manhattan new dev. market report 2014 3rd quarter mns · development market report. new development...

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Manhattan New Dev. Market Report 2014 3rd Quarter

Manhattan New Development Report 3Q14

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mns.comGramercy Park 212.475.9000115 East 23rd Street, New York, NY 10010

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


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mns.com mns.comGramercy Park 212.475.9000115 East 23rd Street, New York, NY 10010



INTRODUCTIONMNS is proud to present the Third Quarter 2014 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 2014 (07/01/14 – 09/30/14). All data summarized is on a median basis.


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Quarter-Over-Quarter Median PPSF

17.6%

Year-Over-Year Median PPSF

34.7%

Manhattan New Development Sponsor Sales

25.5% from last quarterNeighborhood with the Most New Dev Sales

Upper East Side - 24% of Manhattan New Dev Sales

Total New Development Sales Volume

19.3% to $884 Million from $1.1 Billion in 2Q14

Quarter-Over-Quarter Median Sales Price

4.8%

Year-Over-Year Median Sales Price

52.2%

MARKET SNAPSHOT

Sponsor sales of New Development condominiums decreased 25.53% since last quarter. Median Price per Square Foot increased a total of 17.6% from $1,400 to $1,645 since 2Q14. Similarly, Median Sales Pricing rose 4.8% across the entire borough from $1,550,000 to $1,625,109. Excluding Harlem sales data, the Median Price per Square Foot was $1,738 and the Median Sales Price was $1,877,100.

This quarter 248 sponsor units were sold in all of Manhattan. This is a 25.33% decrease in sales compared to 2Q14, down from 333 sales across the borough. Total sales volume fell down 19.35%, from $1,096,287,464 last quarter to $884,186,077 this quarter.

The Upper East Side, the Upper West Side and Harlem again had the highest number of sales as these neighborhoods continue to see the greatest amount of New Development condominium activity in Manhattan. Contrary to this the Lower East Side, TriBeCa, and Battery Park City had no sponsor sales at all this quarter. This mimics last month’s activity when these neighborhoods had minimal sales inventory. The most dramatic shift in activity this quarter took place in the Financial District as sales plummeted by 38 units after experiencing a spike last quarter.

Market Snapshot

Market Summary

Largest Quarterly Up-Swing

Murray HillPPSF $1,851/SF from $1,128/SF Sales Price $1,665,000 from $1,590,513

Highest New Development Sale

157 West 57th St – Apt# 63A - $32,571,705

Largest Quarterly Down-Swing

Midtown WestPPSF $2,769 from $3,631Sales Price $2,999,419 from $6,978,513

Highest New Development Sale PPSF

15 Central Park West – Apt# 33A – $9,662 PPSF


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MARKET SNAPSHOTMurray Hill had the highest increase in Pricing per Square Foot percentage since last quarter, increasing 64.1% from $1,128 to $1,851. Alongside this, Sales Price percentage jumped 4.7%, going from $1,590,513 to $1,665,000. This rise was result of both a low sample size for this neighborhood and also higher priced luxury units being sold this quarter. These transactions include sales of units at Twenty9th Park Madison at 39 East 29th Street and Sky House at 11 East 29th Street.

Midtown West had the largest negative shift in Price per Square Foot percentage this quarter falling 23.8% from $3,631 to $2,769. Sales Price percentage decreased 57% from $6,978,513 to $2,999,419. This appears to be a normalization of the condo market in Midtown West following the four quarter increase starting in 3Q13. The following neighborhoods experienced decreases in Median Sales Pricing since last quarter: Harlem, Midtown West, Chelsea, and Greenwich Village.

The highest number of New Development Sponsor unit sales took place in the Upper East Side at 24% of total borough sales, a 7% increase from last quarter. This was due to an influx of units that closed at 200 East 79th Street. In 2Q14 this distinction belonged to Harlem, however total unit sales dropped to 28 units in the neighborhood this quarter, approximately half of last quarter. All unit types, with the exception of studios, saw a decrease in inventory compared to last month. The greatest number of sales among the unit categories was seen in Three Bedroom Upper East Side units at 45 units sold.

