MANHATTAN NEW DEVELOPMENT MARKET REPORT
MANHATTAN NEW DEVELOPMENT MARKET REPORT ARCHIVE
sign up for Sponsor Sale reports to be sent to your email
TABLE OF CONTENTS
JUMP TO A PARTICULAR SECTION
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.
MEDIAN SALES PRICE
MEDIAN SALES PRICE
MANHATTAN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
23.40% of Manhattan New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$1,681,960,903 in 2Q22
LARGEST QUARTERLY UP-SWING
PPSF $3,033/SF from $2,113/SF
Sales Price $7,390,434 from $2,332,302
LARGEST QUARTERLY DOWN-SWING
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
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).
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.
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.
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
UPPER WEST SIDE
3Q22 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
3Q22 MEDIAN SALES PRICE BY NEIGHBORHOOD
3Q22 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 3Q22
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.
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 “Manhattan New Development Report” with a link back to its original location