Post on 01-Aug-2020
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Manhattan New Dev. Market Report 2016 4th Quarter
Manhattan New Development Report 4Q16
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 4Q16
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 Fourth 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 Fourth Quarter of 2016 (10/1/16 – 12/31/16). All data summarized is on a median basis.
Manhattan New Development Report 4Q16
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
0.9%
Year-Over-Year Median PPSF
11.0%
Manhattan New Development Sponsor Sales
9.52% from last quarterNeighborhood with the Most New Dev Sales
Financial District 14.78% of all Manhattan
Total New Development Sales Volume
6.9% to $1,551 Million from $1,451 Million in 3Q16
Quarter-Over-Quarter Median Sales Price
10.2%
Year-Over-Year Median Sales Price
40.4%
MARKET SNAPSHOTMarket Snapshot
Largest Quarterly Up-Swing
Gramercy ParkPPSF $2,544/SF from $1,959/SF Sales Price $5,142,163 from $2,716,131
Highest New Development Sale PPSF
Chelsea, 551 West 21st St PH18 - $34,623,250
Largest Quarterly Down-Swing
TriBeCa PPSF $2,036 from $2,878 Sales Price $3,436,594 from $8,709,092
Highest New Development Sale
Greenwich Village, 150 Charles St PHB – $5,246/PSF
Sales quantities increased this quarter in Manhattan by 9.5%, from 315 units to 345 units. The volume of sales increased by 6.9% from $1,451,019,068 to $1,551,641,676. This quarter was stronger than last, during which sales decreased and volume increased by less than one percent. Over the last quarter, the median price per square foot has dropped 0.9%, and over the last year it has increased by 11%. Over the last quarter, the median sales price has decreased by 10.2%, and over the last year, it has increased by 40.4%.
The following neighborhoods experienced the largest quantities of sponsor units sold; Financial District (15%), Harlem (13%), Midtown West (12%), and TriBeCa (9%).
The sponsor sale with the highest price per square foot was at 150 Charles Street in Greenwich Village (where both the highest price per square foot and the highest sale price were last quarter). It sold for $5,245.87 per square foot. The highest sale price this quarter was in Chelsea, were a unit at 551 West 21st Street sold for $34,623,250.
Market Summary
Manhattan New Development Report 4Q16
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
Chelsea, 551 West 21st St PH18 - $34,623,250
The largest upswing in the market this quarter was in Gramercy Park, where the median price per square foot increased from $1,959 to $2,544; an increase of 29.9%. The median sales price increased from $2,716,131 to $5,142,163; an increase of 89.3%. There were no studios that closed this month in Gramercy Park. Instead, two and three bedroom units constituted the majority of the closings market. 10 Madison Square West, a 125-unit condominium building, contained most those units.
The largest downswing in the market this quarter was in TriBeCa, where the median price per square foot decreased from $2,878 to $2,036. This is a drop of 29.3%. The median sales price decreased from $8,709,092 to $3,436,594. This is a drop of 60.5%. Activity in TriBeCa is part of a larger pattern emerging in the city, which is the popularity of larger units which yield lesser prices per square foot. There were no studio units that closed this quarter, and only 5 one bedroom units. There were 14 two bedroom units and 12 three bedroom units.
This quarter, larger sizes units composed most of the sales market. Three bedroom units were the majority at 37% of total units. Two bedrooms constituted 31% of the market. One bedroom units were 29% of the market. Studio units were only 3% of the market, or 11 units out of 345 units. This was the trend last quarter as well, where two and three bedroom units made up a combined 59% and studio units were only 1% of the sales closings market.
