BROOKLYN NEW DEVELOPMENT MARKET REPORT
BROOKLYN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THE FOURTH 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 Fourth Quarter of 2023 (10/1/23– 12/31/23). All data is summarized on a median basis.
MARKET SNAPSHOT
8.2%
YEAR-OVER-YEAR
MEDIAN PPSF
2.0%
QUARTER-OVER-QUARTER
MEDIAN PPSF
1.7%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
9.4%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
BROOKLYN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEV SALES
KENSINGTON / BOROUGH PARK
15.6% of Brooklyn New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$567,572,657 in 3Q23
LARGEST QUARTERLY UP-SWING
PROSPECT HEIGHTS
PPSF $1,352/SF from $1,062/SF
Sales Price $1,815,000 from $1,772,500
LARGEST QUARTERLY DOWN-SWING
DUMBO
PPSF $1,734 from $2,174
Sales Price $2,425,000 from $2,833,188
HIGHEST NEW DEVELOPMENT SALE PPSF
60 FRONT STREET 30B $2,723 PPSF
HIGHEST NEW DEVELOPMENT SALE
60 FRONT STREET 30A $8,098,099
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, total new development sales volume in Brooklyn decreased by 41.03%, from $567,572,657 in 3Q23 to $334,674,528 in 4Q23, while
the total number of sponsor sales decreased by 36.29% from 372 to 237. Quarter-over-quarter, the median price per square foot for increased by 2.0%, from
$1,262 to $1,287 as the median sales price paid increased by 9.4%, from $1,097,000 to $1,200,000. Year-over-year, median price per square foot decreased
by 6.2%, from $ 1,372 to $1,287 psf, while the median sales price decreased by 1.7%, from $1,220,950 to $1,200,000.
This past quarter, the highest sales price occurred at Olympia DUMBO on 60 Front Street in DUMBO where unit 30A sold for $8,098,099 ($2,640psf) and
the highest price per square foot paid also occurred at Olympia DUMBO on 60 Front Street in DUMBO where unit 30B sold for $2,723 psf ($6,397,886)
Kensington saw the largest percentage of Brooklyn Sponsor Sales closings this quarter at 15.61%, or 37 out of the 237 total closings.
MARKET UP-SWINGS
The largest quarterly up-swing by price per square foot occurred in Prospect Heights, which increased by 27.4% from $1,062 psf to $1,352 psf, as the median sales price increased by 2.4%, from $1,772,500 to $1,815,000.
MARKET DOWN-SWINGS
The largest down-swing this quarter occurred in DUMBO, where the median price per square foot decreased by 20.3%, from $2,174 psf to $1,734 psf, as the median sales price decreased by 14.4%, from $2,833,188 to $2,425,000.
MARKET TRENDS
During the fourth quarter of 2023, there were 10 studio units that closed, representing 4.22% of the 237 total sponsor unit sales in Brooklyn, 70 were one-bedrooms (29.54%), 105 were two-bedrooms (44.30%) and 52 were three-bedrooms+ (21.94%).
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 4Q23
40%
STUDIO
CROWN HEIGHTS
17%
ONE-BEDROOM
WILLIAMSBURG
21%
TWO-BEDROOM
KENSINGTON
23%
THREE-BEDROOM+
PARK SLOPE
MARKET SNAPSHOT
4Q23 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
4Q23 MEDIAN SALES PRICE BY NEIGHBORHOOD
4Q23 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 4Q23
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
