queens new development2019 (7/01/19 – 9/30/19). all data is summarized on a median basis. ... sor...

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

9

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


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


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


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


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


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


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


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

queens new development2019 (7/01/19 – 9/30/19). all data is summarized on a median basis. ... sor...

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