brooklyn new development report - mns · brooklyn new development report 3q11 5 mns.com...

1M N S . c o m 2 1 2 . 4 7 5 . 9 0 0 0 i n f o @ m n s . c o m

C h e l s e a G r a m e r c y W i l l i a m s b u r g

TM

B R O O K LY N N E W D E V E L O P M E N T R E P O R T

2 0 1 1 T H I R D Q U A R T E R

b r o o k l y n n e w d e v e l o p m e n t r e p o r t 3 q 1 1



TA B L E O F C O N T E N T S

Introduction 3

Market Snaphot 4

Neighborhood Pr ice Trends

Bay Ridge 9

Bed-Stuy 10

Brooklyn Heights 11

Boerum-Cobble Hi l l 12

Bushwick 13

Carol l Gardens 14

Clinton Hi l l 15

Crown Heights 16

Downtown Brooklyn 17

Fort Greene 18

Gowanus 19

Greenpoint 20

Kensington 21

Park S lope 22

Prospect Heights 23

Prospect-Lefferts Gardens 24

Wil l iamsburg 25

The Report Explained 26




I N T R O D U C T I O N

MNS is proud to present the Third Quarter 2011 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 Third Quarter of 2011 (07/01/11 – 09/30/11). All data summarized is on a median basis. This month also includes

quarterly tracking graphs over a seven quarter look back (1Q10) and will continue to track the trends going

forward.




Year Over Year Median PPSF – up 7%

Quarter Over Quarter Median PPSF – up 3%

Year Over Year Median Sales Price – up 6%

Quarter Over Quarter Median Sales Price – down 6%

Brooklyn New Development sales inventory - down 34% from last quarter.

Neighborhood with the most inventory – Williamsburg (30%)

Largest quarterly up-swing: Carroll Gardens

PPSF: $703/SF from $626/SF

Sales Price: $800K from $646K

Largest quarterly down-swing: Crown Heights

PPSF: $477 from $571

Sales Price: $366K from $383M

Highest New Development Sale:

OBBP 360 Furman Street #1203 - $2,643,451

MARKET SUMMARY:In Brooklyn, 2011 has faired better than 2010, with the biggest delta in the second quarter comparisons from a

median sales price in 2Q10 at $515K to 2Q11 at $630K.

Year-over-Year Brooklyn New Development Condominium sales price per foot numbers are up 6% ($594/SF this

quarter versus $557/SF in 3Q10), and median sales prices are up 7% (just under $600K this quarter versus $550K

in 3Q10).

Compared to last quarter 2Q11, Brooklyn New Development price per square foot median numbers are up 3%

but median sales prices are down 6%.

MARKET UP-SWINGS:Bay Ridge is finally entering into the market, with 8 two-bedroom closings from a new development called Pier

Pointe at a median sales price of $480K, a 50% median sales price improvement from last quarter.

M A R K E T S N A P S H O T




Selling two bedrooms at a slightly lower median price of $460K is The Waterfalls on Ocean, bringing Ditmas Park

back into the new development market. Not quite the $565K median sales price of two bedrooms at MNS’ Vista

in 3Q10, but it is a 7% boost in median sales prices from 2Q11.

Last quarter’s median prices in Gowanus was $660K and this quarter jumped 17% to $775K. This quarter, new

development sales at Third + Bond and 26 4th Street (median ppf $700/SF) caught up to its competition in

neighboring Carroll Gardens and Boerum Hill (median ppf $703/SF).

In Downtown Brooklyn, without the closings from 189 Schermerhorn this quarter, the median sales price in the

neighborhood actually buoyed to $587K from last quarter’s $475K median sales price. The median price per

foot is still hovering around $650/SF with Oro (80% sold), Toren (75% sold), and Belltel (60% sold) selling off their

remaining inventory, a combined total of 210 units.

MARKET DOWN-SWINGS:Despite Crown Heights’ increase of Brooklyn’s new development inventory from 4% to 7%, units at 765 Park

Place and The Pacific Street Lofts closed at a median ppf of $475/SF, dragging both the neighborhood down

$100/SF from last quarter and sales prices down 10% since the beginning of the year.

