QUEENS NEW DEVELOPMENT MARKET REPORT

Queens infographics

QUEENS NEW DEVELOPMENT MARKET REPORT ARCHIVE

TABLE OF CONTENTS

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  1. Intro
  2. Market Summary
  3. Neighborhood Price Trends
  4. The Report Explained

INTRODUCTION

MNS IS PROUD TO PRESENT 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

queens

4.7%

YEAR-OVER-YEAR

MEDIAN PPSF

0.1%

QUARTER-OVER-QUARTER

MEDIAN PPSF

18.7%

YEAR-OVER-YEAR

MEDIAN SALES PRICE

1.5%

QUARTER-OVER-QUARTER

MEDIAN SALES PRICE

QUEENS NEW DEVELOPMENT SPONSOR SALES

43.65% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEVELOPMENT SALES

LONG ISLAND CITY

74.6% of Queens New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME

46.25% to $204,386,604 from $139,752,400 in 1Q22

LARGEST QUARTERLY UP-SWING

FLUSHING

PPSF $1,070/SF from $810/SF

Sales Price $758,596 from $685,792

LARGEST QUARTERLY DOWN-SWING

ASTORIA

PPSF $1,105 from $1,199

Sales Price $571,067 from $885,878

HIGHEST NEW DEVELOPMENT SALE PPSF

23-15 44th Drive 3811 $1,948 PPSF

HIGHEST NEW DEVELOPMENT SALE

23-15 44th Drive 2312 $3,188,863

MARKET SNAPSHOT

queens

MARKET SUMMARY

Quarter-over-quarter, the total sales volume of Queens sponsor units increased by 46.25%, from $139,752,400 in 1Q22 to $204,386,604 this past quarter. The total number of sales increased by 43.65%, from 126 total sales in 1Q22 to 181 sales this past quarter.

Quarter-over-quarter, the median price per square foot decreased by 0.1% from $1,363 to $1,362 psf. In that same span, the median price paid for a Queens sponsor unit decreased by 1.5%, from $1,084,141 to $1,068,350. Year-over-year, the median price paid per square increased by 4.7%, from $1,301 in 2Q21 to $1,362 in 2Q22, while the median sales price increased by 18.7%, from $900,000 to $1,068,350.

This past quarter, the highest sales price and price per square paid were both seen at Skyline Tower, 23-15 44th Drive, where Apt# 2312 sold for $3,188,863 ($1,640 psf) and Apt# 3811 sold for $1,948 psf ($2,583,038).

This past quarter, the majority of Queens sponsor sales were in Long Island City, where 74.59% of all Queens sponsor sales occurred, which equated to 135 of the total 181 closings that took place in the neighborhoods tracked by this report.

MARKET UP-SWINGS

The largest quarterly up-swing occurred in Flushing where the median price per square foot increased by 32.1%, from $810 to $1,070, and the median sales price increased by 20.2% from $685,792 to $758,596.

MARKET DOWN-SWINGS

The largest down-swing this quarter occurred in Astoria, where the median price per square foot decreased by 7.9%, from $1,199 to $1,105, and the median sales price decreased by 28.0%, from $885,878 to $571,067. This was largely due to the limited number of closings that occurred in Astoria this past quarter.

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

queens

100%

STUDIO

LONG ISLAND CITY

71%

ONE-BEDROOM

LONG ISLAND CITY

76%

TWO-BEDROOM

LONG ISLAND CITY

71%

THREE-BEDROOM

LONG ISLAND CITY

MARKET SNAPSHOT

brooklyn

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

ASTORIA
FLUSHING
FOREST HILLS
$1,105
$1,070
N/A
JACKSON HEIGHTS
LONG ISLAND CITY
$723
$1,449
REGO PARK
RIDGEWOOD
$816
$868
brooklyn

2Q22 MEDIAN SALES PRICE BY NEIGHBORHOOD

ASTORIA
FLUSHING
FOREST HILLS
$571,067
$758,596
N/A
JACKSON HEIGHTS
LONG ISLAND CITY
$575,311
$1,119,587
REGO PARK
RIDGEWOOD
$477,130
$606,761
brooklyn

2Q22 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

ASTORIA
FLUSHING
FOREST HILLS
0.6%
18.2%
0.0%
JACKSON HEIGHTS
LONG ISLAND CITY
0.6%
74.6%
REGO PARK
RIDGEWOOD
5.0%
1.1%
brooklyn

NUMBER OF UNITS SOLD IN 2Q22

ASTORIA
FLUSHING
FOREST HILLS
1
33
0
JACKSON HEIGHTS
LONG ISLAND CITY
1
135
REGO PARK
RIDGEWOOD
9
2
ASTORIA
FLUSHING
FOREST HILLS
JACKSON HEIGHTS
LONG ISLAND CITY
REGO PARK
RIDGEWOOD

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 Queens 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 “Queens New Development Report” with a link back to its original location

http://www.mns.com/Queens_new_dev_report

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