BROOKLYN NEW DEVELOPMENT MARKET REPORT

Brooklyn infographics

TABLE OF CONTENTS

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  1. Intro
  2. A Quick Look
  3. Market Summary
  4. Neighboorhood Price Trends
  5. The Report Explained

BROOKLYN NEW DEVELOPMENT MARKET REPORT ARCHIVE

INTRODUCTION

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.

MARKET SNAPSHOT

YEAR-OVER-YEAR

MEDIAN PPSF

10.7%

QUARTER-OVER-QUARTER

MEDIAN PPSF

6.5%

YEAR-OVER-YEAR

MEDIAN SALES PRICE

16.8%

QUARTER-OVER-QUARTER

MEDIAN SALES PRICE

2.6%

BROOKLYN NEW DEVELOPMENT SPONSOR SALES

40.3% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEV SALES

WILLIAMSBURG

21.7% of Brooklyn New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

44.6% to $245,930,656 from $444,016,987 in 2Q19

LARGEST QUARTERLY UP-SWING

CROWN HEIGHTS

PPSF $1,125/SF from $891/SF

Sales Price $1,037,519 from $1,160,494

LARGEST QUARTERLY DOWN-SWING

PROSPECT HEIGHTS

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

MARKET SNAPSHOT

MARKET SUMMARY

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.

MARKET UP-SWINGS

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.

MARKET DOWN-SWINGS

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

43%

STUDIOS

BED-STUY

28%

ONE BEDROOMS

WILLIAMSBURG

22%

TWO BEDROOMS

WILLIAMSBURG

33%

THREE BEDROOMS +

GREENPOINT

MARKET SNAPSHOT

3Q19 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD

- Bay Ridge $1,125 Crown Heights $1,484 Greenpoint
$887 Bed-Stuy $1,236 Downtown Brooklyn $743 Kensington
$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
$1,347 Carroll Gardens - Gowanus $1,354 Williamsburg
$997 Clinton Hill

3Q19 MEDIAN SALES PRICE BY NEIGHBORHOOD

- Bay Ridge $1,037,519 Crown Heights $1,737,500 Greenpoint
$607,708 Bed-Stuy $1,250,000 Downtown Brooklyn $689,865 Kensington
$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
$1,578,288 Carroll Gardens - Gowanus $1,060,086 Williamsburg
$1,247,356 Clinton Hill

MARKET SNAPSHOT

3Q19 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

0.0% Bay Ridge 1.5% Crown Heights 13.6% Greenpoint
15.5% Bed-Stuy 2.4% Downtown Brooklyn 3.9% Kensington
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
4.9% Carroll Gardens 0.0% Gowanus 21.8% Williamsburg
1.5% Clinton Hill

NUMBER OF UNITS SOLD IN 3Q19

0 Bay Ridge 3 Crown Heights 28 Greenpoint
32 Bed-Stuy 5 Downtown Brooklyn 8 Kensington
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
10 Carroll Gardens 0 Gowanus 45 Williamsburg
3 Clinton Hill
brooklyn

BAY RIDGE

ASTORIA

BEDFORD- STUYVESANT

BOERUM HILL- COBBLE HILL

BROOKLYN HEIGHTS

BUSHWICK

CARROLL GARDENS

CLINTON HILL

CROWN HEIGHTS

DOWNTOWN BROOKLYN

DUMBO

FLATBUSH

FORT GREENE

GOWANUS

GREENPOINT

KENSINGTON

PARK SLOPE

PROSPECT HEIGHTS

PROSPECT-LEFFERTS GARDENS

WILLIAMSBURG

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

http://www.mns.com/Brooklyn_ new_dev_report