Manhattan New Dev. Market Report 2017 4th Quarter mns · Manhattan New Dev. Market Report 2017 4th...
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Manhattan New Dev. Market Report 2017 4th Quarter
Manhattan New Development Report 4Q17
page 2
mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
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 4Q17
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mns.com mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
INTRODUCTIONMNS is proud to present the Fourth Quarter 2017 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 fourth quarter of 2017 (10/01/17 – 12/31/17). All data summarized is on a median basis.
Manhattan New Development Report 4Q17
page 4
mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
Quarter-Over-Quarter Median PPSF
1.1%
Year-Over-Year Median PPSF
6.2%
Manhattan New Development Sponsor Sales
15.5% from 3Q17Neighborhood with the Most New Dev Sales
Upper West Side 28% of all Manhattan
Total New Development Sales Volume
4.8% to $1.724 Million from $1.645 Million in 3Q17
Quarter-Over-Quarter Median Sales Price
22.8%
Year-Over-Year Median Sales Price
8.3%
MARKET SNAPSHOTMarket Snapshot
Largest Quarterly Up-Swing
ChelseaPPSF $3,026/SF from $1,821/SF Sales Price $7,850,000 from $1,937,425
Highest New Development Sale PPSF
Midtown East, 432 Park Ave. 92A, 92B, 93B - $7,654/SF
Largest Quarterly Down-Swing
Gramercy Park PPSF $1,855 from $2,884 Sales Price $2,459,901 from $5,200,625
Highest New Development Sale
Midtown East, 432 Park Ave. 92A, 92B, 93B - $91,125,497
Quarter-over-quarter, the total number of sponsor sales decreased by 15.5%, from 444 during 3Q17 to 375 during 4Q17. In the same span, total sales volume increased by 4.8%, from $1,645,487,694 to $1,724,988,145. Median price per square foot increased by 1.1% over the last quarter from $1,894 to $1916, while median sales price increased by 22.8% from $2,371,444 to $2,911,005. Year-over-year, median price per square foot decreased by 6.2%, from $2,042 during 4Q16 to $1,916 during 4Q17. Median sales price also fell year-over-year, by 8.3%, from $3,175,988 during 4Q16 to $2,911,005 during 4Q17.
Last quarter, the Upper West Side had the highest number of sponsor sales in tracked Manhattan neighborhoods, at 28% of total sponsor sales, which translates to 105 out of 375 sales. The next highest number of sponsor sales took place in the Upper East Side, which represented 17.6% of all sales, or 66 out of 375 sales.
This past quarter, the sponsor sale with the highest sales price and highest price paid per square foot was at 432 Park Ave in Midtown East. A nearly 12k square foot combination of units 92A, 92B, and 93B sold for an impressive $91,125,497 or $7,654 per square foot.
Market Summary
Manhattan New Development Report 4Q17
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mns.com mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
MARKET SNAPSHOT
Highest New Development Sale PPSF
Midtown East, 432 Park Ave. 92A, 92B, 93B - $7,654/SF
The largest quarterly upswing occurred in Chelsea, where the median price per square foot increased by 66.2%, from $1,821 to $3,026. Additionally, the median sales price increased by 305.2%, from $1,937,425 to $7,850,000. This large quarterly upswing was due to the low number of sponsor sales that occurred in Chelsea, which led to price sensitivity, along with a couple of expensive units that were sold at 551 West 21st Street, a 19-story, 44-unit luxury new development that was built in 2015. Most notably in this building was PH20, consisting of 6,400 square feet of interior space, and a 4,579 square foot private rooftop terrace, which sold for $38,053,728.
The largest quarterly down swing occurred in Gramercy Park, where the median price per square foot decreased 35.7% from $2,884 in 3Q17 to $1,855 in 4Q17. This decrease was largely the result of a decrease in closings this quarter, namely from Madison Square Park Tower at 45 E 22nd St. Last quarter, we saw a total of 83 closings, of which 72% were from apartments with 2-bedrooms or larger, compared to this quarters closings which totaled only 28.
Out of the 375 sponsor units that were sold in Manhattan during 4Q17, 5% or 17 were studios, 25% or 92 were one-bedrooms, 33% or 125 were two-bedrooms, and 38% or 141 were three-bedrooms or larger.
