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 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.

MARKET SNAPSHOT

brooklyn

18.0%

YEAR-OVER-YEAR

MEDIAN PPSF

5.3%

QUARTER-OVER-QUARTER

MEDIAN PPSF

47.7%

YEAR-OVER-YEAR

MEDIAN SALES PRICE

13.2%

QUARTER-OVER-QUARTER

MEDIAN SALES PRICE

BROOKLYN NEW DEVELOPMENT SPONSOR SALES

40.77% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEV SALES

DOWNTOWN BROOKLYN

21.3% of Brooklyn New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

41.04% to $290,789,310 from $206,174,114 in 1Q22

LARGEST QUARTERLY UP-SWING

BAY RIDGE

PPSF $807/SF from $664/SF

Sales Price $858,691 from $725,000

LARGEST QUARTERLY DOWN-SWING

PROSPECT-LEFFERTS GARDENS

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

MARKET SNAPSHOT

brooklyn

MARKET SUMMARY

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.

MARKET UP-SWINGS

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.

MARKET DOWN-SWINGS

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.

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD IN 2Q22

brooklyn

31%

STUDIO

FLATBUSH

38%

ONE-BEDROOM

CROWN HEIGHTS

25%

TWO-BEDROOM

DOWNTOWN BROOKLYN

24%

THREE-BEDROOM

DOWNTOWN BROOKLYN,
BROOKLYN HEIGHTS

MARKET SNAPSHOT

brooklyn

2Q22 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
$807
$963
$1,449
$1,586
-
$822
$1,179
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
$1,112
$1,582
$1,708
$998
-
$1,318
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
-
-
$1,292
$1,498
$985
$1,403
brooklyn

2Q22 MEDIAN SALES PRICE BY NEIGHBORHOOD

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS/RED HOOK
CLINTON HILL
$858,691
$687,319
$1,594,555
$2,965,000
-
$2,313,500
$1,193,500
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
$725,000
$1,795,000
$1,851,576
$723,000
-
$1,327,289
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
-
-
$1,320,000
$1,960,000
$628,000
$1,300,000
brooklyn

2Q22 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS/RED HOOK
CLINTON HILL
2.19%
3.83%
13.11%
11.48%
0.00%
2.19%
4.37%
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
11.48%
21.31%
7.65%
7.65%
0.00%
1.09%
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
0.00%
0.00%
3.83%
0.55%
3.83%
5.46%
brooklyn

NUMBER OF UNITS SOLD IN 2Q22

BAY RIDGE
BED-STUY
BOERUM HILL/ COBBLE HILL
BROOKLYN HEIGHTS
BUSHWICK
CARROLL GARDENS/RED HOOK
CLINTON HILL
4
7
24
21
0
4
8
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
FLATBUSH
FORT GREENE
GOWANUS
21
39
14
14
0
2
GREENPOINT
KENSINGTON
PARK SLOPE
PROSPECT HEIGHTS
PLG
WILLIAMSBURG
0
0
7
1
7
10
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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