QUEENS NEW DEVELOPMENT MARKET REPORT

Queens infographics

QUEENS NEW DEVELOPMENT MARKET REPORT ARCHIVE

TABLE OF CONTENTS

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  1. Intro
  2. Market Summary
  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 is summarized on a median basis.

MARKET SNAPSHOT

queens

9.1%

YEAR-OVER-YEAR

MEDIAN PPSF

4.6%

QUARTER-OVER-QUARTER

MEDIAN PPSF

21.5%

YEAR-OVER-YEAR

MEDIAN SALES PRICE

5.2%

QUARTER-OVER-QUARTER

MEDIAN SALES PRICE

QUEENS NEW DEVELOPMENT SPONSOR SALES

13.1% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES

FLUSHING

51.6% of Queens New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

21.2% to $140,866,116 from $116,191,683 in 3Q20

LARGEST QUARTERLY UP-SWING

FLUSHING

PPSF $1,147/SF from $873/SF

Sales Price $793,912 from $630,531

LARGEST QUARTERLY DOWN-SWING

LONG ISLAND CITY

PPSF $1,251 from $1,341

Sales Price $835,238 from $875,695

HIGHEST NEW DEVELOPMENT SALE PPSF

24-16 Queens Plaza South 21E $1,678 PPSF

HIGHEST NEW DEVELOPMENT SALE

133-27 39th Avenue PH1D $2,791,157

MARKET SNAPSHOT

queens

MARKET SUMMARY

Quarter-over-quarter, the total sales volume of Queens sponsor units increased by 21.24%, from $116,191,683 during 3Q20 to $140,866,116 this past quarter. The total number of sales increased by 13.1%, from 137 total sales in 3Q20 to 155 total sales this past quarter. Quarter-over-quarter, the median price per square foot decreased by 4.6%, from $1,242.69 during 3Q20 to $1,185.42 this past quarter. In that same span, the median price paid for a Queens sponsor unit increased by 5.2%, from $767,750 to $807,545. Year-over-year, the median price paid per square foot for a Queens sponsor decreased by 9.1% while the median sales price decreased by 21.5% in that same span.

This past quarter, the highest price paid for a Queens sponsor unit was at 133-27 39th Avenue, where unit PH1D sold for $2,791,157 or $1,354 per square foot. The highest price paid per square foot for a Queens sponsor unit was for unit 21E at 24-16 Queens Plaza South, which sold for $710,000 or $1,678 per square foot.

This past quarter, the majority of Queens sponsor sales were in Flushing where 51.6% of all Queens sponsor sales occurred. This translates to 80 out of the 155 total sponsor unit sales tracked by this report.

MARKET UP-SWINGS

The largest quarterly up-swing occurred in Flushing, where the median price per square foot increased by 31.5%, from $873 to $1,147. Additionally, the median sales price in Flushing increased by 25.9%, from $630,531 to $793,912.

MARKET DOWN-SWINGS

The largest down-swing this quarter occurred in Long Island City, where the median price per square foot decreased by 6.7%, from $1,341 to $1,251. Additionally, the median sales price in Long Island City decreased by 4.6%, from $875,696 to $835,238.

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

queens

75%

STUDIO

LONG ISLAND CITY

49%

ONE-BEDROOM

FLUSHING

63%

TWO-BEDROOM

FLUSHING

50%

THREE-BEDROOM

FLUSHING

MARKET SNAPSHOT

brooklyn

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

ASTORIA
FLUSHING
FOREST HILLS
N/A
$1,147
N/A
JACKSON HEIGHTS
LONG ISLAND CITY
$770
$1,251
REGO PARK
RIDGEWOOD
$882
N/A
brooklyn

4Q20 MEDIAN SALES PRICE BY NEIGHBORHOOD

ASTORIA
FLUSHING
FOREST HILLS
N/A
$793,912
N/A
JACKSON HEIGHTS
LONG ISLAND CITY
$640,000
$835,238
REGO PARK
RIDGEWOOD
$526,749
N/A
brooklyn

4Q20 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

ASTORIA
FLUSHING
FOREST HILLS
0%
51.6%
0%
JACKSON HEIGHTS
LONG ISLAND CITY
1.9%
40.6%
REGO PARK
RIDGEWOOD
5.8%
0%
brooklyn

NUMBER OF UNITS SOLD IN 4Q20

ASTORIA
FLUSHING
FOREST HILLS
0
80
0
JACKSON HEIGHTS
LONG ISLAND CITY
3
63
REGO PARK
RIDGEWOOD
9
0
ASTORIA
FLUSHING
FOREST HILLS
JACKSON HEIGHTS
LONG ISLAND CITY
REGO PARK
RIDGEWOOD

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 Queens 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 “Queens New Development Report” with a link back to its original location

http://www.mns.com/Queens_new_dev_report

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