QUEENS NEW DEVELOPMENT MARKET REPORT
QUEENS NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THIRD QUARTER 2022 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 2022 (7/1/22 – 9/30/22). All data is summarized on a median basis.
MARKET SNAPSHOT
6.9%
YEAR-OVER-YEAR
MEDIAN PPSF
11.7%
QUARTER-OVER-QUARTER
MEDIAN PPSF
3.5%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
18.1%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
QUEENS NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
LONG ISLAND CITY
41.9% of Queens New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$204,386,604 in 2Q22
LARGEST QUARTERLY UP-SWING
REGO PARK
PPSF $854/SF from $816/SF
Sales Price $504,280 from $477,130
LARGEST QUARTERLY DOWN-SWING
FLUSHING
PPSF $852 from $1,070
Sales Price $667,080 from $758,596
HIGHEST NEW DEVELOPMENT SALE PPSF
23-15 44th Drive 6302 $2,025 PPSF
HIGHEST NEW DEVELOPMENT SALE
131-01 40 Road PH2A $2,410,649
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, the total sales volume of Queens sponsor units decreased by 42.41%, from $204,386,604 in 2Q22 to $117,709,813 this past quarter.
The total number of sales decreased by 31.49%, from 181 total sales in 2Q22 to 124 sales this past quarter.
Quarter-over-quarter, the median price per square foot decreased by 11.7% from $1,362 psf to $1,203 psf. In that same span, the median price paid for a
Queens sponsor unit decreased by 18.1%, from $1,068,350 to $875,302. Year-over-year, the median price paid per square decreased by 6.9%, from $1,293
in 3Q21 to $1,203 in 3Q22, while the median sales price decreased by 3.5%, from $907,070 to $875,302.
This past quarter, the highest sales price was seen at Grand Three, 131-01 40th Rd, PH2A which sold for $2,410,649 ($1,177psf). The highest price paid per
square foot occurred at Skyline Tower, 23-15 44th Avenue, where #6302 sold for $2,205 psf ($1,995,000).
This past quarter, the majority of Queens sponsor sales were in Long Island City, where 41.94% of all Queens sponsor sales occurred, which equated to 52 of
the total 124 closings 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 4.6% from $816 to $854 psf, and the median sales price increased by 5.7% from $477,130 to $504,280.
MARKET DOWN-SWINGS
The largest down-swing this quarter occurred in Flushing, where the median price per square foot decreased by 20.4%, from $1,070psf to $852psf, and the median sales price decreased by 12.1%, from $758,895 to $667,080. This was largely due a reduced number of closings from the Sky View Parc complex and more closings from emerging areas within Flushing.
MARKET TRENDS
During the third quarter of 2022, we saw a total of 124 units close in the areas tracked by this report - 14 (11.29%) studios, 56 (45.16%) one-bedrooms, 46 (37.10%) two-bedrooms and 8 (6.45%) three-bedroom+ units.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 3Q22
50%
STUDIO
LONG ISLAND CITY
46%
ONE-BEDROOM
LONG ISLAND CITY
52%
TWO-BEDROOM
FLUSHING
63%
THREE-BEDROOM+
FLUSHING
MARKET SNAPSHOT
3Q22 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
3Q22 MEDIAN SALES PRICE BY NEIGHBORHOOD
3Q22 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 3Q22
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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