BROOKLYN NEW DEVELOPMENT MARKET REPORT
TABLE OF CONTENTS
JUMP TO A PARTICULAR SECTION
sign up for rental Market reports to be sent to your email
BROOKLYN NEW DEVELOPMENT MARKET REPORT ARCHIVE
MNS IS PROUD TO PRESENT THE THIRD QUARTER 2019 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 Second Quarter of 2019 (7/01/19 – 9/30/19). All data is summarized on a median basis.
MEDIAN SALES PRICE
MEDIAN SALES PRICE
BROOKLYN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEV SALES
21.7% of Brooklyn New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$444,016,987 in 2Q19
LARGEST QUARTERLY UP-SWING
PPSF $1,125/SF from $891/SF
Sales Price $1,037,519 from $1,160,494
LARGEST QUARTERLY DOWN-SWING
PPSF $1,165 from $1,384
Sales Price $1,569,586 from $1,925,000
HIGHEST NEW DEVELOPMENT SALE PPSF
21 India Street PHA $2,195 PPSF
HIGHEST NEW DEVELOPMENT SALE
100 Amity Street PH2 $5,501,150
Quarter-over-quarter, the total sales volume of Brooklyn sponsor units decreased by 44.61%, from $444,016,987 during 2Q10 to $245,930,656 this past quarter. The total number of sponsor sales decreased by 40.3%, from 345 total sales during 2Q19 to 206 total sales this past quarter. Quarter-over-quarter, the median price per square foot decreased by 6.5%, from $1,145.83 during 2Q19 to $1,071.28 this past quarter. Median sales price also experienced a quarter-over-quarter
decrease, falling by 2.6%, from $980,000 during 2Q19 to $954,122 this past quarter. Year-over-year, median price per square foot is down 10.7%, while median sales price is down 16.8%.
This past quarter, the highest price paid for a Brooklyn sponsor unit was at 100 Amity Street, where unit PH2 was sold for $5,501,150 or $1,997.51 per square foot. The highest price paid per square foot was for unit PHA at 21 India Street, which sold for $3,563,875 or $2,194.20 per square foot.
This past quarter, the largest percentage of Brooklyn Sponsor Sales was in Williamsburg, where 21.8% of all sponsor sales took place, or 45 out of 206 total sponsor unit sales.
The largest quarterly up-swing occurred in Crown Heights, where the median price per square foot increased by 26.2%, from $891 to $1,125. Additionally, the median sales price in Crown Heights decreased by 10.6%, from $1,160,494 to $1,037,519.
The largest down-swing this quarter occurred in Prospect Heights, where the median price per square foot decreased by 15.8%, from $1,384 to $1,165. Additionally, the median sales price in Prospect Heights decreased by 18.5%, from $1,925,000 to $1,569,586.
During the third quarter of 2019, seven studio sponsor units were sold, representing 3.40% of all sponsor unit sales in Brooklyn. One-bedroom sponsor units represented 45.15% of all sponsor unit sales during in Brooklyn during 3Q19, or 93 out of 206 total sales. Two-bedroom sponsor units represented 38.35% of all Brooklyn sponsor unit sales, or 79 out of 206 total sales. Three-bedroom or larger sponsor units comprised the remaining 13.11% of Brooklyn sponsor sales that occurred during 3Q19, or 27 out 206 total sales.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD
THREE BEDROOMS +
3Q19 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
|-||Bay Ridge||$1,125||Crown Heights||$1,484||Greenpoint|
|$1,686||Boerum Hill-Cobble Hill||$1,494||DUMBO||$1,370||Park Slope|
|-||Brooklyn Heights||$761||Flatbush||$1,165||Prospect Heights|
|$803||Bushwick||-||Fort Greene||$759||Prospect-Lefferts Gardens|
3Q19 MEDIAN SALES PRICE BY NEIGHBORHOOD
|-||Bay Ridge||$1,037,519||Crown Heights||$1,737,500||Greenpoint|
|$3,700,000||Boerum Hill-Cobble Hill||$1,211,718||DUMBO||$2,030,000||Park Slope|
|-||Brooklyn Heights||$600,000||Flatbush||$1,569,586||Prospect Heights|
|$567,147||Bushwick||-||Fort Greene||$691,844||Prospect-Lefferts Gardens|
3Q19 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
|0.0%||Bay Ridge||1.5%||Crown Heights||13.6%||Greenpoint|
|2.9%||Boerum Hill-Cobble Hill||1.5%||DUMBO||3.4%||Park Slope|
|0.0%||Brooklyn Heights||8.3%||Flatbush||5.3%||Prospect Heights|
|12.6%||Bushwick||0.0%||Fort Greene||1.0%||Prospect-Lefferts Gardens|
NUMBER OF UNITS SOLD IN 3Q19
|0||Bay Ridge||3||Crown Heights||28||Greenpoint|
|6||Boerum Hill-Cobble Hill||3||DUMBO||7||Park Slope|
|0||Brooklyn Heights||17||Flatbush||11||Prospect Heights|
|26||Bushwick||0||Fort Greene||2||Prospect-Lefferts Gardens|
BOERUM HILL- COBBLE HILL
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. Studios are under 700 square feet, one-bedrooms are under 900 square feet, and two-bedrooms are under 1,450 square feet. Added to the report is the over-sized unit type that ranges from 1,500 square feet to 7,000 square feet. Presented with a quarter-over-quar ter and year-over-year comparison, both city-wide and by neighborhood, MNS New Development ReportTM tracks the market trends throughout Brooklyn 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 “Brooklyn New Development Report” with a link back to its original location