BROOKLYN NEW DEVELOPMENT MARKET REPORT

Brooklyn infographics

BROOKLYN NEW DEVELOPMENT MARKET REPORT ARCHIVE

TABLE OF CONTENTS

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  1. Intro
  2. Market Snapshot
  3. Neighborhood Price Trends
  4. The Report Explained

INTRODUCTION

MNS IS PROUD TO PRESENT THE THIRD QUARTER 2022 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 2022 (7/1/22– 9/30/22). All data is summarized on a median basis.

MARKET SNAPSHOT

brooklyn

35.0%

YEAR-OVER-YEAR

MEDIAN PPSF

14.5%

QUARTER-OVER-QUARTER

MEDIAN PPSF

73.7%

YEAR-OVER-YEAR

MEDIAN SALES PRICE

15.8%

QUARTER-OVER-QUARTER

MEDIAN SALES PRICE

BROOKLYN NEW DEVELOPMENT SPONSOR SALES

28.96% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEV SALES

DUMBO

40.7% of Brooklyn New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

65.21% to $480,407,734 from $290,789,310 in 2Q22

LARGEST QUARTERLY UP-SWING

CARROLL GARDENS / RED HOOK

PPSF $1,277/SF from $822/SF

Sales Price $1,810,000 from $2,313,500

LARGEST QUARTERLY DOWN-SWING

FLATBUSH

PPSF $873 from $998

Sales Price $570,000 from $723,000

HIGHEST NEW DEVELOPMENT SALE PPSF

85 Jay Street PH 20B $3,010 PPSF

HIGHEST NEW DEVELOPMENT SALE

85 Jay Street PH B $8,840,782

MARKET SNAPSHOT

brooklyn

MARKET SUMMARY

Quarter-over-quarter, total new development sales volume in Brooklyn increased by 65.21%, from $290,789,310 in 2Q22 to $480,407,734 in 3Q22, while the total number of sponsor sales increased by 28.96% from 183 to 236. Quarter-over-quarter, the median price per square foot for increased by 14.5%, from $1,391 to $1,592 as the median sales price paid increased by 15.8%, from $1,470,000 to $1,702,500. Year-over-year, median price per square foot increased by 35.0%, from $ 1,180 to $1,592, while the median sales price increased by 73.7%, from $980,000 to $1,702,500. This large jump is, in the most part, attributed to several closings in high-end luxury buildings, like 85 Jay Street, 1 Prospect Park West and 11 Hoyt Street.

This past quarter, the highest sales price and price per square foot paid occurred at Front&York on 85 Jay Street in DUMBO where PHB sold for $8,840,782 ($2,882 psf) and PH20B sold for $3,010 psf ($3,895,000).

Largely driven by the closings at Front&York, DUMBO also saw the largest percentage of Brooklyn Sponsor Sales closings this quarter at 40.68%, or 96 out of the 236 total closings.

MARKET UP-SWINGS

The largest quarterly up-swing by price per square foot occurred in Carroll Gardens/Red Hook, which increased by 55.4% from $822 psf to $1,277 psf.

MARKET DOWN-SWINGS

The largest down-swing this quarter occurred in Flatbush, where the median price per square foot decreased by 12.5%, from $998 psf to $873 psf, as the median sales price decreased by 21.2%, from $723,000 to $570,000.

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 3Q22

brooklyn

33%

STUDIO

FLATBUSH

42%

ONE-BEDROOM

DUMBO

43%

TWO-BEDROOM

DUMBO

41%

THREE-BEDROOM+

DUMBO

MARKET SNAPSHOT

brooklyn

3Q22 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS/RED HOOK
CLINTON HILL
$773
$825
$1,491
$1,621
-
$1,277
$1,190
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
$1,143
$1,697
$1,713
$873
-
-
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
$1,558
-
$1,879
$1,615
$949
$1,463
brooklyn

3Q22 MEDIAN SALES PRICE BY NEIGHBORHOOD

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS/RED HOOK
CLINTON HILL
$834,000
$501,930
$1,273,003
$2,412,500
-
$1,810,000
$1,369,956
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
$787,500
$2,115,000
$2,285,000
$570,000
-
-
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
$1,495,000
-
$3,283,000
$1,766,664
$630,000
$1,375,000
brooklyn

3Q22 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS/RED HOOK
CLINTON HILL
0.85%
3.81%
3.39%
3.39%
0.00%
2.12%
4.24%
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
5.93%
7.20%
40.68%
6.78%
0.00%
0.00%
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
4.66%
0.00%
8.90%
0.42%
3.81%
3.81%
brooklyn

NUMBER OF UNITS SOLD IN 3Q22

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS/RED HOOK
CLINTON HILL
2
9
8
8
0
5
10
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
14
17
96
16
0
0
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
11
0
21
1
9
9
ASTORIA

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.

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

http://www.mns.com/Brooklyn_new_dev_report

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