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QUEENS NEW DEVELOPMENT MARKET REPORT

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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 SECOND QUARTER 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 is summarized on a median basis.

MARKET SNAPSHOT

queens

4.7%

YEAR-OVER-YEAR

MEDIAN PPSF

10.5%

QUARTER-OVER-QUARTER

MEDIAN PPSF

22.1%

YEAR-OVER-YEAR

MEDIAN SALES PRICE

15.0%

QUARTER-OVER-QUARTER

MEDIAN SALES PRICE

QUEENS NEW DEVELOPMENT SPONSOR SALES

53.0% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES

LONG ISLAND CITY

61.0% of Queens New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

56.7% to $257,170,075 from $164,077,512 in 1Q23

LARGEST QUARTERLY UP-SWING

FLUSHING

PPSF $1,190/SF FROM $1,054/SF

Sales Price $770,299 from $740,662

LARGEST QUARTERLY DOWN-SWING

RIDGEWOOD

PPSF $820 from $918

Sales Price $530,000 from $578,750

HIGHEST NEW DEVELOPMENT SALE PPSF

23-15 44th Drive 2912 $1,929 PPSF

HIGHEST NEW DEVELOPMENT SALE

133-27 39th Avenue PH2A $3,020,253

MARKET SNAPSHOT

queens

MARKET SUMMARY

Quarter-over-quarter, the total sales volume of Queens sponsor units increased by 56.74%, from $164,077,512 in 1Q23 to $257,170,075 this past quarter. The total number of sales increased by 53.04%, from 181 total sales in 1Q23 to 277 sales this past quarter.

Quarter-over-quarter, the median price per square foot increased by 10.5% from $1,175 psf to $1,298 psf. In that same span, the median price paid for a Queens sponsor unit increased by 15.0%, from $724,000 to $832,524. Year-over-year, the median price paid per square foot decreased from $1,362 in 2Q22 to $1,298 in 2Q23, while the median sales price decreased by 22.1% from $1,068,350 to $832,524. This annual price decrease was largely attributed to several more sales amongst studio and 1-bedroom apartments relative to 2Q22, and also less sales from higher priced areas like Long Island City.

This past quarter, the highest sales price was seen at the Tangram House South Condominium, 133-27 39th Avenue, where unit PH2A sold for $3,020,253 ($1,228 psf). The highest price paid per square foot occurred at Skyline Tower, 23-15 44th Drive, where unit 2912 sold for $1,929 psf ($1,295,991).

This past quarter, the majority of Queens sponsor sales were in Long Island City, where 61.01% of all Queens sponsor sales occurred, which equated to 169 of the total 277 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 12.9% from $1,054 to $1,190 psf, and the median sales price increased by 4.0% from $740,662 to $770,299.

MARKET DOWN-SWINGS

The largest down-swing this quarter occurred in Ridgewood, where the median price per square foot decreased by 10.7%, from $918 psf to $820 psf, and the median sales price decreased by 8.4%, from $578,750 to $530,000.

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 2Q23

queens

65%

STUDIO

LONG ISLAND CITY

65%

ONE-BEDROOM

LONG ISLAND CITY

53%

TWO-BEDROOM

LONG ISLAND CITY

71%

THREE-BEDROOM+

FLUSHING

MARKET SNAPSHOT

brooklyn

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

ASTORIA
FLUSHING
FOREST HILLS
$1,128
$1,190
$1,141
JACKSON HEIGHTS
LONG ISLAND CITY
$875
$1,416
REGO PARK
RIDGEWOOD
$692
$820
brooklyn

2Q23 MEDIAN SALES PRICE BY NEIGHBORHOOD

ASTORIA
FLUSHING
FOREST HILLS
$674,591
$770,299
$772,500
JACKSON HEIGHTS
LONG ISLAND CITY
$446,160
$915,000
REGO PARK
RIDGEWOOD
$478,000
$530,000
brooklyn

2Q23 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

ASTORIA
FLUSHING
FOREST HILLS
7.2%
22.0%
2.9%
JACKSON HEIGHTS
LONG ISLAND CITY
0.4%
61.0%
REGO PARK
RIDGEWOOD
4.7%
1.8%
brooklyn

NUMBER OF UNITS SOLD IN 2Q23

ASTORIA
FLUSHING
FOREST HILLS
20
61
8
JACKSON HEIGHTS
LONG ISLAND CITY
1
169
REGO PARK
RIDGEWOOD
13
5
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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