Post on 16-Aug-2020
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Manhattan New Dev. Market Report 2016 2nd Quarter
Manhattan New Development Report 2Q16
page 2
mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
TA B L E O F C O N T E N T S
TABLE OF CONTENTS
09 Neighborhood Price Trends
24 The Report Explained
03 Introduction04 Market Snapshot
09 Battery Park City10 Chelsea11 East Village12 Financial District13 Gramercy Park 14 Greenwich Village15 Harlem16 Lower East Side17 Midtown East18 Midtown West19 Murray Hill20 SoHo21 TriBeCa22 Upper East Side23 Upper West Side
Manhattan New Development Report 2Q16
page 3
mns.com mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
INTRODUCTIONMNS is proud to present the Second Quarter 2016 edition of our New Development Market Report.
MNS is proud to present the Second Quarter 2016 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 2016 (01/04/16 – 06/30/16). All data summarized is on a median basis.
Manhattan New Development Report 2Q16
page 4
mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
Quarter-Over-Quarter Median PPSF
7.1%
Year-Over-Year Median PPSF
11.5%
Manhattan New Development Sponsor Sales
41.77% from last quarterNeighborhood with the Most New Dev Sales
Upper East Side - 20.24% of Manhattan New Dev Sales
Total New Development Sales Volume
38% to $ 2,346,165,660 from $1,446,121,710 in 2Q16
Quarter-Over-Quarter Median Sales Price
7.88%
Year-Over-Year Median Sales Price
51.1%
MARKET SNAPSHOTMarket Snapshot
Largest Quarterly Up-Swing
Financial DistrictPPSF $1,675/SF from $2,319/SF Sales Price $2,123,815 from $3,961,927
Highest New Development Sale PPSF
155 West 11th Street 4A - $ 6,661 PPSF
Largest Quarterly Down-Swing
Midtown EastPPSF $2,298 from $1,958Sales Price $5,185,105 from $2,977,836
Highest New Development Sale
33 East 74th Street TH – $42,766,500
Manhattan saw a 41.77% decrease in the number of sponsor sales this quarter, from 577 units in 1Q16 to 336 units in 2Q16. In line with this decline, total sales volume too decreased at a rate of 38.36% from $2,346,165,660 in 1Q16 to $1,446,121,710 in this quarter. Despite these decreases, the median sales price grew by 7.9% from $2,731,210 in 1Q16 to $2,946,517, as the Median Price per square foot increased by 7.1% from $1,953 to $2,092.
The following neighborhoods experienced the largest quantities of sponsor units sold in second quarter of 2016; Upper East Side (20.24%), Greenwich Village (14.88%) and Harlem (10.42%). Like the previous quarter, the sponsor sale with the highest price was observed in the Upper East Side, where 33 East 74th Street Unit TH sold for $42,766,500. The highest price per square foot was seen in Greenwich Village at 155 W 11th St Unit 4A sold for $6,661.20 per square foot.
This quarter we saw an almost-even split in number of sales across One-,Two- and Three-Bedroom+ units, while Studio units made up only 1% of the sales.
Market Summary
Manhattan New Development Report 2Q16
page 5
mns.com mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
MARKET SNAPSHOT
Highest New Development Sale PPSF
155 West 11th Street 4A - $ 6,661 PPSF
The highest quarterly market up-swing was seen in the Financial District where the median sale price per square foot increased by 38.4%, from $1,675psf to $2,320psf and median sales price increased by 86.5%, from $2,123,815 to $3,961,928, as we saw numerous higher priced closings at 56 Leonard St and 5 Franklin Place during the quarter.
From being last quarter’s largest market up-swing, Midtown East this quarter saw the largest downswing, with the median price per square foot decreasing by 14.8% and median price by 42.6%, from $2,298psf ($5,185,105) to $1,958psf ($2,977,836). This was the result of this quarter’s sales coming solely from 301 E 50th st and 305 E 51st st, as opposed to a combination which included 432 Park Ave.