Market Up-Swings
Market Down-Swings
Market Trends
35.3% 28.3% 30.4% 31.9%Studios
Upper East Side One BedroomsMidtown West
Two BedroomsUpper West Side
1,500 + SFUpper West Side
Manhattan New Development Report 4Q17
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mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
MARKET SNAPSHOT4Q17 Median Price per Square Foot (PPSF) By Neighborhood
4Q17 Median Sales Price By Neighborhood
$ 1,6
92
$ 2,6
81
$ 2,5
09,2
79
$ 1,7
75$ 2
,163
,781
$ 1,8
55$ 2
,459
,901
$ 2,0
74$ 2
,623
,041
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
$ 2,1
93$ 6
,264
,988
$ 3,0
47
$ 2,8
06
$ 8,8
58,7
76
$ 5,8
20,3
42
$ 2,8
56
$ 1,6
85
$ 8,1
32,0
79
$ 1,6
03,7
44
$ 3,0
26$ 7
,850
,000
$ 2,2
26$ 2
,952
,925$ 5
,705
,200
$ 1,8
91$ 3
,002
,055
$ 1,3
17$ 1
,608
,835
N/A
N/A
Manhattan New Development Report 4Q17
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mns.com mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
MARKET SNAPSHOT4Q17 % Of Total Sponsor Sales - Borough-Wide
Number of Units Sold in 4Q17
17.6
%66
11.4
7%43
8.8%
33
1.33
%5
7.47
%28
6.93
%26
0%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
4.53
%17
2.13
%8
1.6%
6
3.2%
12
2.13
%8
1.33
%5
28%
105
3.47
%
13
Manhattan New Development Report 4Q17
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mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
MANHATTAN
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$0
$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 1Q17 2Q17 3Q17 4Q17
Manhattan Quarterly Tracking
Median PriceMedian PPSF
PPSF Price
Median PPSF
Median Sales Price
Studios 5%1 Bedrooms 25%2 Bedrooms 33%3 Bedrooms 38%
$1,916
$2,911,005
4Q17 Unit Mix Of New Development Sales
Manhattan New Development Report 4Q17
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mns.com mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
BATTERY PARK CITY
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$0
$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 1Q17 2Q17 3Q17 4Q17$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$0
$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 1Q17 2Q17 3Q17 4Q17
Studios N/A1 Bedrooms N/A2 Bedrooms N/A1500+ SF N/A
Studios 0%1 Bedrooms 0%2 Bedrooms 0%1500+ SF 0%
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 4Q17
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mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
CHELSEA
$0
$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
$0
$500
$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 1Q17 2Q17 3Q17 4Q17
Studios N/A1 Bedrooms $1,6972 Bedrooms $2,8281500+ SF $4,780
Studios 0%1 Bedrooms 20%2 Bedrooms 40%1500+ SF 40%
Chelsea PPSF By Unit Size ($3,026/SF Median)
Chelsea Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Chelsea
PPSF Price
Manhattan New Development Report 4Q17
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mns.com mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
EAST VILLAGE
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$0
$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 1Q17 2Q17 3Q17 4Q17
$0
$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
$0
$500
$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 1Q17 2Q17 3Q17 4Q17
Studios N/A 1 Bedrooms N/A2 Bedrooms $1,6851500+ SF N/A
Studios 0%1 Bedrooms 0%2 Bedrooms 100%1500+ SF 0%
East Village PPSF By Unit Size ($1,685/SF Median)
East Village Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within East Village
PPSF Price
Manhattan New Development Report 4Q17
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mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
$0
$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
$0
$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 1Q17 2Q17 3Q17 4Q17
FINANCIAL DISTRICT
Studios $1,6121 Bedrooms $1,5202 Bedrooms $2,2411500+ SF $2,464
Studios 4%1 Bedrooms 35%2 Bedrooms 54%1500+ SF 8%
Financial District PPSF By Unit Size ($2,074/SF Median)
Financial District Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Financial District
PPSF Price
Manhattan New Development Report 4Q17
page 13
mns.com mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
$0
$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
$0
$500
$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 1Q17 2Q17 3Q17 4Q17$0
$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
$0
$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 1Q17 2Q17 3Q17 4Q17
GRAMERCY PARK
Studios N/A1 Bedrooms $1,5712 Bedrooms $1,7781500+ SF $3,073
Studios 0%1 Bedrooms 32%2 Bedrooms 39%1500+ SF 29%
Gramercy Park PPSF By Unit Size ($1,855/SF Median)
Gramercy Park Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Gramercy Park
PPSF Price
Manhattan New Development Report 4Q17
page 14
mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
GREENWICH VILLAGE
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
Studios $1,4101 Bedrooms N/A2 Bedrooms $2,6031500+ SF $3,081
Studios 13%1 Bedrooms 0%2 Bedrooms 13%1500+ SF 75%
Greenwich Village PPSF By Unit Size ($2,856/SF Median)
