MANHATTAN NEW DEVELOPMENT MARKET REPORT
MANHATTAN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THE FOURTH QUARTER 2020 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 fourth quarter of 2020 (10/01/20 – 12/31/20). All data summarized is on a median basis.
MARKET SNAPSHOT
7.4%
YEAR-OVER-YEAR
MEDIAN PPSF
0.5%
QUARTER-OVER-QUARTER
MEDIAN PPSF
17.8%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
10.0%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
MANHATTAN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
UPPER WEST SIDE
19.49% of Manhattan New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$1,288,417,256 in 3Q20
LARGEST QUARTERLY UP-SWING
MIDTOWN EAST
PPSF $2,189/SF from $1,627/SF
Sales Price $1,700,478 from $1,605,000
LARGEST QUARTERLY DOWN-SWING
MIDTOWN WEST
PPSF $2,777 from $3,820
Sales Price $5,193,075 from $7,957,675
HIGHEST NEW DEVELOPMENT SALE PPSF
220 Central Park South V-10 $10,083 PPSF
HIGHEST NEW DEVELOPMENT SALE
220 Central Park South V-8 $65,593,125
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, the total number of sponsor sales in Manhattan increased by 37.8%, from 201 sales during 3Q20 to 277 sales this past quarter. In that
same span, total sales volume decreased by 16.3%, from $1,288,417,256 to $1,079,022,091. The median price per square foot decreased by 0.5%, from
$2,101 during 3Q20 to $2,090 this past quarter. Additionally, the median sales price decreased by 10.0%, from $3,049,659 to $2,744,184 this past quarter.
Year-over-year, median price per square foot is up 7.4%, from $1,946 during 4Q19 to $2,090 during this past quarter. In that same span, median sales price
improved by 17.8%, from $2,329,640 to $2,744,184 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 277 total sales, 54
or 19.49% took place in the Upper West Side. The next highest number of sales took place in SoHo, where 33 or 11.91% of all sponsor sales took place.
Through 4Q20, the highest price per square paid for a sponsor unit took place at 220 Central Park South, where unit V-10 sold for $40,000,000 or for about
$10,083 per square foot. 220 Central Park South was also home to the highest price paid for a sponsor unit last quarter. Unit V-8 sold for $65,593,125 or for
about $8,291 per square foot.
MARKET UP-SWINGS
The largest quarterly upswing was observed in the Midtown East, where the median price per square foot increased by 34.5%, from $1,627 to $2,189. Additionally, the median sales price in Midtown East increased by 5.9%, from $1,605,000 to $1,700,478.
MARKET DOWN-SWINGS
The largest quarterly downswing was observed in Midtown West, where the median price per square foot fell by 27.3%, from $3,820 to $2,777. Additionally, the median sales price in Midtown West decreased by 34.7%, from $7,957,675 to $5,193,075.
INVENTORY ANALYSIS
Out of 277 total sponsor units sold in Manhattan during 4Q20, 4% or 10 were studios, 29% or 81 were one-bedrooms, 36% or 101 were two-bedrooms, and the remaining 31% or 85 units were three-bedrooms or larger.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 4Q20
30%
STUDIO
MIDTOWN WEST
16%
ONE-BEDROOM
UPPER WEST SIDE & GREENWICH VILLAGE
21%
TWO-BEDROOM
UPPER WEST SIDE
24%
THREE-BEDROOMS+
UPPER WEST SIDE
MARKET SNAPSHOT
4Q20 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
4Q20 MEDIAN SALES PRICE BY NEIGHBORHOOD
4Q20 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 4Q20
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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