manhattan new dev. market report 2016 2nd …manhattan new dev. market report 2016 2nd quarter...

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Manhattan New Dev. Market Report 2016 2nd Quarter

Manhattan New Development Report 2Q16

page 2

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

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.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249



INTRODUCTIONMNS is proud to present the Second Quarter 2016 edition of our New Development Market Report.

MNS is proud to present the Second Quarter 2016 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 Second Quarter of 2016 (01/04/16 – 06/30/16). All data summarized is on a median basis.


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Quarter-Over-Quarter Median PPSF

7.1%

Year-Over-Year Median PPSF

11.5%

Manhattan New Development Sponsor Sales

41.77% from last quarterNeighborhood with the Most New Dev Sales

Upper East Side - 20.24% of Manhattan New Dev Sales

Total New Development Sales Volume

38% to $ 2,346,165,660 from $1,446,121,710 in 2Q16

Quarter-Over-Quarter Median Sales Price

7.88%

Year-Over-Year Median Sales Price

51.1%

MARKET SNAPSHOTMarket Snapshot

Largest Quarterly Up-Swing

Financial DistrictPPSF $1,675/SF from $2,319/SF Sales Price $2,123,815 from $3,961,927

Highest New Development Sale PPSF

155 West 11th Street 4A - $ 6,661 PPSF

Largest Quarterly Down-Swing

Midtown EastPPSF $2,298 from $1,958Sales Price $5,185,105 from $2,977,836

Highest New Development Sale

33 East 74th Street TH – $42,766,500

Manhattan saw a 41.77% decrease in the number of sponsor sales this quarter, from 577 units in 1Q16 to 336 units in 2Q16. In line with this decline, total sales volume too decreased at a rate of 38.36% from $2,346,165,660 in 1Q16 to $1,446,121,710 in this quarter. Despite these decreases, the median sales price grew by 7.9% from $2,731,210 in 1Q16 to $2,946,517, as the Median Price per square foot increased by 7.1% from $1,953 to $2,092.

The following neighborhoods experienced the largest quantities of sponsor units sold in second quarter of 2016; Upper East Side (20.24%), Greenwich Village (14.88%) and Harlem (10.42%). Like the previous quarter, the sponsor sale with the highest price was observed in the Upper East Side, where 33 East 74th Street Unit TH sold for $42,766,500. The highest price per square foot was seen in Greenwich Village at 155 W 11th St Unit 4A sold for $6,661.20 per square foot.

This quarter we saw an almost-even split in number of sales across One-,Two- and Three-Bedroom+ units, while Studio units made up only 1% of the sales.

Market Summary


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MARKET SNAPSHOT

Highest New Development Sale PPSF

155 West 11th Street 4A - $ 6,661 PPSF

The highest quarterly market up-swing was seen in the Financial District where the median sale price per square foot increased by 38.4%, from $1,675psf to $2,320psf and median sales price increased by 86.5%, from $2,123,815 to $3,961,928, as we saw numerous higher priced closings at 56 Leonard St and 5 Franklin Place during the quarter.

From being last quarter’s largest market up-swing, Midtown East this quarter saw the largest downswing, with the median price per square foot decreasing by 14.8% and median price by 42.6%, from $2,298psf ($5,185,105) to $1,958psf ($2,977,836). This was the result of this quarter’s sales coming solely from 301 E 50th st and 305 E 51st st, as opposed to a combination which included 432 Park Ave.

This quarter, just over 65% of the sponsor sales came from the Upper East Side, Greenwich Village, Harlem, Chelsea and the Financial District. The UES consisted largely of sales from 200 E 94th St; Greenwich Village from the West Village Residences at 160 W 12th and 151 W 11th St; Harlem from 159 W 126th St, 225 E 111th St and 305 W 150th St; Chelsea from 245 W 14th St; and in the Financial District, from 56 Leonard St. Neighborhoods where the majority of each unit type was sold in 2Q16:

Market Up-Swings

Market Down-Swings

Market Trends

66.67% 26.21% 15.52% 19.30%Studios

Upper East SideOne BedroomsUpper East Side

Two BedroomsFiDi

Three Bedroom+Upper East Side


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MARKET SNAPSHOT2Q16 Median Price per Square Foot (PPSF) By Neighborhood

