Sharp decline in new development sales, but prices rise in Manhattan, Brooklyn

New York /
Oct.October 13, 2011 10:19 AM
alternate
text
Manhattan median sales prices (source: MNS)

Though new development sales slowed severly in Manhattan and Brooklyn in recent months, prices are mostly on the upswing, according to third quarter Manhattan and Brooklyn new development sales reports released today by residential brokerage MNS.

In Manhattan, the number of sponsor sales recorded in public records declined 18 percent from the second quarter, while in Brooklyn that figure fell off a cliff, to the tune of a 34 percent drop. However, the median sales price per square foot in that same period rose 4 percent in Manhattan to $1,243, and 3 percent in Brooklyn to $594. As for overall sales figures, in Manhattan the median price gained 10 percent since the third quarter of 2010 to about $1.5 million, and in Brooklyn it rose 7 percent to about $600,000.

Manhattan’s hottest neighborhood for new developments, according to the report, was Chelsea, where the average price per square foot jumped to $1,409 from $1,142 the quarter before. Still, Greenwich Village was the priciest neighborhood at about $2,050 per square foot. The Lower East Side showed the biggest drop among Manhattan neighborhoods to $940 per square foot, although the area’s figures fluctuate wildly because of a lack of new stock in the neighborhood.

In Brooklyn, Carroll Gardens had the largest quarterly upswing going to $703 per square foot from $626, while Crown Heights suffered the largest plunge to $477 from $571. Prospect Heights is the borough’s priciest neighborhood, averaging almost $950 per square foot.

The priciest new development sale in the third quarter in Manhattan occurred in the Metal Shutter Houses, located at 524 West 19th Street in Chelsea, where a penthouse went for $11.46 million, while in Brooklyn a $2.64 million sale at One Brooklyn Bridge Park was the most expensive of the quarter. — Adam Fusfeld

alternate
text
Manhattan median sales prices (source: MNS)
alternate
text
Brooklyn median sales prices (source: MNS)

Related Articles

arrow_forward_ios
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

The 10 biggest new project filings in NYC

The 10 biggest new project filings in NYC
Neil Shekhter (Shekhter by Kevin Scanlon; iStock)

Santa Monica mega-portfolio officially hits market

Santa Monica mega-portfolio officially hits market
A rendering of 250 Water Street and Howard Hughes Corporation CEO David O'Reilly (SOM; Getty; iStock)

Howard Hughes’ Seaport project dealt major blow

Howard Hughes’ Seaport project dealt major blow
Ray McGuire photographed by Axel Dupeux.

The Closing: Ray McGuire

The Closing: Ray McGuire
SK Development's Scott Shnay and Ironstate's Michael Barry (Google Maps, Scott Shnay via LinkedIn)

Noho offices move forward where city wants housing

Noho offices move forward where city wants housing
Gov. Andrew Cuomo and Brookfield’s Brian Kingston with the High Line and the Moynihan Train Hall (Getty)

New High Line section will connect to Moynihan Train Hall

New High Line section will connect to Moynihan Train Hall
Mickey Rabina and 520 Fifth Ave. (Rabina, Ceruzzi Properties)

Rabina files plans for 70-story tower at beleaguered Fifth Ave site

Rabina files plans for 70-story tower at beleaguered Fifth Ave site
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...