QUEENS NEW DEVELOPMENT MARKET REPORT
QUEENS NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THE FOURTH QUARTER 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 is summarized on a median basis.
MARKET SNAPSHOT
6.1%
YEAR-OVER-YEAR
MEDIAN PPSF
1.3%
QUARTER-OVER-QUARTER
MEDIAN PPSF
13.5%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
15.5%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
QUEENS NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
FLUSHING
50.2% of Queens New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$222,843,811 in 3Q23
LARGEST QUARTERLY UP-SWING
LONG ISLAND CITY
PPSF $1,702/SF FROM $1,449/SF
Sales Price $1,233,208 from $857,980
LARGEST QUARTERLY DOWN-SWING
REGO PARK
PPSF $865 from $879
Sales Price $542,219 from $533,264
HIGHEST NEW DEVELOPMENT SALE PPSF
23-15 44th Drive PH102 $2,516 PPSF
HIGHEST NEW DEVELOPMENT SALE
133-27 39th Avenue PH2B $2,785,658
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, the total sales volume of Queens sponsor units decreased by 6.41%, from $222,843,811 in 3Q23 to $208,565,512 this past quarter.
The total number of sales decreased by 12.96%, from 247 total sales in 3Q23 to 215 sales this past quarter.
Quarter-over-quarter, the median price per square foot decreased by 1.3% from $1,276 psf to $1,260 psf. In that same span, the median price paid for a
Queens sponsor unit increased by 15.5%, from $770,000 to $889,516. Year-over-year, the median price paid per square foot increased from $1,187 in 4Q22
to $1,260 in 4Q23, while the median sales price increased by 13.5% from $784,053 to $889,516.
This past quarter, the highest sales price was seen at the Tangram House South Condominium, 133-27 39th Avenue, where unit PH2B sold for $2,785,658
($1,319 psf). The highest price paid per square foot occurred at Skyline Tower, 23-15 44th Drive, where unit PH102 sold for $2,516 psf ($2,480,850).
This past quarter, the majority of Queens sponsor sales were in Flushing, where 50.23% of all Queens sponsor sales occurred, which equated to 108 of the
total 215 closings that took place in the neighborhoods tracked by this report.
MARKET UP-SWINGS
The largest quarterly up-swing occurred in Long Island City where the median price per square foot increased by 17.4% from $1,449 to $1,702 psf, and the median sales price increased by 43.7% from $857,980 to $1,233,203.
MARKET DOWN-SWINGS
The largest down-swing this quarter occurred in Rego Park, where the median price per square foot decreased by 1.6%, from $879 psf to $865 psf, and the median sales price increased by 1.7%, from $533,264 to $542,219.
MARKET TRENDS
During the fourth quarter of 2023, we saw a total of 215 units close in the areas tracked by this report - 27 (12.56%) studios, 72 (33.49%) one-bedrooms, 110 (51.16%) two-bedrooms and 6 (2.79%) three-bedroom+ units.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 4Q23
41%
STUDIO
LONG ISLAND CITY
53%
ONE-BEDROOM
FLUSHING
53%
TWO-BEDROOM
FLUSHING
100%
THREE-BEDROOM+
FLUSHING
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 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.
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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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