QUEENS NEW DEVELOPMENT MARKET REPORT

Queens infographics

QUEENS NEW DEVELOPMENT MARKET REPORT ARCHIVE

TABLE OF CONTENTS

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  1. Intro
  2. Market Summary
  3. Neighborhood Price Trends
  4. The Report Explained

INTRODUCTION

MNS IS PROUD TO PRESENT THE FIRST 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 First Quarter of 2021 (1/01/21 – 3/31/21). All data is summarized on a median basis.

MARKET SNAPSHOT

queens

1.6%

YEAR-OVER-YEAR

MEDIAN PPSF

0.2%

QUARTER-OVER-QUARTER

MEDIAN PPSF

1.6%

YEAR-OVER-YEAR

MEDIAN SALES PRICE

2.5%

QUARTER-OVER-QUARTER

MEDIAN SALES PRICE

QUEENS NEW DEVELOPMENT SPONSOR SALES

18.7% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES

LONG ISLAND CITY

47.8% of Queens New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

13.8% to $160,318,339 from $140,866,116 in 4Q20

LARGEST QUARTERLY UP-SWING

LONG ISLAND CITY

PPSF $1,284/SF from $1,251/SF

Sales Price $952,482 from $835,238

LARGEST QUARTERLY DOWN-SWING

REGO PARK

PPSF $694 from $882

Sales Price $635,000 from $526,749

HIGHEST NEW DEVELOPMENT SALE PPSF

3 Court Square 2909 $1,784 PPSF

HIGHEST NEW DEVELOPMENT SALE

533 48th Avenue PH1 $2,217,749

MARKET SNAPSHOT

queens

MARKET SUMMARY

Quarter-over-quarter, the total sales volume of Queens sponsor units increased by 13.81%, from $140,866,116 during 4Q20 to $160,318,339 this past quarter. The total number of sales increased by 18.71%, from 155 total sales in 4Q20 to 184 total sales this past quarter. Quarter-over-quarter, the median price per square foot decreased by 0.2%, from $1,185.42 during 4Q20 to $1,183.48 this past quarter. In that same span, the median price paid for a Queens sponsor unit decreased by 2.5%, from $807,545 to $787,517. Year-over-year, the median price paid per square foot for a Queens sponsor increased by 1.6% while the median sales price decreased by 1.6% in that same span.

This past quarter, the highest price paid for a Queens sponsor unit was at 533 48th Avenue, where unit PH1 sold for $2,217,749 or $1,537 per square foot. The highest price paid per square foot for a Queens sponsor unit was for unit 2909 at 3 Court Square, which sold for $1,115,096 or $1,784 per square foot.

This past quarter, the majority of Queens sponsor sales were in Long Island City, where 47.8% of all Queens sponsor sales occurred. This translates to 88 out of 184 total sponsor unit sales that took place in the neighborhoods tracked by this report.

MARKET UP-SWINGS

The largest quarterly up-swing occurred in Long Island City, where the median price per square foot increased by 2.6%, from $1,251 to $1,284. Additionally, the median sales price in Long Island City increased by 14.0%, from $835,238 to $952,482.

MARKET DOWN-SWINGS

The largest down-swing this quarter occurred in Rego Park, where the median price per square foot decreased by 21.3%, from $882 to $694. Additionally, the median sales price in Rego Park increased by 20.6%, from $526,749 to $635,000.

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 1Q21

queens

100%

STUDIO

LONG ISLAND CITY

43%

ONE-BEDROOM

LONG ISLAND CITY

47%

TWO-BEDROOM

LONG ISLAND CITY

100%

THREE-BEDROOM

LONG ISLAND CITY

MARKET SNAPSHOT

brooklyn

1Q21 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD

ASTORIA
FLUSHING
FOREST HILLS
$1,118
$1,099
N/A
JACKSON HEIGHTS
LONG ISLAND CITY
N/A
$1,284
REGO PARK
RIDGEWOOD
$694
N/A
brooklyn

1Q21 MEDIAN SALES PRICE BY NEIGHBORHOOD

ASTORIA
FLUSHING
FOREST HILLS
$650,000
$700,075
N/A
JACKSON HEIGHTS
LONG ISLAND CITY
N/A
$952,482
REGO PARK
RIDGEWOOD
$635,000
N/A
brooklyn

1Q21 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

ASTORIA
FLUSHING
FOREST HILLS
17.9%
33.7%
0%
JACKSON HEIGHTS
LONG ISLAND CITY
0%
47.8%
REGO PARK
RIDGEWOOD
0.5%
0%
brooklyn

NUMBER OF UNITS SOLD IN 1Q21

ASTORIA
FLUSHING
FOREST HILLS
33
62
0
JACKSON HEIGHTS
LONG ISLAND CITY
0
88
REGO PARK
RIDGEWOOD
1
0
ASTORIA
FLUSHING
FOREST HILLS
JACKSON HEIGHTS
LONG ISLAND CITY
REGO PARK
RIDGEWOOD

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

http://www.mns.com/Queens_new_dev_report

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