manhattan - mns · 2020-01-29 · the report explained ... soho tribeca upper east side upper west...

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MANHATTAN NEW DEVELOPMENT MARKET REPORT

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 97 N 10TH ST, 2C BROOKLYN, NY 11249

CONTENTS

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INTRODUCTION ...............................................................................................................................................................................................................

MARKET SNAPSHOT.......................................................................................................................................................................................................... NEIGHBORHOOD PRICE TRENDS ......................................................................................................................................................................................

BATTERY PARK CITY ...........................................................................................................................................................................

CHELSEA ..........................................................................................................................................................................................

EAST VILLAGE....................................................................................................................................................................................

FINANCIAL DISTRICT..........................................................................................................................................................................

GRAMERCY PARK ..............................................................................................................................................................................

GREENWICH VILLAGE.........................................................................................................................................................................

HARLEM............................................................................................................................................................................................

LOWER EAST SIDE..............................................................................................................................................................................

MIDTOWN EAST.................................................................................................................................................................................

MIDTOWN WEST................................................................................................................................................................................

MURRAY HILL....................................................................................................................................................................................

SOHO...............................................................................................................................................................................................

TRIBECA...........................................................................................................................................................................................

UPPER EAST SIDE..............................................................................................................................................................................

UPPER WEST SIDE..............................................................................................................................................................................

THE REPORT EXPLAINED.................................................................................................................................................................................................

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MNS IS PROUD TO PRESENT THE FOURTH QUARTER 2019 EDITION OF OUR NEW DEVELOPMENT MARKET REPORT.

INTRODUCTION

4M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 97 N 10TH ST, 2C BROOKLYN, NY 11249

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 fourth quarter of 2019 (10/01/19 – 12/31/19). All data summarized is on a median basis.

MARKET SNAPSHOT


↓5.5% ↓6.9% ↓15.9% ↓5.9%YEAR OVER YEARMEDIAN PPSF

QUARTER OVER QUARTERMEDIAN PPSF

YEAR OVER YEARMEDIAN SALES PRICE

QUARTER OVER QUARTERMEDIAN SALES PRICE

SPONSOR SALES ↑22.3% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES: TRIBECA25.1% of Manhattan New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME↑27.5% to $1,504,440,967 from $1,180,384,738 in 3Q19

LARGEST QUARTERLY UP-SWING: TRIBECAPPSF $1,924/SF from $1,743/SF Sales Price $2,588,799 from $2,368,756

LARGEST QUARTERLY DOWN-SWING: MURRAY HILLPPSF $1,347 from $1,810 Sales Price $1,425,000 from $2,310,000

HIGHEST NEW DEVELOPMENT SALE PPSF220 Central Park South V-14 $10,722 PPSF

HIGHEST NEW DEVELOPMENT SALE220 Central Park South PH16 $92,737,628


MARKETSNAPSHOT

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MARKET SUMMARYQuarter-over-quarter, the total number of sponsor sales in Manhattan increased by 22.3%, from 283 sales during 3Q19 to 346 total sales this past quarter. In that same span, total sales volume increased by 27.5%, from $1,180,384,738 during 3Q19 to $1,504,440,967. The median price per square foot fell by 6.9%, from $2,090 during 3Q19 to $1,946. Additionally, the median sales price fell by 5.9%, from $2,475,000 to $2,329,640. Year-over-year, median price per square foot is down 5.5%, from $2,061 during 4Q18 to $1,946 during this past quarter. In that same span, median sales price fell by 15.9%, from $2,771,175 during 4Q18 to $2,329,640.

Out of all the neighborhoods tracked by this report, TriBeCa had the highest number of sponsor sales this past quarter. Out 346 total sales, 87 or 25.14% took place in TriBeCa. The next highest number of sales took place in the Lower East Side, where 51 or 14.74% of all sponsor sales took place.

Through 4Q19, both the highest price per square foot and highest price paid for a sponsor unit took place at 220 Central Park South. For the price per square foot record, unit V-14 was sold for $46,531,989 or for $10,721 per square foot and for the highest price paid, unit PH16 was sold for $92,737,628 or $9,446.64 per square foot.

