brooklyn new development report - mns · historically, brooklyn heights has been the priciest...
TRANSCRIPT
1 M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
TM
B R O O K LY N N E W D E V E L O P M E N T R E P O R T
2 0 1 2 S E C O N D Q U A R T E R
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
2 M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
TA B L E O F C O N T E N T S
Introduction 3
Market Snapshot 4
Neighborhood Pr ice Trends
Bay Ridge 9
Bed-Stuy 10
Brooklyn Heights 11
Boerum-Cobble Hi l l 12
Bushwick 13
Car rol l Gardens 14
Clinton Hi l l 15
Crown Heights 16
Downtown Brooklyn 17
DUMBO 18
Fort Greene 19
Gowanus 20
Greenpoint 21
Kensington 22
Park S lope 23
Prospect Heights 24
Prospect-Lefferts Gardens 25
Wi l l iamsburg 26
The Report Explained 27
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
3 M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
I N T R O D U C T I O N
MNS is proud to present the Second Quarter 2012 edition of our New Development Market Report. New
Development Sales data, defined as such “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 2012 (04/01/12 – 06/30/12). All data summarized is on a median basis.
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
4 M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
M A R K E T S N A P S H O T
Year-Over-Year Median PPSF – up 16%
Quarter-Over-Quarter Median PPSF – up 8%
Year-Over-Year Median Sales Price – up 16%
Quarter-Over-Quarter Median Sales Price – up 15%
Brooklyn New Development Sales Inventory – up 140% from 1Q12
Neighborhood with the Highest Inventory – Williamsburg (33% of all Brooklyn)
Total New Development Sales Volume – up 155% to $232M from $91M in 1Q12
Largest Quarterly Up-Swing: Prospect Heights
PPSF: $909/SF from $834/SF
Sales Price: $1.8M from $1.0M
Largest Quarterly Down-Swing: Carroll Gardens
PPSF: $505/SF from $680/SF
Sales Price: $576K from $769K
Highest New Development Sale Price:
On Prospect Park – 1 Grand Army Plaza #PH16S - $5,100,000
Highest New Development Sale Price per Foot:
On Prospect Park – 1 Grand Army Plaza #PH16N - $1,497/SF
MARKET SUMMARY:
The Total new development sales dollar volume in Brooklyn more than doubled this quarter which is certainly a positive sign of transaction activity, but when 45% of that dollar volume comes from just four projects (EDGE, Northside Piers, One Brooklyn Bridge Park, and On Prospect Park), what does it really say about the new development condo market of the borough? MNS digs deeper into each deal to uncover the trends.
Year-over-year Brooklyn new development condominium sales price per square foot numbers are up 16%, up almost $100/SF and median sales prices are also up 16% ($621K this quarter versus $537K in 2Q11).
Compared to last quarter 1Q12, Brooklyn new development price per square foot median numbers are up 15% ($690/SF from $637/SF) and median sales prices are up 8%, to $621K from $538K.
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
5 M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
M A R K E T S N A P S H O T
MARKET UP-SWINGS:
For the heavy hitters in the borough: On Prospect Park is back in action, closing $19M worth of inventory this quarter, versus just $1M last quarter. Edge closed $44M worth of real estate this quarter, One Brooklyn Bridge Park closed another $20M and Northside Piers closed $18M. All four properties combined, these sales had a median price of $825K and $906/SF. The rest of the borough sits 45% below that at a median sales price of $570K and $617/SF.
It was the lower end of the market that actually showed tremendous improvement from last quarter. Sales in neighborhoods like Bay Ridge at a median sale price of $439/SF and Prospect-Lefferts Gardens at $537/SF is a significant indicator of Brooklyn’s resilience. Even the three quarter upward trend in Clinton Hill to a two year high of just under $600/SF is the result of solid sales at Isabella and Fulton Street Lofts.