This quarter, just over 65% of the sponsor sales came from the Upper East Side, Greenwich Village, Harlem, Chelsea and the Financial District. The UES consisted largely of sales from 200 E 94th St; Greenwich Village from the West Village Residences at 160 W 12th and 151 W 11th St; Harlem from 159 W 126th St, 225 E 111th St and 305 W 150th St; Chelsea from 245 W 14th St; and in the Financial District, from 56 Leonard St. Neighborhoods where the majority of each unit type was sold in 2Q16:
Market Up-Swings
Market Down-Swings
Market Trends
66.67% 26.21% 15.52% 19.30%Studios
Upper East SideOne BedroomsUpper East Side
Two BedroomsFiDi
Three Bedroom+Upper East Side
Manhattan New Development Report 2Q16
page 6
mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
MARKET SNAPSHOT2Q16 Median Price per Square Foot (PPSF) By Neighborhood
2Q16 Median Sales Price By Neighborhood
$ 1,5
03 $ 1,9
58
$ 1,9
31,6
75
$ 1,8
29$ 1
,882
,070
$ 2,4
46$ 5
,142
,163
$ 2,3
20
N/A
$ 3,9
61,9
28
N/A
Uppe
r Wes
t Sid
e
Uppe
r Wes
t Sid
e
Harle
m
Harle
m
Uppe
r Eas
t Sid
e
Uppe
r Eas
t Sid
eM
idto
wn W
est
Mid
town
Wes
tM
idto
wn E
ast
Mid
town
Eas
tM
urra
y Hi
ll
Mur
ray
Hill
Chel
sea
Chel
sea
Gra
mer
cy P
ark
Gra
mer
cy P
ark
Gre
enwi
ch V
illage
Gre
enwi
ch V
illage
East
Villa
ge
East
Villa
ge
SoHo
SoHo
Lowe
r Eas
t Sid
e
Lowe
r Eas
t Sid
eTr
iBeC
a
TriB
eCa
Fina
ntia
l Dist
rict
Fina
ntia
l Dist
rict
Batte
ry P
ark
City
Batte
ry P
ark
City
$ 2,3
57$ 6
,618
,625
$ 2,6
72
N/A
$ 5,3
99,2
50
N/A
$ 2,7
79
N/A
$ 6,2
96,8
46
N/A
$ 2,1
04$ 2
,527
,806
$ 2,0
41$ 1
,316
,543
$ 2,9
77,8
36
$ 1,7
88$ 2
,240
,150
$ 964
$ 655
,931
Manhattan New Development Report 2Q16
page 7
mns.com mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
MARKET SNAPSHOT2Q16 % Of Total Sponsor Sales - Borough-Wide
Number of Units Sold in 2Q16
20.2
4%68
8.04
%27
7.74
%26
0.89
%3
7.74
%26
9.52
%32
N/A
N/A
Uppe
r Wes
t Sid
e
Uppe
r Wes
t Sid
e
Harle
mHa
rlem
Uppe
r Eas
t Sid
e
Uppe
r Eas
t Sid
eM
idto
wn W
est
Mid
town
Wes
tM
idto
wn E
ast
Mid
town
Eas
tM
urra
y Hi
ll
Mur
ray
Hill
Chel
sea
Chel
sea
Gra
mer
cy P
ark
Gra
mer
cy P
ark
Gre
enwi
ch V
illage
Gre
enwi
ch V
illage
East
Villa
ge
East
Villa
geSo
HoSo
HoLo
wer E
ast S
ide
Lowe
r Eas
t Sid
eTr
iBeC
a
TriB
eCa
Fina
ntia
l Dist
rict
Fina
ntia
l Dist
rict
Batte
ry P
ark
City
Batte
ry P
ark
City
5.65
%19
3.27
%11
N/A
N/A
N/A
N/A
14.8
8%50
10.1
2%34
1.49
%5
10.4
2%35
Manhattan New Development Report 2Q16
page 8
mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$-
$500
$1,000
$1,500
$2,000
$2,500
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
MANHATTAN
Manhattan Quarterly Tracking
Median PriceMedian PPSF
PPSF Price
Median PPSF
Median Sales Price
Studios 1%1 Bedrooms 31%2 Bedrooms 35%3 Bedrooms+ 34%
$2,092
$2,946,516
2Q16 Unit Mix Of New Development Sales
(Excluding Harlem Median PPSF is $2,169)
(Excluding Harlem Median Sales Price is $3,356,880)
Manhattan New Development Report 2Q16
page 9
mns.com mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$700
$1,000
$1,300
$1,600
$1,900
$2,200
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
BATTERY PARK CITY
Studios N/A1 Bedrooms N/A2 Bedrooms N/A3 Bedrooms+ N/A
Studios N/A1 Bedrooms N/A2 Bedrooms N/A3 Bedrooms+ N/A
Battery Park City PPSF By Unit Size ($1,671/SF Median) % Of Sales Within Battery Park City
Battery Park City Quarterly Tracking
Median PriceMedian PPSF
PPSF Price
Manhattan New Development Report 2Q16
page 10
mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
CHELSEA
$700,000
$1,700,000
$2,700,000
$3,700,000
$4,700,000
$5,700,000
$6,700,000
$100
$600
$1,100
$1,600
$2,100
$2,600
$3,100
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Studios $1,5041 Bedrooms $2,0852 Bedrooms $2,0573 Bedrooms+ $2,441
Studios 3%1 Bedrooms 44%2 Bedrooms 26%3 Bedrooms+ 26%
