Brooklyn New Dev. Market Report 2014 4th Quarter mns.com Brooklyn New Development Report 4Q14 TABLE OF CONTENTS TABLE OF CONTENTS
03 Introduction 04 Market Snapshot 09 Neighborhood Price Trends 09 Bay Ridge 10 Bed-Stuy 11 Brooklyn Heights 12 Bushwick 13 Carroll Gardens 14 Clinton Hill 15 Cobble Hill & Boerum Hill 16 Crown Heights 17 Downtown Brooklyn 18 DUMBO 19 Fort Greene 20 Gowanus 21 Greenpoint 22 Kensington 23 Prospect Heights 24 Prospect-Lefferts Gardens 25 Park Slope 26 Williamsburg 27 The Report Explained
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
INTRODUCTION MNS is proud to present the Fourth Quarter 2014 edition of our New Development Market
Report.
New Development Sales data, defined as such “Arms-Length” first feringof 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 Fourth Quarter of 2014 (10/01/14 – 12/31/14). All data summarized is on a median basis.
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 mns.com 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
MARKET SNAPSHOT
Market Snapshot
Year-Over-Year Brooklyn New Development Sales Median PPSF 22.9% from 3Q14
12.3% Neighborhood with the Most New Dev Sales
Quarter-Over-Quarter Boerum Hill & Cobble Hill (27% of all Brooklyn) Median PPSF 26.6% Total New Development Sales Volume Year-Over-Year 14.4% to $40.2 Million from $46.9 Million in 3Q14 Median Sales Price 32.0% Highest New Development Sale Quarter-Over-Quarter Median Sales Price 255 Columbia St. Apt.PH, Cobble Hill – $ 2,545,625 26.6% Highest New Development Sale PPSF 360 Furman St Apt.1114, Brooklyn Heights – $1,349/SF
Market Summary
The total number of New Development Sponsor sales in Brooklyn fell down 14.44% from 3Q14. The following neighborhoods did not account for any New Development sales during this time: Bay Ridge, Downtown Brooklyn, DUMBO, Gowanus, Kensington, Prospect-Lefferts Gardens, Park Slope and Williamsburg. The decrease in volume is due to the minimal amount of new condominium construction. However, pricing levels continue to increase with median sales pricing and price per square foot both increasing just over 26% since the last quarter.
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
MARKET SNAPSHOT
Market Up-Swings
As various sales at 255 Columbia st closed, Boerum-Cobble Hill saw the most new development sponsor sales in all of Brooklyn at 27.03%. The neighborhood also saw a 10.7% and 20.4% increase in price per square foot and sales price, respectively, largely driven by the Columbia street closings. Brooklyn Heights too saw great movement in pricing levels with Apartment #1114 at 360 Furman St aka One Brooklyn Bridge Park closing at $2.138 million. However, the Penthouse at 255 Columbia st led the highest price sale this quarter at $2.546 million.
Market Down-Swings
A 4-unit, 4-floor pre-war building at 256 Cumberland Street was converted to condominiums in 2014, making up the entire inventory sample for Fort Greene. These sales led to the largest Brooklyn down-swing where price per square foot fell 25.3% from $1,085 to $810 and Median Price fell 44.6% from $1,639,382 to $855,000. We expect to see this number increase in the coming year as Fort Greene is on track to get a new batch of high end new development, beginning a new cycle of market up-swings.
Sales Volume Highest New Development Sale
255 Columbia St. Apt.PH, Cobble Hill – $ 2,545,625 Two-Bedroom units and Three-Bedroom units represented 43.2% and 37.8% of all sales in Brooklyn during 4Q14 respectively. The neighborhood that accounted for the highest number of New Development Sponsor unit sales was Boerum-Cobble Hill with 10 transactions, 27.03% of total borough sales. This was due to an influx of units that closed at 255 Columbia Street.