Neighborhoods where the majority of each unit type was sold in 4Q16:
Market Up-Swings
Market Down-Swings
Market Trends
45.45% 29% 19.81% 20.31%Studios
Midtown WestOne Bedrooms
HarlemTwo BedroomsFinancial District
1,500 + SF Chelsea
Manhattan New Development Report 4Q16
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 SNAPSHOT4Q16 Median Price per Square Foot (PPSF) By Neighborhood
4Q16 Median Sales Price By Neighborhood
$ 1,9
68
$ 1,8
70
$ 3,3
00,0
00
$ 1,7
24$ 1
,225
,739
$ 2,5
44$ 5
,142
,163
$ 2,8
35$ 4
,531
,213
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
$ 2,0
36$ 3
,436
,594
$ 2,4
10
N/A
$ 4,1
84,0
77
N/A
$ 2,9
16
N/A
$ 6,7
97,5
06
N/A
$ 2,3
28$ 4
,582
,126
$ 1,5
01$ 1
,640
,000
$ 2,5
22,4
38
$ 2,3
12$ 5
,154
,891
$ 1,0
69$ 6
99,5
38
N/A
N/A
Manhattan New Development Report 4Q16
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 SNAPSHOT4Q16 % Of Total Sponsor Sales - Borough-Wide
Number of Units Sold in 4Q16
4.93
%17
11.5
9%40
8.12
%28
2.61
%9
4.93
%17
14.7
8%51
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
9.28
%32
3.48
%12
N/A
N/A
N/A
N/A
8.70
%30
11.0
1%38
7.54
%26
13.0
4%
45
Manhattan New Development Report 4Q16
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
$4,000,000
$-
$500
$1,000
$1,500
$2,000
$2,500
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
MANHATTAN
Manhattan Quarterly Tracking
Median PriceMedian PPSF
PPSF Price
Median PPSF
Median Sales Price
Studios 3%1 Bedrooms 29%2 Bedrooms 31%3 Bedrooms 37%
$2,042
$3,175,988
4Q16 Unit Mix Of New Development Sales
Manhattan New Development Report 4Q16
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 3Q16 4Q16
BATTERY PARK CITY
Studios N/A1 Bedrooms N/A2 Bedrooms N/A1500+ SF N/A
Studios N/A1 Bedrooms N/A2 Bedrooms N/A1500+ SF N/A
Battery Park City PPSF By Unit Size (N/A/SF Median) % Of Sales Within Battery Park City
Battery Park City Quarterly Tracking
Median PriceMedian PPSF
PPSF Price
Manhattan New Development Report 4Q16
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
$700,000
$1,700,000
$2,700,000
$3,700,000
$4,700,000
$5,700,000
$6,700,000
$7,700,000
$8,700,000
$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 3Q16 4Q16
CHELSEA
Studios N/A1 Bedrooms $2,2482 Bedrooms $2,4971500+ SF $2,302
Studios N/A1 Bedrooms 16%2 Bedrooms 16%1500+ SF 68%
Chelsea PPSF By Unit Size ($2,328/SF Median)
Chelsea Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Chelsea
PPSF Price
Manhattan New Development Report 4Q16
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
$-
$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 3Q16 4Q16
EAST VILLAGE
Studios N/A 1 Bedrooms N/A2 Bedrooms N/A1500+ SF N/A
Studios N/A1 Bedrooms N/A2 Bedrooms N/A1500+ SF 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 4Q16
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
$-
$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
$-
$500
$1,000
$1,500
$2,000
$2,500
$3,000
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
FINANCIAL DISTRICT
Studios N/A1 Bedrooms $2,9182 Bedrooms $2,6951500+ SF $2,934
Studios N/A1 Bedrooms 20%2 Bedrooms 41%1500+ SF 39%
Financial District PPSF By Unit Size ($2,835/SF Median)
Financial District Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Financial District
PPSF Price
Manhattan New Development Report 4Q16
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
$-
$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 3Q16 4Q16
GRAMERCY PARK
Studios N/A1 Bedrooms $1,6672 Bedrooms $2,5041500+ SF $2,855
Studios N/A1 Bedrooms 24%2 Bedrooms 29%1500+ SF 47%
Gramercy Park PPSF By Unit Size ($2,544/SF Median)
Gramercy Park Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Gramercy Park
PPSF Price
Manhattan New Development Report 4Q16
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
$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 3Q16 4Q16
GREENWICH VILLAGE
Studios $1,8631 Bedrooms $2,8462 Bedrooms $3,4981500+ SF $2,750
Studios 7%1 Bedrooms 3%2 Bedrooms 37%1500+ SF 53%
Greenwich Village PPSF By Unit Size ($2,116/SF Median)
Greenwich Village Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Greenwich Village
