QUEENS NEW DEVELOPMENT MARKET REPORT
QUEENS 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 SECOND 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 Second Quarter of 2022 (4/1/22 – 6/30/22). All data is summarized on a median basis.
MARKET SNAPSHOT
4.7%
YEAR-OVER-YEAR
MEDIAN PPSF
0.1%
QUARTER-OVER-QUARTER
MEDIAN PPSF
18.7%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
1.5%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
QUEENS NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
LONG ISLAND CITY
74.6% of Queens New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$139,752,400 in 1Q22
LARGEST QUARTERLY UP-SWING
FLUSHING
PPSF $1,070/SF from $810/SF
Sales Price $758,596 from $685,792
LARGEST QUARTERLY DOWN-SWING
ASTORIA
PPSF $1,105 from $1,199
Sales Price $571,067 from $885,878
HIGHEST NEW DEVELOPMENT SALE PPSF
23-15 44th Drive 3811 $1,948 PPSF
HIGHEST NEW DEVELOPMENT SALE
23-15 44th Drive 2312 $3,188,863
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, the total sales volume of Queens sponsor units increased by 46.25%, from $139,752,400 in 1Q22 to $204,386,604 this past quarter.
The total number of sales increased by 43.65%, from 126 total sales in 1Q22 to 181 sales this past quarter.
Quarter-over-quarter, the median price per square foot decreased by 0.1% from $1,363 to $1,362 psf. In that same span, the median price paid for a Queens
sponsor unit decreased by 1.5%, from $1,084,141 to $1,068,350. Year-over-year, the median price paid per square increased by 4.7%, from $1,301 in 2Q21 to
$1,362 in 2Q22, while the median sales price increased by 18.7%, from $900,000 to $1,068,350.
This past quarter, the highest sales price and price per square paid were both seen at Skyline Tower, 23-15 44th Drive, where Apt# 2312 sold for $3,188,863
($1,640 psf) and Apt# 3811 sold for $1,948 psf ($2,583,038).
This past quarter, the majority of Queens sponsor sales were in Long Island City, where 74.59% of all Queens sponsor sales occurred, which equated to 135
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 Flushing where the median price per square foot increased by 32.1%, from $810 to $1,070, and the median sales price increased by 20.2% from $685,792 to $758,596.
MARKET DOWN-SWINGS
The largest down-swing this quarter occurred in Astoria, where the median price per square foot decreased by 7.9%, from $1,199 to $1,105, and the median sales price decreased by 28.0%, from $885,878 to $571,067. This was largely due to the limited number of closings that occurred in Astoria this past quarter.
MARKET TRENDS
During the second quarter of 2022, we saw a total of 181 units close in the areas tracked by this report - 9 (4.97%) studios, 78 (43.09%) one-bedrooms, 87 (48.07%) two-bedrooms and 7 (3.87%) three-bedroom+ units.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 2Q22
100%
STUDIO
LONG ISLAND CITY
71%
ONE-BEDROOM
LONG ISLAND CITY
76%
TWO-BEDROOM
LONG ISLAND CITY
71%
THREE-BEDROOM
LONG ISLAND CITY
MARKET SNAPSHOT
2Q22 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
2Q22 MEDIAN SALES PRICE BY NEIGHBORHOOD
2Q22 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 2Q22
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.
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 “Queens New Development Report” with a link back to its original location
