MANHATTAN NEW DEVELOPMENT MARKET REPORT

Manhattan 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

MANHATTAN 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 third quarter of 2019 (7/01/19 – 9/30/19). All data summarized is on a median basis.

MARKET SNAPSHOT

YEAR-OVER-YEAR

MEDIAN PPSF

0.4%

QUARTER-OVER-QUARTER

MEDIAN PPSF

1.5%

YEAR-OVER-YEAR

MEDIAN SALES PRICE

6.2%

QUARTER-OVER-QUARTER

MEDIAN SALES PRICE

3.3%

MANHATTAN NEW DEVELOPMENT SPONSOR SALES

44.4% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEV SALES

LOWER EAST SIDE

28.3% of Manhattan New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

45.7% to $1,180,384,738 from $2,175,440,920 in 2Q19

LARGEST QUARTERLY UP-SWING

LOWER EAST SIDE

PPSF $2,199/SF from $1,982/SF

Sales Price $1,687,306 from $1,408,848

LARGEST QUARTERLY DOWN-SWING

TRIBECA

PPSF $1,743 from $2,581

Sales Price $2,368,756 from $4,300,000

HIGHEST NEW DEVELOPMENT SALE PPSF

220 Central Park South PH16 $11,247 PPSF

HIGHEST NEW DEVELOPMENT SALE

220 Central Park South PH16 $65,750,000

MARKET SNAPSHOT

MARKET SUMMARY

Quarter-over-quarter, the total number of sponsor sales in Manhattan fell by 44.4%, from 509 sales during 2Q19 to 283 sales this past quarter. In that same span, total sales volume fell by 45.7%, from $2,175,440,920 to $1,180,384,738. The median price per square foot fell by 1.5%, from $2,123 during 2Q19 to $2,090 this past quarter. Additionally, the median sales prices fell by 3.3%, from $2,559,020 to $2,475,000. Year-over-year, median price per square foot is up 0.4%, from $2,082 during 3Q18 to $2,090 this past quarter. In that same span, median sales price fell by 6.2%, from $2,637,268 to $2,475,000.

This past quarter, the Lower East Side had the highest number of sponsor sales in all tracked Manhattan neighborhoods, with 28.3% of all sales, or 80 out of 283 total sales. The next highest number of sales occurred within TriBeCa, where 17.7% or 50 out of 283 total sales took place. During 3Q19, the highest price paid per square and highest overall price paid for a sponsor unit took place at 220 Central Park South, where PH16 sold for $65,750,000 or $11,247 per square foot.

MARKET UP-SWINGS

The largest quarterly upswing was observed in the Lower East Side, where the median price per square foot increased by 10.9%, from $1,982 to $2,199. Additionally, the median sales price in the Lower East Side increased by 19.8%, from $1,408,848 to $1,687,306.

MARKET DOWN-SWINGS

The largest quarterly downswing was observed in TriBeCa, where the median price per square foot fell by 32.5%, from $2,581 to $1,743. Additionally, the median sales price in TriBeCa fell by 44.9%, from $4,300,000 to $2,368,756.

INVENTORY ANALYSIS

Out of 283 total sponsor units sold in Manhattan during 3Q19, 4% or 10 were studios, 33% or 94 were one-bedrooms, 36% or 102 were two-bedrooms, and the remaining 27% or 77 units were threebedrooms or larger.

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD

30.0%

STUDIOS

TRIBECA

48.9%

ONE BEDROOMS

LOWER EAST SIDE

26.5%

TWO BEDROOMS

LOWER EAST SIDE

20.8%

THREE BEDROOMS +

UPPER WEST SIDE

MARKET SNAPSHOT

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

- Battery Park City $3,175 Greenwich Village $1,810 Murray Hill
$2,191 Chelsea $1,130 Harlem $2,395 SoHo
$2,586 East Village $2,199 Lower East Side $1,743 Tribeca
$1,367 Finacial District $1,976 Midtown East $1,929 Upper East Side
$2,087 Gramercy Park $3,581 Midtown West $2,091 Upper West Side

3Q19 MEDIAN SALES PRICE BY NEIGHBORHOOD

- Battery Park City $7,983,033 Greenwich Village $2,310,000 Murray Hill
$4,235,013 Chelsea $1,151,174 Harlem $2,797,532 SoHo
$4,025,142 East Village $1,687,306 Lower East Side $2,368,756 Tribeca
$1,286,000 Finacial District $2,850,000 Midtown East $3,673,730 Upper East Side
$2,748,667 Gramercy Park $5,508,733 Midtown West $5,373,591 Upper West Side

MARKET SNAPSHOT

3Q19 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

0.00% Battery Park City 5.65% Greenwich Village 1.41% Murray Hill
5.65% Chelsea 5.30% Harlem 3.53% SoHo
1.77% East Village 28.27% Lower East Side 17.67% Tribeca
1.41% Finacial District 0.35% Midtown East 5.65% Upper East Side
10.60% Gramercy Park 6.71% Midtown West 6.01% Upper West Side

NUMBER OF UNITS SOLD IN 3Q19

0 Battery Park City 16 Greenwich Village 4 Murray Hill
16 Chelsea 15 Harlem 10 SoHo
5 East Village 80 Lower East Side 50 Tribeca
4 Finacial District 1 Midtown East 16 Upper East Side
30 Gramercy Park 19 Midtown West 17 Upper West Side
MANHATTAN

BATTERY PARK CITY

BATTERY PARK CITY

CHELSEA

CHELSEA

EAST VILLAGE

EAST VILLAGE

FINANCIAL DISTRICT

FINANCIAL DISTRICT

GRAMERCY PARK

GRAMERCY PARK

GREENWICH VILLAGE

GREENWICH VILLAGE

HARLEM

HARLEM

LOWER EAST SIDE

LOWER EAST SIDE

MIDTOWN EAST

MIDTOWN EAST

MIDTOWN WEST

MIDTOWN WEST

MURRAY HILL

MURRAY HILL

SOHO

SOHO

TRIBECA

TRIBECA

UPPER EAST SIDE

UPPER EAST SIDE

UPPER WEST SIDE

UPPER WEST SIDE

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 quarter and year-over-year comparison, both city-wide and by neighborhood, MNS New Development ReportTM tracks the market trends throughout Manhattan 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.

If you would like to republish this report on the web, please be sure to source it as the “Manhattan New Development Report” with a link back to its original location

http://www.mns.com/manhattan_new_dev_report