The Real Deal New York

Brooklyn and Queens condo inventory through October 2018

A roundup of news and data on the residential market
By Kevin Sun and Yoryi De La Rosa | December 01, 2018 10:00AM

NEW  DEVELOPMENT CONDO REPORT

BROOKLYN

Inventory increased slightly as developers filed more units than were purchased
Developers filed 16 plans with 252 units
The state approved 16 plans with 133 units valued at $114 million
Buyers purchased 124 units valued at $132 million

SUPPLY

BROOKLYN NEW DEVELOPMENT CONDO SUPPLY

MOST EXPENSIVE CONDO PROJECTS APPROVED IN BROOKLYN

DEVELOPERADDRESSTOTAL SELLOUTUNITS
Eli Nahman627-629 Dekalb Avenue$32,807,20035
The Pros Developments43 Meserole Street$8,604,0008
USA Huamei Sanxin Trading LLC856 52nd Street$8,579,20013
Sahin Cetinkaya116 2nd Place (Rehab)$8,300,0004

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

LARGEST PROJECTS FILED IN BROOKLYN

DEVELOPERADDRESSUNITSTOTAL SELLOUT
Lonicera Partners70 Schermerhorn Street59N/A
ZHL Group1673 Ocean Avenue49$18,652,000
New Empire Real Estate
Development
269 4th Avenue33N/A
Begonia Garden LLC2503 Ocean Avenue29$18,119,000

Source: TRData analysis of plans submitted to the NYS AG in October

QUEENS

  • Inventory increased as developers filed more units than were purchased
  • Developers filed seven plans with 306 units
  • In addition to the 802-unit, $1 billion-sellout Skyline Tower in LIC, the state approved five plans with 155 units valued at $116 million
  • Buyers purchased 68 units valued at $49 million

SUPPLY

QUEENS NEW DEVELOPMENT CONDO SUPPLY

MOST EXPENSIVE CONDO PROJECTS APPROVED IN QUEENS

DEVELOPERADDRESSTOTAL SELLOUTUNITS
Chris Xu23-15 44th Drive$1,012,184,929802
George Xu134-37 35th Avenue$100,314,750100
Tres Construction31-12 24th Avenue$30,826,00029
BK Developers5-28 47th Avenue$7,170,0006

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

LARGEST PROJECTS FILED IN QUEENS

DEVELOPERADDRESSUNITSTOTAL SELLOUT
King’s USA Group109-09 15th Avenue134$146,219,687
Stella Boyadjian64-00 Saunders Street72N/A
Chandrakant Jain82-04 Lefferts Boulevard40N/A
Tamal Monsur172-18 Jamaica Avenue20$12,100,000

Source: TRData analysis of plans submitted to the NYS AG in October

DEMAND

BROOKLYN NEW DEVELOPMENT CONDO SALES DOLLAR VOLUME AND UNIT VOLUME

MOST EXPENSIVE CONDO UNIT SALES RECORDED

SPONSORSALE PRICEADDRESSUNIT
Toll Brothers$5,403,35090 Furman StreetN1007
Toll Brothers$4,502,75090 Furman StreetN-411
Toll Brothers$4,254,605130 Furman StreetS-101
OTL Enterprises$3,200,000325 Henry Street3B

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

DEMAND

QUEENS NEW DEVELOPMENT CONDO SALES  DOLLAR VOLUME AND UNIT VOLUME

MOST EXPENSIVE CONDO UNIT SALES RECORDED

SPONSORSALE PRICEADDRESSUNIT
Purves Development,
Silvercup Properties
$1,323,72527-21 44th Drive204
Kenny Liu$1,206,62697-45 63rd Drive7H
Onex Real Estate Partners$1,159,011131-05 40th RoadPH2M
Ampiera Group$1,152,65924-12 42nd Road5A

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