QUEENS NEW DEVELOPMENT MARKET REPORT
QUEENS NEW DEVELOPMENT MARKET REPORT ARCHIVE
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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
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
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
LONG ISLAND CITY
61.0% of Queens New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$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
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.
MARKET TRENDS
During the second quarter of 2023, we saw a total of 277 units close in the areas tracked by this report - 31 (10.95%) studios, 162 (59.12%) one-bedrooms, 77 (27.37%) two-bedrooms and 7 (2.55%) three-bedroom+ units.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 2Q23
65%
STUDIO
LONG ISLAND CITY
65%
ONE-BEDROOM
LONG ISLAND CITY
53%
TWO-BEDROOM
LONG ISLAND CITY
71%
THREE-BEDROOM+
FLUSHING
MARKET SNAPSHOT
2Q23 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
2Q23 MEDIAN SALES PRICE BY NEIGHBORHOOD
2Q23 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 2Q23
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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