Chelsea PPSF By Unit Size ($2,104/SF Median)
Chelsea Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Chelsea
PPSF Price
Manhattan New Development Report 2Q16
page 11
mns.com mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
EAST VILLAGE
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$-
$500
$1,000
$1,500
$2,000
$2,500
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Studios N/A 1 Bedrooms N/A2 Bedrooms N/A3 Bedrooms+ N/A
Studios N/A1 Bedrooms N/A2 Bedrooms N/A3 Bedrooms+ N/A
East Village PPSF By Unit Size (N/A/SF Median)
East Village Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within East Village
PPSF Price
Manhattan New Development Report 2Q16
page 12
mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
FINANCIAL DISTRICT
$- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000
$-
$500
$1,000
$1,500
$2,000
$2,500
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Studios N/A1 Bedrooms $2,0492 Bedrooms $2,3073 Bedrooms+ $2,476
Studios N/A1 Bedrooms 13%2 Bedrooms 56%3 Bedrooms+ 31%
Financial District PPSF By Unit Size ($2,319/SF Median)
Financial District Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Financial District
PPSF Price
Manhattan New Development Report 2Q16
page 13
mns.com mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
GRAMERCY PARK
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$-
$750
$1,500
$2,250
$3,000
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Studios N/A1 Bedrooms $1,7102 Bedrooms $2,1393 Bedrooms+ $2,570
Studios N/A1 Bedrooms 19%2 Bedrooms 23%3 Bedrooms+ 58%
Gramercy Park PPSF By Unit Size ($2,445/SF Median)
Gramercy Park Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Gramercy Park
PPSF Price
Manhattan New Development Report 2Q16
page 14
mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
GREENWICH VILLAGE
$1,250,000 $2,250,000 $3,250,000 $4,250,000 $5,250,000 $6,250,000 $7,250,000 $8,250,000 $9,250,000 $10,250,000
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Studios N/A1 Bedrooms $2,6982 Bedrooms $2,7793 Bedrooms+ $2,886
Studios N/A1 Bedrooms 26%2 Bedrooms 32%3 Bedrooms+ 42%
Greenwich Village PPSF By Unit Size ($2,778/SF Median)
Greenwich Village Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Greenwich Village
PPSF Price
Manhattan New Development Report 2Q16
page 15
mns.com mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
HARLEM
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
$300 $400 $500 $600 $700 $800 $900
$1,000 $1,100 $1,200
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Studios N/A1 Bedrooms $9052 Bedrooms $9813 Bedrooms+ N/A
Studios N/A1 Bedrooms 54%2 Bedrooms 46%3 Bedrooms+ N/A
Harlem PPSF By Unit Size ($963/SF Median)
Harlem Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Harlem
PPSF Price
Manhattan New Development Report 2Q16
page 16
mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
LOWER EAST SIDE
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$800 $900
$1,000 $1,100 $1,200 $1,300 $1,400 $1,500 $1,600 $1,700 $1,800
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Studios N/A1 Bedrooms N/A2 Bedrooms N/A3 Bedrooms+ N/A
Studios N/A1 Bedrooms N/A2 Bedrooms N/A3 Bedrooms+ N/A
Lower East Side PPSF By Unit Size (N/A/SF Median)
Lower East Side Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Lower East Side
PPSF Price
Manhattan New Development Report 2Q16
page 17
mns.com mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
MIDTOWN EAST
$500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 $5,000,000 $5,500,000
$900
$1,200
$1,500
$1,800
$2,100
$2,400
$2,700
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Studios N/A1 Bedrooms $1,6462 Bedrooms $2,0273 Bedrooms+ $2,088
Studios N/A1 Bedrooms 27%2 Bedrooms 54%3 Bedrooms+ 19%
Midtown East PPSF By Unit Size ($1,958/SF Median)
