Sep 30, 2014 - The total number of New Development Sponsor sales in Brooklyn fell down 63.36% from 2Q14. The following n
Brooklyn New Dev. Market Report 2014 3rd Quarter mns.com
Brooklyn New Development Report 3Q14
TA B L E O F C O N T E N T S
TABLE OF CONTENTS 03 Introduction 04 Market Snapshot 09 Neighborhood Price Trends 09 Bay Ridge 10 Bed-Stuy 11 Brooklyn Heights 12 Bushwick 13 Carroll Gardens 14 Clinton Hill 15 Cobble Hill & Boerum Hill 16 Crown Heights 17 Downtown Brooklyn 18 DUMBO 19 Fort Greene 20 Gowanus 21 Greenpoint 22 Kensington 23 Prospect Heights 24 Prospect-Lefferts Gardens 25 Park Slope 26 Williamsburg Report Explained 27 The
page 2 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
INTRODUCTION MNS is proud to present the Third Quarter 2014 edition of our New Development Market Report. New
New Development Sales data, defined as such “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 2014 (7/01/14 – 9/30/14). All data summarized is on a median basis.
page 3 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
MARKET SNAPSHOT Market Snapshot Year-Over-Year Median PPSF
13.92%
Quarter-Over-Quarter Median PPSF
26.5%
Year-Over-Year Median Sales Price
9.5%
Quarter-Over-Quarter Median Sales Price
11.9%
Brooklyn New Development Sales Inventory
63.4% from 2Q14
Neighborhood with the highest inventory
Clinton Hill 37.5% of all Brooklyn) Total New Development Sales Volume
72.3% to $46.99 Million from $169.6 Million in 2Q14
Largest Quarterly Up-Swing
Largest Quarterly Down-Swing
PPSF $868/SF from $700/SF Sales Price $1M from $661K
PPSF $573/SF from $1,262/SF Sales Price $725K from $2M
Boerum Hill/Cobble Hill
Brooklyn Heights
Highest New Development Sale
Park Slope - 777 Carroll Street - 1 - $2,545,625
Highest New Development Sale PPSF
Dumbo - 70 Washington Street - PHJ - $1,651/SF Market Summary The total number of New Development Sponsor sales in Brooklyn fell down 63.36% from 2Q14. The following neighborhoods did not account for any New Development sales during this time: Bay Ridge, Bushwick, Gowanus, Kensington, Williamsburg, and Prospect-Lefferts Gardens. The drastic decrease in the number of sponsor sales in Brooklyn is likely due to the slower maturation of the market in certain more established neighborhoods such as Williamsburg, however with several new developments and conversions in the pipeline this number expected to increase in upcoming quarters. Median sales pricing in all of Brooklyn decreased 11.9% from the previous quarter and Median Price per Square Foot decreased 26.5% compared to 2Q14.
page 4 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
MARKET SNAPSHOT Market Up-Swings This past quarter sponsor sales in Boerum Hill-Cobble Hill only accounted for 6.25% of all New Development sponsor sales in Brooklyn, however saw the greatest uptick in prices. Despite experiencing a significant drop last quarter this area is back to customary prices levels and is continuing its rise. Since 2Q14 Median Price per Square Foot increased 24% from $700 to $868 and Median Sales Price increased 53.3% from $661,080 to $1,013,158. These large shifts are due to luxury units that closed at 138 Sackett Street entering the market, while lower priced closings at Cobble Hill Towers have exited the market. Also deserving mention is DUMBO which has seen a steady, yet less dramatic, rise in prices dating back to 2Q13.
