manhattan - mns.com

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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

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 FIRST QUARTER 2021 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

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 2021 (1/01/21 – 3/31/21). All data summarized is on a median basis.

MARKET SNAPSHOT


↓3.4% ↓6.9% ↑6.4% ↓10.8%YEAR OVER YEARMEDIAN PPSF

QUARTER OVER QUARTERMEDIAN PPSF

YEAR OVER YEARMEDIAN SALES PRICE

QUARTER OVER QUARTERMEDIAN SALES PRICE

SPONSOR SALES ↑2.9% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES: FINANCIAL DISTRICT21.05% of Manhattan New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME↓13.4% to $933,908,571 from 1,079,022,091 in 4Q20

LARGEST QUARTERLY UP-SWING: HARLEMPPSF $1,483/SF from $994/SF Sales Price $1,210,232 from $730,000

LARGEST QUARTERLY DOWN-SWING: MURRAY HILL PPSF $1,232 from $1,650 Sales Price $1,225,000 from $1,442,500

HIGHEST NEW DEVELOPMENT SALE PPSF90 Morton Street PH11A $4,739 PPSF

HIGHEST NEW DEVELOPMENT SALE90 Morton Street PH11A $24,900,000


MARKETSNAPSHOT

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MARKET SUMMARYQuarter-over-quarter, the total number of sponsor sales in Manhattan increased by 2.9%, from 277 sales during 4Q20 to 285 sales this past quarter. In that same span, total sales volume decreased by 13.4%, from $1,079,022,091 to $933,908,571. Quarter-over-quarter, the median price per square foot decreased by 6.9%, from $2,090 during 4Q20 to $1,947 this past quarter. Additionally, the median sales price decreased by 10.8%, from $2,744,184 to $2,447,800 this past quarter. Year-over-year, median price per square foot is down 3.4%, from $2,014 during 1Q20 to $1,947 during this past quarter. In that same span, median sales price improved by 6.4%, from $2,300,000 to $2,447,800 this past quarter.

Out of all the neighborhoods tracked by this report, the Financial District had the highest number of sponsor sales this past quarter. Out of 285 total sales, 60 or 21.1% took place in the Financial District.

Through 1Q21, the highest price per square and highest price paid overall both took place at 90 Morton Street in West Village. Unit PH11A sold for $24,900,000 or $4,739.25 per square foot.

MARKET UP-SWINGSThe largest quarterly upswing was observed in Harlem, where the median price per square foot increased by 49.2%, from $994 to $1,483. Additionally, the median sales price in Harlem increased by 65.8%, from $730,000 to $1,210,232.

MARKET DOWN-SWINGSThe largest quarterly downswing was observed in Murray Hill, where the median price per square foot fell by 25.3%, from $1,650 to $1,232. Additionally, the median sales price in Murray Hill decreased by 15.1%, from $1,442,500 to $1,225,000.

INVENTORY ANALYSISOut of 285 total sponsor units sold in Manhattan during 1Q21, 5% or 15 were studios, 29% or 83 were one-bedrooms, 38% or 109 were two-bedrooms, and the remaining 27% or 78 units were three-bedrooms or larger.

47% 36% 19% 18%STUDIO FINANCIAL DISTRICT

ONE-BEDROOMFINANCIAL DISTRICT

TWO-BEDROOMGRAMERCY PARK

THREE-BEDROOMS+CHELSEA

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 1Q21

MARKET SNAPSHOT


1Q21 MEDIAN PRICE PER SQUARE FOOT(PPSF) BY NEIGHBORHOOD

1Q21 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

N/A

$2,457

$1,195

$1,642

$1,960

$2,244

$1,483

$1,764

$1,836

$2,678

$1,232

$3,055

$1,572

$1,951

$2,233


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

N/A

$4,103,750 $1,950,000

$1,457,136

$2,281,746

$4,587,500

$1,210,232

$1,933,584

$2,167,023

$3,508,529

$1,225,000

$4,493,075

$2,659,450

$3,600,000

$3,325,000

MANHATTANAVERAGE PRICE


1Q21 % OF TOTAL SPONSOR SALESBOROUGH-WIDE

NUMBER OF UNITS SOLD IN 1Q21


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

0.0%

9.82%

0.35%

21.05%

13.33%

7.02%

8.42%

2.46%

3.51%

2.81%

1.05%

4.91%

6.32%

7.37%

11.58%


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

28

1

60

38

20

24

7

10

8

3

14

18

21

33

PRICE TRENDS:MANHATTAN

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1Q21 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

$1,947 $2,447,8005%

29%

38%

27%

$-

$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 4Q19 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21


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

$2,457 N/A

$2,029

$2,577

$2,457

0%

7%

43%

50%


$-

$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

$1,195 N/A

N/A

$1,195

N/A

0%

0%

100%

0%


$-

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000

$-

$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

$1,642 $1,551

$1,634

$1,727

$2,359

12%

50%

25%

13%


$-

$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

$1,960 $1,842

$2,094

$1,863

$2,559

5%

24%

55%

16%


$-

$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

$2,244 $1,925

$2,225

$2,397

$2,584

5%

25%

20%

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

$1,483 $1,752

$1,265

$1,574

$931

17%

42%

25%

17%


$-

$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

$1,764 N/A

$1,732

$2,032

N/A

0%

29%

71%

0%


$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

$1,836 N/A

$1,502

$1,901

$2,469

0%

20%

70%

10%


$-

$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

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q19 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20


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

$2,678 $1,685

$2,590

N/A

$3,505

13%

50%

0%

38%


$-

$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

$1,232 N/A

N/A

$1,232

N/A

0%

0%

100%

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

$3,055 N/A

$2,876

$2,632

$3,344

0%

21%

36%

43%


$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

$1,572 N/A

$1,566

$1,578

$1,479

0%

28%

44%

28%


$-

$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

$1,951 N/A

$1,496

$1,849

$2,034

0%

5%

43%

52%


$-

$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

$2,233 N/A

$2,192

$2,336

$2,338

0%

30%

39%

30%


$-

$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

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