The Real Deal New York

Asking prices for Williamsburg new developments jump 53 percent

In Manhattan, Brooklyn and Queens median asking prices are rising by about 10 percent as inventory falls
May 15, 2012 11:00AM

Inventory is declining and asking prices are rising for new development sales throughout Manhattan, Brooklyn and Queens, according to a new development market report released today by Nowhere is this more apparent than in Williamsburg, the only neighborhood outside Manhattan with median asking prices surpassing $1 million in April. That milestone was achieved on the back of a 53.2 percent year-over-year increase that pushed median asking prices to $1.07 million for the 76 remaining sponsor units in the neighborhood, a 51.6 percent reduction.

Williamsburg’s remarkable price increase can apparently be attributed to larger unit sizes, as the median price per square foot grew a comparitively paltry 19.2 percent to $963.

Borough-wide, the median asking price for a new development last month was $735,000, up 19.5 percent since April 2011. Meanwhile, the total number of listings fell 27.5 percent in that period to 464. Brooklyn has just 4.9 months worth of new development supply left on the market.

In Manhattan, the median listing price increased 10.1 percent in April over the previous 12 months to $1.5 million as the number of total listings fell 12.4 percent to 1,246. The reduced inventory is being scooped up more quickly as 127 contracts for sponsor units were signed in April, 21 percent more than the number inked in Aril 2011. That left just 6.7 months worth of supply on the market, down from 8.1 months worth at the same time a year ago.

The Upper West Side remained the most expensive neighborhood for new developments — including the Aldyn, 845 West End Avenue, the Rushmore and the Laureate — as the median asking price was $3.35 million, or $1,794 per square foot. On the Upper East Side, in Midtown and Downtown, median asking prices per square foot hovered between $1,403 and $1,454.

In Queens, the median asking price increased 9.6 percent to $625,000 as inventory fell 8.3 percent between April 2011 and April 2012. — Adam Fusfeld