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QUEENS NEW DEVELOPMENTMARKET REPORT
MNS.COM
CONTENTS
INTRODUCTION ..............................................................................................................................................
MARKET SNAPSHOT.........................................................................................................................................
NEIGHBORHOOD PRICE TRENDS ......................................................................................................................
ASTORIA..............................................................................................................................................
FLUSHING............................................................................................................................................
FOREST HILLS.......................................................................................................................................
JACKSON HEIGHTS................................................................................................................................
LONG ISLAND CITY................................................................................................................................
REGO PARK..........................................................................................................................................
RIDGEWOOD.........................................................................................................................................
THE REPORT EXPLAINED...................................................................................................................................
2 TABLE OF CONTENTS
3
4
9
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10
11
12
13
14
15
16
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 is summarized on a median basis.
3 INTRODUCTION
QUARTER-OVER-QUARTER MEDIAN PPSF
↑18.9%
QUEENS NEW DEVELOPMENT SPONSOR SALES ↑65.6% from last quarter
NEIGHBORHOOD WITH THE MOST NEW DEV SALES LONG ISLAND CITY68.9% of Queens New Dev Sales
TOTAL NEW DEVELOPMENT SALES VOLUME ↑85.4% to $97,728,773 from $52,718,765 in 2Q19
LARGEST QUARTERLY UP-SWINGREGO PARKPPSF $846/SF from $775/SF Sales Price $702,593 from $634,370
LARGEST QUARTERLY DOWN-SWING ASTORIAPPSF $1,055 from $1,097Sales Price $555,000 from $631,000
HIGHEST NEW DEVELOPMENT SALE PPSF22-18 Jackson Avenue 1002$1,540 PPSF
HIGHEST NEW DEVELOPMENT SALE22-18 Jackson Avenue 1002$2,360,000
QUARTER-OVER-QUARTER MEDIAN SALES PRICE
↑7.5%
YEAR-OVER-YEAR MEDIAN SALES PRICE
↓6.5%
MARKET SNAPSHOT
YEAR-OVER-YEAR MEDIAN PPSF
↑7.9%
4 MARKET SNAPSHOT
88% 81% 42% 80%STUDIOSLONG ISLAND CITY
ONE BEDROOMSLONG ISLAND CITY
TWO BEDROOMSFLUSHING
THREE BEDROOMS +LONG ISLAND CITY
MARKET SNAPSHOT
Quarter-over-quarter, the total sales volume of Queens spon-sor units increased by 85.38%, from $52,718,765 during 2Q19 to $97,728,773 this past quarter. The total number of sales increased by 65.6%, from 64 sales during 2Q19 to 106 sales this past quarter. Quarter-over-quarter, the median price per square foot for a Queens sponsor unit increased by 18.9%, from $1,040.60 to $1,237.55. The median price paid for a Queens sponsor unit increased by 7.5%, from $809,607
to $870,000. Year-over-year, median price per square foot is down 7.9%, while the median price is down 6.5% in that same span.
This past quarter, the highest price paid for a Queens sponsor unit was at 22-18 Jackson Avenue, where unit 1002 sold for $2,360,000 or $1,540 per square foot. Unit 1002 at 22-18 Jackson Avenue was also the highest price paid per square foot for a Queens sponsor unit this past quarter.
This past quarter, the majority of Queens sponsor sales were in Long Island City where 68.9% of all sponsor sales took occurred. This translates to 73 out of the 106 total sponsor unit sales that took place in Queens during 3Q19.
The largest quarterly up-swing occurred in Rego Park, where the median price per square foot increased by 9.2%, from $775 to $846. Additionally, the median sales price in Rego Park increased by 10.8%, from $634,370 to $702,593.
The largest down-swing this quarter occurred in Astoria, where the median price per square foot decreased by 3.9%, from $1,097 to $1,055. Additionally, the median sales price in Astoria decreased by 12.0%, from $631,000 to $555,000.