MARKET DOWN-SWINGS:
Historically, Brooklyn Heights has been the priciest neighborhood as it is one of the most mature, beautiful and desirable neighborhoods. What we find here is a strain for inventory, and everything large and expensive has not only sold but sold quickly. So the drop in median sales price from $1.1M last quarter to $970K this quarter is not a sign of the market, but again, an indicator of lack of inventory.
The same holds true for Carroll Gardens where just 2 remaining sponsor units closed at Court Street Lofts. The neighborhood’s new development condo inventory typically sells close to $700/SF and this quarter was barely over $500/SF. We expect that the condo product on the market now at projects like 116 3rd Place will boost the neighborhood’s numbers up once they close
INVENTORY ANALYSIS:
This quarter we saw some new inventory hit the city registry, such as Dumbo’s Kirkman Lofts with a median sales price of $700,000 and East Williamsburg’s ID390 with a median sales price of $389,000. Compared to last quarter where Downtown Brooklyn closed just 6 units, the neighborhood had 30 closings this quarter at a healthy $666/SF.
In terms of unit mix in the borough, the make-up of inventory stayed pretty consistent with last quarter, so a steady rise of both median price and median price per foot is a clear sign of strength in the market. The neighborhoods that sold the most amount of 2Q12 new development inventory per unit size:
Studios - Williamsburg (52%) One-Bedrooms - Williamsburg (35%) Two-Bedrooms - Williamsburg (20%) Three-Bedrooms (1500+) - Williamsburg (38%)
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
6 M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
M A R K E T S N A P S H O T
2Q12 MEDIAN SALES PRICE BY NEIGHBORHOOD
2Q12 MEDIAN PPSF BY NEIGHBORHOOD
$250
$350
$450
$550
$650
$750
$850
$950
Bay R
idge
Bed-St
uy
Brookly
n Heig
hts
Bush
wick
Carroll G
ardens
Clinto
n Hill
Boeru
m H
ill-Cobble H
ill
Crown H
eights
Downtown Br
ooklyn
DUMBO
Fort
Gre
ene
Gowanus
Gre
enpoint
Kensingto
n
Prosp
ect Heig
hts
Prosp
ect-Leffe
rts G
ardens
Park Slo
pe
Willia
msb
urg
2Q12 Median PPSF by Neighborhood
$250,000
$450,000
$650,000
$850,000
$1,050,000
$1,250,000
$1,450,000
$1,650,000
$1,850,000
$2,050,000
Bay R
idge
Bed-St
uy
Brookly
n Heig
hts
Bush
wick
Carroll G
ardens
Clinto
n Hill
Boeru
m H
ill-Cobble H
ill
Crown H
eights
Downtown Br
ooklyn
DUMBO
Fort
Gre
ene
Gowanus
Gre
enpoint
Kensingto
n
Prosp
ect Heig
hts
Prosp
ect-Leffe
rts G
ardens
Park Slo
pe
Willia
msb
urg
2Q12 Median Sales Price by Neighborhood
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
7 M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
M A R K E T S N A P S H O T
% OF TOTAL NEW DEVELOPMENT SALES BOROUGH-WIDE
2Q12 MONTHLY ABSORPTION RATE
0%
5%
10%
15%
20%
25%
30%
35%
Bay R
idge
Bed-St
uy
Brookly
n Heig
hts
Bush
wick
Carroll G
ardens
Clinto
n Hill
Boeru
m H
ill-Cobble H
ill
Crown H
eights
Downtown Br
ooklyn
DUMBO
Fort
Gre
ene
Gowanus
Gre
enpoint
Kensingto
n
Prosp
ect Heig
hts
Prosp
ect-Leffe
rts G
ardens
