QUEENS NEW DEVELOPMENT MARKET REPORT
QUEENS 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 (1/1/24 – 3/31/24). All data is summarized on a median basis.
MARKET SNAPSHOT
0.6%
YEAR-OVER-YEAR
MEDIAN PPSF
6.1%
QUARTER-OVER-QUARTER
MEDIAN PPSF
3.4%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
15.8%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
QUEENS NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
LONG ISLAND CITY
37.8% of Queens New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$208,565,512 in 4Q23
LARGEST QUARTERLY UP-SWING
ASTORIA
PPSF $1,052/SF FROM $1,011/SF
Sales Price $677,550 from $661,745
LARGEST QUARTERLY DOWN-SWING
FLUSHING
PPSF $1,038 from $1,219
Sales Price $671,023 from $837,511
HIGHEST NEW DEVELOPMENT SALE PPSF
23-15 44th Drive 6307 $2,137 PPSF
HIGHEST NEW DEVELOPMENT SALE
23-15 44TH DRIVE 4511 $2,443,800
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, the total sales volume of Queens sponsor units decreased by 15.24%, from $208,565,512 in 4Q23 to $176,782,138 this past quarter.
The total number of sales decreased by 6.51%, from 215 total sales in 4Q23 to 201 sales this past quarter.
Quarter-over-quarter, the median price per square foot decreased by 6.1% from $1,260 psf to $1,183 psf. In that same span, the median price paid for a
Queens sponsor unit decreased by 15.8%, from $889,516 to $748,877. Year-over-year, the median price paid per square foot increased from $1,175 in 1Q23 to
$1,183 in 1Q24, while the median sales price increased by 3.4% from $724,000 to $748,887.
This past quarter, the highest sales price was seen at Skyline Tower, 23-15 44th Drive, where unit 4511 sold for $2,443,800 ($1,843 psf). The highest price
paid per square foot occurred at Skyline Tower, 23-15 44th Drive, where unit 6307 sold for $2,137 psf ($936,001).
This past quarter, the majority of Queens sponsor sales were in Long Island City, where 37.81% of all Queens sponsor sales occurred, which equated to 76 of
the total 201 closings that took place in the neighborhoods tracked by this report.
MARKET UP-SWINGS
The largest quarterly up-swing occurred in Astoria where the median price per square foot increased by 4.0% from $1,011 to $1,052 psf, and the median sales price increased by 2.4% from $661,745 to $677,550.
MARKET DOWN-SWINGS
The largest down-swing this quarter occurred in Flushing, where the median price per square foot decreased by 14.8%, from $1,219 psf to $1,038 psf, and the median sales price decreased by 19.9%, from $837,511 to $671,023.
MARKET TRENDS
During the first quarter of 2024, we saw a total of 201 units close in the areas tracked by this report - 28 (13.93%) studios, 102 (50.75%) one-bedrooms, 61 (30.35%) two-bedrooms and 10 (4.98%) three-bedroom+ units.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 1Q24
75%
STUDIO
LONG ISLAND CITY
43%
ONE-BEDROOM
FLUSHING
46%
TWO-BEDROOM
FLUSHING
60%
THREE-BEDROOM+
FLUSHING
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 Queens 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 “Queens New Development Report” with a link back to its original location