Tracking: Neighborhoods where the majority of each unit type was sold in 3Q14

Market Up-Swings

Market Down-Swings

Inventory Analysis

Highest New Development Sale

157 West 57th St – Apt# 63A - $32,571,705

24% 16% 17% 40%Studios

Harlem & ChelseaOne Bedrooms

Chelsea & Financial DistrictTwo Bedrooms

Upper West Side, Upper East Side & Gramercy Park

1,500 + SFUpper East Side


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MARKET SNAPSHOT3Q14 Median Price per Square Foot (PPSF) By Neighborhood

2Q14 Median Sales Price By Neighborhood

$ 2,3

81$ 3

,920

,262

$ 2,7

69$ 2

,999

,419

$ 1,6

23$ 1

,502

,637

NANA

$ 1,2

04$ 1

,364

,545

Uppe

r Wes

t Sid

e

Uppe

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Harle

m

Harle

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East

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ge

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SoHo

SoHo

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Batte

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City

Batte

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ark

City

NA NA

NA NA

$ 2,0

10$ 4

,700

,000

$ 1,6

18,4

72

$ 2,1

74

$ 1,6

61

$ 2,2

75,0

00

$ 1,2

70$ 7

78,0

85

$ 1,8

51$ 1

,665

,000

$ 1,6

25$ 1

,480

,000

$ 1,6

89$ 2

,100

,000

$ 693

$ 539

,672


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MARKET SNAPSHOT2Q14 % Of Total Sponsor Sales - Borough-Wide

Number of Units Sold in 2Q14

23.7

9%59

6.45

%16

1.21

%

0.81

%2

6.45

%16

0%0

7.26

%18

Uppe

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Harle

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East

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ide

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Batte

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Batte

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City

0%0

2.02

%5

10.4

8%26

0%0

2.82

%7

3

10.4

8%26

16.9

4%42

11.2

9%28


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$900

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

$1,600

$1,700

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14$400,000

$925,000

$1,450,000

$1,975,000

$2,500,000

MANHATTAN

Manhattan Quarterly Tracking

Median PriceMedian PPSF

PPSF Price

Median PPSF

Median Sales Price

Studios 15%1 Bedrooms 26%2 Bedrooms 14%3 Bedrooms 45%

$1,645

$1,625,109

2Q14 Unit Mix Of New Development Sales

(Excluding Harlem Median PPSF is $1,738)

(Excluding Harlem Median Sales Price is $1,877,100


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$700

$1,020

$1,340

$1,660

$1,980

$2,300

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14$0

$1,750,000

$3,500,000

$5,250,000

$7,000,000

BATTERY PARK CITY

Studios N/A1 Bedrooms N/A2 Bedrooms N/A1500+ SF N/A


Battery Park City PPSF By Unit Size (N/A) % Of Sales Within Battery Park City

Battery Park City Quarterly Tracking


PPSF Price


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CHELSEA

Studios $1,2331 Bedrooms $1,2752 Bedrooms $1,0231500+ SF $2,081

Studios 35%1 Bedrooms 38%2 Bedrooms 4%1500+ SF 23%

Chelsea PPSF By Unit Size ($1,270/SF Median)

Chelsea Quarterly Tracking


% Of Sales Within Chelsea

$100

$600

$1,100

$1,600

$2,100

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14$700,000

$1,525,000

$2,350,000

$3,175,000

$4,000,000

PPSF Price


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$600

$1,083

$1,567

$2,050

$2,533

$3,017

$3,500

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14$400,000

$1,320,000

$2,240,000

$3,160,000

$4,080,000

$5,000,000

EAST VILLAGE



East Village PPSF By Unit Size ($1,661/SF Median)

East Village Quarterly Tracking


% Of Sales Within East Village

PPSF Price


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FINANCIAL DISTRICT



Financial District PPSF By Unit Size ($1,204/SF Median)

Financial District Quarterly Tracking


% Of Sales Within Financial District

$600

$800

$1,000

$1,200

$1,400

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14$500,000

$700,000

$900,000

$1,100,000

$1,300,000

$1,500,000

PPSF Price


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GRAMERCY PARK



Gramercy Park PPSF By Unit Size ($1,623/SF Median)

Gramercy Park Quarterly Tracking


% Of Sales Within Gramercy Park

$0

$714

$1,429

$2,143

$2,857

$3,571

$4,286

$5,000

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14$0

$2,000,000

$4,000,000

$6,000,000

$8,000,000

PPSF Price


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GREENWICH VILLAGE

Studios N/A1 Bedrooms $2,6432 Bedrooms $1,7031500+ SF $2,334

Studios N/A1 Bedrooms 57%2 Bedrooms 14%1500+ SF 29%

Greenwich Village PPSF By Unit Size ($2,174/SF Median)

