QUEENS NEW DEVELOPMENT MARKET REPORT
QUEENS NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THE SECOND QUARTER 2024 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 Second Quarter of 2024 (4/1/24 – 6/30/24). All data is summarized on a median basis.
MARKET SNAPSHOT
18.9%
YEAR-OVER-YEAR
MEDIAN PPSF
10.9%
QUARTER-OVER-QUARTER
MEDIAN PPSF
7.0%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
3.3%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
QUEENS NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
FLUSHING
41.3% of Queens New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$176,782,138 in 1Q24
LARGEST QUARTERLY UP-SWING
RIDGEWOOD
PPSF $1,175/SF FROM $955/SF
Sales Price $925,000 from $694,116
LARGEST QUARTERLY DOWN-SWING
REGO PARK
PPSF $753 from $876
Sales Price $521,373 from $581,421
HIGHEST NEW DEVELOPMENT SALE PPSF
23-15 44th Drive PH208 $2,350 PPSF
HIGHEST NEW DEVELOPMENT SALE
23-15 44TH DRIVE PH208 $3,113,288
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, the total sales volume of Queens sponsor units decreased by 22.38%, from $176,782,138 in 1Q24 to $137,211,123 this past quarter.
The total number of sales decreased by 28.86%, from 201 total sales in 1Q24 to 143 sales this past quarter.
Quarter-over-quarter, the median price per square foot decreased by 10.9% from $1,183 psf to $1,053 psf. In that same span, the median price paid for a
Queens sponsor unit increased by 3.3%, from $748,877 to $773,870. Year-over-year, the median price paid per square foot decreased from $1,298 in 2Q23 to
$1,053 in 2Q24, and the median sales price decreased by 7.0% from $832,524 to $773,870.
This past quarter, the highest sales price and price paid per square foot was seen at Skyline Tower, 23-15 44th Drive, where unit PH208 sold for $3,113,288
($2,350 psf).
This past quarter, the majority of Queens sponsor sales were in Flushing, where 41.26% of all Queens sponsor sales occurred, which equated to 59 of the
total 143 closings that took place in the neighborhoods tracked by this report.
MARKET UP-SWINGS
The largest quarterly up-swing occurred in Ridgewood where the median price per square foot increased by 23.0% from $955 to $1,175 psf, and the median sales price increased by 33.3% from $694,116 to $925,000.
MARKET DOWN-SWINGS
The largest down-swing this quarter occurred in Rego Park, where the median price per square foot decreased by 14.0%, from $876 psf to $753 psf, and the median sales price decreased by 10.3%, from $581,421 to $521,373.
MARKET TRENDS
During the second quarter of 2024, we saw a total of 143 units close in the areas tracked by this report - 17 (11.89%) studios, 60 (41.96%) one-bedrooms, 57 (39.86%) two-bedrooms and 9 (6.29%) three-bedroom+ units.
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 2Q24
47%
STUDIO
ASTORIA
42%
ONE-BEDROOM
FLUSHING
46%
TWO-BEDROOM
FLUSHING
67%
THREE-BEDROOM+
FLUSHING
MARKET SNAPSHOT
2Q24 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
2Q24 MEDIAN SALES PRICE BY NEIGHBORHOOD
2Q24 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 2Q24
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.
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
