Manhattan | New Development Market Report | Q2 2020 Manhattan New Development As expected, COVID-19 had a profound impact on new development condo sales during Q2 2020. Sales activity fell sharply, with closed sales down 28.7% from last quarter and 62.2% from the same time last year. New Development listed inventory has also seen a 7.7% decline from last quarter. However, the median sales price and average sales price per square foot stabilized and are trending up, which are indications that overall confidence in the market from home buyers and investors has remained steady. As the city reopens and in-person showings resume, contract activity is likely to increase in the short term. Long term, the health of the new development market will depend on the containment of the pandemic, the development and implementation of an effective vaccine, and the recovery of the economy. Manhattan Highlights Year–Over–Year Prices Sales Marketing Time • The median sales price increased 9% from 9.0% –62.2% –1.3% Q2 2019 and, despite the lockdown, increased median sales price closed sales days on market 2.7% from Q1 2020. • The number of closed condo sales decreased 28.7% from Q1 2020 and 62.2% from the same Pace Inventory Negotiability time last year, respectively. • The months of supply is 16 months for market 195.1% 11.5% –4.0% absorption, which is up 195.1% from last year. months of supply active listings listing discount Manhattan New Development Condos Market Matrix Q2 2020 ∆ CHN (QR) Q1-2020 ∆ CHN (YR) Q2 2019 Average Sales Price $4,080,518 4.2% $3,915,798 8.1% $3,774,560 Average Sales Price Per Square Foot (PPSF) $2,573 1.3% $2,541 0.9% $2,551 Median Sales Price $2,615,000 2.7% $2,545,625 9.0% $2,400,000 Number of Sales 209 –28.7% 293 –62.2% 553 Recorded Sales Days on Market (DOM) 378 –6.4% 404 –1.3% 383 Listings Inventory 1122 –7.7% 1216 11.5% 1006 Absorption Rate (in months) 16 29.4% 12 195.1% 5 New Development Market Share 12% – 14% – 19% Manhattan New Development Average PPSF vs. % of Sales Percent (%) of All Brooklyn Sales $4,000 50% 3,200 40 2,400 30 1,600 20 800 10 Average Price Per SF ($) Average 0 0 2016 Q2 2017 Q2 2018 Q2 2019 Q2 2020 Q2 Percent (%) of All Manhattan Sales Average Price Per SF SERHANTTEAM.COM | 646.480.7665 Manhattan | New Development Market Report | Q2 2020 Q2 2020 NEIGHBORHOOD BREAKDOWN New Development Active Inventory U P T O W N Hudson Heights 0.1% Washington Heights 0.0% West Harlem 0.2% 4.0% Morningside Central Heights Harlem 1.7% 1.6% Manhattan Valley South 0.4% Harlem 0.1% East Harlem Upper West Side 1.3% 4.3% Carnegie 0.2% Hill Lincoln Square 5.3% 2.5% Upper East Side 1.5% Yorkville Lenox Hill SERHANTTEAM.COM | 646.480.7665 Manhattan | New Development Market Report | Q2 2020 Q2 2020 NEIGHBORHOOD BREAKDOWN New Development Active Inventory M I D T