QUEENS NEW DEVELOPMENT MARKET REPORT
QUEENS NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THE FIRST 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 First Quarter of 2022 (1/1/22 – 3/31/22). All data is summarized on a median basis.
MARKET SNAPSHOT
15.2%
YEAR-OVER-YEAR
MEDIAN PPSF
3.8%
QUARTER-OVER-QUARTER
MEDIAN PPSF
37.7%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
13.1%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
QUEENS NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
LONG ISLAND CITY
77.0% of Queens New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$184,848,142 in 4Q21
LARGEST QUARTERLY UP-SWING
REGO PARK
PPSF $822/SF from $792/SF
Sales Price $485,242 from $627,374
LARGEST QUARTERLY DOWN-SWING
FLUSHING
PPSF $810 from $815
Sales Price $685,792 from $631,315
HIGHEST NEW DEVELOPMENT SALE PPSF
23-15 44th Drive 5402 $1,910 PPSF
HIGHEST NEW DEVELOPMENT SALE
22-18 Jackson Ave PH13 $2,543,784
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, the total sales volume of Queens sponsor units decreased by 24.40%, from $184,848,142 during 4Q21 to $139,752,400 this past
quarter. The total number of sales decreased by 31.15%, from 183 total sales during 4Q21 to 126 total sales this past quarter.
Quarter-over-quarter, the median price per square foot increased by 3.8%, from $1,313 during 4Q21 to $1,363 this past quarter. In that same span, the
median price paid for a Queens sponsor unit increased by 13.1%, from $958,974 to $1,084,141. Year-over-year, the median price paid per square foot for a
Queens sponsor increased by 15.2%, from $1,183 to $1,363 while the median sales price increased by 37.7%, from $787,517 to $1,084,141 in that same span.
This past quarter, the highest price paid was seen at 22-18 Jackson Avenue in Long Island City where Unit PH13 sold for $2,543,784 ($1,043 psf).
The highest price paid per square foot also took place in Long Island City, but at 23-15 44th Drive, where unit 5402 sold for $1,910 per square foot
($1,881,000).
This past quarter, the majority of Queens sponsor sales were in Long Island City, where 77% of all Queens sponsor sales occurred. This translates to 97 out of
126 total sponsor unit sales that took place in the neighborhoods tracked by this report.
MARKET UP-SWINGS
The largest quarterly up-swing occurred in Rego Park where the median price per square foot increased by 3.8%, from $792 to $822. Astoria saw the greatest increase in average sales price, rising 11.7% from $793,284 to $885,878 since last quarter.
MARKET DOWN-SWINGS
The largest down-swing this quarter occurred in Flushing, where the median price per square foot decreased by 0.5%, from $815 to $810. The largest drop in overall sales price occurred in Rego Park, where prices dropped 22.7% from $627,374 4Q21 to $485,242 this past quarter. This drastic decrease in price can be attributed to limited sales volume in the area.
MARKET TRENDS
During the fi rst quarter of 2022, 12 studio sponsor unit were sold, representing 9.52% of all sponsor unit sales in Queens. One-bedroom sponsor units represented 34.13% of all sponsor unit sales in Queens during 1Q22, or 43 out of 126 total sales. Two-bedroom sponsor units represented 53.97% of all Queens sponsor unit sales, or 68 out of 126 total sales. Three-bedroom or larger sponsor units comprised the remaining 2.38% of Queens sponsor sales that occurred during 1Q22, or 3 out 126 total sales.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 1Q22
92%
STUDIO
LONG ISLAND CITY
74%
ONE-BEDROOM
LONG ISLAND CITY
75%
TWO-BEDROOM
LONG ISLAND CITY
100%
THREE-BEDROOM
LONG ISLAND CITY
MARKET SNAPSHOT
1Q22 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
1Q22 MEDIAN SALES PRICE BY NEIGHBORHOOD
1Q22 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 1Q22
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.
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