MANHATTAN NEW DEVELOPMENT MARKET REPORT

Manhattan infographics

MANHATTAN 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, 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 Second Quarter of 2022 (4/1/22 – 6/30/22). All data summarized is on a median basis.

MARKET SNAPSHOT

manhattan

9.6%

YEAR-OVER-YEAR

MEDIAN PPSF

1.0%

QUARTER-OVER-QUARTER

MEDIAN PPSF

22.2%

YEAR-OVER-YEAR

MEDIAN SALES PRICE

7.6%

QUARTER-OVER-QUARTER

MEDIAN SALES PRICE

MANHATTAN NEW DEVELOPMENT SPONSOR SALES

50.2% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES

UPPER WEST SIDE

13.73% of Manhattan New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

68.4% to $1,681,960,903 from $998,796,606 in 1Q22

LARGEST QUARTERLY UP-SWING

MURRAY HILL / KIPS BAY / NOMAD

PPSF $2,045/SF from $1,746/SF

Sales Price $2,625,000 from $2,240,150

LARGEST QUARTERLY DOWN-SWING

Chelsea

PPSF $2,136 from $2,264

Sales Price $3,950,000 from $4,200,000

HIGHEST NEW DEVELOPMENT SALE PPSF

520 Park Avenue PH62 $7,609 PPSF

HIGHEST NEW DEVELOPMENT SALE

217 West 57th Street 123 $48,489,875

MARKET SNAPSHOT

manhattan

MARKET SUMMARY

Quarter-over-quarter, the total number of sponsor sales in Manhattan increased by 50.2% from 257 sales during 1Q22 to 386 sales this past quarter. In that same span, total sales volume increased by 68.4%, from $998,796,606 to $1,681,960,903. Quarter-over-quarter, the median price per square foot decreased by 1.0%, from $2,140 to $2,118, while the median sales price increased by 7.6%, from $2,600,000 to $2,797,230. Year-over-year, median price per square foot is up 9.6%, from $1,933 In 2Q21 to $2,118 in 2Q22 which corresponded to a 22.2% median sales price increase from $2,288,211 to $2,797,230

Out of all the neighborhoods tracked by this report, the Upper West Side had the highest number of sponsor sales again this past quarter with a recorded 53 closings (13.73%) out of the total 386 closings that occurred in 2Q22.

The highest price paid per square foot was recorded this quarter at 520 Park Avenue, #PH62, which sold for $7,609.31 psf ($35,215,875), while the highest sales priced occurred at 217 West 57th Street, #123, which sold for $48,489,875 ($6,854.66 psf).

MARKET UP-SWINGS

The largest quarterly upswing was observed in Murray Hill / Kips Bay, where the median price per square foot increased by 17.09% from $1,746 to $2,045, with a median sales price increase of 17% from $2,240,150 to $2,625,000.

MARKET DOWN-SWINGS

The largest quarterly downswing was occurred in Chelsea, where the median price per square foot fell by 5.65% from $2,264 to $2,136, which corresponded to a 5.95% decrease in median sales price, from $4,200,000 to $3,950,000.

INVENTORY ANALYSIS

Out of 386 total sponsor units sold this quarter, 3% or 12 were studios, 18% or 71 were one-bedrooms, 45% or 172 were two-bedrooms, and the remaining 34% or 131 units were three-bedroom units or larger.

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

manhattan

17%

STUDIO

UES, GREENWICH/WEST
VILLAGE, SOHO, FIDI

18%

ONE-BEDROOM

UPPER WEST SIDE

17%

TWO-BEDROOM

FINANCIAL DISTRICT

21%

THREE-BEDROOMS+

MIDTOWN WEST

MARKET SNAPSHOT

manhattan

2Q22 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD

Battery Park City
Chelsea
East Village
Finacial District
GRAMERCY/FLATIRON
N/A
$2,136
$2,296
$1,751
$1,992
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
$2,266
$1,413
$2,118
$2,193
$2,581
MURRAY HILL / KIPS BAY / NOMAD
SOHO/NOHO
Tribeca
Upper East Side
Upper West Side
$2,045
$2,113
$2,266
$2,249
$2,377
manhattan

2Q22 MEDIAN SALES PRICE BY NEIGHBORHOOD

Battery Park City
Chelsea
East Village
Finacial District
GRAMERCY/FLATIRON
N/A
$3,950,000
$2,500,000
$1,944,391
$3,624,700
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
$2,854,000
$1,284,013
$2,180,000
$3,652,500
$5,655,750
MURRAY HILL / KIPS BAY / NOMAD
SOHO/NOHO
Tribeca
Upper East Side
Upper West Side
$2,625,000
$2,332,302
$4,380,404
$4,314,409
$3,164,325
manhattan

2Q22 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

Battery Park City
Chelsea
East Village
Finacial District
GRAMERCY/FLATIRON
0.00%
7.51%
0.26%
13.21%
5.96%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
4.66%
8.03%
10.10%
4.66%
12.69%
MURRAY HILL / KIPS BAY / NOMAD
SOHO/NOHO
Tribeca
Upper East Side
Upper West Side
6.74%
2.07%
4.66%
5.70%
13.73%
manhattan

NUMBER OF UNITS SOLD IN 2Q22

Battery Park City
Chelsea
East Village
Finacial District
GRAMERCY/FLATIRON
0
29
1
51
23
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
18
31
39
18
49
MURRAY HILL / KIPS BAY / NOMAD
SOHO/NOHO
Tribeca
Upper East Side
Upper West Side
26
8
18
22
53
BATTERY PARK CITY
CHELSEA
EAST VILLAGE
FINANCIAL DISTRICT
GRAMERCY PARK
GREENWICH VILLAGE
HARLEM
LOWER EAST SIDE
MIDTOWN EAST
MIDTOWN WEST
MURRAY HILL
SOHO
TRIBECA
UPPER EAST SIDE
UPPER WEST SIDE

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 Manhattan 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.

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http://www.mns.com/manhattan_new_dev_report

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