Market Down-Swings This quarter’s largest market down-swing was seen in Brooklyn Heights. Median Price per Square Foot fell 54.6% from $1,262 to $573 and Median Sales Price fell 68.9% from $2,329,247 to $725,503. This was the result of a significant inventory drop from last quarter as unit sales fell by 16 units, leaving behind only 2 closed units at One Brooklyn Bridge Park at 360 Furman Street. Furthermore, the units that exited the market were higher priced units at premier properties such as The Riverview at 183 Columbia Heights and The Heights at 30 Henry Street. Sales Volume Three-Bedroom units and One-Bedroom units represented 50% and 29.17% of all sales in Brooklyn during 3Q14, respectively. The neighborhood that accounted for the highest number of New Development Sponsor unit sales was Clinton Hill with 18 transactions, 36.73% of total borough sales. This was due to an influx of units that closed at the Clinton Lofts at 91 Grand Avenue. *Tracking: Neighborhoods where the majority of each unit type was sold in 3Q14
33%
Studio Bed-Stuy/Clinton Hill/ Boerum Hill-Cobble Hill
64%
One Bedroom Clinton Hill
43%
Two Bedroom Clinton Hill
21% 1200+SF Clinton Hill/ Prospect Heights
page 5 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
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165 Bedford Avenue, Brooklyn, NY 11211 $
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40 North 6th Street, Brooklyn, NY 11249
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1,691,206
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Brooklyn New Development Report 3Q14
MARKET SNAPSHOT 3Q14 Median PPSF By Neighborhood
3Q14 Median Sales Price By Neighborhood
page 6
mns.com
Brooklyn New Development Report 3Q14
MARKET SNAPSHOT
6% 2%
2%
4%
4%
4% Hi
Co ll bb le Cr Hi ow ll Do nH wn eig to ht wn s Br oo kly n DU M BO Fo rt Gr ee ne Go wa nu Gr s ee np oin Ke t ns Pr Pr ing os os to pe pe n ct ctHe Le ffe igh rts ts Ga rd en s Pa rk Slo W pe illi am sb urg
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4%
6%
10%
16%
35%
% Of Total New Development Sales Borough-Wide
page 7 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
BROOKLYN 3Q13 Unit Mix Of New Development Sales
Median PPSF
$697
Studios 6% 1 Bedrooms 29% 2 Bedrooms 15% 3 Bedrooms 50%
Median Sales Price
$812,300
Brooklyn Quarterly Tracking Median PPSF
Median Price
$1,000
$1,000,000
$900 $800,000
$800 $700
$600,000 $600 $500
$400,000
$400 $300
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
PPSF
1Q14
2Q14
3Q14
$200,000
Price
page 8 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
BAY RIDGE Bay Ridge PPSF By Unit Size
% Of Sales Within Bay Ridge
Studios 1 Bedrooms 2 Bedrooms 1500+ SF
Studios 1 Bedrooms 2 Bedrooms 1500+ SF
Bay Ridge Quarterly Tracking Median PPSF
Median Price
$600
$900,000
$500
$700,000
$400
$500,000
$300
$300,000
$200 3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
PPSF
1Q14
2Q14
3Q14
$100,000
Price
page 9 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
BEDFORD STUYVESANT Bed Stuy PPSF By Unit Size ($348/SF Median)
% Of Sales Within Bed Stuy
Studios $823 1 Bedrooms 2 Bedrooms $669 1200+ SF $670
Studios 20% 1 Bedrooms 0% 2 Bedrooms 20% 1200+ SF 60%
Bed Stuy Quarterly Tracking Median PPSF
Median Price
$700
$800,000
$700,000
$575
$600,000 $450 $500,000 $325 $400,000
$200 3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
PPSF
1Q14
2Q14
3Q14
$300,000
Price
page 10 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
BROOKLYN HEIGHTS Brooklyn Heights PPSF By Unit Size ($965/SF Median)
% Of Sales Within Brooklyn Heights
Studios 1 Bedrooms 2 Bedrooms $579 1200+ SF $568
Studios 1 Bedrooms 2 Bedrooms 50% 1200+ SF 50%
Brooklyn Heights Quarterly Tracking Median PPSF
Median Price
$2,750,000
$1,300
$2,500,000
$1,200
$2,250,000
$1,100
$2,000,000
$1000
$1,750,000 $900
$1,500,000
$800
$1,250,000
$700
$1,000,000
$600
$750,000
$500
$500,000 4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
PPSF
1Q14
2Q14
3Q14