During the third quarter of 2019, sixteen studio sponsor unit were sold, representing 15.09% of all sponsor unit sales in Queens. One-bedroom sponsor units represented 50.94% of all sponsor unit sales in Queens during 3Q19, or 54 out of 106 total sales. Two-bedroom sponsor units represented 29.25% of all Queens sponsor unit sales, or 31 out of 106 total sales. Three-bedroom or larger sponsor units comprised the remaining 4.2% of Queens sponsor sales that occurred during 3Q19, or 5 out 106 total sales.
MARKET SUMMARY
MARKET UP-SWINGS
MARKET TRENDS
NEIGHBORHOODS WHERE THE MAJORITY OF EACH UNIT TYPE WAS SOLD
MARKET DOWN-SWINGS
5 MARKET SNAPSHOT
MARKET SNAPSHOT
3Q19 MEDIAN PRICE PER SQUARE FOOT (PPSF) BY NEIGHBORHOOD
3Q19 MEDIAN SALES PRICEBY NEIGHBORHOOD
Astoria
Flushing
Forest Hills
Astoria
Flushing
Forest Hills
Jackson Heights
Long Island City
Jackson Heights
Long Island City
Rego Park
Ridgewood
Rego Park
Ridgewood
6 MARKET SNAPSHOT
$1,055 $1,052
$761 $1,327
$846
-
$555,000 $1,036,383
$431,964
$894,219
$702,593
-
$980
$750,450
MARKET SNAPSHOT
3Q19 % OF TOTAL SPONSOR SALES BOROUGH-WIDE
NUMBER OF UNITS SOLDIN 3Q19
7 MARKET SNAPSHOT
Astoria
Flushing
Forest Hills
Jackson Heights
Long Island City
Rego Park
Ridgewood
4.7%
16.0%
4.7%
68.9%
2.8%
0.0%
2.8%
Astoria
Flushing
Forest Hills
Jackson Heights
Long Island City
Rego Park
Ridgewood
5
17
5
73
3
0
3
QUEENS
3Q19 UNIT MIX OF NEW DEVELOPMENT SALES
MEDIAN PPSF
MEDIAN PPSF
MEDIAN SALES PRICE
MEDIAN SALES PRICE
Studios 1 Bedrooms
2 Bedrooms
3 Bedrooms
15%
51%
29%
5%
$1,238 $870,000
QUEENS QUARTERLY TRACKING
MEDIAN PRICEMEDIAN PPSF
8 QUEENS
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$500.00
$700.00
$900.00
$1,100.00
$1,300.00
$1,500.00
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
ASTORIA
MEDIANPPSF
% OF SALES WITH INASTORIA
ASTORIAPPSF
MEDIAN PPSF
MEDIAN SALES PRICE
Studios 1 Bedrooms
2 Bedrooms
3 Bedrooms
Studios 1 Bedrooms
2 Bedrooms
3 Bedrooms
$1,071
$864
$1,071
N/A
40%
40%
20%
0%
$1,055
ASTORIA QUARTERLY TRACKING
MEDIAN PRICEMEDIAN PPSF
9 ASTORIA
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
$600
$800
$1,000
$1,200
$1,400
$1,600
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
FLUSHING
MEDIANPPSF
% OF SALES WITH INFLUSHING
FLUSHING PPSF
Studios 1 Bedrooms
2 Bedrooms
3 Bedrooms
Studios 1 Bedrooms
2 Bedrooms
3 Bedrooms
N/A
$880
$1,099
$1,043
0%
18%
76%
6%
$1,052
MEDIAN PPSF
MEDIAN SALES PRICE
FLUSHING QUARTERLY TRACKING
MEDIAN PRICEMEDIAN PPSF
10 FLUSHING
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$600
$800
$1,000
$1,200
$1,400
$1,600
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
FOREST HILLS
MEDIANPPSF
% OF SALES WITH INFOREST HILLS
FOREST HILLSPPSF
Studios 1 Bedrooms
2 Bedrooms
3 Bedrooms
Studios 1 Bedrooms
2 Bedrooms
3 Bedrooms
N/A
$990
$930
N/A
0%
67%
33%
0%
$980
MEDIAN PPSF
MEDIAN SALES PRICE
FOREST HILLSQUARTERLY TRACKING
MEDIAN PRICEMEDIAN PPSF
11 FOREST HILLS
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
$300
$500
$700
$900
$1,100
$1,300
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