O W N 4.3% 5.9% Hell’s Kitchen Midtown 0.7% 4.5% Sutton Place 2.6% Hudson 0.4% Yards Turtle Bay Midtown South 2.8% Murray Hill SERHANTTEAM.COM | 646.480.7665 Manhattan | New Development Market Report | Q2 2020 Q2 2020 NEIGHBORHOOD BREAKDOWN New Development Active Inventory D O W N T O W N 7.2% 5.9% Nomad 0.2% West 1.4% Chelsea Chelsea Kips Bay 0.1% Flatiron 5.3% Gramercy 0.6% Park West Village 0.1% Greenwich Village 5.0% 1.0% Hudson 0.1% 0.4% Square East Village Noho Soho 0.2% Nolita 4.5% 0.8% Tribeca Lower East Side 7.4% Two Bridges 10.5% 5.0% Financial District Fulton/ Seaport SERHANTTEAM.COM | 646.480.7665 Manhattan | New Development Market Report | Q2 2020 Q2 2020 NEIGHBORHOOD BREAKDOWN New Development Closed Inventory UPTOWN MANHATTAN Number of Sales Average SQFT Average Price Average PPSF Monthly Absorption Rate (based on Contract Signed Units) UPPER EAST SIDE 15 1,610 $2,939,821 $1,826 1.7% Carnegie Hill 2 3,382 $7,500,000 $2,218 1.1% Lenox Hill 3 764 $1,062,500 $1,391 1.0% Upper East Side 2 2,371 $4,450,000 $1,877 20.0% Yorkville 8 1,293 $2,126,228 $1,644 0.9% UPPER WEST SIDE 53 1,371 $3,196,834 $2,332 5.5% Lincoln Square 49 1,339 $3,174,331 $2,371 6.7% Manhattan Valley 0 – – – – Upper West Side 4 1,770 $3,472,500 $1,962 4.0% UPPER MANHATTAN 4 940 $1,052,500 $1,120 6.3% Central Harlem 3 772 $836,667 $1,084 2.5% East Harlem 1 1,443 $1,700,000 $1,178 7.5% Morningside Heights 0 – – – 12.3% South Harlem 0 – – – 9.0% West Harlem 0 – – – 5.1% Hudson Heights 0 – – – 6.1% Washington Heights 0 – – – – MIDTOWN MANHATTAN Number of Sales Average SQFT Average Price Average PPSF Monthly Absorption Rate (based on Contract Signed Units) MIDTOWN 25 1,904 $9,400,224 $4,937 1.1% Hell's Kitchen 3 826 $1,536,492 $1,860 1.0% Hudson Yards 1 2,330 $7,004,250 $3,006 1.0% Midtown 9 3,129 $21,874,503 $6,991 2.2% Midtown South 4 1,464 $2,583,373 $1,765 4.6% Murray Hill 2 1,216 $2,222,500 $1,828 0.2% Sutton Place 1 1,385 $1,850,000 $1,336 4.9% Turtle Bay 5 993 $1,978,570 $1,993 1.1% DOWNTOWN MANHATTAN Number of Sales Average SQFT Average Price Average PPSF Monthly Absorption Rate (based on Contract Signed Units) SOUTH 2 1,300 $1,662,500 $1,279 2.4% Financial District 2 1,300 $1,662,500 $1,279 3.4% Fulton/Seaport – – – – 0.4% EAST SIDE 36 1,135 $2,421,711 $2,134 1.7% Lower East Side 10 816 $1,414,569 $1,734 2.9% Flatiron 1 1,121 $1,924,005 $1,716 33.3% East Village 4 1,940 $3,658,750 $1,886 0.5% Gramercy Park 8 1,262 $2,370,688 $1,879 3.2% NoMad 1 3,078 $16,132,000 $5,241 1.1% Two Bridges 12 886 $1,781,618 $2,011 0.7% WEST SIDE 74 1,891 $4,183,466 $2,212 4.0% Chelsea 1 3,443 $6,000,000 $1,743 25.0% Noho 2 2,588 $6,247,500 $2,414 36.9% Nolita 2 811 $2,125,500 $2,621 8.9% Greenwich Village 3 1,845 $4,398,502 $2,384 7.4% Soho 0 – – – – Tribeca 47 1,955 $3,965,956 $2,029 2.7% Hudson Square 13 