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Brooklyn and Queens condo inventory through June 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 21 plans with 258 units
• The state approved nine plans with 90 units valued at $88 million
• Buyers purchased 141 units valued at $157 million
SUPPLY
BROOKLYN NEW DEVELOPMENT CONDO SUPPLY
MOST EXPENSIVE CONDO PROJECTS APPROVED IN BROOKLYN
| DEVELOPER | ADDRESS | TOTAL SELLOUT | UNITS |
|---|---|---|---|
| ROART & BHM Realty LLC | 850 Metropolitan Avenue (rehab) | $34,006,000 | 32 |
| Lisjen Realty | 2881 Nostrand Avenue | $15,136,000 | 19 |
| Igor Nestor, AndrzejnSoltys et al. | 60 92nd Street | $13,136,000 | 14 |
| Tiandong Zheng | 68 Grove Street | $7,944,000 | 6 |
Source: TRData analysis of plans approved to sell by NYS attorney general in June
LARGEST PROJECTS FILED IN BROOKLYN
| DEVELOPER | ADDRESS | UNITS | TOTAL SELLOUT |
|---|---|---|---|
| ROART & BHM Realty LLC | 77 Clarkson Avenue | 44 | N/A |
| Isaac Deutsch, Abraham Brachn& Nachman Leibowitz | 569 Marcy Avenue | 40 | $35,725,300 |
| Isaac Deutsch, Abraham Brachn& Nachman Leibowitz | 92 Stockton Street | 39 | $35,616,750 |
| Zinoviy Zaltsman | 1916 Avenue X | 28 | $22,865,025 |
Source: TRData analysis of plans submitted to the NYS AG in June
QUEENS
• Inventory expanded as developers filed more units than were purchased
• Developers filed two plans with 278 units
• The state approved three plans with 75 units valued at $71 million
• Buyers purchased 26 units valued at $21 million
SUPPLY
QUEENS NEW DEVELOPMENT CONDO SUPPLY
MOST EXPENSIVE CONDO PROJECTS APPROVED IN QUEENS
| DEVELOPER | ADDRESS | TOTAL SELLOUT | UNITS |
|---|---|---|---|
| Anthony Hu & Xiaogang Wang | 14-55 31st Avenue | $41,843,820 | 45 |
| Triple 8 Real Properties | 32-65 107th Street | $14,680,000 | 20 |
| Mark Misk | 25-34 Steinway Street | $14,100,000 | 10 |
Source: TRData analysis of plans approved to sell by NYS attorney general in June
LARGEST PROJECTS FILED IN QUEENS
| DEVELOPER | ADDRESS | UNITS | TOTAL SELLOUT |
|---|---|---|---|
| David Lubinitsky | 12-15 Broadway (conversion) | 214 | $140,991,750 |
| Pinnacle Group | 32-86 33rd Street (conversion) | 64 | $38,408,000 |
Source: TRData analysis of plans submitted to the NYS AG in June
DEMAND
BROOKLYN NEW DEVELOPMENT CONDO SALES DOLLAR VOLUME AND UNIT VOLUME
MOST EXPENSIVE CONDO UNIT SALES RECORDED
| DEVELOPER | SALE PRICE | ADDRESS | UNIT |
|---|---|---|---|
| Toll Brothers | $4,952,106 | 130 Furman Street | S-108 |
| JDS Development Group | $3,540,000 | 613 Baltic Street | PH B |
| Greenland Forest CitynPartners | $3,499,862 | 550 Vanderbilt Avenue | 628 |
| Fortis Property Group | $3,376,136 | 100 Amity Street | 1 |
Source: TRData analysis of NYC Dept. of Finance sales in new development projects in June
QUEENS NEW DEVELOPMENT CONDO SALES DOLLAR VOLUME AND UNIT VOLUME
MOST EXPENSIVE CONDO UNIT SALES RECORDED
| DEVELOPER | SALE PRICE | ADDRESS | UNIT |
|---|---|---|---|
| Onex Real Estate Partners | $2,242,034 | 131-03 40th Road | PH2M |
| Onex Real Estate Partners | $1,217,877 | 131-01 40th Road | 19V |
| Onex Real Estate Partners | $1,093,752 | 131-01 40th Road | 20A |
| Onex Real Estate Partners | $1,056,586 | 131-01 40th Road | 19F |
Source: TRData analysis of NYC Dept. of Finance sales in new development projects in June