Greenwich Village Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Greenwich Village
PPSF Price
Manhattan New Development Report 4Q17
page 15
mns.com mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
HARLEM
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
Studios $8171 Bedrooms $1,2082 Bedrooms $7821500+ SF $1,347
Studios 15%1 Bedrooms 23%2 Bedrooms 8%1500+ SF 54%
Harlem PPSF By Unit Size ($1,317/SF Median)
Harlem Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Harlem
PPSF Price
Manhattan New Development Report 4Q17
page 16
mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
LOWER EAST SIDE
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$0
$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 1Q17 2Q17 3Q17 4Q17
Studios N/A1 Bedrooms $2,0952 Bedrooms $3,2941500+ SF $3,128
Studios 0%1 Bedrooms 17%2 Bedrooms 67%1500+ SF 17%
Lower East Side PPSF By Unit Size ($2,806/SF Median)
Lower East Side Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Lower East Side
PPSF Price
Manhattan New Development Report 4Q17
page 17
mns.com mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
MIDTOWN EAST
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$0
$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 1Q17 2Q17 3Q17 4Q17$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$0
$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 1Q17 2Q17 3Q17 4Q17
Studios $3,1381 Bedrooms N/A2 Bedrooms $2,0021500+ SF $2,682
Studios 9%1 Bedrooms 0%2 Bedrooms 12%1500+ SF 79%
Midtown East PPSF By Unit Size ($2,681/SF Median)
Midtown East Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Midtown East
PPSF Price
Manhattan New Development Report 4Q17
page 18
mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
MIDTOWN WEST
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
Studios $1,6171 Bedrooms $1,7612 Bedrooms $2,0121500+ SF $2,146
Studios 7%1 Bedrooms 60%2 Bedrooms 26%1500+ SF 7%
Midtown West PPSF By Unit Size ($1,775/SF Median)
Midtown West Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Midtown West
PPSF Price
Manhattan New Development Report 4Q17
page 19
mns.com mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
MURRAY HILL
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$0
$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 1Q17 2Q17 3Q17 4Q17
Studios N/A1 Bedrooms $1,8772 Bedrooms $2,2261500+ SF N/A
Studios 0%1 Bedrooms 40%2 Bedrooms 60%1500+ SF 0%
Murray Hill PPSF By Unit Size ($2,226/SF Median)
Murray Hill Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Murray Hill
PPSF Price
Manhattan New Development Report 4Q17
page 20
mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
SOHO
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$0
$500
$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 1Q17 2Q17 3Q17 4Q17
Studios N/A1 Bedrooms N/A2 Bedrooms $2,6861500+ SF $3,085
Studios 0%1 Bedrooms 0%2 Bedrooms 13%1500+ SF 88%
SoHo PPSF By Unit Size ($3,047/SF Median)
SoHo Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within SoHo
PPSF Price
Manhattan New Development Report 4Q17
page 21
mns.com mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
TRIBECA
$0
$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
$0
$500
$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 1Q17 2Q17 3Q17 4Q17
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$0
$500
$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 1Q17 2Q17 3Q17 4Q17
Studios N/A1 Bedrooms N/A2 Bedrooms $2,7691500+ SF $2,190
Studios 0%1 Bedrooms 0%2 Bedrooms 12%1500+ SF 88%
TriBeCa PPSF By Unit Size ($2,193/SF Median)
TriBeCa Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within TriBeCa
PPSF Price
Manhattan New Development Report 4Q17
page 22
mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
UPPER EAST SIDE
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
$0
$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 1Q17 2Q17 3Q17 4Q17
Studios $1,4731 Bedrooms $1,5282 Bedrooms $1,7091500+ SF $1,934
Studios 9%1 Bedrooms 29%2 Bedrooms 35%1500+ SF 27%
Upper East Side PPSF By Unit Size ($1,692/SF Median)
Upper East Side Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Upper East Side
PPSF Price
Manhattan New Development Report 4Q17
page 23
mns.com mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249
UPPER WEST SIDE
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$0
$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 1Q17 2Q17 3Q17 4Q17$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
$0
$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 1Q17 2Q17 3Q17 4Q17
Studios $2,1731 Bedrooms $1,7292 Bedrooms $1,8751500+ SF $1,982
Studios 1%1 Bedrooms 20%2 Bedrooms 36%1500+ SF 43%
Upper West Side PPSF By Unit Size ($1,891/SF Median)
Upper West Side Quarterly Tracking
Median PriceMedian PPSF
% Of Sales Within Upper West Side
PPSF Price
Manhattan New Development Report 4Q17
page 24
mns.comWilliamsburg 212.475.900097 N 10th st, 2C Brooklyn, NY 11249
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