MANHATTAN NEW DEVELOPMENT MARKET REPORT

Manhattan infographics

MANHATTAN NEW DEVELOPMENT MARKET REPORT ARCHIVE

TABLE OF CONTENTS

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  1. Intro
  2. Market Snapshot
  3. Neighborhood Price Trends
  4. The Report Explained

INTRODUCTION

MNS IS PROUD TO PRESENT THE FOURTH QUARTER 2020 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 fourth quarter of 2020 (10/01/20 – 12/31/20). All data summarized is on a median basis.

MARKET SNAPSHOT

manhattan

7.4%

YEAR-OVER-YEAR

MEDIAN PPSF

0.5%

QUARTER-OVER-QUARTER

MEDIAN PPSF

17.8%

YEAR-OVER-YEAR

MEDIAN SALES PRICE

10.0%

QUARTER-OVER-QUARTER

MEDIAN SALES PRICE

MANHATTAN NEW DEVELOPMENT SPONSOR SALES

37.8% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES

UPPER WEST SIDE

19.49% of Manhattan New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

16.3% to $1,079,022,091 from $1,288,417,256 in 3Q20

LARGEST QUARTERLY UP-SWING

MIDTOWN EAST

PPSF $2,189/SF from $1,627/SF

Sales Price $1,700,478 from $1,605,000

LARGEST QUARTERLY DOWN-SWING

MIDTOWN WEST

PPSF $2,777 from $3,820

Sales Price $5,193,075 from $7,957,675

HIGHEST NEW DEVELOPMENT SALE PPSF

220 Central Park South V-10 $10,083 PPSF

HIGHEST NEW DEVELOPMENT SALE

220 Central Park South V-8 $65,593,125

MARKET SNAPSHOT

manhattan

MARKET SUMMARY

Quarter-over-quarter, the total number of sponsor sales in Manhattan increased by 37.8%, from 201 sales during 3Q20 to 277 sales this past quarter. In that same span, total sales volume decreased by 16.3%, from $1,288,417,256 to $1,079,022,091. The median price per square foot decreased by 0.5%, from $2,101 during 3Q20 to $2,090 this past quarter. Additionally, the median sales price decreased by 10.0%, from $3,049,659 to $2,744,184 this past quarter. Year-over-year, median price per square foot is up 7.4%, from $1,946 during 4Q19 to $2,090 during this past quarter. In that same span, median sales price improved by 17.8%, from $2,329,640 to $2,744,184 this past quarter.

Out of all the neighborhoods tracked by this report, the Upper West Side had the highest number of sponsor sales this past quarter. Out of 277 total sales, 54 or 19.49% took place in the Upper West Side. The next highest number of sales took place in SoHo, where 33 or 11.91% of all sponsor sales took place.

Through 4Q20, the highest price per square paid for a sponsor unit took place at 220 Central Park South, where unit V-10 sold for $40,000,000 or for about $10,083 per square foot. 220 Central Park South was also home to the highest price paid for a sponsor unit last quarter. Unit V-8 sold for $65,593,125 or for about $8,291 per square foot.

MARKET UP-SWINGS

The largest quarterly upswing was observed in the Midtown East, where the median price per square foot increased by 34.5%, from $1,627 to $2,189. Additionally, the median sales price in Midtown East increased by 5.9%, from $1,605,000 to $1,700,478.

MARKET DOWN-SWINGS

The largest quarterly downswing was observed in Midtown West, where the median price per square foot fell by 27.3%, from $3,820 to $2,777. Additionally, the median sales price in Midtown West decreased by 34.7%, from $7,957,675 to $5,193,075.

INVENTORY ANALYSIS

Out of 277 total sponsor units sold in Manhattan during 4Q20, 4% or 10 were studios, 29% or 81 were one-bedrooms, 36% or 101 were two-bedrooms, and the remaining 31% or 85 units were three-bedrooms or larger.

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 4Q20

manhattan

30%

STUDIO

MIDTOWN WEST

16%

ONE-BEDROOM

UPPER WEST SIDE & GREENWICH VILLAGE

21%

TWO-BEDROOM

UPPER WEST SIDE

24%

THREE-BEDROOMS+

UPPER WEST SIDE

MARKET SNAPSHOT

manhattan

4Q20 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD

Battery Park City
Chelsea
East Village
Finacial District
Gramercy
N/A
$2,208
N/A
$2,011
$1,598
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
$1,943
$994
$1,843
$2,189
$2,777
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
$1,650
$2,804
$1,789
$1,742
$2,181
manhattan

4Q20 MEDIAN SALES PRICE BY NEIGHBORHOOD

Battery Park City
Chelsea
East Village
Finacial District
Gramercy
N/A
$5,315,932
N/A
$3,487,500
$1,835,000
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
$1,695,000
$730,000
$2,041,489
$1,700,478
$5,193,075
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
$1,442,500
$3,200,000
$3,598,060
$2,500,000
$3,217,450
manhattan

4Q20 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

Battery Park City
Chelsea
East Village
Finacial District
Gramercy
0.0%
5.0%
0.0%
9.4%
4.3%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
7.6%
6.9%
7.9%
1.08%
6.9%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
1.4%
11.9%
9.4%
8.7%
19.5%
manhattan

NUMBER OF UNITS SOLD IN 4Q20

Battery Park City
Chelsea
East Village
Finacial District
Gramercy
0
14
0
26
12
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
21
19
22
3
19
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
4
33
26
24
54
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

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

http://www.mns.com/manhattan_new_dev_report

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