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 THIRD 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 third quarter of 2021 (7/01/21 – 9/30/21). All data summarized is on a median basis.

MARKET SNAPSHOT

manhattan

8.4%

YEAR-OVER-YEAR

MEDIAN PPSF

0.5%

QUARTER-OVER-QUARTER

MEDIAN PPSF

24.7%

YEAR-OVER-YEAR

MEDIAN SALES PRICE

0.3%

QUARTER-OVER-QUARTER

MEDIAN SALES PRICE

MANHATTAN NEW DEVELOPMENT SPONSOR SALES

40.1% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES

SOHO

13.59% of Manhattan New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

41.7% to $2,608,841,871 from $1,841,019,393 in 2Q21

LARGEST QUARTERLY UP-SWING

FINANCIAL DISTRICT

PPSF $1,870/SF from $1,228/SF

Sales Price $2,074,955 from $1,266,172

LARGEST QUARTERLY DOWN-SWING

TRIBECA

PPSF $1,911 from $1,976

Sales Price $3,200,000 from $3,284,654

HIGHEST NEW DEVELOPMENT SALE PPSF

220 Central Park South 41B $8,638 PPSF

HIGHEST NEW DEVELOPMENT SALE

217 West 57th Street 53 $50,021,000

MARKET SNAPSHOT

manhattan

MARKET SUMMARY

Quarter-over-quarter, the total number of sponsor sales in Manhattan increased by 40.1%, from 541 sales during 2Q21 to 758 sales this past quarter. In that same span, total sales volume increased by 41.7%, from $1,841,019,393 to $2,608,841,871. Quarter-over-quarter, the median price per square foot decreased by 0.5%, from $1,933 during 2Q21 to $1,924 this past quarter. Additionally, median sales price increased by 0.3%, from $2,288,211 to $2,295,000. Year-over-year, median price per square foot is down 8.4%, from $2,101 during 3Q20 to $1,924 this past quarter. In that same span, median sales price fell by 24.7%, from $3,049,659 to $2,295,000 this past quarter.

Out of all the neighborhoods tracked by this report, SoHo had the highest number of sponsor sales this past quarter. Out of 758 total sales, 103 or 13.6% took place in SoHo.

Through 3Q21, the highest price paid per square foot was for unit 41B at 220 Central Park South, which sold for $26,284,313 or for $8,637.63 per square foot. The highest price paid for a sponsor unit this past quarter was for unit 53 at 217 West 57th Street. It sold for $50,021,000 or for $6,265.16 per square foot.

MARKET UP-SWINGS

The largest quarterly upswing was observed in the Financial District, where the median price per square foot increased by 52.2%, from $1,228 to $1,870. Additionally, the median sales price in the Financial District increased by 63.9%, from $1,266,172 to $2,074,955.

MARKET DOWN-SWINGS

The largest quarterly downswing was observed in Tribeca, where the median price per square foot fell by 3.3%, from $1,976 to $1,911. Additionally, the median sales price in Tribeca decreased by 2.6%, from $3,284,654 to $3,200,000.

INVENTORY ANALYSIS

Out of 758 total sponsor units sold in Manhattan during 3Q21, 5% or 37 were studios, 26% or 195 were one-bedrooms, 41% or 311 were two-bedrooms, and the remaining 28% or 215 units were three-bedrooms or larger.

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 3Q21

manhattan

27%

STUDIO

SOHO

16%

ONE-BEDROOM

SOHO

13.5%

TWO-BEDROOM

SOHO

22%

THREE-BEDROOMS+

UPPER EAST SIDE

MARKET SNAPSHOT

manhattan

3Q21 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD

Battery Park City
Chelsea
East Village
Finacial District
GRAMERCY/FLATIRON
N/A
$2,219
$2,157
$1,870
$1,967
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
$2,185
$1,293
$1,835
$1,745
$4,058
Murray Hill
SOHO/NOHO
Tribeca
Upper East Side
Upper West Side
$1,563
$2,047
$1,911
$2,091
$1,886
manhattan

3Q21 MEDIAN SALES PRICE BY NEIGHBORHOOD

Battery Park City
Chelsea
East Village
Finacial District
GRAMERCY/FLATIRON
N/A
$4,150,000
$1,940,275
$2,074,955
$2,400,000
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
$2,640,000
$1,150,000
$1,957,020
$2,486,750
$8,562,642
Murray Hill
SOHO/NOHO
Tribeca
Upper East Side
Upper West Side
$1,610,000
$2,162,356
$3,200,000
$4,245,575
$2,849,250
manhattan

3Q21 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

Battery Park City
Chelsea
East Village
Finacial District
GRAMERCY/FLATIRON
0.0%
5.41%
1.98%
10.82%
8.58%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
2.77%
9.63%
3.69%
2.37%
5.01%
Murray Hill
SOHO/NOHO
Tribeca
Upper East Side
Upper West Side
8.84%
13.59%
5.15%
11.08%
11.08%
manhattan

NUMBER OF UNITS SOLD IN 3Q21

Battery Park City
Chelsea
East Village
Finacial District
GRAMERCY/FLATIRON
0
41
15
82
65
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
21
73
28
18
38
Murray Hill
SOHO/NOHO
Tribeca
Upper East Side
Upper West Side
67
103
39
84
84
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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