MANHATTAN NEW DEVELOPMENT MARKET REPORT
MANHATTAN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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MNS IS PROUD TO PRESENT THE FOURTH QUARTER 2022 EDITION OF OUR NEW DEVELOPMENT MARKET REPORT.
MNS is proud to present the fourth 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 fourth quarter of 2022 (10/1/22 – 12/31/22). 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 EAST SIDE
13.78% of Manhattan New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$2,193,426,359 in 3Q22
LARGEST QUARTERLY UP-SWING
PPSF $1,808/SF from $1,447/SF
Sales Price $2,192,324 from $1,570,000
LARGEST QUARTERLY DOWN-SWING
PPSF $2,462 from $3,033
Sales Price $2,437,806 from $7,390,434
HIGHEST NEW DEVELOPMENT SALE PPSF
217 West 57th Street 124 $7,465 PPSF
HIGHEST NEW DEVELOPMENT SALE
111 West 57th Street PH74 $50,518,750
Quarter-over-quarter, the total number of sponsor sales in Manhattan decreased by 60.1% from 564 sales during 3Q22 to 225 sales this past quarter. In that
same span, total sales volume decreased by 41.8%, from $2,193,426,359 to $1,277,254,985. Quarter-over-quarter, the median price per square foot
increased by 5.7%, from $2,150 to $2,272, while the median sales price increased by 47.3%, from $2,580,000 to $3,800,000. Year-over-year, median
price per square foot is up 16.4%, from $1,952 In 4Q21 to $2,272 in 4Q22 which corresponded to a 66.1% median sales price increase from $2,287,853 to
Out of all the neighborhoods tracked by this report, Upper East Side had the highest number of sponsor sales this past quarter with a recorded 31 closings each (13.78%) out of the total 225 closings that occurred in 4Q22.
The highest price paid per square foot was recorded this quarter at 217 West 57th Street, 124, which sold for $7,464.60 psf ($50,012,810), while the highest sales priced occurred at 111 West 57th Street, PH74, which sold for $50,518,750 ($7,085.38 psf).
The largest quarterly upswing was observed in the Financial District, where the median price per square foot increased by 25.0% from $1,447 to $1,808, with a median sales price increase of 39.6% from $1,570,000 to $2,192,324.
The largest quarterly downswing occurred in the SoHo area, where the median price per square foot fell by 18.8% from $3,033 to $2,462, and a 67.0% decrease in median sales price, from $7,390,434 to $2,437,806.
Out of 225 total sponsor units sold this quarter, 4% or 9 were studios, 23% or 51 were one-bedrooms, 32% or 71 were two-bedrooms, and the remaining 42% or 94 units were three-bedroom units or larger.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 4Q22
LOWER EAST SIDE
UPPER WEST SIDE
4Q22 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
4Q22 MEDIAN SALES PRICE BY NEIGHBORHOOD
4Q22 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 4Q22
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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