MANHATTAN NEW DEVELOPMENT MARKET REPORT
MANHATTAN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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MNS IS PROUD TO PRESENT THE FIRST QUARTER 2022 EDITION OF OUR NEW DEVELOPMENT MARKET REPORT.
New Development Sales data, defi ned as “Arms-Length” fi rst 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 fi rst quarter of 2022 (1/1/22 – 3/31/22). 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
UPPER WEST SIDE
15.56% of Manhattan New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$1,374,497,821 in 4Q21
LARGEST QUARTERLY UP-SWING
PPSF $2,208/SF from $1,862/SF
Sales Price $3,839,755 from $2,812,500
LARGEST QUARTERLY DOWN-SWING
PPSF $1,986 from $2,232
Sales Price $3,047,500 from $2,700,000
HIGHEST NEW DEVELOPMENT SALE PPSF
217 West 57th Street 125 $7,009 PPSF
HIGHEST NEW DEVELOPMENT SALE
217 West 57th Street 125 $46,958,750
Quarter-over-quarter, the total number of sponsor sales in Manhattan decreased by 38.7%, from 419 sales during 4Q21 to 257 sales this past quarter. In that
same span, total sales volume decreased by 27.3%, from $1,374,497,821 to $998,796,606. Quarter-over-quarter, the median price per square foot increased
by 9.0%, from $1,952 during 4Q21 to $2,127 this past quarter. Additionally, median sales price increased by 11%, from $2,287,853 to $2,549,625. Year-over-year, median price per square foot is up 9.3%, from $1,947 during 1Q21 to $2,127 this past quarter. In that same span, median sales price rose by 4.2%, from
$2,447,800 to $2,549,625 this past quarter.
Out of all the neighborhoods tracked by this report, the Upper West Side had the highest number of sponsor sales this past quarter. Out of 257 total sales, 40 or 15.6% took place in the Upper West Side.
Through 1Q22, the highest price and price per square foot paid was for Apartment #125 at 217 West 57th Street in Midtown West, which sold for $46,958,750 which equates to $7,009 per square foot.
The largest quarterly upswing was observed in TriBeCa, where the median price per square foot increased by 18.6% from $1,862 to $2,208. Additionally, the median sales price in TriBeCa increased by 36.5% from $2,812,500 to $3,839,755.
The largest quarterly downswing was observed in Gramercy Park/Flatiron, where the median price per square foot fell by 11.05% from $2,232 to $1,986. Despite this drop in price per square foot, the median overall sales price rose 12.87% from $2,700,000 to $3,047,500.
Out of 257 total sponsor units sold in Manhattan during 1Q22, 3% or 8 were studios, 31% or 79 were one-bedrooms, 21% or 55 were two-bedrooms, and the remaining 45% or 115 units were three-bedrooms or larger.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 1Q22
UPPER WEST SIDE
LOWER EAST SIDE,
1Q22 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
1Q22 MEDIAN SALES PRICE BY NEIGHBORHOOD
1Q22 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 1Q22
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