MARKET UP-SWINGSThe largest quarterly upswing was observed in TriBeCa, where the median price per square foot increased by 10.4%, from $1,743 to $1,924. Additionally, the median sales price in TriBeCa increased by 9.3%, from $2,366,756 to $2,588,799.

MARKET DOWN-SWINGSThe largest quarterly downswing was observed in Murray Hill, where the median price per square foot fell by 25.6%, from $1,810 to $1,347. Additionally, the median sales price in Murray Hill fell by 38.3%, from $2,310,000 to $1,425,000.

INVENTORY ANALYSISOut of 346 total sponsor units sold in Manhattan during 4Q19, 8% or 28 were studios, 32% or 109 were one-bedrooms, 36% or 126 were two-bedrooms, and the remaining 24% or 83 units were three-bedrooms or larger.

39.3% 22.9% 30.2% 18.1%STUDIO MIDTOWN WEST

ONE-BEDROOMTRIBECA

TWO-BEDROOMTRIBECA

THREE-BEDROOMS+TRIBECA

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 4Q19

MARKET SNAPSHOT


4Q19 MEDIAN PRICE PER SQUARE FOOT(PPSF) BY NEIGHBORHOOD

4Q19 MEDIAN SALES PRICEBY NEIGHBORHOOD

BATTERY PARK CITY CHELSEA

EAST VILLAGE

FINANCIAL DISTRICT

GRAMERCY

GREENWICH VILLAGE

HARLEM

LOWER EAST SIDE

MIDTOWN EAST

MIDTOWN WEST

MURRAY HILL

SOHO TRIBECA

UPPER EAST SIDE

UPPER WEST SIDE

-

$1,668

$2,546

$1,486

$2,073

$2,511

$1,160

$2,289

$2,027

$3,383

$1,347

$2,134 $1,924

$1,644

$1,899


EAST VILLAGE

FINANCIAL DISTRICT

GRAMERCY

GREENWICH VILLAGE

HARLEM

LOWER EAST SIDE

MIDTOWN EAST

MIDTOWN WEST

MURRAY HILL

SOHO TRIBECA

UPPER EAST SIDE

UPPER WEST SIDE

-

$3,600,000 $2,265,606

$3,025,000

$2,700,250

$4,260,957

$967,338

$2,490,356

$3,500,000

$1,988,478

$1,425,000 $2,082,321

$2,588,799

$1,978,138

$3,164,325

MANHATTANAVERAGE PRICE


4Q19 % OF TOTAL SPONSOR SALESBOROUGH-WIDE

NUMBER OF UNITS SOLD IN 4Q19


EAST VILLAGE

FINANCIAL DISTRICT

GRAMERCY

GREENWICH VILLAGE

HARLEM

LOWER EAST SIDE

MIDTOWN EAST

MIDTOWN WEST

MURRAY HILL

SOHO TRIBECA

UPPER EAST SIDE

UPPER WEST SIDE

0.00%

2.60%

2.60%

1.16%

11.27%

2.31%

10.12%

14.74%

0.87%

10.40%

0.58%

7.80%

25.14%

5.49%

4.91%


EAST VILLAGE

FINANCIAL DISTRICT

GRAMERCY

GREENWICH VILLAGE

HARLEM

LOWER EAST SIDE

MIDTOWN EAST

MIDTOWN WEST

MURRAY HILL

SOHO TRIBECA

UPPER EAST SIDE

UPPER WEST SIDE

0

9

9

4

39

8

35

51

3

36

2

27

87

19

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PRICE TRENDS:MANHATTAN

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4Q19 UNIT MIX OF NEW DEVELOPMENT SALES

