MANHATTAN NEW DEVELOPMENT MARKET REPORT
MANHATTAN NEW DEVELOPMENT MARKET REPORT ARCHIVE
sign up for Sponsor Sale reports to be sent to your email
TABLE OF CONTENTS
JUMP TO A PARTICULAR SECTION
INTRODUCTION
MNS IS PROUD TO PRESENT THE SECOND QUARTER OF 2023 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 second quarter of 2023 (4/1/23 – 6/30/23). All data summarized is on a median basis.
MARKET SNAPSHOT

2.1%
YEAR-OVER-YEAR
MEDIAN PPSF
1.0%
QUARTER-OVER-QUARTER
MEDIAN PPSF
17.8%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
4.9%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
MANHATTAN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
FINANCIAL DISTRICT
18.53% of Manhattan New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$1,431,925,901 in 1Q23
LARGEST QUARTERLY UP-SWING
MURRAY HILL / KIPS BAY / NOMAD
PPSF $2,472/SF from $1,811/SF
Sales Price $2,340,000 from $1,289,700
LARGEST QUARTERLY DOWN-SWING
SOHO
PPSF $2,168 from $3,207
Sales Price $1,700,000 from $6,225,000
HIGHEST NEW DEVELOPMENT SALE PPSF
67 Vestry Street PHB $6,538 PPSF
HIGHEST NEW DEVELOPMENT SALE
67 Vestry Street 9 $26,539,500
MARKET SNAPSHOT

MARKET SUMMARY
Quarter-over-quarter, the total number of sponsor sales in Manhattan increased by 34.56% from 353 sales during 1Q23 to 475 sales this past quarter. In
that same span, total sales volume increased by 31.80%, from $1,431,925,901 to $1,887,341,637. Quarter-over-quarter, the median price per square foot
increased by 0.99%, from $2,053 to $2,073 psf, while the median sales price decreased by 4.89%, from $2,418,344 to $2,300,000. Year-over-year, median
price per square foot is down 2.1%, from $2,118 In 2Q22 to $2,073 in 2Q23 which corresponded to a 17.8% median sales price decrease from $2,797,230 to
$2,300,000.
Out of all the neighborhoods tracked by this report, the Financial District had the highest number of sponsor sales this past quarter with a recorded 88
closings each (18.5%) out of the total 475 sponsor sale closings that occurred in 2Q23.
The highest price paid per square foot paid this quarter was recorded at 67 Vestry Street, PHB, which sold for $6,537.68 psf ($22,966,875), while the
highest sales priced occurred at 67 Vestry Street, #9, which sold for $26,539,500 ($4,580.51 psf).
MARKET UP-SWINGS
The largest quarterly upswing was observed in Murray Hill / Kips Bay / Madison Square North where the median price per square foot increased by 36.47% from $1,811 to $2,472 psf, with a median sales price increase from $1,289,700 to $2,340,000.
MARKET DOWN-SWINGS
The largest quarterly downswing occurred in SoHo, where the median price per square foot fell by 32.41% from $3,207 to $2,168, and the median sales price fell 72.69% from $6,225,000 to $1,700,000. This drop was largely attributed to more overall closings this quarter relative to last, with this quarter seeing several closings of 1-bed units at 100 VanDam Street.
INVENTORY ANALYSIS
Out of the 475 total sponsor units sold this quarter, 11% or 51 were studios, 29% or 137 were one-bedrooms, 32% or 151 were two-bedrooms, and the remaining 29% or 136 units were three-bedroom units or larger.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 2Q23

61%
STUDIO
FINANCIAL DISTRICT
25%
ONE-BEDROOM
FINANCIAL DISTRICT
17%
TWO-BEDROOM
UPPER EAST SIDE
26%
THREE-BEDROOMS+
UPPER EAST SIDE
MARKET SNAPSHOT

2Q23 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD

2Q23 MEDIAN SALES PRICE BY NEIGHBORHOOD

2Q23 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

NUMBER OF UNITS SOLD IN 2Q23
















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.
Can’t find what you’re looking for? Ask MNS for more information at www.mns.com
Contact Us Now: 718.222.0211
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
