MANHATTAN NEW DEVELOPMENT MARKET REPORT

Manhattan infographics

MANHATTAN 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 2022 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 2022 (7/1/22 – 9/30/22). All data summarized is on a median basis.

MARKET SNAPSHOT

manhattan

11.8%

YEAR-OVER-YEAR

MEDIAN PPSF

1.5%

QUARTER-OVER-QUARTER

MEDIAN PPSF

12.4%

YEAR-OVER-YEAR

MEDIAN SALES PRICE

7.8%

QUARTER-OVER-QUARTER

MEDIAN SALES PRICE

MANHATTAN NEW DEVELOPMENT SPONSOR SALES

46.1% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES

MIDTOWN EAST

23.40% of Manhattan New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

30.4% to $2,193,426,359 from $1,681,960,903 in 2Q22

LARGEST QUARTERLY UP-SWING

SOHO

PPSF $3,033/SF from $2,113/SF

Sales Price $7,390,434 from $2,332,302

LARGEST QUARTERLY DOWN-SWING

MIDTOWN WEST

PPSF $1,929 from $2,581

Sales Price $1,997,500 from $5,655,750

HIGHEST NEW DEVELOPMENT SALE PPSF

111 West 57th Street 59 $6,287 PPSF

HIGHEST NEW DEVELOPMENT SALE

217 West 57th Street 115 $43,896,500

MARKET SNAPSHOT

manhattan

MARKET SUMMARY

Quarter-over-quarter, the total number of sponsor sales in Manhattan increased by 46.11% from 386 sales during 2Q22 to 564 sales this past quarter. In that same span, total sales volume increased by 30.41%, from $1,681,960,903 to $2,193,426,359. Quarter-over-quarter, the median price per square foot increased by 1.5%, from $2,118 to $2,150, while the median sales price decreased by 7.7%, from $2,797,230 to $2,580,000. Year-over-year, median price per square foot is up 11.8%, from $1,924 In 3Q21 to $2,150 in 3Q22 which corresponded to a 12.4% median sales price increase from $2,295,000 to $2,580,000

Out of all the neighborhoods tracked by this report, Midtown East had the highest number of sponsor sales again this past quarter with a recorded 132 closings (23.4%) out of the total 564 closings that occurred in 3Q22.

The highest price paid per square foot was recorded this quarter at 111 West 57th Street, 59, which sold for $6,286.82 psf ($26,297,770), while the highest sales priced occurred at 217 West 57th Street, 115, which sold for $6,205.33 psf ($43,896,500).

MARKET UP-SWINGS

The largest quarterly upswing was observed in SOHO, where the median price per square foot increased by 43.5% from $2,113 to $3,033, with a median sales price increase of 216.9% from $2,332,302 to $7,390,434.

MARKET DOWN-SWINGS

The largest quarterly downswing occurred in Midtown West, where the median price per square foot fell by 25.3% from $2,581 to $1,929, which corresponded to a 64.7% decrease in median sales price, from $5,655,750 to $1,997,500.

INVENTORY ANALYSIS

Out of 564 total sponsor units sold this quarter, 5% or 30 were studios, 31% or 175 were one-bedrooms, 38% or 217 were two-bedrooms, and the remaining 25% or 142 units were three-bedroom units or larger.

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 3Q22

manhattan

27%

STUDIO

HARLEM

37%

ONE-BEDROOM

MIDTOWN EAST

27%

TWO-BEDROOM

MIDTOWN EAST

29%

THREE-BEDROOMS+

UPPER WEST SIDE

MARKET SNAPSHOT

manhattan

3Q22 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD

Battery Park City
Chelsea
East Village
Finacial District
GRAMERCY/FLATIRON
N/A
$2,436
$1,717
$1,447
$2,120
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
$2,122
$1,312
$2,029
$2,251
$1,929
MURRAY HILL / KIPS BAY / NOMAD
SOHO/NOHO
Tribeca
Upper East Side
Upper West Side
$2,164
$3,033
$2,293
$3,133
$2,443
manhattan

3Q22 MEDIAN SALES PRICE BY NEIGHBORHOOD

Battery Park City
Chelsea
East Village
Finacial District
GRAMERCY/FLATIRON
N/A
$4,900,000
$1,310,000
$1,570,000
$2,367,500
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
$2,489,200
$1,247,357
$2,104,160
$2,920,000
$1,997,500
MURRAY HILL / KIPS BAY / NOMAD
SOHO/NOHO
Tribeca
Upper East Side
Upper West Side
$2,210,680
$7,390,434
$4,935,000
$9,853,488
$4,820,000
manhattan

3Q22 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

Battery Park City
Chelsea
East Village
Finacial District
GRAMERCY/FLATIRON
0.00%
6.56%
1.42%
4.08%
8.16%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
1.95%
13.12%
5.85%
23.40%
5.67%
MURRAY HILL / KIPS BAY / NOMAD
SOHO/NOHO
Tribeca
Upper East Side
Upper West Side
8.16%
1.42%
3.90%
3.01%
13.30%
manhattan

NUMBER OF UNITS SOLD IN 3Q22

Battery Park City
Chelsea
East Village
Finacial District
GRAMERCY/FLATIRON
0
37
8
23
46
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
11
74
33
132
32
MURRAY HILL / KIPS BAY / NOMAD
SOHO/NOHO
Tribeca
Upper East Side
Upper West Side
46
8
22
17
75
BATTERY PARK CITY
CHELSEA
EAST VILLAGE
FINANCIAL DISTRICT
GRAMERCY PARK
GREENWICH VILLAGE
HARLEM
LOWER EAST SIDE
MIDTOWN EAST
MIDTOWN WEST
MURRAY HILL
SOHO
TRIBECA
UPPER EAST SIDE
UPPER WEST SIDE

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.

If you would like to republish this report on the web, please be sure to source it as the “Manhattan New Development Report” with a link back to its original location

http://www.mns.com/manhattan_new_dev_report

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