manhattan new developmentquarter-over-quarter median ppsf ↓1.5% manhattan new development sponsor...

MANHATTAN NEW DEVELOPMENTMARKET REPORT

MNS.COM

CONTENTS

INTRODUCTION ..............................................................................................................................................

MARKET SNAPSHOT.........................................................................................................................................

NEIGHBORHOOD PRICE TRENDS ......................................................................................................................

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...................................................................................................................................

2 TABLE OF CONTENTS

3

4

9

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

INTRODUCTION

MNS IS PROUD TO PRESENT THE THIRD QUARTER 2019 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 third quarter of 2019 (7/01/19 – 9/30/19). All data summarized is on a median basis.

3 INTRODUCTION

QUARTER-OVER-QUARTER MEDIAN PPSF

↓1.5%

MANHATTAN NEW DEVELOPMENT SPONSOR SALES ↓44.4% from last quarter

NEIGHBORHOOD WITH THE MOST NEW DEV SALES LOWER EAST SIDE28.3% of Manhattan New Dev Sales

TOTAL NEW DEVELOPMENT SALES VOLUME ↓45.7% to $1,180,384,738 from $2,175,440,920 in 2Q19

LARGEST QUARTERLY UP-SWINGLOWER EAST SIDEPPSF $2,199/SF from $1,982/SF Sales Price $1,687,306 from $1,408,848

LARGEST QUARTERLY DOWN-SWING TRIBECAPPSF $1,743 from $2,581Sales Price $2,368,756 from $4,300,000

HIGHEST NEW DEVELOPMENT SALE PPSF220 Central Park South PH16$11,247 PPSF

HIGHEST NEW DEVELOPMENT SALE220 Central Park South PH16$65,750,000

QUARTER-OVER-QUARTER MEDIAN SALES PRICE

↓3.3%

YEAR-OVER-YEAR MEDIAN SALES PRICE

↓6.2%

MARKET SNAPSHOT

YEAR-OVER-YEAR MEDIAN PPSF

↑0.4%

4 MARKET SNAPSHOT

30.0% 48.9% 26.5% 20.8%STUDIOSTRIBECA

ONE BEDROOMSLOWER EAST SIDE

TWO BEDROOMSLOWER EAST SIDE

THREE BEDROOMS +UPPER WEST SIDE

MARKET SNAPSHOT

Quarter-over-quarter, the total number of sponsor sales in Manhattan fell by 44.4%, from 509 sales during 2Q19 to 283 sales this past quarter. In that same span, total sales volume fell by 45.7%, from $2,175,440,920 to $1,180,384,738. The median price per square foot fell by 1.5%, from $2,123 during 2Q19 to $2,090 this past quarter. Additionally, the median sales prices fell by 3.3%, from $2,559,020 to $2,475,000. Year-over-year, median price per square foot is up 0.4%,

from $2,082 during 3Q18 to $2,090 this past quarter. In that same span, median sales price fell by 6.2%, from $2,637,268 to $2,475,000. This past quarter, the Lower East Side had the highest number of sponsor sales in all tracked Manhattan neighborhoods, with 28.3% of all sales, or 80 out of 283 total sales. The next highest number of sales occurred within TriBeCa, where 17.7% or 50 out of 283 total sales took place.

During 3Q19, the highest price paid per square and highest overall price paid for a sponsor unit took place at 220 Central Park South, where PH16 sold for $65,750,000 or $11,247 per square foot.

The largest quarterly upswing was observed in the Lower East Side, where the median price per square foot increased by 10.9%, from $1,982 to $2,199. Additionally, the median sales price in the Lower East Side increased by 19.8%, from $1,408,848 to $1,687,306.

The largest quarterly downswing was observed in TriBeCa, where the median price per square foot fell by 32.5%, from $2,581 to $1,743. Additionally, the median sales price in TriBeCa fell by 44.9%, from $4,300,000 to $2,368,756.

Out of 283 total sponsor units sold in Manhattan during 3Q19, 4% or 10 were studios, 33% or 94 were one-bedrooms, 36% or 102 weretwo-bedrooms, and the remaining 27% or 77 units were three-bedrooms or larger.