Now that the developer auction closed out the last 6 Penthouses at One Hanson Place, Fort Greene’s $593/SF

median price per foot from last quarter is at $577/SF this quarter. Rockwell Place on the border of the neighbor-

hood, where MNS has sold 70% of the building, and a few remaining units at Clermont Greene now structures

the bulk of the neighborhoods’ new development closed inventory.

INVENTORY ANALYSIS:The third quarter of 2011 brought 34% less sponsor sales to Brooklyn’s city registry, compared to last quarter, but

the shift occurred outside of Williamsburg, which steadily holds the same 30% of all Brooklyn’s new development

inventory. Of that 30%, the Edge closed 48 units at a median price of $846/SF.

A dramatic decrease in inventory occurred in Downtown Brooklyn and Greenpoint, both down 5% from the

beginning of the year, and One Prospect Park in Prospect Heights had just 2 sales this quarter.

A 5% increase of new development sales was found in Park Slope this quarter from 8 closings at 136 Saint Marks

Place at the north edge of the neighborhood and another 8 closings at 226 15th Street at the south edge of

the neighborhood.





$250,000

$450,000

$650,000

$850,000

$1,050,000

$1,250,000

Bay R

idge

Bed-St

uy

Brookly

n Heig

hts

Bush

wick

Carroll G

ardens

Clinto

n Hill

Boeru

m H

ill-Cobble H

ill

Crown H

eights

Downtown Br

ooklyn

DUMBO

Fort

Gre

ene

Gowanus

Gre

enpoint

Kensingto

n

Prosp

ect Heig

hts

Prosp

ect-Leffe

rts G

ardens

Park Slo

pe

Willia

msb

urg

3Q11 Median Sales Price by Neighborhood

$250

$350

$450

$550

$650

$750

$850

$950

$1,050

Bay R

idge

Bed-St

uy

Brookly

n Heig

hts

Bush

wick

Carroll G

ardens

Clinto

n Hill

Boeru

m H

ill-Cobble H

ill

Crown H

eights

Downtown Br

ooklyn

DUMBO

Fort

Gre

ene

Gowanus

Gre

enpoint

Kensingto

n

Prosp

ect Heig

hts

Prosp

ect-Leffe

rts G

ardens

Park Slo

pe

Willia

msb

urg

3Q11 Median PPSF by Neighborhood 3Q11 MEDIAN PPSF BY NEIGHBORHOOD

3Q11 MEDIAN SALES PRICE BY NEIGHBORHOOD





0

10

20

30

40

50

60

70

Bay R

idge

Bed-St

uy

Brookly

n Heig

hts

Bush

wick

Carroll G

ardens

Clinto

n Hill

Boeru

m H

ill-Cobble H

ill

Crown H

eights

Downtown Br

ooklyn

DUMBO

Fort

Gre

ene

Gowanus

Gre

enpoint

Kensingto

n

Prosp

ect Heig

hts

Prosp

ect-Leffe

rts G

ardens

Park Slo

pe

Willia

msb

urg

Monthly Absorption Rate

% OF TOTAL SPONSOR SALES BOROUGH-WIDE

3Q11 MONTHLY ABSORPTION RATE


0%

5%

10%

15%

20%

25%

30%

35%

Bay R

idge

Bed-St

uy

Brookly

n Heig

hts

Bush

wick

Carroll G

ardens

Clinto

n Hill

Boeru

m H

ill-Cobble H

ill

Crown H

eights

Downtown Br

ooklyn

DUMBO

Fort

Gre

ene

Gowanus

Gre

enpoint

Kensingto

n

Prosp

ect Heig

hts

Prosp

ect-Leffe

rts G

ardens

Park Slo

pe

Willia

msb

urg

% of total sponsor sales - Brooklyn-wide





3Q11 UNIT MIX OF NEW DEVELOPMENT SALES

BROOKLYN QUARTERLY TRACKING

$200,000

$400,000

$600,000

$800,000

$1,000,000

$300

$400

$500

$600

$700

$800

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

All Brooklyn

Median PPSF

Median Price

P R I C EP P S F

23%

22% 47%

8%

3Q11 Unit Mix of New Development Sales

studios

one bedrooms

two bedrooms

three bedrooms

NEIGHBORHOOD PRICE TRENDS




0%

11%

89%

0%

% of Sales within Bay Ridge

Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700

Studios 1 Beds 2 Beds 1500+SF

Bay Ridge PPSF By Unit Size ($409/SF Avg)