Greenwich Village Quarterly Tracking


% Of Sales Within Greenwich Village

$1,000

$1,625

$2,250

$2,875

$3,500

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14$1,250,000

$2,214,286

$3,178,571

$4,142,857

$5,107,143

$6,071,429

$7,035,714

$8,000,000

PPSF Price


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HARLEM

Studios $6181 Bedrooms $7302 Bedrooms $7371500+ SF $930


Harlem PPSF By Unit Size ($693/SF Median)

Harlem Quarterly Tracking


% Of Sales Within Harlem

$300

$400

$500

$600

$700

$800

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14$400,000

$487,500

$575,000

$662,500

$750,000

PPSF Price


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LOWER EAST SIDE



Lower East Side PPSF By Unit Size (N/A)

Lower East Side Quarterly Tracking


% Of Sales Within Lower East Side

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14$500,000

$687,500

$875,000

$1,062,500

$1,250,000

$1,437,500

$1,625,000

$1,812,500

$2,000,000

PPSF Price


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MIDTOWN EAST



Midtown East PPSF By Unit Size ($1,625/SF Median)

Midtown East Quarterly Tracking


% Of Sales Within Midtown East

$900

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

$1,600

$1,700

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14$500,000

$750,000

$1,000,000

$1,250,000

$1,500,000

$1,750,000

$2,000,000

$2,250,000

$2,500,000

PPSF Price


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MIDTOWN WEST



Midtown West PPSF By Unit Size ($2,769/SF Median)

Midtown West Quarterly Tracking


% Of Sales Within Midtown West

$700

$950

$1,200

$1,450

$1,700

$1,950

$2,200

$2,450

$2,700

$2,950

$3,200

$3,450

$3,700

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14$100,000

$1,825,000

$3,550,000

$5,275,000

$7,000,000

PPSF Price


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MURRAY HILL

Studios N/A1 Bedrooms $1,9732 Bedrooms $1,7291500+ SF N/A

Studios N/A1 Bedrooms 50%2 Bedrooms 50%1500+ SF N/A

Murray Hill PPSF By Unit Size ($1,851/SF Median)

Murray Hill Quarterly Tracking


% Of Sales Within Murray Hill

$700

$900

$1,100

$1,300

$1,500

$1,700

$1,900

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14$100,000

$825,000

$1,550,000

$2,275,000

$3,000,000

PPSF Price


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SOHO

Studios $2,0101 Bedrooms N/A2 Bedrooms N/A1500+ SF $2,175

Studios 20%1 Bedrooms N/A2 Bedrooms N/A1500+ SF 80%

SoHo PPSF By Unit Size ($2,010/SF Median)

SoHo Quarterly Tracking


% Of Sales Within SoHo

$1,000

$1,750

$2,500

$3,250

$4,000

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14$1,000,000

$3,250,000

$5,500,000

$7,750,000

$10,000,000

PPSF Price


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TRIBECA



TriBeCa PPSF By Unit Size (N/A)

TriBeCa Quarterly Tracking


% Of Sales Within TriBeCa

$1,000

$1,225

$1,450

$1,675

$1,900

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14$250,000

$1,687,500

$3,125,000

$4,562,500

$6,000,000

PPSF Price


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UPPER EAST SIDE



Upper East Side PPSF By Unit Size ($2,381/SF Median)

Upper East Side Quarterly Tracking


% Of Sales Within Upper East Side

$900$1,000$1,100$1,200$1,300$1,400$1,500$1,600$1,700$1,800$1,900$2,000$2,100$2,200$2,300$2,400

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

PPSF Price


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UPPER WEST SIDE



Upper West Side PPSF By Unit Size ($1,689/SF Median)

Upper West Side Quarterly Tracking


% Of Sales Within Upper West Side

$800

$1,025

$1,250

$1,475

$1,700

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14$500,000

$1,375,000

$2,250,000

$3,125,000

$4,000,000

PPSF


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THE REPORT EXPLAINED

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 “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.

manhattan new dev. market report 2014 3rd quarter mns · development market report. new development...

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