THE REAL ESTATE BOARD OF NEW YORK NEW YORK CITY RESIDENTIAL SALES REPORT | FIRST QUARTER 2018 TABLE OF CONTENTS 3 Executive Summary 3 Total Consideration 3 Total Consideration History 4 All Homes 5 Condominiums 6 Cooperatives 7 One-To-Three Family Dwellings 8 Neighborhood Highlights 8 Bronx 9 Brooklyn 10 Manhattan 11 Queens 12 Staten Island 13 Appendix - Sales Data 13 Citywide and Borough 17 Bronx 22 Brooklyn 32 Manhattan 36 Queens 46 Staten Island 50 Manhattan Townhouse NEW YORK CITY RESIDENTIAL SALES REPORT 1Q18 | 2 EXECUTIVE SUMMARY The New York City residential sales market recorded a 16 percent ¿UVWTXDUWHURI7KHWRWDOQXPEHURIKRPHVDOHVIHOOSHUFHQW decrease in citywide consideration (monetary value for completed WRLQ0DQKDWWDQSHUFHQWWRLQ%URRNO\QSHUFHQWWR WUDQVDFWLRQV WRWDOLQJELOOLRQLQWKH¿UVWTXDUWHURI LQ6WDWHQ,VODQGDQGSHUFHQWWRLQ4XHHQV+RPHV FRPSDUHGZLWKWKH¿UVWTXDUWHURI VDOHVLQWKH%URQ[LQFUHDVHGHLJKWSHUFHQWWRLQWKH¿UVWTXDUWHURI 2018. 7KLVZDVWKHWKLUGFRQVHFXWLYHTXDUWHURI\HDURYHU\HDUGHFOLQHVLQ total residential sales consideration. The New York City residential 'HVSLWHGHFOLQLQJKRPHVDOHVYROXPHWKHQXPEHURIVDOHVLQWKH VDOHVPDUNHWKDVQRWH[SHULHQFHGWKUHHTXDUWHUVRIFRQVHFXWLYH\HDU PLGGOHPDUNHWVDOHVSULFHUDQJHVRIWRPLOOLRQDQG RYHU\HDUGHFUHDVHVVLQFHWKHWKLUGTXDUWHURI7KHELOOLRQ PLOOLRQWRPLOOLRQRQO\IHOOWKUHHSHUFHQWFRPSDUHGWRQXPEHURI GHFUHDVHLQWRWDOFRQVLGHUDWLRQUHJLVWHUHGLQWKH¿UVWTXDUWHURI sales in the same price ranges last year. The largest decline in sales ZDVWKHODUJHVW\HDURYHU\HDUGURSUHFRUGHGVLQFHWKHWKLUGTXDUWHU by price range was the $5 million category in which the number of of 2009. sales fell 37 percent year-over-year. 7RWDOUHVLGHQWLDOVDOHVFRQVLGHUDWLRQPHDVXUHGTXDUWHUO\GHFUHDVHG 7KHDYHUDJHVDOHVSULFHIRUDKRPH FRRSHUDWLYHVFRQGRPLQLXPV LQWKUHHRIWKH¿YHERURXJKV'XULQJWKH¿UVWTXDUWHURIWRWDO and one-to-three-family dwellings) in New York City decreased seven UHVLGHQWLDOVDOHVFRQVLGHUDWLRQGHFUHDVHGRYHUODVW\HDU¶V¿UVWTXDUWHU SHUFHQW\HDURYHU\HDUWRLQWKH¿UVWTXDUWHURI by: 30 percent to $4.61 billion in Manhattan; 12 percent to $2.36 The average sales price of a condominium in New York City billion in Brooklyn; and less than one percent to $711 million in Staten decreased 20 percent year-over-year to $1.56 million. The citywide Island. Total consideration increased 16 percent to $436 million in the condo average sales price decline was driven by a 17 percent Bronx and 7 percent to $2.21 