MANHATTAN NEW DEVELOPMENT MARKET REPORT
MANHATTAN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THE FIRST QUARTER 2024 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 first quarter of 2024 (01/01/24 – 03/31/24). All data summarized is on a median basis.
MARKET SNAPSHOT
7.3%
YEAR-OVER-YEAR
MEDIAN PPSF
8.9%
QUARTER-OVER-QUARTER
MEDIAN PPSF
0.4%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
0.7%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
MANHATTAN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
UPPER WEST SIDE
19.57% of Manhattan New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$943,628,101 in 4Q23
LARGEST QUARTERLY UP-SWING
HARLEM
PPSF $1,254/SF from $1,103/SF
Sales Price $965,000 from $787,346
LARGEST QUARTERLY DOWN-SWING
EAST VILLAGE
PPSF $1,262 from $2,070
Sales Price $3,002,147 from $2,392,888
HIGHEST NEW DEVELOPMENT SALE PPSF
One11, 111 West 56th St, PHA $4,553 PPSF
HIGHEST NEW DEVELOPMENT SALE
200 Amsterdam Ave 43A, $20,000,000
15 Hudson Yards PH88B $20,000,000
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, the total number of sponsor sales in Manhattan decreased by 2.47% from 283 sales during 4Q23 to 276 sales this past quarter. In that
same span, total sales volume decreased by 1.31%, from $943,628,101 to $931,247,210. Quarter-over-quarter, the median price per square foot decreased
by 8.85%, from $2,087 psf to $1,902, while the median sales price decreased by 0.72%, from $2,425,000 to $2,407,500. Year-over-year, median price per
square foot is down 7.33%, from $2,053 in 1Q23, which corresponded to a 0.45% median sales price decrease from $2,418,344.
Out of all the neighborhoods tracked by this report, the Upper West Side had the highest number of sponsor sales this past quarter with a recorded 54
closings (19.57%) out of the total 276 closings that occurred in 1Q24.
The highest sales price paid this quarter occurred in two different buildings – both 200 Amsterdam #43A and 15 Hudson Yards #PH88B sold for
$20,000,000 each. Meanwhile, the highest price paid per square foot occurred at One11 (111 West 56th St), where PHA sold for $4,553 (px of $13,850,000).
MARKET UP-SWINGS
The largest quarterly upswing was observed in Harlem where the median price per square foot increased by 13.73%, from $1,103 psf to $1,254 psf, with a median sales price increase from $787,346 to $965,000.
MARKET DOWN-SWINGS
The largest quarterly downswing occurred in the East Village, where the median price per square foot fell by 39.06% from $2,070 psf to $1,262 psf, with a median sales price increase from $2,392,888 to $3,002,147. This was the result of larger sized unit closings occurring at 118 E 1st Street and 72 E 1st Street.
INVENTORY ANALYSIS
Out of the 276 total sponsor units sold this quarter, 6% or 16 were studios, 29% or 79 were one-bedrooms, 32% or 87 were two-bedrooms, and the remaining 34% or 94 units were three-bedroom units or larger.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 1Q24
38%
STUDIO
UPPER WEST SIDE
18%
ONE-BEDROOM
MURRAY HILL / KIPS BAY
25%
TWO-BEDROOM
CHELSEA /
HUDSON YARDS
28%
THREE-BEDROOMS+
UPPER WEST SIDE
MARKET SNAPSHOT
1Q24 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
1Q24 MEDIAN SALES PRICE BY NEIGHBORHOOD
1Q24 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 1Q24
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 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.
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