1,090 $2,279,196 $2,091 6.1% West Chelsea 3 2,513 $6,406,000 $2,549 0.5% West Village 3 3,523 $12,795,833 $3,632 10.1% SERHANTTEAM.COM | 646.480.7665 Manhattan | New Development Market Report | Q2 2020 Market Shares by Price Range and % of Sales by Bedroom Type - Q2 2020 UPTOWN MANHATTAN Studio 1 Bed 2 Beds 3 Beds 4+ Beds <$1M $1M–$3M >$3M Carnegie Hill 0.0% 0.0% 0.0% 0.0% 100.0% Lenox Hill 33.3% 66.7% 0.0% 0.0% 0.0% Carnegie Hill Lenox Hill Upper East Side 0.0% 0.0% 0.0% 0.0% 100.0% Upper East Side Yorkville 0.0% 25.0% 25.0% 50.0% 0.0% Yorkville Lincoln Square 0.0% 27% 0.0% 18.0% 0.0% Lincoln Square Manhattan Valley 0.0% 0.0% 0.0% 0.0% 0.0% Manhattan Valley Upper West Side 0.0% 14.0% 50.0% 50.0% 0.0% Upper West Side Central Harlem Central Harlem 0.0% 66.7% 33.3% 0.0% 0.0% East Harlem East Harlem 0.0% 0.0% 0.0% 0.0% 100.0% Morningside Heights Morningside Heights 0.0% 0.0% 0.0% 0.0% 0.0% South Harlem South Harlem 22.0% 45.0% 33.0% 0.0% 0.0% West Harlem West Harlem 0.0% 50.0% 50.0% 0.0% 0.0% Hudson Heights Hudson Heights 0.0% 0.0% 0.0% 0.0% 100.0% Washington Heights 0% 20 40 60 80 100 Washington Heights 50.0% 0.0% 50.0% 0.0% 0.0% MIDTOWN MANHATTAN <$1M $1M–$3M >$3M Studio 1 Bed 2 Beds 3 Beds 4+ Beds Hell's Kitchen Hell's Kitchen 0.0% 33.3% 66.7% 0.0% 0.0% $1m - $3m Hudson Yards Hudson Yards 0.0% 0.0% 0.0% 0.0% 100.0% Midtown Midtown 11.0% 33.0% 11.0% 11.0% 33.0% Midtown South Midtown South 0.0% 0.0% 100.0% 0.0% 0.0% Murray Hill Murray Hill 0.0% 0.0% 100.0% 0.0% 0.0% Sutton Place Sutton Place 0.0% 100.0% 0.0% 0.0% 0.0% Turtle Bay Turtle Bay 0.0% 60.0% 40.0% 0.0% 0.0% 0% 20 40 60 80 100 DOWNTOWN MANHATTAN <$1M $1M–$3M >$3M Studio 1 Bed 2 Beds 3 Beds 4+ Beds Financial District Financial District 0.0% 0.0% 100.0% 0.0% 0.0% Fulton/Seaport Fulton/Seaport 0.0% 0.0% 0.0% 0.0% 0.0% Lower East Side Lower East Side 0.0% 80.0% 10.0% 10.0% 0.0% Flatiron Flatiron 0.0% 100.0% 0.0% 0.0% 0.0% East Village East Village 0.0% 25.0% 25.0% 0.0% 50.0% Gramercy Park Gramercy Park 0.0% 25.0% 62.5% 12.5% 0.0% NoMad NoMad 0.0% 0.0% 0.0% 100.0% 0.0% Two Bridges Two Bridges 0.0% 58.0% 42.0% 0.0% 0.0% Chelsea Chelsea 0.0% 0.0% 0.0% 0.0% 100.0% Noho Noho 0.0% 0.0% 0.0% 50.0% 50.0% Nolita Nolita 0.0% 0.0% 0.0% 50.0% 50.0% Greenwich Village Greenwich Village 0.0% 0.0% 100.0% 0.0% 0.0% Soho Soho 0.0% 0.0% 0.0% 0.0% 0.0% Tribeca Tribeca 2.0% 30.0% 32.0% 23.0% 13.0% Hudson Square Hudson Square 15.0% 39.0% 23.0% 23.0% 0.0% West Chelsea West Chelsea 0.0% 0.0% 33.3% 66.7% 0.0% West Village West Village 0.0% 0.0% 33.3% 40.0% 66.7% 0% 20 40 60 80 100 SERHANTTEAM.COM | 646.480.7665 Manhattan | New Development Market Report | Q2 2020 Serhant Spotlight Notable Listings Facts The Serhant Team took over 357 W 17th Street after it was on the Since reaching a high of almost 5% in 2018 according to market for over 5 years.