$100,000

$200,000

$300,000

$400,000

$500,000

$100

$200

$300

$400

$500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Bay Ridge

Median PPSF

Median Price

$100,000

$200,000

$300,000

$400,000

$500,000

$100

$200

$300

$400

$500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Bay Ridge

Median PPSF

Median Price

0%

11%

89%

0%


Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700



B AY R I D G E

% OF SALES WITHIN BAY RIDGE

BAY RIDGE QUARTERLY TRACKING

BAY RIDGE PPSF BY UNIT SIZE ($409/SF Median)

P P S F P R I C E





0%

11%

89%

0%


Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700



$100,000

$200,000

$300,000

$400,000

$500,000

$100

$200

$300

$400

$500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Bay Ridge

Median PPSF

Median Price

$300,000

$400,000

$500,000

$600,000

$100

$200

$300

$400

$500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Bed-Stuy

Median PPSF

Median Price

BED-STUY QUARTERLY TRACKING

$100

$200

$300

$400

$500

$600

$700


Bed-Stuy PPSF by Unit Size ($452/SF Avg)

B E D - S T U Y

% OF SALES WITHIN BED-STUY

BED-STUY PPSF BY UNIT SIZE ($452/SF Median)

14%

36% 32%

18%

% of Sales within Bed-Stuy

Studios

1 Beds

2 Beds

1500+SF

P P S F P R I C E

14%

36% 32%

18%

% of Sales within Bed-Stuy

Studios

1 Beds

2 Beds

1500+SF





0%

11%

89%

0%


Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700



$100,000

$200,000

$300,000

$400,000

$500,000

$100

$200

$300

$400

$500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Bay Ridge

Median PPSF

Median Price

$500,000

$750,000

$1,000,000

$1,250,000

$1,500,000

$1,750,000

$400

$500

$600

$700

$800

$900

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Brooklyn Heights

Median PPSF

Median Price

BROOKLYN HEIGHTS QUARTERLY TRACKING

% OF SALES WITHIN BROOKLYN HEIGHTS

B R O O K LY N H E I G H T S

BROOKLYN HEIGHTS PPSF BY UNIT SIZE ($724/SF Median)

6%

19%

44%

31%

% of Sales within Brooklyn Heights

Studios

1 Beds

2 Beds

1500+SF

$300

$400

$500

$600

$700

$800

$900


Brooklyn Heights PPSF by Unit Size ($724/SF Avg)

P R I C EP P S F

6%

19%

44%

31%

% of Sales within Brooklyn Heights

Studios

1 Beds

2 Beds

1500+SF





0%

11%

89%

0%


Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700



$100,000

$200,000

$300,000

$400,000

$500,000

$100

$200

$300

$400

$500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Bay Ridge

Median PPSF

Median Price

$300,000

$550,000

$800,000

$1,050,000

$300

$400

$500

$600

$700

$800

$900

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Boerum Hill-Cobble Hill

Median PPSF

Median Price

BOERUM-COBBLE HILL QUARTERLY TRACKING

% OF SALES WITHIN BOERUM-COBBLE HILL

BOERUM-COBBLE HILL PPSF BY UNIT SIZE ($709/SF Median)

B O E R U M - C O B B L E H I L L

0%

10%

75%

15%

% of Sales within Boerum-Cobble Hill

Studios

1 Beds

2 Beds

1500+SF

$300

$400

$500

$600

$700

$800

$900


Boerum-Cobble Hill PPSF by Unit Size ($709/SF Avg)

P R I C EP P S F

0%

10%

75%

15%

% of Sales within Boerum-Cobble Hill

Studios

1 Beds

2 Beds

1500+SF





0%

11%

89%

0%


Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700



$100,000

$200,000

$300,000

$400,000

$500,000

$100

$200

$300

$400

$500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Bay Ridge

Median PPSF

Median Price

$100,000

$300,000

$500,000

$700,000

$100

$200

$300

$400

$500

$600

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Bushwick

Median PPSF

Median Price

BUSHWICK QUARTERLY TRACKING

% OF SALES WITHIN BUSHWICK

BUSHWICK PPSF BY UNIT SIZE ($501/SF Median)