billion in Queens. GHFOLQHLQWKH0DQKDWWDQFRQGRDYHUDJHVDOHVSULFHWR &LW\ZLGHKRPHVDOHVYROXPHGHFUHDVHGSHUFHQWWRLQWKH IURPWKHDOOWLPHKLJKDYHUDJHVDOHVSULFHRI TOTAL CONSIDERATION Borough Residential Sales 1Q18 Residential Sales 4Q17 Residential Sales 1Q17 NYC Manhattan Bronx Brooklyn Queens Staten Island Borough % ǻ From 4Q17 % ǻ From 1Q17 NYC -3.08% -16.48% Manhattan -3.67% -29.38% Bronx -4.09% 16.30% Brooklyn -1.75% -12.50% Queens -5.47% 7.70% Staten Island 5.42% -0.56% TOTAL CONSIDERATION HISTORY AVERAGE SALES PRICE % ǻ FROM 1Q17 All Homes Condos Coops One-to-Three Family Dwellings 15000 15000 45% 40% 35% 12000 30% 12000 25% 20% 9000 15% 9000 10% 5% Consideration 6000 Number of Sales 0% -5% 6000 3000 -10% -15% -20% 3000 0 -25% 1q09 3q09 1q10 3q10 1q11 3q11 1q12 3q12 1q13 3q13 1q14 3q14 1q15 3q15 1q16 3q16 1q17 3q17 1q18 New York City Manhattan Bronx Brooklyn Queens Staten Island NEW YORK CITY RESIDENTIAL SALES REPORT 1Q18 | 3 EXECUTIVE SUMMARY ALL HOMES The average sales price of a home in New York City DYHUDJHVDOHVSULFHRIDKRPHLQ%URRNO\QURVHE\ GXULQJWKH¿UVWTXDUWHURIZDVDVHYHQ WKUHHSHUFHQWWRLQ4XHHQVJUHZE\ SHUFHQWGHFUHDVHIURPWKH¿UVWTXDUWHURI7KH SHUFHQWWRLQWKH%URQ[LQFUHDVHGVHYHQ average sales price of a home in Manhattan decreased SHUFHQWWRDQGLQ6WDWHQ,VODQGURVHE\QLQH SHUFHQWIURPODVW\HDU¶V¿UVWTXDUWHUWR SHUFHQWWR :KHQFRPSDUHGWRWKH¿UVWTXDUWHURIODVW\HDUWKH ALL HOMES - 1Q18 &21'20,1,806ǻ)5204 AVERAGE SALES PRICE CHANGE FROM 1Q17 92% 60 40 &223(5$7,9(6ǻ)5204 20 0 -20 -39 )$0,/<':(//,1*6ǻ)5204 NEW YORK CITY RESIDENTIAL SALES REPORT 1Q18 | 4 EXECUTIVE SUMMARY CONDOMINIUMS The average sales price of a condominium unit in New WKH¿UVWTXDUWHURIIHOOWRD¿YHSHUFHQW <RUN&LW\GHFUHDVHGSHUFHQWWRLQWKH¿UVW decrease year-over-year. High priced sales in Flushing TXDUWHURIIURPLQWKH¿UVWTXDUWHURI and Long Island City pushed up the average sales price 2017. The average sales price of a condo in Manhattan IRUDFRQGRXQLWLQ4XHHQVGXULQJ¿UVWTXDUWHURIWR ZDVDSHUFHQWGHFUHDVH\HDURYHU\HDU DSHUFHQWLQFUHDVH\HDURYHU\HDU The average sales price for a condo in Brooklyn during CONDOMINIUMS - 1Q18 $//+20(6ǻ)5204 AVERAGE SALES PRICE CHANGE FROM 1Q17 63% &223(5$7,9(6ǻ)5204 40 20 0 -20 -33 )$0,/<':(//,1*6ǻ)5204 NEW YORK CITY RESIDENTIAL SALES REPORT 1Q18 | 5 EXECUTIVE SUMMARY COOPERATIVES The average sales price of a cooperative unit in New WRDQGLQ4XHHQVLQFUHDVHGSHUFHQWWR <RUN&LW\GXULQJWKH¿UVWTXDUWHURIZDV 