Park Slo
pe
Willia
msb
urg
% of total sponsor sales - Brooklyn-wide
0
5
10
15
20
25
30
35
Bay R
idge
Bed-St
uy
Brookly
n Heig
hts
Bush
wick
Carroll G
ardens
Clinto
n Hill
Boeru
m H
ill-Cobble H
ill
Crown H
eights
Downtown Br
ooklyn
DUMBO
Fort
Gre
ene
Gowanus
Gre
enpoint
Kensingto
n
Prosp
ect Heig
hts
Prosp
ect-Leffe
rts G
ardens
Park Slo
pe
Willia
msb
urg
Monthly Absorption Rate
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
8 M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$200,000
$400,000
$600,000
$800,000
$1,000,000
$300
$400
$500
$600
$700
$800
$900
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
All Brooklyn
Median PPSF
Median Price
M A R K E T S N A P S H O T
3Q11 UNIT MIX OF NEW DEVELOPMENT SALES
MANHATTAN QUARTERLY TRACKING
P R I C EP P S F
2Q12 UNIT MIX OF NEW DEVELOPMENT SALES
BROOKLYN QUARTERLY TRACKING
27%
26%
38%
9%
4Q11 Unit Mix of New Development Sales
Studios
1 Beds
2 Beds
3 Beds
25%
21% 39%
15%
2Q12 Unit Mix of New Development Sales
studios
one bedrooms
two bedrooms
three bedrooms
NEIGHBORHOOD PRICE TRENDS
9
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$100,000
$300,000
$500,000
$700,000
$900,000
$200
$300
$400
$500
$600
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Bay Ridge
Median PPSF
Median Price
BAY RIDGE QUARTERLY TRACKING
B AY R I D G E
% OF SALES WITHIN BAY RIDGE
BAY RIDGE PPSF BY UNIT SIZE ($439/SF Median)
P P S F P R I C E
$100
$200
$300
$400
$500
$600
$700
Studios 1 Beds 2 Beds 1500+SF
Bay Ridge PPSF By Unit Size ($439
/SF Med)
0% 0%
67%
33%
% of Sales within Bay Ridge
Studios
1 Beds
2 Beds
1500+SF
NEIGHBORHOOD PRICE TRENDS
10
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$300,000
$400,000
$500,000
$600,000
$200
$300
$400
$500
$600
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Bed-Stuy
Median PPSF
Median Price
BED-STUY QUARTERLY TRACKING
B E D - S T U Y
% OF SALES WITHIN BED-STUY
BED-STUY PPSF BY UNIT SIZE ($427/SF Median)
P P S F P R I C E
$100
$200
$300
$400
$500
$600
$700
Studios 1 Beds 2 Beds 1500+SF
Bed-Stuy PPSF by Unit Size ($427/SF Med)
25%
25% 37%
13%
% of Sales within Bed-Stuy
Studios
1 Beds
2 Beds
1500+SF
NEIGHBORHOOD PRICE TRENDS
11
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$500,000
$750,000
$1,000,000
$1,250,000
$1,500,000
$1,750,000
$500
$600
$700
$800
$900
$1,000
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Brooklyn Heights
Median PPSF
Median Price
BROOKLYN HEIGHTS QUARTERLY TRACKING
% OF SALES WITHIN BROOKLYN HEIGHTS
B R O O K LY N H E I G H T S
BROOKLYN HEIGHTS PPSF BY UNIT SIZE ($828/SF Median)
P P S F P R I C E
$500
$600
$700
$800
$900
$1,000
Studios 1 Beds 2 Beds 1500+SF
Brooklyn Heights PPSF by Unit Size ($828/SF Med)
0%
29%
46%
25%
% of Sales within Brooklyn Heights
Studios
1 Beds
2 Beds
1500+SF
NEIGHBORHOOD PRICE TRENDS
12
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$400,000
$900,000
$1,400,000
$300
$400
$500
$600
$700
$800
$900
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Boerum Hill-Cobble Hill
Median PPSF
Median Price
% OF SALES WITHIN BOERUM-COBBLE HILL