JACKSON HEIGHTS
MEDIANPPSF
% OF SALES WITH INJACKSON HEIGHTS
JACKSON HEIGHTS PPSF
Studios 1 Bedrooms
2 Bedrooms
3 Bedrooms
Studios 1 Bedrooms
2 Bedrooms
3 Bedrooms
N/A
$706
$784
N/A
0%
60%
40%
0%
$761
MEDIAN PPSF
MEDIAN SALES PRICE
JACKSON HEIGHTSQUARTERLY TRACKING
MEDIAN PRICEMEDIAN PPSF
12 JACKSON HEIGHTS
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
$300
$500
$700
$900
$1,100
$1,300
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
LONG ISLAND CITY
MEDIANPPSF
% OF SALES WITH INLONG ISLAND CITY
LONG ISLAND CITYPPSF
MEDIAN PPSF
MEDIAN SALES PRICE
Studios 1 Bedrooms
2 Bedrooms
3 Bedrooms
Studios 1 Bedrooms
2 Bedrooms
3 Bedrooms
$1,301
$1,306
$1,346
$1,419
19%
60%
15%
5%
$1,327
LONG ISLAND CITYQUARTERLY TRACKING
MEDIAN PRICEMEDIAN PPSF
13 LONG ISLAND CITY
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
REGO PARK
MEDIANPPSF
% OF SALES WITH INREGO PARK
REGO PARKPPSF
Studios 1 Bedrooms
2 Bedrooms
3 Bedrooms
Studios 1 Bedrooms
2 Bedrooms
3 Bedrooms
N/A
N/A
$846
N/A
0%
0%
100%
0%
$846
MEDIAN PPSF
MEDIAN SALES PRICE
REGO PARK QUARTERLY TRACKING
MEDIAN PRICEMEDIAN PPSF
14 REGO PARK
$400,000
$450,000
$500,000
$550,000
$600,000
$650,000
$700,000
$750,000
$800,000
$600
$750
$900
$1,050
$1,200
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
RIDGEWOOD
MEDIANPPSF
% OF SALES WITH INRIDGEWOOD
RIDGEWOODPPSF
Studios 1 Bedrooms
2 Bedrooms
3 Bedrooms
Studios 1 Bedrooms
2 Bedrooms
3 Bedrooms
N/A
N/A
N/A
N/A
0%
0%
0%
0%
N/A
MEDIAN PPSF
MEDIAN SALES PRICE
RIDGEWOODQUARTERLY TRACKING
MEDIAN PRICEMEDIAN PPSF
15 RIDGEWOOD
$400,000
$450,000
$500,000
$550,000
$600,000
$650,000
$700,000
$400
$600
$800
$1,000
$1,200
$1,400
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
THE REPORTEXPLAINED
16 THE REPORT EXPLAINED
INCLUDED IN THIS RESEARCH ARE WALK-UP AND ELEVATOR NEW DE-VELOPMENT CONDOMINIUM BUILD-INGS, AS WELL AS NEW CONVERSION CONDOMINIUMS IF THE SALES WERE APPLICABLE SPONSOR TRANSAC-TIONS. EXCLUDED FROM THE RE-PORT ARE ALL COOPERATIVE SALES.
Unit types are separated into studios, one-bedrooms, two-bed-rooms and three-bedrooms+. Square footages are reported in accordance with the building’s filed condo declaration. Typically, studios are under 550 square feet, one-bed-rooms 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 Queens. 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.com
Contact Us Now: 718.222.0211Note: All market data is collected and compiled by MNS’ marketing department. The information pre-sented here is intended for instruc-tive purposes only and has been gathered from sources deemed reliable, though it may be subject to errors, omissions, changes or with-drawal without notice.
If you would like to republish this report on the web, please be sure to source it as the “Queens New De-velopment Report” with a link back to its original location
http://www.mns.com/Queens_new_dev_report
WILLIAMSBURG40 N. 6th StQueens, NY 11249
CORPORATE OFFICE97 N. 10th St, 2CQueens, NY 11249
MNS.COM 718-222-0211
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