BROOKLYN NEW DEVELOPMENT MARKET REPORT
BROOKLYN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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MNS IS PROUD TO PRESENT THE SECOND QUARTER 2022 EDITION OF OUR NEW DEVELOPMENT MARKET REPORT.
New Development Sales data, defi ned as “Arms-Length” fi rst 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 2022 (4/1/22– 6/30/22). All data is summarized on a median basis.
MEDIAN SALES PRICE
MEDIAN SALES PRICE
BROOKLYN NEW DEVELOPMENT SPONSOR SALES
NEIGHBORHOOD WITH THE MOST NEW DEV SALES
21.3% of Brooklyn New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$206,174,114 in 1Q22
LARGEST QUARTERLY UP-SWING
PPSF $807/SF from $664/SF
Sales Price $858,691 from $725,000
LARGEST QUARTERLY DOWN-SWING
PPSF $985 from $1,094
Sales Price $628,000 from $739,480
HIGHEST NEW DEVELOPMENT SALE PPSF
98 Front Street PH3F $2,212 PPSF
HIGHEST NEW DEVELOPMENT SALE
1 Clinton Street 32A $4,800,000
Quarter-over-quarter, total new development sales volume in Brooklyn increased by 41.04%, from $206,174,114 in 1Q22 to $290,789,310 in 2Q22, while the
total number of sponsor sales increased by 40.77% from 130 to 183. Quarter-over-quarter, the median price per square foot for increased by 5.3%, from
$1,321 to $1,391 as the median sales price paid increased by 13.2%, from $1,299,028 to $1,470,000. Year-over-year, median price per square foot increased
by 18.0%, from $1,179 to $ 1,391, while the median sales price increased by 47.7%, from $995,000 to $1,470,000, largely the result of an increased quantity
of closings in typically higher-priced areas like Brooklyn Heights, Boerum Hill, DUMBO and Downtown Brooklyn.
This past quarter, the highest price paid for a Brooklyn sponsor unit was at 1 Clinton Street in Brooklyn Heights where #32A sold for $4,800,000. The highest price per square foot paid was seen in DUMBO were #PH3F at 98 Front Street sold for $2,212.34 psf.
This past quarter, the largest percentage of Brooklyn Sponsor Sales took place in Downtown Brooklyn, where 21.31% of all sponsor sales took place, or 39 out of the 183 total closings.
The largest quarterly up-swing by price per square foot occurred in Bay Ridge, which increased by 21.5% from $664 psf in 1Q22 to $807psf in 2Q22. This corresponded to a 18.4% increase in sales price, from $725,000 to $858,691.
The largest down-swing this quarter occurred in Prospect Lefferts Gardens, where the median price per square foot decreased by 10.0%, from $1,094 to $985 psf, as the median sales price decreased by 15.1%, from $739,480 to $628,000.
During the second quarter of 2022, there were 13 studio units that closed, representing 7.10% of the 183 total sponsor unit sales in Brooklyn, 37 were one-bedrooms (20.22%), 84 were two-bedrooms (45.90%) and 49 were three-bedrooms+ (26.78%).
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 2Q22
2Q22 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
2Q22 MEDIAN SALES PRICE BY NEIGHBORHOOD
2Q22 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLD IN 2Q22
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