2Q16 Median Sales Price By Neighborhood

$ 1,5

03 $ 1,9

58

$ 1,9

31,6

75

$ 1,8

29$ 1

,882

,070

$ 2,4

46$ 5

,142

,163

$ 2,3

20

N/A

$ 3,9

61,9

28

N/A

Uppe

r Wes

t Sid

e

Uppe

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t Sid

e

Harle

m

Harle

m

Uppe

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idto

wn W

est

Mid

town

Wes

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idto

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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

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e

Lowe

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iBeC

a

TriB

eCa

Fina

ntia

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rict

Fina

ntia

l Dist

rict

Batte

ry P

ark

City

Batte

ry P

ark

City

$ 2,3

57$ 6

,618

,625

$ 2,6

72

N/A

$ 5,3

99,2

50

N/A

$ 2,7

79

N/A

$ 6,2

96,8

46

N/A

$ 2,1

04$ 2

,527

,806

$ 2,0

41$ 1

,316

,543

$ 2,9

77,8

36

$ 1,7

88$ 2

,240

,150

$ 964

$ 655

,931


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MARKET SNAPSHOT2Q16 % Of Total Sponsor Sales - Borough-Wide

Number of Units Sold in 2Q16

20.2

4%68

8.04

%27

7.74

%26

0.89

%3

7.74

%26

9.52

%32

N/A

N/A

Uppe

r Wes

t Sid

e

Uppe

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t Sid

e

Harle

mHa

rlem

Uppe

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idto

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est

Mid

town

Wes

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ast

Mid

town

Eas

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urra

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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

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t Sid

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iBeC

a

TriB

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Fina

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rict

Fina

ntia

l Dist

rict

Batte

ry P

ark

City

Batte

ry P

ark

City

5.65

%19

3.27

%11

N/A

N/A

N/A

N/A

14.8

8%50

10.1

2%34

1.49

%5

10.4

2%35


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$-

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$-

$500

$1,000

$1,500

$2,000

$2,500

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

MANHATTAN

Manhattan Quarterly Tracking

Median PriceMedian PPSF

PPSF Price

Median PPSF

Median Sales Price

Studios 1%1 Bedrooms 31%2 Bedrooms 35%3 Bedrooms+ 34%

$2,092

$2,946,516

2Q16 Unit Mix Of New Development Sales

(Excluding Harlem Median PPSF is $2,169)

(Excluding Harlem Median Sales Price is $3,356,880)


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$-

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000

$700

$1,000

$1,300

$1,600

$1,900

$2,200


BATTERY PARK CITY

Studios N/A1 Bedrooms N/A2 Bedrooms N/A3 Bedrooms+ N/A


Battery Park City PPSF By Unit Size ($1,671/SF Median) % Of Sales Within Battery Park City

Battery Park City Quarterly Tracking


PPSF Price


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CHELSEA

$700,000

$1,700,000

$2,700,000

$3,700,000

$4,700,000

$5,700,000

$6,700,000

$100

$600

$1,100

$1,600

$2,100

$2,600

$3,100


Studios $1,5041 Bedrooms $2,0852 Bedrooms $2,0573 Bedrooms+ $2,441


Chelsea PPSF By Unit Size ($2,104/SF Median)

Chelsea Quarterly Tracking


% Of Sales Within Chelsea

PPSF Price


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EAST VILLAGE

$-

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$-

$500

$1,000

$1,500

$2,000

$2,500


Studios N/A 1 Bedrooms N/A2 Bedrooms N/A3 Bedrooms+ N/A


East Village PPSF By Unit Size (N/A/SF Median)

East Village Quarterly Tracking


% Of Sales Within East Village

PPSF Price


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FINANCIAL DISTRICT

$- $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

$-

$500

$1,000

$1,500

$2,000

$2,500


Studios N/A1 Bedrooms $2,0492 Bedrooms $2,3073 Bedrooms+ $2,476

Studios N/A1 Bedrooms 13%2 Bedrooms 56%3 Bedrooms+ 31%

Financial District PPSF By Unit Size ($2,319/SF Median)

Financial District Quarterly Tracking


% Of Sales Within Financial District

PPSF Price


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GRAMERCY PARK

$-

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$-

$750

$1,500

$2,250

$3,000




Gramercy Park PPSF By Unit Size ($2,445/SF Median)

