Upload
others
View
7
Download
0
Embed Size (px)
Citation preview
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
2M 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
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
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
3M 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
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.
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
4M 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
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
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
5M 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
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.
M A R K E T S N A P S H O T
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
6M 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
$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
M A R K E T S N A P S H O T
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
7M 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
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
M A R K E T S N A P S H O T
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
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
8M 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
M A R K E T S N A P S H O T
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
9M 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
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
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%
% 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)
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
NEIGHBORHOOD PRICE TRENDS
10M 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
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
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
$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
Studios 1 Beds 2 Beds 1500+SF
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
NEIGHBORHOOD PRICE TRENDS
11M 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
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
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
$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
Studios 1 Beds 2 Beds 1500+SF
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
NEIGHBORHOOD PRICE TRENDS
12M 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
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
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
$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
Studios 1 Beds 2 Beds 1500+SF
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
NEIGHBORHOOD PRICE TRENDS
13M 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
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
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
$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
Studios 1 Beds 2 Beds 1500+SF
Bushwick PPSF by Unit Size ($501/SF Avg)
P R I C EP P S F
NEIGHBORHOOD PRICE TRENDS
14M 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
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
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
$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
Studios 1 Beds 2 Beds 1500+SF
Carroll Gardens PPSF by Unit Size ($703/SF Avg)
P R I C EP P S F
NEIGHBORHOOD PRICE TRENDS
15M 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
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
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
$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
Studios 1 Beds 2 Beds 1500+SF
Clinton Hill PPSF by Unit Size ($494/SF Avg)
P R I C EP P S F
NEIGHBORHOOD PRICE TRENDS
16M 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
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
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
$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
Studios 1 Beds 2 Beds 1500+SF
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
NEIGHBORHOOD PRICE TRENDS
17M 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
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
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
$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
Studios 1 Beds 2 Beds 1500+SF
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
NEIGHBORHOOD PRICE TRENDS
18M 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
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
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
$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
Studios 1 Beds 2 Beds 1500+SF
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
NEIGHBORHOOD PRICE TRENDS
19M 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
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
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
$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
Studios 1 Beds 2 Beds 1500+SF
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
NEIGHBORHOOD PRICE TRENDS
20M 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
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
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
$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
Studios 1 Beds 2 Beds 1500+SF
Greenpoint PPSF by Unit Size ($581/SF Avg)
P R I C EP P S F
NEIGHBORHOOD PRICE TRENDS
21M 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
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
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
$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
Studios 1 Beds 2 Beds 1500+SF
Kensington PPSF by Unit Size ($413/SF Avg)
P R I C EP P S F
NEIGHBORHOOD PRICE TRENDS
22M 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
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
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
$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
Studios 1 Beds 2 Beds 1500+SF
Park Slope PPSF by Unit Size ($644/SF Avg)
P R I C EP P S F
NEIGHBORHOOD PRICE TRENDS
23M 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
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
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
$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
Studios 1 Beds 2 Beds 1500+SF
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
NEIGHBORHOOD PRICE TRENDS
24M 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
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
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
$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
Studios 1 Beds 2 Beds 1500+SF
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
NEIGHBORHOOD PRICE TRENDS
25M 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
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
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
$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
Studios 1 Beds 2 Beds 1500+SF
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
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
26M 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
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).