MANHATTAN NEW DEVELOPMENT MARKET REPORT
MANHATTAN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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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 summarized is on a median basis.
MARKET SNAPSHOT
8.4%
YEAR-OVER-YEAR
MEDIAN PPSF
0.5%
QUARTER-OVER-QUARTER
MEDIAN PPSF
24.7%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
0.3%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
MANHATTAN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
SOHO
13.59% of Manhattan New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$1,841,019,393 in 2Q21
LARGEST QUARTERLY UP-SWING
FINANCIAL DISTRICT
PPSF $1,870/SF from $1,228/SF
Sales Price $2,074,955 from $1,266,172
LARGEST QUARTERLY DOWN-SWING
TRIBECA
PPSF $1,911 from $1,976
Sales Price $3,200,000 from $3,284,654
HIGHEST NEW DEVELOPMENT SALE PPSF
220 Central Park South 41B $8,638 PPSF
HIGHEST NEW DEVELOPMENT SALE
217 West 57th Street 53 $50,021,000
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, the total number of sponsor sales in Manhattan increased by 40.1%, from 541 sales during 2Q21 to 758 sales this past quarter. In
that same span, total sales volume increased by 41.7%, from $1,841,019,393 to $2,608,841,871. Quarter-over-quarter, the median price per square foot
decreased by 0.5%, from $1,933 during 2Q21 to $1,924 this past quarter. Additionally, median sales price increased by 0.3%, from $2,288,211 to $2,295,000.
Year-over-year, median price per square foot is down 8.4%, from $2,101 during 3Q20 to $1,924 this past quarter. In that same span, median sales price fell by
24.7%, from $3,049,659 to $2,295,000 this past quarter.
Out of all the neighborhoods tracked by this report, SoHo had the highest number of sponsor sales this past quarter. Out of 758 total sales, 103 or 13.6% took
place in SoHo.
Through 3Q21, the highest price paid per square foot was for unit 41B at 220 Central Park South, which sold for $26,284,313 or for $8,637.63 per square foot.
The highest price paid for a sponsor unit this past quarter was for unit 53 at 217 West 57th Street. It sold for $50,021,000 or for $6,265.16 per square foot.
MARKET UP-SWINGS
The largest quarterly upswing was observed in the Financial District, where the median price per square foot increased by 52.2%, from $1,228 to $1,870. Additionally, the median sales price in the Financial District increased by 63.9%, from $1,266,172 to $2,074,955.
MARKET DOWN-SWINGS
The largest quarterly downswing was observed in Tribeca, where the median price per square foot fell by 3.3%, from $1,976 to $1,911. Additionally, the median sales price in Tribeca decreased by 2.6%, from $3,284,654 to $3,200,000.
INVENTORY ANALYSIS
Out of 758 total sponsor units sold in Manhattan during 3Q21, 5% or 37 were studios, 26% or 195 were one-bedrooms, 41% or 311 were two-bedrooms, and the remaining 28% or 215 units were three-bedrooms or larger.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 3Q21
27%
STUDIO
SOHO
16%
ONE-BEDROOM
SOHO
13.5%
TWO-BEDROOM
SOHO
22%
THREE-BEDROOMS+
UPPER EAST SIDE
MARKET SNAPSHOT
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 Manhattan 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.
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