Gramercy Park Quarterly Tracking


% Of Sales Within Gramercy Park

PPSF Price


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GREENWICH VILLAGE

$1,250,000 $2,250,000 $3,250,000 $4,250,000 $5,250,000 $6,250,000 $7,250,000 $8,250,000 $9,250,000 $10,250,000

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500




Greenwich Village PPSF By Unit Size ($2,778/SF Median)

Greenwich Village Quarterly Tracking


% Of Sales Within Greenwich Village

PPSF Price


page 15




HARLEM

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

$300 $400 $500 $600 $700 $800 $900

$1,000 $1,100 $1,200


Studios N/A1 Bedrooms $9052 Bedrooms $9813 Bedrooms+ N/A

Studios N/A1 Bedrooms 54%2 Bedrooms 46%3 Bedrooms+ N/A

Harlem PPSF By Unit Size ($963/SF Median)

Harlem Quarterly Tracking


% Of Sales Within Harlem

PPSF Price


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LOWER EAST SIDE

$-

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$800 $900

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




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

Lower East Side Quarterly Tracking


% Of Sales Within Lower East Side

PPSF Price


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MIDTOWN EAST

$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 $5,500,000

$900

$1,200

$1,500

$1,800

$2,100

$2,400

$2,700




Midtown East PPSF By Unit Size ($1,958/SF Median)

Midtown East Quarterly Tracking


% Of Sales Within Midtown East

PPSF Price


page 18




MIDTOWN WEST

$100,000 $2,100,000 $4,100,000 $6,100,000 $8,100,000 $10,100,000 $12,100,000 $14,100,000

$700 $1,200 $1,700 $2,200 $2,700 $3,200 $3,700 $4,200



Studios N/A1 Bedrooms 19%2 Bedrooms 41%3 Bedrooms+41%

Midtown West PPSF By Unit Size ($1,829/SF Median)

Midtown West Quarterly Tracking


% Of Sales Within Midtown West

PPSF Price


page 19




MURRAY HILL

$100,000

$600,000

$1,100,000

$1,600,000

$2,100,000

$2,600,000

$3,100,000

$3,600,000

$700 $900

$1,100 $1,300 $1,500 $1,700 $1,900 $2,100 $2,300 $2,500


Studios N/A1 Bedrooms $2,0412 Bedrooms N/A3 Bedrooms+ N/A

Studios N/A1 Bedrooms 100%2 Bedrooms N/A3 Bedrooms+ N/A

Murray Hill PPSF By Unit Size ($2,041/SF Median)

Murray Hill Quarterly Tracking


% Of Sales Within Murray Hill

PPSF Price


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$1,000,000

$3,000,000

$5,000,000

$7,000,000

$9,000,000

$11,000,000

$13,000,000

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500


SOHO



SoHo PPSF By Unit Size ($2,672/SF Median)

SoHo Quarterly Tracking


% Of Sales Within SoHo

PPSF Price


page 21




TRIBECA

$-

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000

$1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 $2,400 $2,600


Studios N/A1 Bedrooms N/A2 Bedrooms $1,8353 Bedrooms+ $2,504

Studios N/A1 Bedrooms N/A2 Bedrooms 16%3 Bedrooms+ 84%

TriBeCa PPSF By Unit Size ($2,356/SF Median)

TriBeCa Quarterly Tracking


% Of Sales Within TriBeCa

PPSF Price


page 22




$500,000 $1,500,000 $2,500,000 $3,500,000 $4,500,000 $5,500,000 $6,500,000 $7,500,000

$900 $1,100 $1,300 $1,500 $1,700 $1,900 $2,100 $2,300 $2,500 $2,700


UPPER EAST SIDE

Studios $1,7831 Bedrooms $1,3532 Bedrooms $1,5073 Bedrooms+ $2,513


Upper East Side PPSF By Unit Size ($1,503/SF Median)

Upper East Side Quarterly Tracking


% Of Sales Within Upper East Side

PPSF Price


page 23




UPPER WEST SIDE

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000




Upper West Side PPSF By Unit Size ($1,787/SF Median)

Upper West Side Quarterly Tracking


% Of Sales Within Upper West Side

PPSF Price


page 24




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 2016 2nd …manhattan new dev. market report 2016 2nd quarter...

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