B U S H W I C K

46%

45%

9%

0%

% of Sales within Bushwick

Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700


Bushwick PPSF by Unit Size ($501/SF Avg)

P R I C EP P S F





0%

11%

89%

0%


Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700



$100,000

$200,000

$300,000

$400,000

$500,000

$100

$200

$300

$400

$500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Bay Ridge

Median PPSF

Median Price

$300,000

$500,000

$700,000

$900,000

$400

$500

$600

$700

$800

$900

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Carroll Gardens

Median PPSF

Median Price

CARROLL GARDENS QUARTERLY TRACKING

C A R R O L L G A R D E N S

% OF SALES WITHIN CARROLL GARDENS

CARROLL GARDENS PPSF BY UNIT SIZE ($703/SF Median)

0%

67%

33%

0%

% of Sales within Carroll Gardens

Studios

1 Beds

2 Beds

1500+SF

0%

67%

33%

0%

% of Sales within Carroll Gardens

Studios

1 Beds

2 Beds

1500+SF

$300

$400

$500

$600

$700

$800

$900


Carroll Gardens PPSF by Unit Size ($703/SF Avg)

P R I C EP P S F





0%

11%

89%

0%


Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700



$100,000

$200,000

$300,000

$400,000

$500,000

$100

$200

$300

$400

$500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Bay Ridge

Median PPSF

Median Price

$200,000

$450,000

$700,000

$950,000

$200

$300

$400

$500

$600

$700

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Clinton Hill

Median PPSF

Median Price

CLINTON HILL QUARTERLY TRACKING

% OF SALES WITHIN CLINTON HILL

CLINTON HILL PPSF BY UNIT SIZE ($481/SF Median)

C L I N T O N H I L L

0%

21%

79%

0%

% of Sales within Clinton Hill

Studios

1 Beds

2 Beds

1500+SF

0%

21%

79%

0%

% of Sales within Clinton Hill

Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700


Clinton Hill PPSF by Unit Size ($494/SF Avg)

P R I C EP P S F





0%

11%

89%

0%


Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700



$100,000

$200,000

$300,000

$400,000

$500,000

$100

$200

$300

$400

$500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Bay Ridge

Median PPSF

Median Price

$100,000

$300,000

$500,000

$700,000

$200

$300

$400

$500

$600

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Crown Heights

Median PPSF

Median Price

CROWN HEIGHTS QUARTERLY TRACKING

% OF SALES WITHIN CROWN HEIGHTS

CROWN HEIGHTS PPSF BY UNIT SIZE ($477/SF Median)

C R O W N H E I G H T S

42%

25%

25%

8%

% of Sales within Crown Heights

Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700


Crown Heights PPSF by Unit Size ($477/SF Avg)

P R I C EP P S F

42%

25%

25%

8%

% of Sales within Crown Heights

Studios

1 Beds

2 Beds

1500+SF





0%

11%

89%

0%


Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700



$100,000

$200,000

$300,000

$400,000

$500,000

$100

$200

$300

$400

$500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Bay Ridge

Median PPSF

Median Price

$200,000

$450,000

$700,000

$950,000

$200

$300

$400

$500

$600

$700

$800

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Downtown Brooklyn

Median PPSF Median Price

DOWNTOWN BROOKLYN QUARTERLY TRACKING

% OF SALES WITHIN DOWNTOWN BROOKLYN

DOWNTOWN BROOKLYN PPSF BY UNIT SIZE ($654/SF Median)

D O W N T O W N B R O O K LY N

18%

32% 43%

7%

% of Sales within Downtown Brooklyn

Studios

1 Beds

2 Beds

1500+SF

$200

$300

$400

$500

$600

$700

$800


Downtown Brooklyn PPSF by Unit Size ($654/SF Avg)

