MANHATTAN NEW DEVELOPMENT MARKET REPORT
MANHATTAN 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 summarized is on a median basis.
MARKET SNAPSHOT
9.5%
YEAR-OVER-YEAR
MEDIAN PPSF
0.7%
QUARTER-OVER-QUARTER
MEDIAN PPSF
11.3%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
6.5%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
MANHATTAN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
FINANCIAL DISTRICT
13.68% of Manhattan New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$933,908,571 in 1Q21
LARGEST QUARTERLY UP-SWING
EAST VILLAGE
PPSF $2,123/SF from $1,195/SF
Sales Price $1,465,000 from $1,950,000
LARGEST QUARTERLY DOWN-SWING
SOHO/NOHO
PPSF $1,993 from $3,055
Sales Price $1,868,865 from $4,493,075
HIGHEST NEW DEVELOPMENT SALE PPSF
220 Central Park South 67 $10,025 PPSF
HIGHEST NEW DEVELOPMENT SALE
220 Central Park South 67 $59,500,000
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, the total number of sponsor sales in Manhattan increased by 89.8%, from 285 sales during 1Q21 to 541 sales this past quarter. In that
same span, total sales volume increased by 97.1%, from $933,908,571 to $1,841,019,393. Quarter-over-quarter, the median price per square foot decreased
by 0.7%, from $1,947 during 1Q21 to $1,933 this past quarter. Additionally, the median sales price decreased by 6.5%, from $2,447,800 during 1Q21 to
$2,288,211 this past quarter. Year-over-year, median price per square foot is down 9.5%, from $2,136 during 2Q20 to $1,933 during this past quarter. In that
same span, median sales price fell by 11.3%, from $2,579,000 to $2,288,211 this past quarter.
Out of all the neighborhoods tracked by this report, the Financial District had the highest number of sponsor sales this past quarter. Out of 541 total sales,
74 or 13.7% took place in the Financial District.
Through 2Q21, the highest price per square and highest price paid overall both took place at 220 Central Park South, where unit 67 sold for $59,500,000
or for $10,025.17 per square foot.
MARKET UP-SWINGS
The largest quarterly upswing was observed in East Village, where the median price per square foot increased by 77.7%, from $1,195 to $2,123. Additionally, the median sales price in East Village decreased by 24.9%, from $1,950,000 to $1,465,000.
MARKET DOWN-SWINGS
The largest quarterly downswing was observed in SoHo/NoHo, where the median price per square foot fell by 34.8%, from $3,055 to $1,993. Additionally, the median sales price in SoHo/NoHo decreased by 58.4%, from $4,493,075 to $1,868,865.
INVENTORY ANALYSIS
Out of 541 total sponsor units sold in Manhattan during 2Q21, 5% or 25 were studios, 28% or 153 were one-bedrooms, 40% or 216 were two-bedrooms, and the remaining 27% or 147 units were three-bedrooms or larger.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 2Q21
28%
STUDIO
GREENWICH VILLAGE
23%
ONE-BEDROOM
FINANCIAL DISTRICT
20%
TWO-BEDROOM
GRAMERCY/FLATIRON
20%
THREE-BEDROOMS+
UPPER EAST SIDE
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 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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