Price
page 11 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
BUSHWICK Bushwick PPSF By Unit Size
% Of Sales Within Bushwick
Studios 1 Bedrooms 2 Bedrooms 1500+ SF
Studios 1 Bedrooms 2 Bedrooms 1500+ SF
Bushwick Quarterly Tracking Median PPSF
Median Price
$800
$800,000
$650
$625,000
$500
$450,000
$350
$275,000
$200
$100,000 3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
PPSF
1Q14
2Q14
3Q14
Price
page 12 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
CARROLL GARDENS Carroll Gardens PPSF By Unit Size ($1,008/SF Median)
% Of Sales Within Carroll Gardens
Studios 1 Bedrooms 2 Bedrooms 1500+ SF $1,263
Studios 1 Bedrooms 2 Bedrooms 1500+ SF 100%
Carroll Gardens Quarterly Tracking Median PPSF
Median Price
$1,300
2,000,000
$1,050
$1,525,000
$800
$,1,050,000
$550
$575,000
$300
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
PPSF
1Q14
2Q14
3Q14
$100,000
Price
page 13 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
CLINTON HILL Clinton Hill PPSF By Unit Size ($799/SF Median)
% Of Sales Within Clinton Hill
Studios $897 1 Bedrooms $623 2 Bedrooms $580 1500+ SF $612
Studios 5.6% 1 Bedrooms 50% 2 Bedrooms 16.7% 1500+ SF 27.8%
Clinton Hill Quarterly Tracking Median PPSF
Median Price
$900
$1,300,000
$725
$1,025,000
$550
$750,000
$375
$475,000
$200
$200,000 4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
PPSF
1Q14
2Q14
3Q14
Price
page 14 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
COBBLE HILL & BOERUM Cobble Hill & Boerum Hill PPSF By Unit Size ($654/SF Median)
% Of Sales Within Cobble Hill & Boerum Hill
Studios $651 1 Bedrooms 2 Bedrooms $868 1500+ SF $1,068
Studios 33.3% 1 Bedrooms 2 Bedrooms 33.3% 1500+ SF 33.3%
Cobble Hill & Boerum Hill Quarterly Tracking Median PPSF
Median Price
$1,575,000
$1,100
$900 $1,116,667 $700 $658,333 $500
$300 4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
PPSF
1Q14
2Q14
3Q14
$200,000
Price
page 15 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
CROWN HEIGHTS Crown Heights PPSF By Unit Size ($486/SF Median)
% Of Sales Within Crown Heights
Studios 1 Bedrooms $898 2 Bedrooms 1500+ SF
Studios 1 Bedrooms 100% 2 Bedrooms 1500+ SF
Crown Heights Quarterly Tracking Median PPSF
Median Price
$1,100
$2,000,000
$875
$1,550,000
$650
$1,100,000
$425
$650,000
$200
$200,000 4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
PPSF
1Q14
2Q14
3Q14
Price
page 16 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
DOWNTOWN BROOKLYN Downtown Brooklyn PPSF By Unit Size ($711/SF Median)
% Of Sales Within Downtown Brooklyn
Studios 1 Bedrooms 2 Bedrooms 1500+ SF $1,013
Studios 1 Bedrooms 2 Bedrooms 1500+ SF 100%
Downtown Brooklyn Quarterly Tracking Median PPSF
Median Price
$1,600,000
$1,000 $900
$1,340,000
$800 $1,080,000 $700 $820,000 $600 $560,000
$500 $400
$300,000 4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
PPSF
1Q14
2Q14
3Q14
Price
page 17 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
DUMBO Dumbo PPSF By Unit Size ($852/SF Median)
% Of Sales Within Dumbo
Studios 1 Bedrooms 2 Bedrooms 1500+ SF $1,326
Studios 1 Bedrooms 2 Bedrooms 1500+ SF 100%
Dumbo Quarterly Tracking Median PPSF
Median Price
$1,300
$1,700,000
$1,200
$1,512,500
$1,100
$1,325,000
$1,000 $1,137,500
$900 $800
$950,000
$700
$762,500
$600
$575,000
$500
$387,500
$400
$200,000
$300 4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
PPSF
1Q14
2Q14
3Q14
Price
page 18 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
FORT GREENE Fort Greene PPSF By Unit Size ($810/SF Median)
% Of Sales Within Fort Greene
Studios 1 Bedrooms 2 Bedrooms 1500+ SF $1,085
Studios 1 Bedrooms 2 Bedrooms 1500+ SF 100%
Fort Greene Quarterly Tracking Median PPSF
Median Price
$1,100,000
$1,200 $1,100 $1,000
$900,000
$900 $800
$700,000
$700 $600
$500,000
$500 $400
$300,000
$300
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
PPSF
1Q14
2Q14
3Q14
Price
page 19 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
GOWANUS Gowanus PPSF By Unit Size ($785/SF Median)
% Of Sales Within Gowanus