PPSF Price
Manhattan New Development Report 4Q16
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
$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 3Q16 4Q16
HARLEM
Studios $1,1371 Bedrooms $1,0472 Bedrooms $1,1251500+ SF $885
Studios 4%1 Bedrooms 64%2 Bedrooms 27%1500+ SF 4%
Harlem PPSF By Unit Size ($1,069/SF Median)
Harlem Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Harlem
PPSF Price
Manhattan New Development Report 4Q16
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
$-
$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 3Q16 4Q16
LOWER EAST SIDE
Studios N/A1 Bedrooms N/A2 Bedrooms N/A1500+ SF N/A
Studios N/A1 Bedrooms N/A2 Bedrooms N/A1500+ SF 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 4Q16
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
$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 3Q16 4Q16
MIDTOWN EAST
Studios N/A1 Bedrooms $1,6582 Bedrooms $1,9211500+ SF $1,857
Studios N/A1 Bedrooms 36%2 Bedrooms 57%1500+ SF 7%
Midtown East PPSF By Unit Size ($1,870/SF Median)
Midtown East Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Midtown East
PPSF Price
Manhattan New Development Report 4Q16
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
$100,000
$2,100,000
$4,100,000
$6,100,000
$8,100,000
$10,100,000
$12,100,000
$14,100,000
$700 $950
$1,200 $1,450 $1,700 $1,950 $2,200 $2,450 $2,700 $2,950 $3,200 $3,450 $3,700 $3,950 $4,200 $4,450
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
MIDTOWN WEST
Studios $1,6011 Bedrooms $1,6832 Bedrooms $1,8161500+ SF $2,362
Studios 13%1 Bedrooms 55%2 Bedrooms 20%1500+ SF 13%
Midtown West PPSF By Unit Size ($1,724/SF Median)
Midtown West Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Midtown West
PPSF Price
Manhattan New Development Report 4Q16
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
$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 3Q16 4Q16
MURRAY HILL
Studios $1,3991 Bedrooms $1,5392 Bedrooms $1,6141500+ SF $1,456
Studios 11%1 Bedrooms 22%2 Bedrooms 56%1500+ SF 11%
Murray Hill PPSF By Unit Size ($1,501/SF Median)
Murray Hill Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Murray Hill
PPSF Price
Manhattan New Development Report 4Q16
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 3Q16 4Q16
SOHO
Studios N/A1 Bedrooms $2,1902 Bedrooms $2,1601500+ SF $2,637
Studios N/A1 Bedrooms 33%2 Bedrooms 25%1500+ SF 42%
SoHo PPSF By Unit Size ($2,410/SF Median)
SoHo Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within SoHo
PPSF Price
Manhattan New Development Report 4Q16
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
$-
$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
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
$2,200
$2,400
$2,600
$2,800
$3,000
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
TRIBECA
Studios $1,9181 Bedrooms $1,7192 Bedrooms $1,8661500+ SF $2,317
Studios 3%1 Bedrooms 16%2 Bedrooms 44%1500+ SF 38%
TriBeCa PPSF By Unit Size ($2,036/SF Median)
TriBeCa Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within TriBeCa
PPSF Price
Manhattan New Development Report 4Q16
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 3Q16 4Q16
UPPER EAST SIDE
Studios N/A1 Bedrooms $1,7852 Bedrooms $1,7151500+ SF $2,148
Studios N/A1 Bedrooms 18%2 Bedrooms 24%1500+ SF 59%
Upper East Side PPSF By Unit Size ($1,968/SF Median)
Upper East Side Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Upper East Side
PPSF Price
Manhattan New Development Report 4Q16
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
$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
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
$2,200
$2,400
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
UPPER WEST SIDE
Studios N/A1 Bedrooms $1,5322 Bedrooms $1,6191500+ SF $2,350
Studios N/A1 Bedrooms 15%2 Bedrooms 4%1500+ SF 81%
Upper West Side PPSF By Unit Size ($2,312/SF Median)
Upper West Side Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Upper West Side
PPSF Price
Manhattan New Development Report 4Q16
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