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New Development Report for Q2 2017

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New Development Report for Q2 2017 MANHATTAN BROOKLYN New Development $2,576 $1,413 AVERAGE PRICE AVERAGE PRICE Report PER SQ. FT. ACTIVE PER SQ. FT. ACTIVE $2,172 $1,421 AVERAGE PRICE AVERAGE PRICE PER SQ. FT. PER SQ. FT. CONTRACT SIGNED CONTRACT SIGNED $2,192 $1,342 AVERAGE PRICE AVERAGE PRICE Second2017 Quarter PER SQ. FT. CLOSED PER SQ. FT. CLOSED 5,936 5.5% QoQ 622 -6% QoQ AVAILABLE INVENTORY AVAILABLE INVENTORY (UNITS)* (UNITS)* *Available inventory includes all units currently on the market as well as those not yet released. Summary Points MANHATTAN BROOKLYN MEDIAN PRICE In Manhattan, average pricing decreased PER SQ. FT. modestly for the second straight quarter. New $2,172 PSF development units entering into contract fell 2.1% Active $2,287 $1,396 quarter-over-quarter to $2,172 PSF from $2,219 Contract Signed $2,025 $1,312 in Q1 2017, but rose 2.0% year-over-year from $2,129 PSF in Q2 2016. Avg. PPSF for closed new development units rose 1.0% quarter-over-quarter to $2,192, and fell 2.1% Closed $2,057 $1,319 year-over-year from $2,239 in Q2 2016. AVERAGE PRICE In Brooklyn pricing Outside of PER SQ. FT. continued to rise for Billionaire’s 10.4% $1,207 Active $2,576 $1,413 the second consecutive Row, Harlem quarter. New development entering into experienced the largest quarter- Contract Signed $2,172 $1,421 over-quarter Avg. PPSF increase contract averaged $1,421 PSF, up 4.4% Closed $2,192 $1,342 quarter-over-quarter and 3.8% year-over-year. in Manhattan at 9.8% for sold units This is the second quarter in which pricing (contract signed and closed), has eclipsed the $1,400 PSF level, the first rising to $1,207. This is a result of being Q3 2016. Avg. PPSF for closed new sales at 2231 Adam Clayton Powell MEDIAN PRICE development in Brooklyn rose 10.4% year- Boulevard, 306 West 116th, and 285 Active $3,905,000 $1,797,500 over-year to $1,342. West 110th Street. Contract Signed $2,475,000 $1,295,000 Closed $2,900,000 $1,318,021 In Manhattan, over 350 units entered into contract in Q2 2017, an increase of 6.1% quarter-over-quarter and a decrease of 22.8% 36.4% year-over year from just over 450 units in Q2 2016. In Brooklyn, AVERAGE PRICE over 115 units entered into contract in Q2 2017, remaining flat quarter-over-quarter, but increasing 36.4% year-over-year. These numbers include units that entered into Active $6,682,379 $2,194,886 contract and closed within the same quarter. Contract Signed $3,759,785 $1,690,346 Closed $4,416,978 $1,796,901 The total number of available new development units increased 5,936 5.5% quarter-over-quarter, and 34.6% year-over-year in Manhattan to 5,936. The approval of several new condominium offering plans TOTAL INVENTORY including Waterline Square and 217 West 57th helped boost the total. Additionally, (UNITS) large-scale projects such as One Manhattan Square, Gramercy Square, 125 Greenwich, and Hudson Yards have added to the total in recent quarters. Just over 2,600 units are Total 11,465 1,807 expected to launch sales in 2017, well below a high of nearly 9,200 units in 2006. In Units Available 5,936 622 Brooklyn, available units decreased 6.5% quarter-over-quarter, and 28% year-over-year % Closed or 48.2% 65.6% to approximately 620, highlighting a lean Brooklyn condominium pipeline. Contract Signed HPDM | HPDMNY.COM | 2017 Second Quarter Report | 2 Introduction HPDM is pleased to present our New Development Report for Q2 2017. METHODOLOGY: This report focuses exclusively on the NYC new development condominium § All data is provided by proprietary market, and aims to be the only report Halstead Property Development of its kind presenting a comprehensive Marketing research. picture of new development activity. This report tracks new development TABLE OF CONTENTS New development is unique from § projects only, defined as those new the overall real estate market in that to the market and currently selling MARKET OVERVIEW .........................................5 closings often do not occur for 12 to sponsor units. Buildings that have 18 months after a buyer enters into MARKET OVERVIEW BY QUARTER ............... 6 fully sold out of sponsor units are contract. Therefore, to fully understand not included, even though they may this market it is critical to track active MANHATTAN NEIGHBORHOOD INSIGHT .......7 be newly built. Resale data is not listings, listings in contract, closed included in this report. listings, as well as total inventory. This ANALYSIS BY UNIT TYPE .................................8 report analyzes Q2 2017 as a whole § All listings were compiled as of PRICE POINT ANALYSIS .................................. 