P R I C EP P S F

18%

32% 43%

7%

% of Sales within Downtown Brooklyn

Studios

1 Beds

2 Beds

1500+SF





0%

11%

89%

0%


Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700



$100,000

$200,000

$300,000

$400,000

$500,000

$100

$200

$300

$400

$500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Bay Ridge

Median PPSF

Median Price

$300,000

$500,000

$700,000

$900,000

$200

$300

$400

$500

$600

$700

$800

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Fort Greene

Median PPSF

Median Price

FORT GREENE QUARTERLY TRACKING

% OF SALES WITHIN FORT GREENE

FORT GREENE PPSF BY UNIT SIZE ($577/SF Median)

F O R T G R E E N E

9%

37%

36%

18%

% of Sales within Fort Greene

Studios

1 Beds

2 Beds

1500+SF

$200

$300

$400

$500

$600

$700

$800


Fort Greene PPSF by Unit Size ($577/SF Avg)

P R I C EP P S F

9%

37%

36%

18%

% of Sales within Fort Greene

Studios

1 Beds

2 Beds

1500+SF





0%

11%

89%

0%


Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700



$100,000

$200,000

$300,000

$400,000

$500,000

$100

$200

$300

$400

$500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Bay Ridge

Median PPSF

Median Price

$200,000

$450,000

$700,000

$950,000

$300

$400

$500

$600

$700

$800

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Gowanus

Median PPSF

Median Price

GOWANUS QUARTERLY TRACKING

% OF SALES WITHIN GOWANUS

GOWANUS PPSF BY UNIT SIZE ($703/SF Median)

G O WA N U S

34%

8% 50%

8%

% of Sales within Gowanus

Studios

1 Beds

2 Beds

1500+SF

$300

$400

$500

$600

$700

$800

$900


Gowanus PPSF by Unit Size ($703/SF Avg)

P R I C EP P S F

34%

8% 50%

8%

% of Sales within Gowanus

Studios

1 Beds

2 Beds

1500+SF





0%

11%

89%

0%


Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700



$100,000

$200,000

$300,000

$400,000

$500,000

$100

$200

$300

$400

$500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Bay Ridge

Median PPSF

Median Price

$200,000

$400,000

$600,000

$800,000

$300

$400

$500

$600

$700

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Greenpoint

Median PPSF

Median Price

GREENPOINT QUARTERLY TRACKING

% OF SALES WITHIN GREENPOINT

GREENPOINT PPSF BY UNIT SIZE ($581/SF Median)

G R E E N P O I N T

40%

12%

48%

0%

% of Sales within Greenpoint

Studios

1 Beds

2 Beds

1500+SF

40%

12%

48%

0%

% of Sales within Greenpoint

Studios

1 Beds

2 Beds

1500+SF

$200

$300

$400

$500

$600

$700

$800


Greenpoint PPSF by Unit Size ($581/SF Avg)

P R I C EP P S F





0%

11%

89%

0%


Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700



$100,000

$200,000

$300,000

$400,000

$500,000

$100

$200

$300

$400

$500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Bay Ridge

Median PPSF

Median Price

$200,000

$400,000

$600,000

$800,000

$200

$300

$400

$500

$600

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Kensington

Median PPSF

Median Price

KENSINGTON QUARTERLY TRACKING

% OF SALES WITHIN KENSINGTON

KENSINGTON PPSF BY UNIT SIZE ($413/SF Median)

K E N S I N G T O N

0%

33%

67%

0%

% of Sales within Kensington

Studios

1 Beds

2 Beds

1500+SF

0%

33%

67%

0%

% of Sales within Kensington

Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600


Kensington PPSF by Unit Size ($413/SF Avg)

P R I C EP P S F





0%

11%

89%

0%


Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700



$100,000

$200,000

$300,000

$400,000

$500,000

$100

$200

$300

$400

$500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Bay Ridge

Median PPSF

Median Price

$200,000

$400,000

$600,000

$800,000

$1,000,000

$300

$400

$500

$600

$700

$800

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Park Slope

Median PPSF

Median Price

PARK SLOPE QUARTERLY TRACKING

% OF SALES WITHIN PARK SLOPE

PARK SLOPE PPSF BY UNIT SIZE ($644/SF Median)