B O E R U M - C O B B L E H I L L
P P S F P R I C E
BOERUM-COBBLE HILL PPSF BY UNIT SIZE ($752/SF Median)
BOERUM-COBBLE HILL QUARTERLY TRACKING
$500
$600
$700
$800
$900
$1,000
Studios 1 Beds 2 Beds 1500+SF
Boerum-Cobble Hill PPSF by Unit Size ($752/SF Med)
25%
25% 25%
25%
% of Sales within Boerum-Cobble Hill
Studios
1 Beds
2 Beds
1500+SF
NEIGHBORHOOD PRICE TRENDS
13
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$100,000
$300,000
$500,000
$700,000
$200
$300
$400
$500
$600
$700
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Bushwick
Median PPSF
Median Price
BUSHWICK QUARTERLY TRACKING
B U S H W I C K
% OF SALES WITHIN BUSHWICK
BUSHWICK PPSF BY UNIT SIZE ($431/SF Median)
P P S F P R I C E
$200
$300
$400
$500
$600
$700
Studios 1 Beds 2 Beds 1500+SF
Bushwick PPSF by Unit Size ($431/SF Med)
0%
67%
33%
0%
% of Sales within Bushwick
Studios
1 Beds
2 Beds
1500+SF
NEIGHBORHOOD PRICE TRENDS
14
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$300,000
$500,000
$700,000
$900,000
$400
$500
$600
$700
$800
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Carroll Gardens
Median PPSF
Median Price
0% 0%
100%
0%
% of Sales within Carroll Gardens
Studios
1 Beds
2 Beds
1500+SF
CARROLL GARDENS QUARTERLY TRACKING
% OF SALES WITHIN CARROLL GARDENS
CARROLL GARDENS PPSF BY UNIT SIZE ($505/SF Median)
C A R R O L L G A R D E N S
P P S F P R I C E
$300
$400
$500
$600
$700
$800
$900
Studios 1 Beds 2 Beds 1500+SF
Carroll Gardens PPSF by Unit Size ($505/SF Med)
NEIGHBORHOOD PRICE TRENDS
15
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$200,000
$450,000
$700,000
$950,000
$200
$300
$400
$500
$600
$700
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Clinton Hill
Median PPSF
Median Price
CLINTON HILL QUARTERLY TRACKING
% OF SALES WITHIN CLINTON HILL
CLINTON HILL PPSF BY UNIT SIZE ($595/SF Median)
C L I N T O N H I L L
P P S F P R I C E
$100
$200
$300
$400
$500
$600
$700
Studios 1 Beds 2 Beds 1500+SF
Clinton Hill PPSF by Unit Size ($595/SF Med)
40%
0%
60%
0%
% of Sales within Clinton Hill
Studios
1 Beds
2 Beds
1500+SF
NEIGHBORHOOD PRICE TRENDS
16
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$200,000
$400,000
$600,000
$800,000
$200
$300
$400
$500
$600
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Crown Heights
Median PPSF
Median Price
CROWN HEIGHTS QUARTERLY TRACKING
% OF SALES WITHIN CROWN HEIGHTS
CROWN HEIGHTS PPSF BY UNIT SIZE ($297/SF Median)
C R O W N H E I G H T S
P P S F P R I C E
$200
$300
$400
$500
$600
$700
Studios 1 Beds 2 Beds 1500+SF
Crown Heights PPSF by Unit Size ($297/SF Med)
0%
33%
0% 67%
% of Sales within Crown Heights
Studios
1 Beds
2 Beds
1500+SF
NEIGHBORHOOD PRICE TRENDS
17
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$300,000
$550,000
$800,000
$1,050,000
$400
$500
$600
$700
$800
$900
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Downtown Brooklyn
Median PPSF
Median Price
DOWNTOWN BROOKLYN QUARTERLY TRACKING
% OF SALES WITHIN DOWNTOWN BROOKLYN
DOWNTOWN BROOKLYN PPSF BY UNIT SIZE ($666/SF Median)
D O W N T O W N B R O O K LY N
P P S F P R I C E
$300
$400
$500
$600
