QUEENS NEW DEVELOPMENT MARKET REPORT
QUEENS NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THE FIRST QUARTER 2023 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 First Quarter of 2023 (1/1/23 – 3/31/23). All data is summarized on a median basis.
MARKET SNAPSHOT
13.8%
YEAR-OVER-YEAR
MEDIAN PPSF
1.0%
QUARTER-OVER-QUARTER
MEDIAN PPSF
33.2%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
7.7%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
QUEENS NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
LONG ISLAND CITY
38.7% of Queens New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$131,819,771 in 4Q22
LARGEST QUARTERLY UP-SWING
RIDGEWOOD
PPSF $918/SF FROM $860/SF
Sales Price $578,750 from $542,000
LARGEST QUARTERLY DOWN-SWING
FLUSHING
PPSF $1,054 from $1,138
Sales Price $740,662 from $859,060
HIGHEST NEW DEVELOPMENT SALE PPSF
23-15 44th Drive PH308 $2,189 PPSF
HIGHEST NEW DEVELOPMENT SALE
23-15 44th Drive PH308 $2,900,000
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, the total sales volume of Queens sponsor units increased by 24.47%, from $131,819,771 in 4Q22 to $164,077,512 this past quarter.
The total number of sales increased by 19.87%, from 151 total sales in 4Q22 to 181 sales this past quarter.
Quarter-over-quarter, the median price per square foot decreased by 1.0% from $1,187 psf to $1,175 psf. In that same span, the median price paid for a
Queens sponsor unit decreased by 7.7%, from $784,053 to $724,000. Year-over-year, the median price paid per square foot decreased from $1,363 in 1Q22
to $1,175 in 1Q23, while the median sales price decreased by from $1,084,141 to $724,000. This annual price decrease was largely attributed to several more
sales amongst studio and 1-bedroom apartments relative to 1Q22, and also less sales from higher priced areas like Long Island City.
This past quarter, the highest sales price and price per square foot was seen at Skyline Tower, 23-15 44th Drive, #PH308 which sold for $2,900,000 ($2,189
psf).
This past quarter, the majority of Queens sponsor sales were in Long Island City, where 38.67% of all Queens sponsor sales occurred, which equated to 70 of
the total 181 closings that took place in the neighborhoods tracked by this report.
MARKET UP-SWINGS
The largest quarterly up-swing occurred in Ridgewood where the median price per square foot increased by 18.9% from $860 to $918 psf, and the median sales price increased by 6.8% from $542,000 to $578,750.
MARKET DOWN-SWINGS
The largest down-swing this quarter occurred in Flushing, where the median price per square foot decreased by 7.4%, from $1,138 psf to $1,054 psf, and the median sales price decreased by 13.8%, from $859,060 to $740,662.
MARKET TRENDS
During the fi rst quarter of 2023, we saw a total of 181 units close in the areas tracked by this report - 26 (14.36%) studios, 86 (47.51%) one-bedrooms, 59 (32.60%) two-bedrooms and 10 (5.52%) three-bedroom+ units.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 1Q23
54%
STUDIO
LONG ISLAND CITY
40%
ONE-BEDROOM
FLUSHING
42%
TWO-BEDROOM
FLUSHING
80%
THREE-BEDROOM+
LONG ISLAND CITY
MARKET SNAPSHOT
1Q23 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
1Q23 MEDIAN SALES PRICE BY NEIGHBORHOOD
1Q23 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 1Q23
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 Queens 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 “Queens New Development Report” with a link back to its original location
