The Real Deal New York

Brooklyn and Queens condo inventory through November 2018

A roundup of news and data on the residential market
By Kevin Sun and Yoryi De La Rosa | January 01, 2019 10:00AM

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

DEVELOPERADDRESSTOTAL SELLOUTUNITS
Brodmore Management Inc243 4th Avenue$54,557,000.0019
Brookland Capital15 East 19th Street$21,110,000.0033
Caro Enterprises139 Huron Street (rehab)$16,143,330.009
Brookland Capital734 5th Avenue$13,510,000.0020

Source: TRData analysis of plans approved to sell by NYS AG in November

LARGEST PROJECTS FILED IN BROOKLYN

DEVELOPERADDRESSUNITSTOTAL SELLOUT
Black Spruce Management175 & 192 Spencer Street
(conversion)
82$59,780,000
Alloy Development168 Plymouth Street46N/A
EM Development8707 19th Avenue18$34,000,000
120 Kings Property LLC1652 & 1656 Stillwell Avenue16$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

SPONSORSALE PRICEADDRESSUNIT
Toll Brothers$5,094,661130 Furman StreetS-113
DNA Development$3,395,000280 St. Marks AvenuePH-A
EDG Development$3,000,000225 14th Street501
David Duke Dweck et al.$2,892,75062 North 3rd Street2

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

DEVELOPERADDRESSTOTAL SELLOUTUNITS
Choi Yui Chan70-05 45 Avenue$25,555,00040
Rising Developers Group5-25 47th Road$18,913,00012
Salm Properties21-22 45th Road$5,975,0006
Scenery Family Group97-38 64th Avenue$1,600,00010

Source: TRData analysis of plans approved to sell by NYS AG in November

LARGEST PROJECTS FILED IN QUEENS

DEVELOPERADDRESSUNITSTOTAL SELLOUT
New Empire Real Estate
Development
37-14 34th Street77$77,821,610
Zhidong Wu5 Court Square58N/A
Triple 8 Real Properties32-65 107th Street20$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

SPONSORSALE PRICEADDRESSUNIT
Onex Real Estate Partners$2,548,922131-01 40th Road17M
Ascent Development$2,472,35610-18 47th Avenue1
Onex Real Estate Partners$1,423,247131-01 40th Road8R
Century Development Group$1,420,45911-30 45th Road5E

Source: TRData analysis of NYC Dept. of Finance sales in new development projects in November