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Brooklyn and Queens condo inventory through November 2018
A roundup of news and data on the residential market
NEW DEVELOPMENT CONDO REPORT
BROOKLYN
• Inventory increased as developers filed more units than were purchased
• Developers filed 24 plans with 286 units
• The state approved 18 plans with 166 units valued at $182 million for sale
• Buyers purchased 150 units valued at $141 million
SUPPLY
BROOKLYN NEW DEVELOPMENT CONDO SUPPLY
MOST EXPENSIVE CONDO PROJECTS APPROVED IN BROOKLYN
| DEVELOPER | ADDRESS | TOTAL SELLOUT | UNITS |
|---|---|---|---|
| Brodmore Management Inc | 243 4th Avenue | $54,557,000.00 | 19 |
| Brookland Capital | 15 East 19th Street | $21,110,000.00 | 33 |
| Caro Enterprises | 139 Huron Street (rehab) | $16,143,330.00 | 9 |
| Brookland Capital | 734 5th Avenue | $13,510,000.00 | 20 |
Source: TRData analysis of plans approved to sell by NYS AG in November
LARGEST PROJECTS FILED IN BROOKLYN
| DEVELOPER | ADDRESS | UNITS | TOTAL SELLOUT |
|---|---|---|---|
| Black Spruce Management | 175 & 192 Spencer Streetn(conversion) | 82 | $59,780,000 |
| Alloy Development | 168 Plymouth Street | 46 | N/A |
| EM Development | 8707 19th Avenue | 18 | $34,000,000 |
| 120 Kings Property LLC | 1652 & 1656 Stillwell Avenue | 16 | $7,876,200 |
Source: TRData analysis of plans submitted to the NYS AG in November
DEMAND
BROOKLYN NEW DEVELOPMENT CONDO SALES DOLLAR VOLUME AND UNIT VOLUME
MOST EXPENSIVE CONDO UNIT SALES RECORDED
| SPONSOR | SALE PRICE | ADDRESS | UNIT |
|---|---|---|---|
| Toll Brothers | $5,094,661 | 130 Furman Street | S-113 |
| DNA Development | $3,395,000 | 280 St. Marks Avenue | PH-A |
| EDG Development | $3,000,000 | 225 14th Street | 501 |
| David Duke Dweck et al. | $2,892,750 | 62 North 3rd Street | 2 |
Source: TRData analysis of NYC Dept. of Finance sales in new development projects in November
QUEENS
• Inventory rose slightly as developers filed more units than were purchased
• Developers filed three plans with 155 units
• The state approved four plans with 68 units valued at $52 million for sale
•mBuyers purchased 53 units valued at $43 million
SUPPLY
QUEENS NEW DEVELOPMENT CONDO SUPPLY
MOST EXPENSIVE CONDO PROJECTS APPROVED IN QUEENS
| DEVELOPER | ADDRESS | TOTAL SELLOUT | UNITS |
|---|---|---|---|
| Choi Yui Chan | 70-05 45 Avenue | $25,555,000 | 40 |
| Rising Developers Group | 5-25 47th Road | $18,913,000 | 12 |
| Salm Properties | 21-22 45th Road | $5,975,000 | 6 |
| Scenery Family Group | 97-38 64th Avenue | $1,600,000 | 10 |
Source: TRData analysis of plans approved to sell by NYS AG in November
LARGEST PROJECTS FILED IN QUEENS
| DEVELOPER | ADDRESS | UNITS | TOTAL SELLOUT |
|---|---|---|---|
| New Empire Real EstatenDevelopment | 37-14 34th Street | 77 | $77,821,610 |
| Zhidong Wu | 5 Court Square | 58 | N/A |
| Triple 8 Real Properties | 32-65 107th Street | 20 | $14,680,000 |
Source: TRData analysis of plans submitted to the NYS AG in November
DEMAND
QUEENS NEW DEVELOPMENT CONDO SALES DOLLAR VOLUME AND UNIT VOLUME
| SPONSOR | SALE PRICE | ADDRESS | UNIT |
|---|---|---|---|
| Onex Real Estate Partners | $2,548,922 | 131-01 40th Road | 17M |
| Ascent Development | $2,472,356 | 10-18 47th Avenue | 1 |
| Onex Real Estate Partners | $1,423,247 | 131-01 40th Road | 8R |
| Century Development Group | $1,420,459 | 11-30 45th Road | 5E |
Source: TRData analysis of NYC Dept. of Finance sales in new development projects in November