BROOKLYN NEW DEVELOPMENT MARKET REPORT
BROOKLYN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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INTRODUCTION
MNS IS PROUD TO PRESENT THE THIRD 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 Third Quarter of 2023 (7/1/23– 9/30/23). All data is summarized on a median basis.
MARKET SNAPSHOT
20.7%
YEAR-OVER-YEAR
MEDIAN PPSF
0.7%
QUARTER-OVER-QUARTER
MEDIAN PPSF
35.6%
YEAR-OVER-YEAR
MEDIAN SALES PRICE
9.9%
QUARTER-OVER-QUARTER
MEDIAN SALES PRICE
BROOKLYN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEV SALES
WILLIAMSBURG
15.1% of Brooklyn New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$607,506,299 in 2Q23
LARGEST QUARTERLY UP-SWING
DUMBO
PPSF $2,174/SF from $1,714/SF
Sales Price $2,833,188 from $2,145,000
LARGEST QUARTERLY DOWN-SWING
PROSPECT HEIGHTS
PPSF $1,062 from $1,333
Sales Price $1,772,500 from $1,788,017
HIGHEST NEW DEVELOPMENT SALE PPSF
60 FRONT STREET 31B $2,912 PPSF
HIGHEST NEW DEVELOPMENT SALE
60 FRONT STREET 29A $13,042,633
MARKET SNAPSHOT
MARKET SUMMARY
Quarter-over-quarter, total new development sales volume in Brooklyn decreased by 6.57%, from $607,506,299 in 2Q23 to $567,572,657 in 3Q23, while
the total number of sponsor sales decreased by 12.47% from 425 to 372. Quarter-over-quarter, the median price per square foot for increased by 0.7%, from
$1,253 to $1,262 as the median sales price paid increased by 9.9%, from $997,885 to $1,097,000. Year-over-year, median price per square foot decreased by
20.7%, from $ 1,592 to $1,262 psf, while the median sales price decreased by 35.6%, from $1,702,500 to $1,097,000.
This past quarter, the highest sales price occurred at Olympia on 60 Front Street in DUMBO where unit 29A sold for $13,042,633 ($2,857psf) and the highest
price per square foot paid also occurred at Olympia on 60 Front Street in DUMBO where unit 31B sold for $2,912 psf ($4,950,000)
Williamsburg saw the largest percentage of Brooklyn Sponsor Sales closings this quarter at 15.05%, or 56 out of the 372 total closings.
MARKET UP-SWINGS
The largest quarterly up-swing by price per square foot occurred in DUMBO, which increased by 26.9% from $1,714 psf to $2,174 psf, as the median sales price increased by 32.1%, from $2,145,000 to $2,833,188.
MARKET DOWN-SWINGS
The largest down-swing this quarter occurred in Prospect Heights, where the median price per square foot decreased by 20.4%, from $1,333 psf to $1,062 psf, as the median sales price decreased by 0.9%, from $1,788,017 to $1,772,500.
MARKET TRENDS
During the third quarter of 2023, there were 31 studio units that closed, representing 8.33% of the 372 total sponsor unit sales in Brooklyn, 91 were one-bedrooms (24.46%), 161 were two-bedrooms (43.28%) and 89 were three-bedrooms+ (23.92%).
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 3Q23
32%
STUDIO
WILLIAMSBURG
24%
ONE-BEDROOM
WILLIAMSBURG
16%
TWO-BEDROOM
BEDFORD-STUYVESANT
19%
THREE-BEDROOM+
BEDFORD-STUYVESANT
MARKET SNAPSHOT
3Q23 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
3Q23 MEDIAN SALES PRICE BY NEIGHBORHOOD
3Q23 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 3Q23
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 Brooklyn 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 “Brooklyn New Development Report” with a link back to its original location
