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 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

manhattan

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

89.8% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES

FINANCIAL DISTRICT

13.68% of Manhattan New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

97.1% to $1,841,019,393 from $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

manhattan

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

manhattan

28%

STUDIO

GREENWICH VILLAGE

23%

ONE-BEDROOM

FINANCIAL DISTRICT

20%

TWO-BEDROOM

GRAMERCY/FLATIRON

20%

THREE-BEDROOMS+

UPPER EAST SIDE

MARKET SNAPSHOT

manhattan

2Q21 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD

Battery Park City
Chelsea
East Village
Finacial District
GRAMERCY/FLATIRON
N/A
$2,066
$2,123
$1,228
$1,897
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
$2,228
$1,030
$1,817
$1,759
$3,591
Murray Hill
SOHO/NOHO
Tribeca
Upper East Side
Upper West Side
$1,073
$1,993
$1,976
$1,991
$1,854
manhattan

2Q21 MEDIAN SALES PRICE BY NEIGHBORHOOD

Battery Park City
Chelsea
East Village
Finacial District
GRAMERCY/FLATIRON
N/A
$2,973,750
$1,465,000
$1,266,172
$2,825,550
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
$2,920,000
$1,200,000
$1,942,582
$2,402,727
$8,626,912
Murray Hill
SOHO/NOHO
Tribeca
Upper East Side
Upper West Side
$795,000
$1,868,865
$3,284,654
$4,262,027
$2,250,000
manhattan

2Q21 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

Battery Park City
Chelsea
East Village
Finacial District
GRAMERCY/FLATIRON
0.0%
9.98%
2.77%
13.68%
12.75%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
6.10%
4.62%
5.18%
2.03%
3.33%
Murray Hill
SOHO/NOHO
Tribeca
Upper East Side
Upper West Side
0.55%
11.46%
6.65%
8.50%
12.38%
manhattan

NUMBER OF UNITS SOLD IN 2Q21

Battery Park City
Chelsea
East Village
Finacial District
GRAMERCY/FLATIRON
0
54
15
74
69
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
33
25
28
11
18
Murray Hill
SOHO/NOHO
Tribeca
Upper East Side
Upper West Side
3
62
36
46
67
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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