QUEENS NEW DEVELOPMENT MARKET REPORT
QUEENS NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THE THIRD 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 Third Quarter of 2021 (7/01/21 – 9/30/21). All data is summarized on a median basis.
MARKET SNAPSHOT
4.0%
YEAR-OVER-YEAR
MEDIAN PPSF
0.6%
QUARTER-OVER-QUARTER
MEDIAN PPSF
18.1%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
0.8%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
QUEENS NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
LONG ISLAND CITY
65.2% of Queens New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$296,366,589 in 2Q21
LARGEST QUARTERLY UP-SWING
REGO PARK
PPSF $933/SF from $840/SF
Sales Price $544,764 from $680,191
LARGEST QUARTERLY DOWN-SWING
LONG ISLAND CITY
PPSF $1,376 from $1,383
Sales Price $1,013,063 from $999,512
HIGHEST NEW DEVELOPMENT SALE PPSF
3 Court Square 5011 $1,969 PPSF
HIGHEST NEW DEVELOPMENT SALE
3 Court Square 5011 $2,610,739
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, the total sales volume of Queens sponsor units increased by 45.95%, from $296,366,589 during 2Q21 to $432,548,838 this past
quarter. The total number of sales increased by 45.08%, from 295 total sales during 2Q21 to 428 total sales this past quarter. Quarter-over-quarter, the
median price per square foot decreased by 0.6%, from $1,300.99 during 2Q21 to $1,292.79 this past quarter. In that same span, the median price paid for a
Queens sponsor unit increased by 0.8%, from $900,000 to $907,070. Year-over-year, the median price paid per square foot for a Queens sponsor increased
by 4.0%, from $1,242.69 to $1,292.79, while the median sales price increased by 18.1%, from $767,750 to $907,070, in that same span.
This past quarter, both the highest price paid and the highest price paid per square foot for a Queens sponsor unit took place at 3 Court Square in Long
Island City, where unit 5011 sold for $2,610,739 or $1,969 per square foot.
This past quarter, the majority of Queens sponsor sales were in Long Island City, where 65.2% of all Queens sponsor sales occurred. This translates to 279
out of 428 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 11.0%, from $840 to $933. Additionally, the median sales price in Rego Park decreased by 19.9%, from $680,191 to $544,764.
MARKET DOWN-SWINGS
The largest down-swing this quarter occurred in Long Island City, where the median price per square foot decreased by 0.6%, from $1,383 to $1,376. Additionally, the median sales price in Long Island City increased by 1.4%, from $999,512 to $1,013,063.
MARKET TRENDS
During the third quarter of 2021, 25 studio sponsor unit were sold, representing 5.84% of all sponsor unit sales in Queens. One-bedroom sponsor units represented 43.69% of all sponsor unit sales in Queens during 3Q21, or 187 out of 428 total sales. Two-bedroom sponsor units represented 46.73% of all Queens sponsor unit sales, or 200 out of 428 total sales. Three-bedroom or larger sponsor units comprised the remaining 3.74% of Queens sponsor sales that occurred during 3Q21, or 16 out 428 total sales.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 3Q21
92%
STUDIO
LONG ISLAND CITY
68%
ONE-BEDROOM
LONG ISLAND CITY
59%
TWO-BEDROOM
LONG ISLAND CITY
75%
THREE-BEDROOM
LONG ISLAND CITY
MARKET SNAPSHOT
3Q21 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
3Q21 MEDIAN SALES PRICE BY NEIGHBORHOOD
3Q21 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 3Q21
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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