$700
$800
Studios 1 Beds 2 Beds 1500+SF
Downtown Brooklyn PPSF by Unit Size ($666/SF Med)
17%
14%
55%
14%
% of Sales within Downtown Brooklyn
Studios
1 Beds
2 Beds
1500+SF
NEIGHBORHOOD PRICE TRENDS
18
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$200,000
$400,000
$600,000
$800,000
$1,000,000
$300
$400
$500
$600
$700
$800
$900
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
DUMBO
Median PPSF
Median Price
P R I C EP P S F
D U M B O
DUMBO PPSF BY UNIT SIZE ($685/SF Median)
% OF SALES WITHIN DUMBO
DUMBO QUARTERLY TRACKING
$400
$500
$600
$700
$800
$900
$1,000
Studios 1 Beds 2 Beds 1500+SF
DUMBO PPSF by Unit Size ($685/SF Med)
0%
29%
63%
8%
% of Sales within DUMBO
Studios
1 Beds
2 Beds
1500+SF
NEIGHBORHOOD PRICE TRENDS
19
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$300,000
$500,000
$700,000
$900,000
$300
$400
$500
$600
$700
$800
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Fort Greene
Median PPSF
Median Price
FORT GREENE QUARTERLY TRACKING
% OF SALES WITHIN FORT GREENE
FORT GREENE PPSF BY UNIT SIZE ($646/SF Median)
F O R T G R E E N E
P P S F P R I C E
$300
$400
$500
$600
$700
$800
Studios 1 Beds 2 Beds 1500+SF
Fort Greene PPSF by Unit Size ($646/SF Med)
0%
33%
67%
0%
% of Sales within Fort Greene
Studios
1 Beds
2 Beds
1500+SF
NEIGHBORHOOD PRICE TRENDS
20
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$200,000
$450,000
$700,000
$950,000
$400
$500
$600
$700
$800
$900
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Gowanus
Median PPSF
Median Price
GOWANUS QUARTERLY TRACKING
% OF SALES WITHIN GOWANUS
GOWANUS PPSF BY UNIT SIZE ($706/SF Median)
G O WA N U S
P P S F P R I C E
$300
$400
$500
$600
$700
$800
Studios 1 Beds 2 Beds 1500+SF
Gowanus PPSF by Unit Size ($706/SF Med)
50%
0%
50%
0%
% of Sales within Gowanus
Studios
1 Beds
2 Beds
1500+SF
NEIGHBORHOOD PRICE TRENDS
21
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$200,000
$400,000
$600,000
$800,000
$300
$400
$500
$600
$700
$800
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Greenpoint
Median PPSF
Median Price
GREENPOINT QUARTERLY TRACKING
% OF SALES WITHIN GREENPOINT
GREENPOINT PPSF BY UNIT SIZE ($653/SF Median)
G R E E N P O I N T
P P S F P R I C E
$300
$400
$500
$600
$700
$800
Studios 1 Beds 2 Beds 1500+SF
Greenpoint PPSF by Unit Size ($653/SF Med)
50%
8%
38%
4%
% of Sales within Greenpoint
Studios
1 Beds
2 Beds
1500+SF
NEIGHBORHOOD PRICE TRENDS
22
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$200,000
$400,000
$600,000
$800,000
$200
$300
$400
$500
$600
$700
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Kensington
Median PPSF
Median Price
0% 0%
100%
0%
% of Sales within Kensington
Studios
1 Beds
2 Beds
1500+SF
KENSINGTON QUARTERLY TRACKING
% OF SALES WITHIN KENSINGTON
KENSINGTON PPSF BY UNIT SIZE ($365/SF Median)
K E N S I N G T O N
P P S F P R I C E
$100
$200
$300
$400
$500
$600
Studios 1 Beds 2 Beds 1500+SF
Kensington PPSF by Unit Size ($365/SF Med)
NEIGHBORHOOD PRICE TRENDS
23
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$200,000
$400,000
$600,000
$800,000
$1,000,000
$300
$400
