn sponsor unit sales, or 211 out of 532 total sales. Three-bedroom or larger sponsor units comprised the remaining 18.23% of Brooklyn sponsor sales that occurred during 3Q21, or 97 out of 532 total sales.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 3Q21
BED-STUY, DOWNTOWN BK
3Q21 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
3Q21 MEDIAN SALES PRICE BY NEIGHBORHOOD
3Q21 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 3Q21
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