The neighborhoods that sold the most amount of 4Q14 new development inventory per unit size:
100% 100% 75% 43% Studios One Bedrooms Two Bedrooms 1,500 + SF Fort Greene/ Bushwick, Carroll Garden, Bed-Stuy, Clinton Hill, Boerum-Cobble Hill Boerum Hill-Cobble Hill Clinton Hill, Crown Heights, Boerum-Cobble Hill and (1 unit sold each neighborhood) and Greenpoint Prospect Heights (1 unit sold each neighborhood) (3 units sold each neighborhood)
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 mns.com 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14 MARKET SNAPSHOT
4Q14 Median Price per Square Foot (PPSF) By Neighborhood 1,349 $ 1,247 $ 978 961 $ $ 894 887 $ $ 844 $ 810 $ 662 $ 639 $
DUMBO Bed-Stuy Bushwick Gowanus Bay Ridge Park Slope Clinton Hill GreenpointKensington Fort Greene Williamsburg Crown Heights Carroll Gardens Brooklyn Heights Prospect Heights Downtown Brooklyn
Boerum Hill & Cobble Hill Prospect-Lefferts Gardens
4Q14 Median Sales Price By Neighborhood 2,138,325 $ 2,011,703 $ 1,219,354 $ 1,013,158 $ 899,000 915,406 $ 864,494 $ 855,000 $ $ 579,000 $ 463,220 $
DUMBO Bed-Stuy Bushwick Gowanus Bay Ridge Park Slope Clinton Hill GreenpointKensington Fort Greene Williamsburg Crown Heights Carroll Gardens Brooklyn Heights Prospect Heights Downtown Brooklyn
Boerum Hill & Cobble Hill Prospect-Lefferts Gardens page 6
Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
MARKET SNAPSHOT
% Of Total New Development Sales Borough-Wide 27% 14% 14% 14% 8% 8% 8% 3% 3% 3% 0% 0% 0% 0% 0% 0% 0% 0%
DUMBO Bed-Stuy Bushwick Gowanus Bay Ridge Park Slope Clinton Hill GreenpointKensington Fort Greene Williamsburg Crown Heights Carroll Gardens Brooklyn Heights Prospect Heights Downtown Brooklyn
Boerum Hill & Cobble Hill Prospect-Lefferts Gardens
Number of Units Sold in 4Q14 10 5 5 5 3 3 3 1 1 1 0 0 0 0 0 0 0 0
DUMBO Bed-Stuy Bushwick Gowanus Bay Ridge Park Slope Clinton Hill GreenpointKensington Fort Greene Williamsburg Crown Heights Carroll Gardens Brooklyn Heights Prospect Heights Downtown Brooklyn
Boerum Hill & Cobble Hill Prospect-Lefferts Gardens page 7
Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 mns.com 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
BROOKLYN
4Q14 Unit Mix Of New Development Sales Median PPSF
Studios 5.4% $882 1 Bedrooms 13.5% Median Sales Price 2 Bedrooms 43.2% 3 Bedrooms 37.8% $1,028,432
Brooklyn Quarterly Tracking
Median PPSF Median Price
$1,000 $1,300,000
$900 $1,116,667
$800 $933,333
$700 $750,000 $600 $566,667 $500
$383,333 $400
$300 $200,000 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 PPSF Price
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
BAY RIDGE
Bay Ridge PPSF By Unit Size (N/A) % Of Sales Within Bay Ridge
Studios N/A Studios N/A 1 Bedrooms N/A 1 Bedrooms N/A 2 Bedrooms N/A 2 Bedrooms N/A 1500+ SF N/A 1500+ SF N/A
Bay Ridge Quarterly Tracking
Median PPSF Median Price
$600 $900,000
$500 $700,000
$400 $500,000
$300 $300,000
$200 $100,000 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 PPSF Price
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 mns.com 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
BEDFORD STUYVESANT
Bed Stuy PPSF By Unit Size ($894/SF Median) % Of Sales Within Bed Stuy
Studios N/A Studios N/A 1 Bedrooms N/A 1 Bedrooms N/A 2 Bedrooms $894 2 Bedrooms 100% 1500+ SF N/A 1500+ SF N/A
Bed Stuy Quarterly Tracking
Median PPSF Median Price
