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 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.

MARKET SNAPSHOT

brooklyn

8.8%

YEAR-OVER-YEAR

MEDIAN PPSF

0.1%

QUARTER-OVER-QUARTER

MEDIAN PPSF

15.1%

YEAR-OVER-YEAR

MEDIAN SALES PRICE

1.5%

QUARTER-OVER-QUARTER

MEDIAN SALES PRICE

BROOKLYN NEW DEVELOPMENT SPONSOR SALES

13.0% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEV SALES

DOWNTOWN BROOKLYN

18.8% of Brooklyn New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

18.1% to $696,434,087 from $589,633,934 in 2Q21

LARGEST QUARTERLY UP-SWING

DUMBO

PPSF $1,713/SF from $1,500/SF

Sales Price $2,159,440 from $1,295,000

LARGEST QUARTERLY DOWN-SWING

KENSINGTON

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

MARKET SNAPSHOT

brooklyn

MARKET SUMMARY

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.

MARKET UP-SWINGS

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.

MARKET DOWN-SWINGS

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.

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 3Q21

brooklyn

44%

STUDIO

DOWNTOwN BROOKLYN

19%

ONE-BEDROOM

BEDFORD-STUYVESANT

17%

TWO-BEDROOM

BED-STUY, DOWNTOWN BK

20%

THREE-BEDROOM

DOWNTOWN BROOKLYN

MARKET SNAPSHOT

brooklyn

3Q21 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
N/A
$891
$1,242
$1,612
$899
$1,354
$1,125
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
$1,032
$1,385
$1,713
$942
N/A
$1,114
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
$1,240
$881
$1,207
$1,301
$925
$1,255
brooklyn

3Q21 MEDIAN SALES PRICE BY NEIGHBORHOOD

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
N/A
$745,000
$1,647,237
$3,100,000
$552,000
$2,138,325
$1,325,000
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
$915,000
$1,369,000
$2,159,440
$700,000
N/A
$705,000
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
$981,933
$762,669
$1,290,000
$1,852,500
$863,750
$1,499,374
brooklyn

3Q21 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
0.0%
14.1%
4.1%
4.7%
7.1%
2.1%
1.5%
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
10.5%
18.8%
3.9%
7.0%
0.0%
0.9%
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
5.3%
0.6%
6.2%
1.5%
1.5%
10.2%
brooklyn

NUMBER OF UNITS SOLD IN 3Q21

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS
CLINTON HILL
0
75
22
25
38
11
8
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
56
100
21
37
0
5
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
28
3
33
8
8
54
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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