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Brooklyn and Queens condo inventory through February 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 18 plans with 114 units
- The state approved 15 plans with 410 units valued at $530 million
- Buyers purchased 105 units valued at $99 million
SUPPLY
BROOKLYN NEW DEVELOPMENT CONDO SUPPLY
MOST EXPENSIVE CONDO PROJECTS APPROVED IN BROOKLYN
| DEVELOPER | ADDRESS | TOTAL SELLOUT | UNITS |
|---|---|---|---|
| Sugar Hill Capital Partners | 1 Prospect Park West | $198,573,750 | 55 |
| CIM Group & LIVWRK | 111 Montgomery Street | $147,429,500 | 163 |
| Happy Living/Levi Balkany | 805 Washington Avenue | $58,583,000 | 37 |
| Happy Living/Levi Balkany | 229 9th Street | $43,855,000 | 39 |
Source: TRData analysis of plans approved to sell by NYS Attorney General in February
LARGEST PROJECTS FILED IN BROOKLYN
| DEVELOPER | ADDRESS | UNITS | TOTAL SELLOUT |
|---|---|---|---|
| Winchester Equities | 2222-2226 Ocean Avenue | 49 | $31,744,950 |
| Jun Ming Mai | 278 Nassau Avenue | 7 | $9,037,000 |
| Eyal Ovadia | 682 Willoughby Avenue | 7 | $5,500,000 |
| East Coast Real Estate Development | 191 Withers Street | 6 | $5,550,000 |
Source: TRData analysis of plans submitted to the NYS Attorney General in February
DEMAND
BROOKLYN NEW DEVELOPMENT CONDO SALES DOLLAR VOLUME AND UNIT VOLUME
MOST EXPENSIVE CONDO UNIT SALES RECORDED
| SPONSOR | SALE PRICE | ADDRESS | UNIT |
|---|---|---|---|
| Megalith Capital Managementn& Urban Realty Partners | $ 5,088,559 | 200 Water Street | PHA |
| Toll Brothers | $4,327,919 | 90 Furman Street | N-212 |
| ZR Management Associates | $3,003,838 | 105 Eighth Avenue | 7 |
| David Duke Dweck, StevennAncona & Michael Marino | $2,825,000 | 66 North 3rd Street | 2 |
Source: TRData analysis of NYC Dept. of Finance sales in new development projects in February
QUEENS
- Inventory expanded as developers filed more units than were purchased
- Developers filed two plans with 121 units
- The state approved five plans with 187 units valued at $183 million
- Buyers purchased 42 units valued at $33 million
SUPPLY
QUEENS NEW DEVELOPMENT CONDO SUPPLY
MOST EXPENSIVE CONDO PROJECTS APPROVED IN QUEENS
| DEVELOPER | ADDRESS | TOTAL SELLOUT | UNIT |
|---|---|---|---|
| Ai Yun Chen et al. | 62-98 Woodhaven Boulevard | $65,422,645 | 92 |
| Hua Yuan Development | 136-46 41st Avenue | $60,094,125 | 28 |
| Fotios & Sofia LLC | 23-16 31st Avenue | $25,231,400 | 26 |
| D10 Group Inc. | 23-43 31st Road | $20,742,875 | 25 |
Source: TRData analysis of plans approved to sell by NYS Attorney General in February
LARGEST PROJECTS FILED IN QUEENS
| DEVELOPER | ADDRESS | UNITS | TOTAL SELLOUT |
|---|---|---|---|
| Silverback Development | 24-16 Queens Plaza South (rehab) | 109 | N/A |
| Sam Chang | 43-24 Robinson Street | 12 | N/A |
Source: TRData analysis of plans submitted to the NYS Attorney General in February
DEMAND
QUEENS NEW DEVELOPMENT CONDO SALES DOLLAR VOLUME AND UNIT VOLUME
MOST EXPENSIVE CONDO UNIT SALES RECORDED
| SPONSOR | SALE PRICE | ADDRESS | UNIT |
|---|---|---|---|
| Century Development Group | $2,036,500 | 11-30 45th Road | 6A |
| Ampiera Group | $1,415,368 | 24-12 42nd Road | 6C |
| PSRS Realty Group | $1,349,181 | 109-19 72nd Road | 7B |
| Onex Real Estate Partners | $1,332,113 | 131-01 40th Road | PH2W |
Source: TRData analysis of NYC Dept. of Finance sales in new development projects in February