$900 $1,300,000 $1,200,000 $1,100,000 $725 $1,000,000 $900,000 $550 $800,000 $700,000 $600,000 $375 $500,000 $400,000 $200 $300,000 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 PPSF Price
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
BROOKLYN HEIGHTS
Brooklyn Heights PPSF By Unit Size ($1,349/SF Median) % Of Sales Within Brooklyn Heights
Studios N/A Studios N/A 1 Bedrooms N/A 1 Bedrooms N/A 2 Bedrooms $1,349 2 Bedrooms 100% 1500+ SF N/A 1500+ SF N/A
Brooklyn Heights Quarterly Tracking
Median PPSF Median Price
$1,500 $2,750,000 $1,400 $2,500,000 $1,300 $2,250,000 $1,200 $2,000,000 $1,100 $1,000 $1,750,000 $900 $1,500,000 $800 $1,250,000 $700 $1,000,000 $600 $750,000 $500 $400 $500,000 $300 $250,000 $200 $0 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 PPSF Price
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 mns.com 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
BUSHWICK
Bushwick PPSF By Unit Size ($639/SF Median) % Of Sales Within Bushwick
Studios $639 Studios 100% 1 Bedrooms N/A 1 Bedrooms N/A 2 Bedrooms N/A 2 Bedrooms N/A 1500+ SF N/A
Bushwick Quarterly Tracking
Median PPSF Median Price
$800 $800,000
$650 $625,000
$500 $450,000
$350 $275,000
$200 $100,000 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 PPSF Price
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
CARROLL GARDENS
Carroll Gardens PPSF By Unit Size ($1,247/SF Median) % Of Sales Within Carroll Gardens
Studios N/A Studios N/A 1 Bedrooms $908 1 Bedrooms 20% 2 Bedrooms N/A 2 Bedrooms N/A 1500+ SF $1,288 1500+ SF 80%
Carroll Gardens Quarterly Tracking
Median PPSF Median Price
$1,300 $3,000,000
$1,050 $2,275,000
$800 $1,550,000
$550 $825,000
$300 $100,000 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 PPSF Price
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 mns.com 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
CLINTON HILL
Clinton Hill PPSF By Unit Size ($662/SF Median) % Of Sales Within Clinton Hill
Studios $608 Studios 20% 1 Bedrooms $662 1 Bedrooms 60% 2 Bedrooms N/A 2 Bedrooms N/A 1500+ SF $870 1500+ SF 20%
Clinton Hill Quarterly Tracking
Median PPSF Median Price
$900 $1,300,000
$725 $1,025,000
$550 $750,000
$375 $475,000
$200 $200,000 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 PPSF Price
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
COBBLE HILL & BOERUM HILL
Cobble Hill & Boerum Hill PPSF By Unit Size ($961/SF Median) % Of Sales Within Cobble Hill & Boerum Hill
Studios $368 Studios 10% 1 Bedrooms N/A 1 Bedrooms N/A 2 Bedrooms $797 2 Bedrooms 30% 1500+ SF $1,056 1500+ SF 60%
Cobble Hill & Boerum Hill Quarterly Tracking
Median PPSF Median Price
$1,100 $1,575,000
$900 $1,116,667
$700
$658,333 $500
$300 $200,000 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 PPSF Price
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 mns.com 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
CROWN HEIGHTS
Crown Heights PPSF By Unit Size ($844/SF Median) % Of Sales Within Crown Heights
Studios N/A Studios N/A 1 Bedrooms $655 1 Bedrooms 20% 2 Bedrooms $789 2 Bedrooms 40% 1500+ SF $854 1500+ SF 40%
Crown Heights Quarterly Tracking
Median PPSF Median Price
$1,100 $2,000,000
$875 $1,550,000
$650 $1,100,000
$425 $650,000
$200 $200,000 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 PPSF Price
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
DOWNTOWN BROOKLYN
Downtown Brooklyn PPSF By Unit Size (N/A) % Of Sales Within Downtown Brooklyn