Midtown East Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Midtown East
PPSF Price
Manhattan New Development Report 2Q16
page 18
mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
MIDTOWN WEST
$100,000 $2,100,000 $4,100,000 $6,100,000 $8,100,000 $10,100,000 $12,100,000 $14,100,000
$700 $1,200 $1,700 $2,200 $2,700 $3,200 $3,700 $4,200
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Studios N/A1 Bedrooms $1,7942 Bedrooms $2,2693 Bedrooms+ $1,801
Studios N/A1 Bedrooms 19%2 Bedrooms 41%3 Bedrooms+41%
Midtown West PPSF By Unit Size ($1,829/SF Median)
Midtown West Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Midtown West
PPSF Price
Manhattan New Development Report 2Q16
page 19
mns.com mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
MURRAY HILL
$100,000
$600,000
$1,100,000
$1,600,000
$2,100,000
$2,600,000
$3,100,000
$3,600,000
$700 $900
$1,100 $1,300 $1,500 $1,700 $1,900 $2,100 $2,300 $2,500
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Studios N/A1 Bedrooms $2,0412 Bedrooms N/A3 Bedrooms+ N/A
Studios N/A1 Bedrooms 100%2 Bedrooms N/A3 Bedrooms+ N/A
Murray Hill PPSF By Unit Size ($2,041/SF Median)
Murray Hill Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Murray Hill
PPSF Price
Manhattan New Development Report 2Q16
page 20
mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
$1,000,000
$3,000,000
$5,000,000
$7,000,000
$9,000,000
$11,000,000
$13,000,000
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
SOHO
Studios N/A1 Bedrooms $2,1312 Bedrooms $2,8893 Bedrooms+ $2,672
Studios N/A1 Bedrooms 27%2 Bedrooms 45%3 Bedrooms+ 27%
SoHo PPSF By Unit Size ($2,672/SF Median)
SoHo Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within SoHo
PPSF Price
Manhattan New Development Report 2Q16
page 21
mns.com mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
TRIBECA
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 $2,400 $2,600
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Studios N/A1 Bedrooms N/A2 Bedrooms $1,8353 Bedrooms+ $2,504
Studios N/A1 Bedrooms N/A2 Bedrooms 16%3 Bedrooms+ 84%
TriBeCa PPSF By Unit Size ($2,356/SF Median)
TriBeCa Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within TriBeCa
PPSF Price
Manhattan New Development Report 2Q16
page 22
mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
$500,000 $1,500,000 $2,500,000 $3,500,000 $4,500,000 $5,500,000 $6,500,000 $7,500,000
$900 $1,100 $1,300 $1,500 $1,700 $1,900 $2,100 $2,300 $2,500 $2,700
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
UPPER EAST SIDE
Studios $1,7831 Bedrooms $1,3532 Bedrooms $1,5073 Bedrooms+ $2,513
Studios 3%1 Bedrooms 40%2 Bedrooms 25%3 Bedrooms+ 32%
Upper East Side PPSF By Unit Size ($1,503/SF Median)
Upper East Side Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Upper East Side
PPSF Price
Manhattan New Development Report 2Q16
page 23
mns.com mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
UPPER WEST SIDE
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 2Q16 4Q15 1Q16
Studios N/A1 Bedrooms $1,1812 Bedrooms $2,2683 Bedrooms+ $2,009
Studios N/A1 Bedrooms 40%2 Bedrooms 20%3 Bedrooms+ 40%
Upper West Side PPSF By Unit Size ($1,787/SF Median)
Upper West Side Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Upper West Side
PPSF Price
Manhattan New Development Report 2Q16
page 24
mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
THE REPORT EXPLAINED
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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.
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
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 7,000 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.
mns.com mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249
Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249