PA R K S L O P E

27%

12% 61%

0%

% of Sales within Park Slope

Studios

1 Beds

2 Beds

1500+SF

27%

12% 61%

0%

% of Sales within Park Slope

Studios

1 Beds

2 Beds

1500+SF

$200

$300

$400

$500

$600

$700

$800


Park Slope PPSF by Unit Size ($644/SF Avg)

P R I C EP P S F





0%

11%

89%

0%


Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700



$100,000

$200,000

$300,000

$400,000

$500,000

$100

$200

$300

$400

$500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Bay Ridge

Median PPSF

Median Price

$500,000

$1,000,000

$1,500,000

$2,000,000

$500

$600

$700

$800

$900

$1,000

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Prospect Heights

Median PPSF

Median Price

PROSPECT HEIGHTS QUARTERLY TRACKING

% OF SALES WITHIN PROSPECT HEIGHTS

PROSPECT HEIGHTS PPSF BY UNIT SIZE ($938/SF Median)

P R O S P E C T H E I G H T S

0% 0%

40%

60%

% of Sales within Prospect Heights

Studios

1 Beds

2 Beds

1500+SF

$500

$700

$900

$1,100

$1,300

$1,500


Prospect Heights PPSF by Unit Size ($938/SF Avg)

P R I C EP P S F

0% 0%

40%

60%

% of Sales within Prospect Heights

Studios

1 Beds

2 Beds

1500+SF





0%

11%

89%

0%


Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700



$100,000

$200,000

$300,000

$400,000

$500,000

$100

$200

$300

$400

$500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Bay Ridge

Median PPSF

Median Price

$200,000

$300,000

$400,000

$500,000

$600,000

$100

$200

$300

$400

$500

$600

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Prospect-Lefferts Gardens

Median PPSF

Median Price

PROSPECT-LEFFERTS GARDENS QUARTERLY TRACKING

$100

$200

$300

$400

$500

$600

$700


Prospect-Lefferts Gardens PPSF by Unit Size ($411/SF Avg)

% OF SALES WITHIN PROSPECT-LEFFERTS GARDENS

PROSPECT-LEFFERTS GARDENS PPSF BY UNIT SIZE ($411/SF Median)

P R O S P E C T - L E F F E R T S G A R D E N S

60%

0%

40%

0%

% of Sales within Prospect-Lefferts Gardens

Studios

1 Beds

2 Beds

1500+SF

60%

0%

40%

0%

% of Sales within Prospect-Lefferts Gardens

Studios

1 Beds

2 Beds

1500+SF

P R I C EP P S F





0%

11%

89%

0%


Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700



$100,000

$200,000

$300,000

$400,000

$500,000

$100

$200

$300

$400

$500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Bay Ridge

Median PPSF

Median Price

$200,000

$400,000

$600,000

$800,000

$1,000,000

$400

$500

$600

$700

$800

$900

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Williamsburg

Median PPSF

Median Price

WILLIAMSBURG QUARTERLY TRACKING

% OF SALES WITHIN WILLIAMSBURG

WILLIAMSBURG PPSF BY UNIT SIZE ($726/SF Median)

W I L L I A M S B U R G

29%

24%

38%

9%

% of Sales within Williamsburg

Studios

1 Beds

2 Beds

1500+SF

$400

$500

$600

$700

$800

$900

$1,000


Williamsburg PPSF by Unit Size ($726/SF Avg)

P R I C EP P S F

29%

24%

38%

9%

% of Sales within Williamsburg

Studios

1 Beds

2 Beds

1500+SF




T H E R E P O R T E X P L A I N E D

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, 1-bedrooms, and 2-bedroom units are grouped by square

footage ranges. Studios are under 700 square feet, 1-bedrooms are under 900 square feet, and 2-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 5,500 square feet.

Presented with a quarter-over-quarter and year-over-year comparison, both city-wide and by neighborhood,

MNS’ New Development Report tracks the market trends throughout Manhattan and Brooklyn . MNS offers a

unique insight to 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: 212.475.9000

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 “Brooklyn New Development Report” with a link back to its

original location (http://www.mns.com/brooklyn_new_development_report).

brooklyn new development report - mns · brooklyn new development report 3q11 5 mns.com...

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