$500
$600
$700
$800
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Park Slope
Median PPSF
Median Price
PARK SLOPE QUARTERLY TRACKING
% OF SALES WITHIN PARK SLOPE
PARK SLOPE PPSF BY UNIT SIZE ($605/SF Median)
PA R K S L O P E
P P S F P R I C E
$200
$300
$400
$500
$600
$700
$800
Studios 1 Beds 2 Beds 1500+SF
Park Slope PPSF by Unit Size ($605/SF Med)
17%
22%
39%
22%
% of Sales within Park Slope
Studios
1 Beds
2 Beds
1500+SF
NEIGHBORHOOD PRICE TRENDS
24
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$500,000
$1,000,000
$1,500,000
$2,000,000
$500
$600
$700
$800
$900
$1,000
$1,100
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Prospect Heights
Median PPSF
Median Price
PROSPECT HEIGHTS QUARTERLY TRACKING
% OF SALES WITHIN PROSPECT HEIGHTS
PROSPECT HEIGHTS PPSF BY UNIT SIZE ($909/SF Median)
P R O S P E C T H E I G H T S
P P S F P R I C E
$500
$600
$700
$800
$900
$1,000
Studios 1 Beds 2 Beds 1500+SF
Prospect Heights PPSF by Unit Size ($909/SF Med)
18%
9%
18% 55%
% of Sales within Prospect Heights
Studios
1 Beds
2 Beds
1500+SF
NEIGHBORHOOD PRICE TRENDS
25
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
P P S F P R I C E
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$200,000
$300,000
$400,000
$500,000
$600,000
$200
$300
$400
$500
$600
$700
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Prospect-Lefferts Gardens
Median PPSF
Median Price
PROSPECT-LEFFERTS GARDENS QUARTERLY TRACKING
% OF SALES WITHIN PROSPECT-LEFFERTS GARDENS
PROSPECT-LEFFERTS GARDENS PPSF BY UNIT SIZE ($537/SF Median)
P R O S P E C T - L E F F E R T S G A R D E N s
P P S F P R I C E
$100
$200
$300
$400
$500
$600
$700
Studios 1 Beds 2 Beds 1500+SF
Prospect-‐Lefferts Gardens PPSF by Unit Size ($537/SF Avg)
23%
54%
23%
0%
% of Sales within Prospect-Lefferts Gardens
Studios
1 Beds
2 Beds
1500+SF
NEIGHBORHOOD PRICE TRENDS
26
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$200,000
$400,000
$600,000
$800,000
$1,000,000
$300
$400
$500
$600
$700
$800
$900
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Williamsburg
Median PPSF
Median Price
WILLIAMSBURG QUARTERLY TRACKING
% OF SALES WITHIN WILLIAMSBURG
WILLIAMSBURG PPSF BY UNIT SIZE ($839/SF Median)
W I L L I A M S B U R G
P P S F P R I C E
$400
$500
$600
$700
$800
$900
$1,000
Studios 1 Beds 2 Beds 1500+SF
Williamsburg PPSF by Unit Size ($839/SF Med)
41%
22%
21%
16%
% of Sales within Williamsburg
Studios
1 Beds
2 Beds
1500+SF
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 2 q 1 2
27 M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
T H E R E P O R T E X P L A I N E D
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. Studios are under 700 square feet, one-bedrooms are under 900 square feet, and two-
bedrooms are under 1,450 square feet. Added to the report is the over-sized unit type that ranges from 1,500
square feet to 5,500 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.
Can’t find what you’re looking for? Ask MNS for more information at www.mns.com.
CONTACT US NOW: 212.475.9000
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).