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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 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

brooklyn

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

12.5% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEV SALES

WILLIAMSBURG

15.1% of Brooklyn New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

6.6% to $567,572,657 from $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

brooklyn

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.

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 3Q23

brooklyn

32%

STUDIO

WILLIAMSBURG

24%

ONE-BEDROOM

WILLIAMSBURG

16%

TWO-BEDROOM

BEDFORD-STUYVESANT

19%

THREE-BEDROOM+

BEDFORD-STUYVESANT

MARKET SNAPSHOT

brooklyn

3Q23 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
$1,098
$902
$1,573
$1,680
$973
$1,296
$1,295
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
$1,102
$1,650
$2,174
$950
$1,189
$1,159
GREENPOINT
KENSINGTON/ BOROUGH PARK
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
$1,297
$839
$1,550
$1,062
$934
$1,448
brooklyn

3Q23 MEDIAN SALES PRICE BY NEIGHBORHOOD

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS/RED HOOK
CLINTON HILL
$774,000
$992,500
$2,444,825
$2,630,000
$889,250
$2,150,000
$1,550,000
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
$698,660
$1,995,000
$2,833,188
$529,791
$1,485,000
$949,518
GREENPOINT
KENSINGTON/ BOROUGH PARK
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
$1,163,494
$634,256
$1,748,944
$1,772,500
$630,000
$1,124,930
brooklyn

3Q23 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS/RED HOOK
CLINTON HILL
0.27%
13.44%
2.69%
4.57%
6.45%
2.96%
0.81%
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
6.99%
6.72%
7.80%
4.03%
0.81%
1.61%
GREENPOINT
KENSINGTON/ BOROUGH PARK
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
5.91%
7.80%
5.65%
1.08%
5.38%
15.05%
brooklyn

NUMBER OF UNITS SOLD IN 3Q23

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS/RED HOOK
CLINTON HILL
1
50
10
17
24
11
3
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
26
25
29
15
3
6
GREENPOINT
KENSINGTON/ BOROUGH PARK
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
22
29
21
4
20
56
Bay Ridge
Bed Stuy
Boerum Cobble Hill
Brooklyn Heights
Bushwick
Caroll Gardens
Clinton Hill
Crown Heights
Downtown Brooklyn
Dumbo
Flatbush
Fort Greene
Gowanus
Greenpoint
Kensington
Park Slope
Prospect Heights
Prospect Lefferts
Williamsburg

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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