MARKET SUMMARY

MARKET UP-SWINGS

NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD

MARKET DOWN-SWINGS INVENTORY ANALYSIS

5 MARKET SNAPSHOT

MARKET SNAPSHOT

3Q19 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD

3Q19 MEDIAN SALES PRICEBY NEIGHBORHOOD

Battery Park City Chelsea

East Village

Financial District

Gramercy Park


East Village

Financial District

Gramercy Park

Greenwich Village

Harlem

Lower East Side

Midtown East

Midtown West

Greenwich Village

Harlem

Lower East Side

Midtown East

Midtown West

Murray Hill

SoHo Tribeca

Upper East Side Upper West Side

Murray Hill

SoHo Tribeca


6 MARKET SNAPSHOT

-

$2,191 $2,586

$1,367

$2,087

$3,175

$1,130

$2,199

$1,976

$3,581

$1,810

$2,395

$1,743

$1,929

$2,091

-

$4,235,013 $4,025,142

$1,286,000

$2,748,667

$7,983,033

$1,151,174

$1,687,306

$2,850,000

$5,508,733

$2,310,000

$2,797,532

$2,368,756

$3,673,730

$5,373,591

MARKET SNAPSHOT

3Q19 % OF TOTAL SPONSOR SALES BOROUGH-WIDE

NUMBER OF UNITS SOLDIN 3Q19

7 MARKET SNAPSHOT


East Village

Financial District

Gramercy Park


East Village

Financial District

Gramercy Park

Greenwich Village

Harlem

Lower East Side

Midtown East

Midtown West

Greenwich Village

Harlem

Lower East Side

Midtown East

Midtown West

Murray Hill

SoHo Tribeca


Murray Hill

SoHo Tribeca


0.00%

5.65%

1.77%

1.41%

10.60%

5.65%

5.30%

28.27%

0.35%

6.71%

1.41%

3.53%

17.67%

5.65%

6.01%

0

16

5

4

30

16

15

80

1

19

4

10

50

16

17

MANHATTAN

3Q19 UNIT MIX OF NEW DEVELOPMENT SALES

MEDIAN PPSF

MEDIAN PPSF

MEDIAN SALES PRICE

MEDIAN SALES PRICE

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

4%

33%

36%

27%

$2,090 $2,475,000

MANHATTAN QUARTERLY TRACKING

MEDIAN PRICEMEDIAN PPSF

8 MANHATTAN

$-

$900,000

$1,800,000

$2,700,000

$3,600,000

$4,500,000

$-

$600

$1,200

$1,800

$2,400

$3,000

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

BATTERY PARKCITY

MEDIANPPSF

% OF SALES WITH INBATTERY PARK CITY

BATTERY PARK CITYPPSF

MEDIAN PPSF

MEDIAN SALES PRICE

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

BATTERY PARK CITY QUARTERLY TRACKING


9 BATTERY PARK CITY

$-

$700,000

$1,400,000

$2,100,000

$2,800,000

$3,500,000

$-

$500

$1,000

$1,500

$2,000

$2,500


CHELSEA

MEDIANPPSF

% OF SALES WITH INCHELSEA

CHELSEA PPSF

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

N/A

$2,586

$2,162

$2,173

0%

6%

44%

50%

$2,191

MEDIAN PPSF

MEDIAN SALES PRICE

CHELSEA QUARTERLY TRACKING


10 CHELSEA

$-

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000

$8,000,000

$9,000,000

$10,000,000

$-

$700

$1,400

$2,100

$2,800

$3,500


EASTVILLAGE

MEDIANPPSF

% OF SALES WITH INEAST VILLAGE

EAST VILLAGEPPSF

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

N/A

$2,747

$2,551

$2,521

0%

20%

40%

40%

$2,586

MEDIAN PPSF

MEDIAN SALES PRICE

EAST VILLAGEQUARTERLY TRACKING


11 EAST VILLAGE

$-

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$-

$600

$1,200

$1,800

$2,400

$3,000


FINANCIALDISTRICT

MEDIANPPSF

% OF SALES WITH INFINANCIAL DISTRICT

FINANCIAL DISTRICT PPSF

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

N/A

$1,385

$1,256

N/A

0%

50%

50%

0%

$1,367

MEDIAN PPSF

MEDIAN SALES PRICE

FINANCIAL DISTRICTQUARTERLY TRACKING


12 FINANCIAL DISTRICT

$-

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$-

$600

$1,200

$1,800

$2,400

$3,000


GRAMERCY PARK

MEDIANPPSF

% OF SALES WITH INGRAMERCY PARK

GRAMERCY PARKPPSF

MEDIAN PPSF

MEDIAN SALES PRICE

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

$2,248

$2,046

$2,090

$2,532

3%

37%

50%

10%

$2,087

GRAMERCY PARKQUARTERLY TRACKING


13 GRAMERCY PARK

$-

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$-

$600

$1,200

$1,800

$2,400

$3,000


GREENWICH VILLAGE

MEDIANPPSF

% OF SALES WITH INGREENWICH VILLAGE

GREENWICH VILLAGEPPSF

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

N/A

$2,175

$3,195

$3,180

0%

6%

19%

75%

$3,175

MEDIAN PPSF

MEDIAN SALES PRICE

GREENWICH VILLAGEQUARTERLY TRACKING


14 GREENWICH VILLAGE