MANHATTANQUARTERLY TRACKING

MEDIAN PPSF

MEDIAN

SALES PRICE

MEDIAN PRICEMEDIAN PPSF

MEDIAN PPSF MEDIAN SALES PRICE


Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

$1,946 $2,329,6408%

32%

36%

24%

$-

$900,000

$1,800,000

$2,700,000

$3,600,000

$4,500,000

$-

$600

$1,200

$1,800

$2,400

$3,000

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19


PRICE TRENDS:BATTERY PARK CITY

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BATTERY PARK CITYPPSF

% OF SALES WITHIN BATTERY PARK CITY

BATTERY PARK CITYQUARTERLY TRACKING

MEDIAN PPSF

MEDIAN SALES PRICE

MEDIAN PPSF

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

N/A N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A


$-

$700,000

$1,400,000

$2,100,000

$2,800,000

$3,500,000

$-

$500

$1,000

$1,500

$2,000

$2,500



PRICE TRENDS:CHELSEA

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CHELSEAPPSF

% OF SALES WITHIN CHELSEA

CHELSEAQUARTERLY TRACKING

MEDIAN PPSF

MEDIAN SALES PRICE

MEDIAN PPSF

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

$1,668 N/A

$1,384

$1,614

$1,675

0%

11%

11%

78%


$-

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000

$8,000,000

$9,000,000

$10,000,000

$-

$700

$1,400

$2,100

$2,800

$3,500



PRICE TRENDS:EAST VILLAGE

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EAST VILLAGE PPSF

% OF SALES WITHIN EAST VILLAGE

EAST VILLAGEQUARTERLY TRACKING

MEDIAN PPSF

MEDIAN SALES PRICE

MEDIAN PPSF

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

$2,546 N/A

$2,409

$1,815

$3,967

0%

44%

33%

22%


$-

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$-

$600

$1,200

$1,800

$2,400

$3,000



PRICE TRENDS:FINANCIAL DISTRICT

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FINANCIAL DISTRICTPPSF

% OF SALES WITHIN FINANCIAL DISTRICT

FINANCIAL DISTRICTQUARTERLY TRACKING

MEDIAN PPSF

MEDIAN SALES PRICE

MEDIAN PPSF

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

$1,486 N/A

N/A

$1,679

$1,486

0%

0%

50%

50%


$-

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$-

$600

$1,200

$1,800

$2,400

$3,000



PRICE TRENDS:GRAMERCY PARK

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GRAMERCY PARKPPSF

% OF SALES WITHIN GRAMERCY PARK

GRAMERCY PARKQUARTERLY TRACKING

MEDIAN PPSF

MEDIAN SALES PRICE

MEDIAN PPSF

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

$2,073 $2,377

$1,991

$2,097

$2,080

3%

31%

41%

26%


$-

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$-

$600

$1,200

$1,800

$2,400

$3,000



PRICE TRENDS:GREENWICH VILLAGE

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GREENWICH VILLAGEPPSF

% OF SALES WITHIN GREENWICH VILLAGE

GREENWICH VILLAGEQUARTERLY TRACKING

MEDIAN PPSF

MEDIAN SALES PRICE

MEDIAN PPSF

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

$2,511 $3,029

$2,088

$1,865

$2,700

25%

13%

13%

50%

MEDIAN PRICE MEDIAN PPSF

$1,000,000

$3,000,000

$5,000,000

$7,000,000

$9,000,000

$11,000,000

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500



PRICE TRENDS:HARLEM

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HARLEMPPSF

% OF SALES WITHIN HARLEM

HARLEMQUARTERLY TRACKING

MEDIAN PPSF

MEDIAN SALES PRICE

MEDIAN PPSF

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

$1,160 $1,253

$1,165

$1,106

$1,190

6%

46%

43%

6%


$-

$400,000

$800,000

$1,200,000

$1,600,000

$2,000,000

$-

$400

$800

$1,200

$1,600

$2,000



PRICE TRENDS:LOWER EAST SIDE

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LOWER EAST SIDEPPSF

% OF SALES WITHIN LOWER EAST SIDE

LOWER EAST SIDEQUARTERLY TRACKING

MEDIAN PPSF

MEDIAN SALES PRICE

MEDIAN PPSF

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

$2,289 $1,212

$2,060

$2,295

$2,681

