MANHATTAN NEW DEVELOPMENT MARKET REPORT
MANHATTAN NEW DEVELOPMENT MARKET REPORT ARCHIVE
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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
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
NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES
UPPER WEST SIDE
13.73% of Manhattan New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME
$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
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
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
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 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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