Studios N/A Studios N/A 1 Bedrooms N/A 1 Bedrooms N/A 2 Bedrooms N/A 2 Bedrooms N/A 1500+ SF N/A 1500+ SF N/A
Downtown Brooklyn Quarterly Tracking
Median PPSF Median Price
$1,100 $1,600,000
$1,000 $1,340,000 $900
$1,080,000 $800
$700 $820,000
$600 $560,000 $500
$400 $300,000 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 PPSF Price
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 mns.com 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
DUMBO
Dumbo PPSF By Unit Size (N/A) % Of Sales Within Dumbo
Studios N/A Studios N/A 1 Bedrooms N/A 1 Bedrooms N/A 2 Bedrooms N/A 2 Bedrooms N/A 1500+ SF N/A 1500+ SF N/A
Dumbo Quarterly Tracking
Median PPSF Median Price
$1,400 $1,700,000 $1,300 $1,512,500 $1,200 $1,100 $1,325,000
$1,000 $1,137,500 $900 $950,000 $800 $700 $762,500
$600 $575,000 $500 $387,500 $400 $300 $200,000 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 PPSF Price
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
FORT GREENE
Fort Greene PPSF By Unit Size ($810/SF Median) % Of Sales Within Fort Greene
Studios $810 Studios 33.3% 1 Bedrooms N/A 1 Bedrooms N/A 2 Bedrooms $848 2 Bedrooms 33.3% 1500+ SF $678 1500+ SF 33.3%
Fort Greene Quarterly Tracking
Median PPSF Median Price
$1,200 $1,700,000
$1,100 $1,500,000 $1,000 $1,300,000 $900
$800 $1,100,000
$700 $900,000 $600 $700,000 $500 $500,000 $400
$300 $300,000 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 PPSF Price
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 mns.com 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
GOWANUS
Gowanus PPSF By Unit Size ($684/SF Median) % Of Sales Within Gowanus
Studios N/A Studios N/A 1 Bedrooms N/A 1 Bedrooms N/A 2 Bedrooms N/A 2 Bedrooms N/A 1500+ SF N/A 1500+ SF N/A
Gowanus Quarterly Tracking
Median PPSF Median Price
$900 $1,000,000
$800
$733,333 $700
$600 $466,667
$500
$400 $200,000 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 PPSF Price
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
GREENPOINT
Greenpoint PPSF By Unit Size ($978/SF Median) % Of Sales Within Greenpoint
Studios N/A Studios N/A 1 Bedrooms $978 1 Bedrooms 100% 2 Bedrooms N/A 2 Bedrooms N/A 1500+ SF N/A 1500+ SF N/A
Greenpoint Quarterly Tracking
Median PPSF Median Price
$1,100 $1,000,000
$1,000
$900 $800,000
$800
$700 $600,000
$600
$500 $400,000
$400
$300 $200,000 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 PPSF Price
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 mns.com 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
KENSINGTON
Kensington PPSF By Unit Size % Of Sales Within Kensington
Studios N/A Studios N/A 1 Bedrooms N/A 1 Bedrooms N/A 2 Bedrooms N/A 2 Bedrooms N/A 1500+ SF N/A 1500+ SF N/A
Kensington Quarterly Tracking
Median PPSF Median Price
$800 $800,000
$650 $625,000
$500 $450,000
$350 $275,000
$200 $100,000 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 PPSF Price
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
PROSPECT HEIGHTS
Prospect Heights PPSF By Unit Size ($887/SF Median) % Of Sales Within Prospect Heights
Studios N/A Studios N/A 1 Bedrooms N/A 1 Bedrooms N/A 2 Bedrooms $887 2 Bedrooms 100% 1500+ SF N/A 1500+ SF N/A
Prospect Heights Quarterly Tracking
Median PPSF Median Price
$1,100 $2,000,000
$1,000 $1,525,000 $900
$800 $1,050,000
$700 $575,000 $600
$500 $100,000 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 PPSF Price
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 mns.com 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
PROSPECT-LEFFERTS GARDENS
