MANHATTAN NEW DEVELOPMENT MARKET REPORT
MANHATTAN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THE FOURTH 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 fourth quarter of 2023 (10/1/23 – 12/31/23). All data summarized is on a median basis.
MARKET SNAPSHOT
0.5%
YEAR-OVER-YEAR
MEDIAN PPSF
2.7%
QUARTER-OVER-QUARTER
MEDIAN PPSF
7.8%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
1.9%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
MANHATTAN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
UPPER WEST SIDE
20.14% of Manhattan New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$1,545,011,564 in 3Q23
LARGEST QUARTERLY UP-SWING
MIDTOWN EAST
PPSF $2,469/SF from $1,844/SF
Sales Price $3,832,500 from $2,490,625
LARGEST QUARTERLY DOWN-SWING
UPPER EAST SIDE
PPSF $2,135 from $2,540
Sales Price $3,210,000 from $7,149,250
HIGHEST NEW DEVELOPMENT SALE PPSF
217 WEST 57 STREET 69E $5,374 PPSF
HIGHEST NEW DEVELOPMENT SALE
217 WEST 57 STREET 69E $52,952,250
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, the total number of sponsor sales in Manhattan decreased by 29.3% from 400 sales during 3Q23 to 283 sales this past quarter. In that
same span, total sales volume decreased by 38.9%, from $1,545,011,564 to $943,628,101. Quarter-over-quarter, the median price per square foot increased
by 2.75%, from $2,031 psf to $2,087 psf, while the median sales price increased by 1.90%, from $2,379,835 to $2,425,000. Year-over-year, median price per
square foot is down 0.49%, from $2,098 in 4Q22, which corresponded to a 7.77% median sales price increase from $2,250,167.
Out of all the neighborhoods tracked by this report, the Upper West Side had the highest number of sponsor sales this past quarter with a recorded 57 closings (20.14%) out of the total 283 closings that occurred in 4Q23.
The highest price paid per square foot and by sales price occurred at Central Park Tower (217 West 57th St), where 69E, sold for $18,077,475 or $5,373.77
psf.
MARKET UP-SWINGS
The largest quarterly upswing was observed in Midtown East where the median price per square foot increased by 33.90%, from $1,844 psf to $2,469 psf, with a median sales price increase from $2,490,625 to $3,832,500. This jump was largely the result of less overall closings this past quarter which narrowed the median price range.
MARKET DOWN-SWINGS
The largest quarterly downswing occurred in the Upper East Side, where the median price per square foot fell by 15.94% from $2,540 psf to $2,135 psf, with a median sales price decrease from $7,149,250 to $3,210,000, the result of less closings from 3bedroom+ sized units this past quarter.
INVENTORY ANALYSIS
Out of the 283 total sponsor units sold this quarter, 3% or 9 were studios, 35% or 99 were one-bedrooms, 37% or 105 were two-bedrooms, and the remaining 25% or 70 units were three-bedroom units or larger.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 4Q23
44%
STUDIO
FINANCIAL DISTRICT
21%
ONE-BEDROOM
MIDTOWN WEST
20%
TWO-BEDROOM
CHELSEA /
HUDSON YARDS
31%
THREE-BEDROOMS+
UPPER WEST SIDE
MARKET SNAPSHOT
4Q23 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
4Q23 MEDIAN SALES PRICE BY NEIGHBORHOOD
4Q23 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 4Q23
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.
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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.
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