BROOKLYN NEW DEVELOPMENT MARKET REPORT
BROOKLYN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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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
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
NEIGHBORHOOD WITH THE MOST NEW DEV SALES
DUMBO
40.7% of Brooklyn New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$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
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.
MARKET TRENDS
During the third quarter of 2022, there were 9 studio units that closed, representing 3.81% of the 236 total sponsor unit sales in Brooklyn, 73 were one-bedrooms (30.93%), 79 were two-bedrooms (33.47%) and 75 were three-bedrooms+ (31.78%).
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 3Q22
33%
STUDIO
FLATBUSH
42%
ONE-BEDROOM
DUMBO
43%
TWO-BEDROOM
DUMBO
41%
THREE-BEDROOM+
DUMBO
MARKET SNAPSHOT
3Q22 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
3Q22 MEDIAN SALES PRICE BY NEIGHBORHOOD
3Q22 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 3Q22
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