$1,000,000

$3,000,000

$5,000,000

$7,000,000

$9,000,000

$11,000,000

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500


HARLEM

MEDIANPPSF

% OF SALES WITH INHARLEM

HARLEMPPSF

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

$1,310

$1,130

$1,104

$1,327

7%

20%

47%

27%

$1,130

MEDIAN PPSF

MEDIAN SALES PRICE

HARLEMQUARTERLY TRACKING


15 HARLEM

$-

$400,000

$800,000

$1,200,000

$1,600,000

$2,000,000

$-

$400

$800

$1,200

$1,600

$2,000


LOWER EASTSIDE

MEDIANPPSF

% OF SALES WITH INLOWER EAST SIDE

LOWER EAST SIDEPPSF

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

$2,433

$2,141

$2,219

$2,661

3%

58%

34%

6%

$2,199

MEDIAN PPSF

MEDIAN SALES PRICE

LOWER EAST SIDEQUARTERLY TRACKING


16 LOWER EAST SIDE

$1,000,000

$2,200,000

$3,400,000

$4,600,000

$5,800,000

$7,000,000

$1,000

$1,400

$1,800

$2,200

$2,600

$3,000


MIDTOWNEAST

MEDIANPPSF

% OF SALES WITH INMIDTOWN EAST

MIDTOWN EASTPPSF

MEDIAN PPSF

MEDIAN SALES PRICE

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

N/A

N/A

$1,976

N/A

0%

0%

100%

0%

$1,976

MIDTOWN EASTQUARTERLY TRACKING


17 MIDTOWN EAST

$-

$4,000,000

$8,000,000

$12,000,000

$16,000,000

$20,000,000

$1,000

$1,400

$1,800

$2,200

$2,600

$3,000


MIDTOWNWEST

MEDIANPPSF

% OF SALES WITH INMIDTOWN WEST

MIDTOWN WESTPPSF

MEDIAN PPSF

MEDIAN SALES PRICE

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

$2,641

$1,930

$2,989

$7,932

11%

16%

37%

37%

$3,581

MIDTOWN WESTQUARTERLY TRACKING


18 MIDTOWN WEST

$-

$3,000,000

$6,000,000

$9,000,000

$12,000,000

$15,000,000

$-

$1,000

$2,000

$3,000

$4,000

$5,000


MURRAY HILL

MEDIANPPSF

% OF SALES WITH INMURRAY HILL

MURRAY HILLPPSF

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

N/A

N/A

$1,810

N/A

0%

0%

100%

0%

$1,810

MEDIAN PPSF

MEDIAN SALES PRICE

MURRAY HILLQUARTERLY TRACKING


19 MURRAY HILL

$-

$1,600,000

$3,200,000

$4,800,000

$6,400,000

$8,000,000

$-

$500

$1,000

$1,500

$2,000

$2,500


SOHO

MEDIANPPSF

% OF SALES WITH INSOHO

SOHOPPSF

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

N/A

$2,347

$2,373

$3,142

0%

50%

10%

40%

$2,395

MEDIAN PPSF

MEDIAN SALES PRICE

SOHOQUARTERLY TRACKING


20 SOHO

$1,000,000

$3,400,000

$5,800,000

$8,200,000

$10,600,000

$13,000,000

$1,000

$1,600

$2,200

$2,800

$3,400

$4,000


TRIBECA

MEDIANPPSF

% OF SALES WITH INTRIBECA

TRIBECAPPSF

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

$1,655

$1,708

$1,764

$1,994

6%

40%

42%

12%

$1,743

MEDIAN PPSF

MEDIAN SALES PRICE

TRIBECAQUARTERLY TRACKING


21 TRIBECA

$-

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$1,000

$1,400

$1,800

$2,200

$2,600

$3,000


UPPER EAST SIDE

MEDIANPPSF

% OF SALES WITH INUPPER EAST SIDE

UPPER EAST SIDEPPSF

MEDIAN PPSF

MEDIAN SALES PRICE

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

$1,593

$1,717

$1,709

$2,172

6%

6%

25%

63%

$1,929

UPPER EAST SIDEQUARTERLY TRACKING


22 UPPER EAST SIDE

$-

$1,600,000

$3,200,000

$4,800,000

$6,400,000

$8,000,000

$1,000

$1,400

$1,800

$2,200

$2,600

$3,000


UPPER WEST SIDE

MEDIANPPSF

% OF SALES WITH INUPPER WEST SIDE

UPPER WEST SIDEPPSF

MEDIAN PPSF

MEDIAN SALES PRICE

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

Studios 1 Bedrooms

2 Bedrooms

3 Bedrooms

N/A

N/A

$1,545

$2,098

0%

0%

6%

94%

$2,091

UPPER WEST SIDEQUARTERLY TRACKING


23 UPPER WEST SIDE

$-

$1,600,000

$3,200,000

$4,800,000

$6,400,000

$8,000,000

$1,000

$1,400

$1,800

$2,200

$2,600

$3,000


THE REPORTEXPLAINED

24 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.

Can’t find what you’re looking for? Ask MNS for more information at www.mns.comContact 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 “Manhattan New Development Report” with a link back to its original location

http://www.mns.com/manhattan_new_dev_report

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manhattan new developmentquarter-over-quarter median ppsf ↓1.5% manhattan new development sponsor...

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