9 and is a snapshot of current new 6/19/17. development market conditions. TOTAL INVENTORY ..........................................11 §§ Total§Inventory is defined as all units In Manhattan, pricing for new within new development projects FURTHER INSIGHT .......................................... 12 development units entering into that are currently listed as Active, contract in Q2 2017 fell 2.1% quarter- Contract Signed, or Closed, as well over-quarter to $2,172 PSF from $2,219 as those units not yet released in Q1 2017, but rose 2.0% year-over- to the market. Available§Units is year from $2,129 PSF in Q2 2016. Avg. defined as new development units PPSF for closed new development that are currently listed as Active units rose 1.0% quarter-over-quarter to as well as those not yet released $2,192, and fell 2.1% from $2,239 in Q2 to the market. These numbers 2016. In Brooklyn, new development include units released prior to 2017, entering into contract averaged $1,421 provided they are in a project that PSF, up 4.4% quarter-over-quarter has not sold out all sponsor units. and 3.8% year-over-year. Avg. PPSF By including currently unreleased for closed new development Brooklyn units that are not yet listed as rose 10.4% year-over-year to $1,342. Active this data provides a unique and comprehensive analysis of the current new development market. HPDM | HPDMNY.COM | 2017 Second Quarter Report | 3 ONE PARK 320 ADOLPHUS AVENUE, CLIFFSIDE PARK, NEW JERSEY OneParkCondosNJ.com Market Overview Downtown saw the most development activity in Manhattan in Q2 2017 with more than 400 units either entering into contract or closing. Next to Billionaire’s Row, Downtown shows the highest Avg. Active Price per Sq. Ft. at $2,678. The highest Avg. Price per Sq. Ft. for Contract Signed deals in Q2 2017 occurred Downtown, with an average of $2,442 PSF, up 6.8% year-over-year from $2,286 PSF in Q2 2016. Ground Up vs. Conversions - Avg. Price per Sq. Ft. CONTRACT SIGNED AND CLOSED GROUND-UP VS. CONVERSIONS — AVG. PRICE PER SQ. FT. GROUND UP CONVERSIONS NUMBER OF UNITS NUMBER OF UNITS $8,000 4 600 401 $7,000 500 75 $6,000 $7,268 31 331 400 $5,000 81 $4,000 67 300 19 $3,000 200 $2,000 $2,777 $1,356 $1,207 100 $2,339 $2,324 $2,294 $1,000 $2,269 $1,831 $1,973 $1,816 $1,590 $1,401 $1,363 HARLEM UWS UES MIDTOWN WEST BILLIONAIRE'S ROW* MIDTOWN EAST DOWNTOWN BROOKLYN** ACTIVE, CONTRACT SIGNED, CLOSED — AVG. PRICE PER SQ. FT. ACTIVE CONTRACT SIGNED CLOSED $9,000 $8,000 $7,000 $8,170 $6,000 $6,262 $5,000 $6,191 $6,367 $4,000 $4,982 $3,000 $3,911 $2,000 $1,730 $1,413 $1,421 $1,342 $1,223 $2,879 $1,179 $2,504 $2,422 $2,330 $1,000 $2,119 $2,143 $2,226 $2,678 $1,963 $2,314 $2,136 $2,017 $2,442 $2,273 $1,924 $2,424 $2,248 $1,957 $2,092 $1,619 $1,968 $1,750 $2,098 $1,726 $1,902 $1,908 $2,059 $2,098 $1,751 HARLEM UWS UES MIDTOWN WEST BILLIONAIRE'S MIDTOWN EAST DOWNTOWN BROOKLYN** ROW* *Billionaire's Row comprised of: 432 Park Ave, 53 W 53rd, 520 Park Avenue *Brooklyn neighborhoods tracked: Bedford Stuyvesant, Boerum Hill, Brooklyn Heights, Bushwick, Carroll Gardens, Clinton Hill, Crown Heights, Downtown Brooklyn, DUMBO, Greenpoint, Park Slope, Prospect Heights, Redhook, Williamsburg HPDM | HPDMNY.COM | 2017 Second Quarter Report | 5 Market Overview by Quarter The graph below depicts pricing for Contract Signed and Closed units by quarter. Outside of Billionaire’s Row, Harlem experienced the largest quarter-over-quarter increase in Average PPSF at 9.8%, rising to $1,207, due to sales at 2231 Adam Clayton Powell Boulevard, 306 west 116th, and 285 West 110th Street. Midtown East experienced the second largest quarter-over-quarter increase, rising 7.3% to $2,252 PSF in Q2 2017, due largely to closings at 252 East 57th Street. Meanwhile, Avg. PPSF in Brooklyn rose 3.9% quarter-over-quarter. CONTRACT SIGNED, CLOSED — AVG. PRICE PER SQ. FT. Q3 2016 Q4 2016 Q1 2017 Q2 2017 $8,000 $7,000 $6,000 $7,268 $5,000 $6,188 $5,486 $4,000 $5,259 $3,000 $2,000 $1,362 $1,378 $1,322 $1,207 $1,311 $1,118 $1,117 $1,099 $2,589 $2,251 $2,303 $2,429 $2,341 $1,000 $2,252 $2,335 $2,197 $2,079 $1,987 $2,032 $2,098 $1,964 $1,970 $1,922 $1,958 $2,090 $1,875 $1,850 $1,729 $2,325 HARLEM UWS UES MIDTOWN WEST BILLIONAIRE'S MIDTOWN EAST DOWNTOWN BROOKLYN** ROW* $1,245 *Billionaire's Row comprised of: 432 Park Ave, 53 W 53rd, 520 Park Avenue ** Brooklyn neighborhoods tracked: Bedford Stuyvesant, Boerum Hill, Brooklyn Heights, Bushwick, Carroll Gardens, Clinton Hill, Crown Heights, Downtown Brooklyn, DUMBO, Greenpoint, Park Slope, Prospect Heights, Redhook, Williamsburg.
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