7KHDYHUDJHVDOHVSULFHVIRU0DQKDWWDQ XSSHUFHQWIURPODVW\HDU¶V¿UVWTXDUWHUDYHUDJH7KH and Queens both set all-time highs for their respective DYHUDJHVDOHVSULFHRIDFRRSLQ0DQKDWWDQLQFUHDVHG boroughs. SHUFHQWWRLQ%URRNO\QURVHSHUFHQW COOPERATIVES - 1Q18 $//+20(6ǻ)5204 AVERAGE SALES PRICE CHANGE FROM 1Q17 58% 40 20 &21'20,1,80ǻ)5204 0 -20 -40 -60 )$0,/<':(//,1*6ǻ)5204 NEW YORK CITY RESIDENTIAL SALES REPORT 1Q18 | 6 EXECUTIVE SUMMARY ONE-TO-THREE FAMILY DWELLINGS The average sales price of a one-to-three family dwelling 2018. The average sales price for a one-to-three LQ1HZ<RUN&LW\GXULQJWKH¿UVWTXDUWHURIZDV IDPLO\GZHOOLQJLQFUHDVHGVL[SHUFHQWWRLQ DWZRSHUFHQWLQFUHDVHIURPODVW\HDU¶V¿UVW 4XHHQVVHYHQSHUFHQWWRLQWKH%URQ[DQG TXDUWHUDYHUDJHDQGDQDOOWLPHKLJKIRU1HZ<RUN&LW\ QLQHSHUFHQWWRLQ6WDWHQ,VODQG7KHDYHUDJH sales price for a one-to-three family dwelling in Brooklyn The average sales price for a one-to-three family LQFUHDVHGHLJKWSHUFHQW\HDURYHU\HDUWR GZHOOLQJLQ4XHHQVWKH%URQ[DQG6WDWHQ,VODQG UHJLVWHUHGQHZUHFRUGKLJKVLQWKH¿UVWTXDUWHURI ONE-TO-THREE FAMILY $//+20(6ǻ)5204 DWELLINGS - 1Q18 AVERAGE SALES PRICE CHANGE FROM 1Q17 58% 40 &21'20,1,806ǻ)5204 20 0 -20 -40 &223(5$7,9(6ǻ)5204 -60 NEW YORK CITY RESIDENTIAL SALES REPORT 1Q18 | 7 BRONX NEIGHBORHOOD HIGHLIGHTS There were 119 one-to-three family home sales in City 3DUNFKHVWHU:HVWFKHVWHU6TXDUH&DVWOH+LOO Island / Pelham Bay / Pelham Strip / Country Club / Soundview had 110 one-to-three family dwelling sales 7KURJV1HFN6FKX\OHUYLOOHWKLVTXDUWHUDSHUFHQW WKLVTXDUWHUZKLFKLVDRQHSHUFHQWLQFUHDVHIURPWKH increase year-over-year. The average sales price of a ¿UVWTXDUWHURI7KHDYHUDJHVDOHVSULFHRIDRQH RQHWRWKUHHIDPLO\GZHOOLQJLQWKHDUHDZDV WRWKUHHIDPLO\GZHOOLQJLQWKHDUHDZDVDQ DQLQFUHDVHRISHUFHQWIURPWKH¿UVWTXDUWHURI increase of four percent year-over-year. Riverdale Woodlawn Fieldston Williamsbridge Kingsbridge Jerome Park Baychester Bedford Park Coop City Norwood Fordham Bronxdale Belmont Pelham Garden Kingsbridge Heights Pelham Parkway North University Heights Pelham Parkway South Morris Park Van Nest Highbridge Morris Heights Bathgate Mount Hope Crotona Park East Tremont City Island Pelham Bay Pelham Strip Parkchester Country Club Westchester Square Throgs Neck Castle Hill Schuylerville Melrose Soundview Morrisania Mott Haven Port Morris Hunts Point NEW YORK CITY RESIDENTIAL SALES REPORT 1Q18 | 8 BROOKLYN NEIGHBORHOOD HIGHLIGHTS The average sales price of a