QUEENS NEW DEVELOPMENT MARKET REPORT

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TABLE OF CONTENTS

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

QUEENS 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 is summarized on a median basis.

MARKET SNAPSHOT

YEAR-OVER-YEAR

MEDIAN PPSF

7.9%

QUARTER-OVER-QUARTER

MEDIAN PPSF

18.9%

YEAR-OVER-YEAR

MEDIAN SALES PRICE

6.5%

QUARTER-OVER-QUARTER

MEDIAN SALES PRICE

7.5%

QUEENS NEW DEVELOPMENT SPONSOR SALES

65.6% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEV SALES

LONG ISLAND CITY

68.9% of Queens New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

85.4% to $97,728,773 from $52,718,765 in 2Q19

LARGEST QUARTERLY UP-SWING

REGO PARK

PPSF $846/SF from $775/SF

Sales Price $702,593 from $634,370

LARGEST QUARTERLY DOWN-SWING

ASTORIA

PPSF $1,055 from $1,097

Sales Price $555,000 from $631,000

HIGHEST NEW DEVELOPMENT SALE PPSF

22-18 Jackson Avenue 1002 $1,540 PPSF

HIGHEST NEW DEVELOPMENT SALE

22-18 Jackson Avenue 1002 $2,360,000

MARKET SNAPSHOT

MARKET SUMMARY

Quarter-over-quarter, the total sales volume of Queens sponsor units increased by 85.38%, from $52,718,765 during 2Q19 to $97,728,773 this past quarter. The total number of sales increased by 65.6%, from 64 sales during 2Q19 to 106 sales this past quarter. Quarterover-quarter, the median price per square foot for a Queens sponsor unit increased by 18.9%, from $1,040.60 to $1,237.55. The median price paid for a Queens sponsor unit increased by 7.5%, from $809,607 to $870,000. Year-over-year, median price per square foot is down 7.9%, while the median price is down 6.5% in that same span.

This past quarter, the highest price paid for a Queens sponsor unit was at 22-18 Jackson Avenue, where unit 1002 sold for $2,360,000 or $1,540 per square foot. Unit 1002 at 22-18 Jackson Avenue was also the highest price paid per square foot for a Queens sponsor unit this past quarter. This past quarter, the majority of Queens sponsor sales were in Long Island City where 68.9% of all sponsor sales took occurred. This translates to 73 out of the 106 total sponsor unit sales that took place in Queens during 3Q19.

MARKET UP-SWINGS

The largest quarterly up-swing occurred in Rego Park, where the median price per square foot increased by 9.2%, from $775 to $846. Additionally, the median sales price in Rego Park increased by 10.8%, from $634,370 to $702,593.

MARKET DOWN-SWINGS

The largest down-swing this quarter occurred in Astoria, where the median price per square foot decreased by 3.9%, from $1,097 to $1,055. Additionally, the median sales price in Astoria decreased by 12.0%, from $631,000 to $555,000.

During the third quarter of 2019, sixteen studio sponsor unit were sold, representing 15.09% of all sponsor unit sales in Queens. One-bedroom sponsor units represented 50.94% of all sponsor unit sales in Queens during 3Q19, or 54 out of 106 total sales. Two-bedroom sponsor units represented 29.25% of all Queens sponsor unit sales, or 31 out of 106 total sales. Three-bedroom or larger sponsor units comprised the remaining 4.2% of Queens sponsor sales that occurred during 3Q19, or 5 out 106 total sales.

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD

88%

STUDIOS

LONG ISLAND CITY

81%

ONE BEDROOMS

LONG ISLAND CITY

42%

TWO BEDROOMS

FLUSHING

80%

THREE BEDROOMS +

LONG ISLAND CITY

MARKET SNAPSHOT

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

$1,055 Astoria $761 Jackson Heights $846 Rego Park
$1,052 Flushing $1,327 Long Island City - Ridgewood
$980 Forest Hills

3Q19 MEDIAN SALES PRICE BY NEIGHBORHOOD

$555,000 Astoria $431,964 Jackson Heights $702,593 Rego Park
$1,036,383 Flushing $894,219 Long Island City - Ridgewood
$750,450 Forest Hills

MARKET SNAPSHOT

3Q19 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

4.7% Astoria 4.7% Jackson Heights 2.8% Rego Park
16.0% Flushing 68.9% Long Island City 0.0% Ridgewood
2.8% Forest Hills

NUMBER OF UNITS SOLD IN 3Q19

5 Astoria 5 Jackson Heights 3 Rego Park
17 Flushing 73 Long Island City 0 Ridgewood
3 Forest Hills
QUEENS

ASTORIA

ASTORIA

FLUSHING

FLUSHING

FOREST HILLS

FOREST HILLS

JACKSON HEIGHTS

JACKSON HEIGHTS

LONG ISLAND CITY

LONG ISLAND CITY

REGO PARK

REGO PARK

RIDGEWOOD

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 are separated into studios, one-bedrooms, two-bedrooms and three-bedrooms+. Square footages are reported in accordance with the building’s filed condo declaration. 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 Queens. 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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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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