Prospect-Lefferts Garden PPSF By Unit Size % Of Sales Within Prospect-Lefferts Garden
Studios N/A Studios N/A 1 Bedrooms N/A 1 Bedrooms N/A 2 Bedrooms N/A 2 Bedrooms N/A 1500+ SF N/A 1500+ SF N/A
Prospect-Lefferts Garden Quarterly Tracking
Median PPSF Median Price
$700 $600,000
$600 $500,000
$500
$400,000
$400
$300,000 $300
$200 $200,000 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 PPSF Price
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
PARK SLOPE
Park Slope PPSF By Unit Size (N/A) % Of Sales Within Park Slope
Studios N/A Studios N/A 1 Bedrooms N/A 1 Bedrooms N/A 2 Bedrooms N/A 2 Bedrooms N/A 1500+ SF N/A 1500+ SF N/A
Park Slope Quarterly Tracking
Median PPSF Median Price
$1,200 $1,500,000
$1,100
$1,175,000 $1,000
$900 $850,000 $800
$700 $525,000
$600
$500 $200,000 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 PPSF Price
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 mns.com 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
WILLIAMSBURG
Williamsburg PPSF By Unit Size (N/A) % Of Sales Within Williamsburg
Studios N/A Studios N/A 1 Bedrooms N/A 1 Bedrooms N/A 2 Bedrooms N/A 2 Bedrooms N/A 1500+ SF N/A 1500+ SF N/A
Williamsburg Quarterly Tracking
Median PPSF Median Price
$1,300 $2,500,000
$1,200 $2,244,444
$1,100 $1,988,889 $1,000 $1,733,333 $900 $1,477,778 $800 $1,222,222 $700 $966,667 $600
$500 $711,111
$400 $455,556
$300 $200,000 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
PPSF Price
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Brooklyn New Development Report 4Q14
THE REPORT EXPLAINED 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 Can’t find what you’re looking for? units are grouped by square footage ranges. Studios are under Ask MNS for more information at www.mns.com. 700 square feet, one-bedrooms are under 900 square feet, and Contact Us Now: 212.475.9000 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 Note: All market data is collected and compiled by MNS’ marketing square feet. department. The information presented here is intended for instructive purposes only and has been gathered from sources Presented with a quarter-over-quarter and year-over-year deemed reliable, though it may be subject to errors, omissions, comparison, both city-wide and by neighborhood, MNS New changes or withdrawal without notice. Development ReportTM tracks the market trends throughout Manhattan and Brooklyn. MNS offers a unique insight into the new If you would like to republish this report on the web, please be sure development market by tracking stalled construction sites on a to source it as the “Brooklyn New Development Report” with a link quarterly basis, a great indicator of where development in general is back to its original location moving. MNS is your source to find neighborhood price per square http://www.mns.com/manhattan_new_dev_report foot analysis, average sale prices, unit type sales trends, overall price movement, neighborhood inventory comparisons, and absorption rates.
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Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 mns.com 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com Chelsea 212.721.2500 Gramercy Park 212.475.9000 Williamsburg 718.222.1545 Williamsburg 718.222.0211 189 8th Avenue, New York, NY 10011 115 East 23rd Street, New York, NY 10010 165 Bedford Avenue, Brooklyn, NY 11211 40 North 6th Street, Brooklyn, NY 11249 mns.com