Williamsburg condo ,Q&DQDUVLHWKHDYHUDJHVDOHVSULFHRIDRQHWRWKUHH GHFUHDVHGRQHSHUFHQWWKLVTXDUWHUWR IDPLO\GZHOOLQJLQFUHDVHGQLQHSHUFHQWWR FRPSDUHGWRWKH¿UVWTXDUWHURI7KHQXPEHURI FRPSDUHGWRWKH¿UVWTXDUWHURIODVW\HDU<HDURYHU FRQGRVDOHVLQWKHQHLJKERUKRRGWKLVTXDUWHUGHFUHDVHG \HDUWKHQXPEHURIRQHWRWKUHHIDPLO\GZHOOLQJVDOHVLQ WRIURPLQWKH¿UVWTXDUWHURI Canarsie increased 14 percent to 106. Greenpoint Vinegar Hill Downtown DUMBO Williamsburg Brooklyn Heights Bushwick Wycoff Heights Fort Cobble Hill Greene Clinton Hill Bedford Boerum Columbia Street Stuyvesant Waterfront District Hill Carroll Cypress Hills Gardens Prospect Heights Red Hook Gowanus Park Crown Heights Slope Brownsville East New York Ocean Hill Spring Creek Prospect Lefferts Gardens Windsor Terrace Sunset Park Flatbush Prospect East Park South Flatbush Canarsie Kensington Borough Parkville Bay Ridge Park Flatlands Fort Hamilton Bergen Dyker Beach Heights Midwood Mill Basin Bemsonhurst Marine Park Bath Beach Madison Gerritsen Gravesend Sheepshead Beach Mapleton Bay Brighton Manhattan Sea Gate Coney Beach Beach Island NEW YORK CITY RESIDENTIAL SALES REPORT 1Q18 | 9 MANHATTAN NEIGHBORHOOD HIGHLIGHTS ,QWKH¿UVWTXDUWHURIWKHDYHUDJHVDOHVSULFHRID FRQGRPLQLXPLQ0LGWRZQ:HVWLQFUHDVHG¿YHSHUFHQWWR FRPSDUHGWRWKH¿UVWTXDUWHURI7KHUH were 113 sales of condominiums in Midtown West during Inwood WKH¿UVWTXDUWHURIDGHFUHDVHRISHUFHQWIURP WKH¿UVWTXDUWHURIODVW\HDU Sales of cooperative units on the Upper East Side Washington GHFUHDVHGQLQHSHUFHQWWKLVTXDUWHUWRFRPSDUHG Hieghts WRLQWKH¿UVWTXDUWHURI7KHDYHUDJHVDOHV price of a coop unit on the Upper East Side increased 11 SHUFHQWWR West Harlem Morningside Heights East Harlem Upper West Side Upper East Side Midtown West Roosevelt Island Midtown East Chelsea Murray Hill Flatiron Gramercy Kips Bay West Village Greenwich Village SoHo East Village Tribeca Lower East Side Battery Park City Financial Seaport NEW YORK CITY RESIDENTIAL SALES REPORT 1Q18 | 10 QUEENS NEIGHBORHOOD HIGHLIGHTS Flushing recorded the most condominium activity in )RUHVW+LOOV.HZ*DUGHQVZDVDSHUFHQW 4XHHQVDJDLQWKLVTXDUWHUZLWKVDOHVDSHUFHQW LQFUHDVHIURPWKH¿UVWTXDUWHURIODVW\HDU GHFUHDVHIURPWKH¿UVWTXDUWHURI7KHDYHUDJH VDOHVSULFHRIDFRQGRPLQLXPLQ)OXVKLQJZDV The number of one-to-three family home sales in a 22 percent increase year-over-year. 6SULQJ¿HOG*DUGHQV-DPDLFD6RXWK-DPDLFD%DLVOH\ 3DUNLQFUHDVHGSHUFHQWWRVDOHVWKLVTXDUWHU Rego Park / Forest Hills