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 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

brooklyn

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

13.28% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEV SALES

CROWN HEIGHTS

12.2% of Brooklyn New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

23.65% to $290,650,674 from $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

brooklyn

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.

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 1Q23

brooklyn

40%

STUDIO

WILLIAMSBURG

15%

ONE-BEDROOM

BEDFORD-STUYVESANT

15%

TWO-BEDROOM

WILLIAMSBURG

24%

THREE-BEDROOM+

DOWNTOWN BROOKLYN

MARKET SNAPSHOT

brooklyn

1Q23 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS/RED HOOK
CLINTON HILL
$999
$984
$1,788
$2,157
$900
$1,621
$1,365
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
$1,105
$1,648
$1,576
$923
-
-
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
$1,278
$1,112
$1,424
$1,372
$854
$1,637
brooklyn

1Q23 MEDIAN SALES PRICE BY NEIGHBORHOOD

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS/RED HOOK
CLINTON HILL
$894,000
$554,946
$2,087,413
$5,845,000
$586,500
$2,320,987
$1,750,000
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
$860,000
$1,946,250
$1,375,000
$579,095
-
-
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
$1,176,500
$1,135,000
$1,504,752
$1,807,394
$645,000
$1,453,552
brooklyn

1Q23 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS/RED HOOK
CLINTON HILL
3.15%
7.66%
2.25%
0.90%
8.11%
3.15%
1.35%
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
12.16%
10.81%
8.56%
8.11%
0.00%
0.00%
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
8.11%
0.90%
5.41%
3.15%
4.95%
11.26%
brooklyn

NUMBER OF UNITS SOLD IN 1Q23

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS/RED HOOK
CLINTON HILL
7
17
5
2
18
7
3
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
27
24
19
18
0
0
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
18
2
12
7
11
25
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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