4%

41%

43%

12%


$1,000,000

$2,200,000

$3,400,000

$4,600,000

$5,800,000

$7,000,000

$1,000

$1,400

$1,800

$2,200

$2,600

$3,000



PRICE TRENDS:MIDTOWN EAST

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MIDTOWN EASTPPSF

% OF SALES WITHIN MIDTOWN EAST

MIDTOWN EASTQUARTERLY TRACKING

MEDIAN PPSF

MEDIAN SALES PRICE

MEDIAN PPSF

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

$2,027 N/A

$1,978

$2,373

N/A

0%

67%

33%

0%


$-

$4,000,000

$8,000,000

$12,000,000

$16,000,000

$20,000,000

$1,000

$1,400

$1,800

$2,200

$2,600

$3,000



PRICE TRENDS:MIDTOWN WEST

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MIDTOWN WESTPPSF

% OF SALES WITHIN MIDTOWN WEST

MIDTOWN WESTSQUARTERLY TRACKING

MEDIAN PPSF

MEDIAN SALES PRICE

MEDIAN PPSF

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

$3,383 $1,818

$1,927

$1,840

$8,690

31%

22%

8%

39%


$-

$3,000,000

$6,000,000

$9,000,000

$12,000,000

$15,000,000

$-

$1,000

$2,000

$3,000

$4,000

$5,000



PRICE TRENDS:MURRAY HILL

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MURRAY HILLPPSF

% OF SALES WITHIN MURRAY HILL

MURRAY HILLQUARTERLY TRACKING

MEDIAN PPSF

MEDIAN SALES PRICE

MEDIAN PPSF

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

$1,347 N/A

$1,418

$1,276

N/A

0%

50%

50%

0%


$-

$1,600,000

$3,200,000

$4,800,000

$6,400,000

$8,000,000

$-

$500

$1,000

$1,500

$2,000

$2,500



PRICE TRENDS:SOHO

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SOHOPPSF

% OF SALES WITHIN SOHO

SOHOQUARTERLY TRACKING

MEDIAN PPSF

MEDIAN SALES PRICE

MEDIAN PPSF

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

$2,134 $2,179

$1,948

$2,308

$1,982

4%

37%

48%

11%


$1,000,000

$3,400,000

$5,800,000

$8,200,000

$10,600,000

$13,000,000

$1,000

$1,600

$2,200

$2,800

$3,400

$4,000



PRICE TRENDS:TRIBECA

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TRIBECAPPSF

% OF SALES WITHIN TRIBECA

TRIBECAQUARTERLY TRACKING

MEDIAN PPSF

MEDIAN SALES PRICE

MEDIAN PPSF

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

$1,924 $1,785

$1,880

$1,920

$2,406

10%

29%

44%

17%


$-

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$1,000

$1,400

$1,800

$2,200

$2,600

$3,000



PRICE TRENDS:UPPER EAST SIDE

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UPPER EAST SIDEPPSF

% OF SALES WITHIN UPPER EAST SIDE

UPPER EAST SIDESQUARTERLY TRACKING

MEDIAN PPSF

MEDIAN SALES PRICE

MEDIAN PPSF

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

$1,644 N/A

$1,413

$1,558

$2,020

0%

37%

32%

32%


$-

$1,600,000

$3,200,000

$4,800,000

$6,400,000

$8,000,000

$1,000

$1,400

$1,800

$2,200

$2,600

$3,000



PRICE TRENDS:UPPER WEST SIDE

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UPPER WEST SIDEPPSF

% OF SALES WITHIN UPPER WEST SIDE

UPPER WEST SIDESQUARTERLY TRACKING

MEDIAN PPSF

MEDIAN SALES PRICE

MEDIAN PPSF

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios

1 Bedrooms

2 Bedrooms

3 Bedrooms

$1,899 N/A

$1,147

$1,592

$2,006

0%

6%

24%

71%


$-

$1,600,000

$3,200,000

$4,800,000

$6,400,000

$8,000,000

$1,000

$1,400

$1,800

$2,200

$2,600

$3,000



THE REPORTEXPLAINED

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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 analy-sis, 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 “Manhattan New Development Report” with a link back to its original location

HTTP://WWW.MNS.COM/MANHATTAN_NEW_DEV_REPORT

WILLIAMSBURG40 N 6th StBrooklyn, NY 11249

CORPORATE OFFICE97 N 10th St, 2CBrooklyn, NY 11249

MNS.COM 718-222-0211

manhattan - mns · 2020-01-29 · the report explained ... soho tribeca upper east side upper west...

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