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Brooklyn and Queens condo inventory through April 2019
A roundup of news and data on the residential market
NEW DEVELOPMENT CONDO REPORT
BROOKLYN
• Inventory expanded as developers filed more units than were purchased
• Developers filed 10 plans with 263 units
• The state approved 14 plans with 107 units valued at $124 million
• Buyers purchased 194 units valued at $211 million
SUPPLY
BROOKLYN NEW DEVELOPMENT
CONDO SUPPLY
MOST EXPENSIVE CONDO PROJECTS APPROVED IN BROOKLYN
| DEVELOPER | ADDRESS | TOTAL SELLOUT | UNITS |
|---|---|---|---|
| Leser Group | 6020 16th Avenue | $14,168,475 | 11 |
| Joel Weiss | 577 Flushing Avenue | $13,225,000 | 16 |
| Leser Group | 6004 16th Avenue | $12,848,375 | 11 |
| Leser Group | 6010 16th Avenue | $11,965,050 | 11 |
Source: TRData analysis of plans approved to sell by NYS Attorney General in April
LARGEST PROJECTS FILED IN BROOKLYN
| DEVELOPER | ADDRESS | UNITS | TOTAL SELLOUT |
|---|---|---|---|
| New Empire Real Estate Development | 222 East 21st Street | 108 | $77,938,050 |
| Isaac Schwartz | 948 Myrtle Avenue | 78 | $83,684,300 |
| Jin Tan | 279 Sumpter Street | 17 | $10,913,000 |
| Zephyr Construction Management | 364 Harman Street | 16 | $9,898,426 |
Source: TRData analysis of plans submitted to the NYS Attorney General in April
QUEENS NEW DEVELOPMENT
CONDO SUPPLY
MOST EXPENSIVE CONDO PROJECTS APPROVED IN QUEENS
| DEVELOPER | ADDRESS | TOTAL SELLOUT | UNITS |
|---|---|---|---|
| Pinnacle Group | 133-17 Sanford Avenue (conversion) | $40,234,480 | 85 |
| Eric Belanich | 30-54 38th Street | $9,975,000 | 10 |
Source: TRData analysis of plans submitted to the NYS Attorney General in April
LARGEST PROJECTS FILED IN QUEENS
| DEVELOPER | ADDRESS | UNITS | TOTAL SELLOUT |
|---|---|---|---|
| Tamal Monsur | 148-36 89th Avenue | 27 | $15,454,900 |
| Shumei Ma et al. | 214-11 35th Street | 16 | $19,950,618 |
| Chung Chan et al. | 40-23 74th Street | 8 | $7,436,495 |
| Hui Teng et al. | 49-08 111th Street | 7 | $2,080,000 |
Source: TRData analysis of plans submitted to the NYS Attorney General in April
DEMAND
BROOKLYN NEW DEVELOPMENT CONDO SALES
DOLLAR VOLUME AND UNIT VOLUME
MOST EXPENSIVE CONDO UNIT SALES RECORDED
| SPONSOR | SALE PRICE | ADDRESS | UNIT |
|---|---|---|---|
| Bluerock Real Estate | $6,400,000 | 325 Pacific Street | 325 (townhouse) |
| Slate Property Group,nAdam America Real Estate | $4,709,915 | 51 Jay Street | PHA |
| Fortis Property Group | $4,634,615 | 100 Amity Street | 7 |
| Dean Brodsky | $3,550,000 | 277 1st Street | PH |
Source: TRData analysis of NYC Dept. of Finance sales in new development projects in April
QUEENS NEW DEVELOPMENT CONDO SALES
DOLLAR VOLUME AND UNIT VOLUME
MOST EXPENSIVE CONDO UNIT SALES RECORDED
| SPONSOR | SALE PRICE | ADDRESS | UNIT |
|---|---|---|---|
| Onex Real Estate Partners | $1,513,655 | 131-01 40th Road | 10A |
| PSRS Realty Group | $1,323,725 | 109-19 72nd Road | 7F |
| PSRS Realty Group | $1,308,451 | 109-19 72nd Road | 7C |
| Ekstein Development Group | $1,234,833 | 25-19 43rd Avenue | PH9 |
Source: TRData analysis of NYC Dept. of Finance sales in new development projects in April