MANHATTAN NEW DEVELOPMENT MARKET REPORT
MANHATTAN NEW DEVELOPMENT MARKET REPORT ARCHIVE
sign up for Sponsor Sale reports to be sent to your email
TABLE OF CONTENTS
JUMP TO A PARTICULAR SECTION
MNS IS PROUD TO PRESENT THE THIRD QUARTER OF 2023 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 2023 (7/1/23 – 9/30/23). All data summarized is on a median basis.
MEDIAN SALES PRICE
MEDIAN SALES PRICE
MANHATTAN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
CHELSEA / HUDSON YARDS
26.75% of Manhattan New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$1,887,341,637 in 2Q23
LARGEST QUARTERLY UP-SWING
PPSF $1,964/SF from $1,836/SF
Sales Price $2,862,500 from $1,252,200
LARGEST QUARTERLY DOWN-SWING
PPSF $1,844 from $2,596
Sales Price $2,490,625 from $4,252,500
HIGHEST NEW DEVELOPMENT SALE PPSF
111 WEST 57 STREET PT61 $7,380 PPSF
HIGHEST NEW DEVELOPMENT SALE
111 WEST 57 STREET PT61 $52,952,250
Quarter-over-quarter, the total number of sponsor sales in Manhattan decreased by 15.8% from 475 sales during 2Q23 to 400 sales this past quarter.
In that same span, total sales volume decreased by 18.1%, from $1,887,341,637 to $1,545,011,564. Quarter-over-quarter, the median price per square foot
decreased by 2.02%, from $2,073 psf to $2,031 psf, while the median sales price increased by 3.47%, from $2,300,000 to $2,379,835. Year-over-year,
median price per square foot is down 5.5%, from $2,150 in 3Q23 to $2,031 in 3Q23, which corresponded to a 7.8% median sales price decrease from
$2,580,000 to $2,379,835.
Out of all the neighborhoods tracked by this report, Chelsea / Hudson Yards had the highest number of sponsor sales this past quarter with a recorded 107 closings (26.75%) out of the total 400 that occurred in 3Q23. This was driven by several closings across 300 West 30th Street, 35 Hudson Yards and 555 West 22nd Street.
The highest price paid per square foot and by sales price occurred at JDS Development’s 111 West 57th St, where PT61, which spans 7,175 sqft, was sold for $52,952,250 or $7,380.10 psf.
The largest quarterly upswing was observed in East Village where the median price per square foot increased by 7.00% from $1,836 psf to $1,964, with a median sales price increase from $1,252,200 to $2,862,500. This jump was largely attributed to several 2 and 3bed+ closings that occurred this past quarter.
The largest quarterly downswing occurred in Midtown East, where the median price per square foot fell by 28.98% from $2,596 psf to $1,844 psf, with a median sales price decrease from $4,252,500 to $2,490,625, refl ective of an increased number of 1-bedroom closings during 3Q23 when compared to 2Q23.
Out of the 400 total sponsor units sold this quarter, 5% or 18 were studios, 35% or 140 were one-bedrooms, 31% or 123 were two-bedrooms, and the remaining 30% or 119 units were three-bedroom units or larger.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 3Q23
UPPER WEST SIDE
LOWER EAST SIDE
3Q23 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
3Q23 MEDIAN SALES PRICE BY NEIGHBORHOOD
3Q23 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 3Q23
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 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: 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