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 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

queens

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

45.1% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES

LONG ISLAND CITY

65.2% of Queens New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

46.0% to $432,548,838 from $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

queens

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.

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 3Q21

queens

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

brooklyn

3Q21 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD

ASTORIA
FLUSHING
FOREST HILLS
$1,173
$1,030
$1,159
JACKSON HEIGHTS
LONG ISLAND CITY
$729
$1,376
REGO PARK
RIDGEWOOD
$933
$883
brooklyn

3Q21 MEDIAN SALES PRICE BY NEIGHBORHOOD

ASTORIA
FLUSHING
FOREST HILLS
$722,958
$646,589
$711,757
JACKSON HEIGHTS
LONG ISLAND CITY
$633,000
$1,013,063
REGO PARK
RIDGEWOOD
$544,764
$617,500
brooklyn

3Q21 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

ASTORIA
FLUSHING
FOREST HILLS
7.7%
20.1%
0.2%
JACKSON HEIGHTS
LONG ISLAND CITY
0.2%
65.2%
REGO PARK
RIDGEWOOD
6.1%
0.5%
brooklyn

NUMBER OF UNITS SOLD IN 3Q21

ASTORIA
FLUSHING
FOREST HILLS
33
86
1
JACKSON HEIGHTS
LONG ISLAND CITY
1
279
REGO PARK
RIDGEWOOD
26
2
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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