MANHATTAN NEW DEVELOPMENTQUARTER-OVER-QUARTER MEDIAN PPSF ↓1.5% MANHATTAN NEW DEVELOPMENT SPONSOR...
Transcript of 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
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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
Battery Park City Chelsea
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
Upper East Side Upper West Side
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
Battery Park City Chelsea
East Village
Financial District
Gramercy Park
Battery Park City Chelsea
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
Upper East Side Upper West Side
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
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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
MEDIAN PRICEMEDIAN PPSF
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
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
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
MEDIAN PRICEMEDIAN PPSF
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
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
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
MEDIAN PRICEMEDIAN PPSF
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
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
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
MEDIAN PRICEMEDIAN PPSF
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
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
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
MEDIAN PRICEMEDIAN PPSF
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
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
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
MEDIAN PRICEMEDIAN PPSF
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
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
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
MEDIAN PRICEMEDIAN PPSF
15 HARLEM
$-
$400,000
$800,000
$1,200,000
$1,600,000
$2,000,000
$-
$400
$800
$1,200
$1,600
$2,000
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
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
MEDIAN PRICEMEDIAN PPSF
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
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
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
MEDIAN PRICEMEDIAN PPSF
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
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
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
MEDIAN PRICEMEDIAN PPSF
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
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
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
MEDIAN PRICEMEDIAN PPSF
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
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
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
MEDIAN PRICEMEDIAN PPSF
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
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
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
MEDIAN PRICEMEDIAN PPSF
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
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
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
MEDIAN PRICEMEDIAN PPSF
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
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
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
MEDIAN PRICEMEDIAN PPSF
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
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
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.
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