Studios 1 Bedrooms 2 Bedrooms 1500+ SF
Studios 1 Bedrooms 2 Bedrooms 1500+ SF
Gowanus Quarterly Tracking Median PPSF
Median Price
$1,000,000
$900
$800 $733,333 $700
$600 $466,667 $500
$200,000
$400 4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
PPSF
1Q14
2Q14
3Q14
Price
page 20 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
GREENPOINT Greenpoint PPSF By Unit Size ($675/SF Median)
% Of Sales Within Greenpoint
Studios 1 Bedrooms 100% 2 Bedrooms 1500+ SF
Studios 1 Bedrooms $922 2 Bedrooms 1500+ SF Greenpoint Quarterly Tracking Median PPSF
Median Price
$950
$800,000
$857 $650,000
$764 $671
$500,000 $579 $486
$350,000
$393 $300
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
PPSF
1Q14
2Q14
3Q14
$200,000
Price
page 21 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
KENSINGTON Kensington PPSF By Unit Size ($800/SF Median)
% Of Sales Within Kensington
Studios 1 Bedrooms 2 Bedrooms 1500+ SF
Studios 1 Bedrooms 2 Bedrooms 1500+ SF
Kensington Quarterly Tracking Median PPSF
Median Price
$800
$800,000
$650
$625,000
$500
$450,000
$350
$275,000
$100,000
$200 4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
PPSF
1Q14
2Q14
3Q14
Price
page 22 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
PROSPECT HEIGHTS Prospect Heights PPSF By Unit Size ($704/SF Median)
% Of Sales Within Prospect Heights
Studios 1 Bedrooms $812 2 Bedrooms $902 1500+ SF $781
Studios 1 Bedrooms 25% 2 Bedrooms 12.5% 1500+ SF 62.5%
Prospect Heights Quarterly Tracking Median PPSF
Median Price
$2,000,000
$1,100 $1000
$1,525,000 $900 $1,050,000
$800 $700
$575,000 $600 $500
$100,000 4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
PPSF
1Q14
2Q14
3Q14
Price
page 23 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
PROSPECT-LEFFERTS GARDENS Prospect-Lefferts Garden PPSF By Unit Size
% Of Sales Within Prospect-Lefferts Garden
Studios 1 Bedrooms 2 Bedrooms 1500+ SF
Studios 1 Bedrooms 2 Bedrooms 1500+ SF
Prospect-Lefferts Garden Quarterly Tracking Median PPSF
Median Price
$600,000
$700
$600
$500,000
$500 $400,000 $400 $300,000
$300
$200,000
$200 4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
PPSF
1Q14
2Q14
3Q14
Price
page 24 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
PARK SLOPE Park Slope PPSF By Unit Size ($966/SF Median)
% Of Sales Within Park Slope
Studios 1 Bedrooms 2 Bedrooms 1500+ SF $589
Studios 1 Bedrooms 2 Bedrooms 1500+ SF 100%
Park Slope Quarterly Tracking Median PPSF
Median Price
$1,400,000
$1,100,000
$800,000
$500,000
$200,000 4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
PPSF
1Q14
2Q14
3Q14
Price
page 25 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
WILLIAMSBURG Williamsburg PPSF By Unit Size ($709/SF Median)
% Of Sales Within Williamsburg
Studios 1 Bedrooms 2 Bedrooms 1500+ SF
Studios 1 Bedrooms 2 Bedrooms 1500+ SF
Williamsburg Quarterly Tracking Median PPSF
Median Price
$1,300
$2,500,000
$1,200
$2,244,444
$1,100
$1,988,889
$1,000
$1,733,333
$900
$1,477,778
$800
$1,222,222
$700
$966,667
$600 $500
$711,111
$400
$455,556
$300
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
PPSF
4Q13
1Q14
2Q14
3Q14
$200,000
Price
page 26 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com
Brooklyn New Development Report 3Q14
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. Studios are under 700 square feet, one-bedrooms are under 900 square feet, and two-bedrooms are under 1,450 square feet. Added to the report is the over-sized unit type that ranges from 1,500 square feet to 7,000 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.
Can’t find what you’re looking for? Ask MNS for more information at www.mns.com. Contact Us Now: 212.475.9000 Note: All market data is collected and compiled by MNS’s 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
page 27 Gramercy Park 212.475.9000
115 East 23rd Street, New York, NY 10010
Williamsburg 718.222.1545
165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.0211
40 North 6th Street, Brooklyn, NY 11249
mns.com