BROOKLYN NEW DEVELOPMENT MARKET REPORT
BROOKLYN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THE SECOND 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 Second Quarter of 2021 (4/01/21 – 6/30/21). All data is summarized on a median basis.
MARKET SNAPSHOT
1.5%
YEAR-OVER-YEAR
MEDIAN PPSF
7.7%
QUARTER-OVER-QUARTER
MEDIAN PPSF
2.1%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
5.2%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
BROOKLYN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEV SALES
BEDFORD-STUYVESANT
15.9% of Brooklyn New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$516,212,219 in 1Q21
LARGEST QUARTERLY UP-SWING
GREENPOINT
PPSF $1,263/SF from $1,073/SF
Sales Price $1,412,924 from $1,227,953
LARGEST QUARTERLY DOWN-SWING
FORT GREENE
PPSF $856 from $1,416
Sales Price $1,513,925 from $2,149,500
HIGHEST NEW DEVELOPMENT SALE PPSF
347 Henry Street 6C $2,168 PPSF
HIGHEST NEW DEVELOPMENT SALE
1 Clinton Street 32C $6,250,000
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, total new development sales volume in Brooklyn increased by 14.22%, from $516,212,219 during 1Q21 to $589,633,934. The total
number of sponsor sales increased by 19.85%, from 393 sales during 1Q21 to 471 this past quarter. Quarter-over-quarter, the median price per square foot for
a sold sponsor unit decreased by 7.7%, from $1,277.77 to $1,179.10. In that same span, the median price paid for a Brooklyn sponsor unit decreased by 5.2%,
from $1,050,000 to $995,000. Year-over-year, median price per square foot increased by 1.5% while the median sales price increased by 2.1%.
This past quarter, the highest price paid for a Brooklyn sponsor unit was at 1 Clinton Street in Brooklyn Heights, where unit 32C was sold for $6,250,000 or
$1,965.41 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 6C sold for $1,563,014 or $2,167.84 per square foot.
This past quarter, the largest percentage of Brooklyn Sponsor Sales took place in Bedford-Stuyvesant, where 15.92% of all sponsor sales took place, or 75
out of 471 total sponsor unit sales.
MARKET UP-SWINGS
The largest quarterly up-swing occurred in Greenpoint, where the median price per square foot increased by 17.7%, from $1,073 to $1,263. Additionally, the median sales price in Greenpoint increased by 15.1%, from $1,227,953 to $1,412,924.
MARKET DOWN-SWINGS
The largest down-swing this quarter occurred in Fort Greene, where the median price per square foot decreased by 39.6%, from $1,416 to $856. Additionally, the median sales price in Fort Greene decreased by 29.6%, from $2,149,500 to $1,513,925.
MARKET TRENDS
During the second quarter of 2021, 23 studio sponsor units were sold, representing 4.88% of all sponsor unit sales in Brooklyn. One-bedroom sponsor units represented 36.94% of all sponsor unit sales during in Brooklyn during 2Q21, or 174 out of 471 total sales. Two-bedroom sponsor units represented 41.40% of all Brooklyn sponsor unit sales, or 195 out of 471 total sales. Three-bedroom or larger sponsor units comprised the remaining 16.77% of Brooklyn sponsor sales that occurred during 2Q21, or 79 out of 471 total sales.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 2Q21
22%
STUDIO
BUSHWICK
21%
ONE-BEDROOM
BEDFORD-STUYVESANT
15%
TWO-BEDROOM
WILLIAMSBURG
20%
THREE-BEDROOM
DOWNTOWN BROOKLYN
MARKET SNAPSHOT
2Q21 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
2Q21 MEDIAN SALES PRICE BY NEIGHBORHOOD
2Q21 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 2Q21
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
