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
| DEVELOPER | ADDRESS | TOTAL SELLOUT | UNITS |
|---|---|---|---|
| Eli Nahman | 627-629 Dekalb Avenue | $32,807,200 | 35 |
| The Pros Developments | 43 Meserole Street | $8,604,000 | 8 |
| USA Huamei Sanxin Trading LLC | 856 52nd Street | $8,579,200 | 13 |
| Sahin Cetinkaya | 116 2nd Place (Rehab) | $8,300,000 | 4 |
Source:TRData analysis of plans approved to sell by NYS AG in October
LARGEST PROJECTS FILED IN BROOKLYN
| DEVELOPER | ADDRESS | UNITS | TOTAL SELLOUT |
|---|---|---|---|
| Lonicera Partners | 70 Schermerhorn Street | 59 | N/A |
| ZHL Group | 1673 Ocean Avenue | 49 | $18,652,000 |
| New Empire Real EstatenDevelopment | 269 4th Avenue | 33 | N/A |
| Begonia Garden LLC | 2503 Ocean Avenue | 29 | $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
| DEVELOPER | ADDRESS | TOTAL SELLOUT | UNITS |
|---|---|---|---|
| Chris Xu | 23-15 44th Drive | $1,012,184,929 | 802 |
| George Xu | 134-37 35th Avenue | $100,314,750 | 100 |
| Tres Construction | 31-12 24th Avenue | $30,826,000 | 29 |
| BK Developers | 5-28 47th Avenue | $7,170,000 | 6 |
Source: TRData analysis of plans approved to sell by NYS AG in October
LARGEST PROJECTS FILED IN QUEENS
| DEVELOPER | ADDRESS | UNITS | TOTAL SELLOUT |
|---|---|---|---|
| Kingu2019s USA Group | 109-09 15th Avenue | 134 | $146,219,687 |
| Stella Boyadjian | 64-00 Saunders Street | 72 | N/A |
| Chandrakant Jain | 82-04 Lefferts Boulevard | 40 | N/A |
| Tamal Monsur | 172-18 Jamaica Avenue | 20 | $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
| SPONSOR | SALE PRICE | ADDRESS | UNIT |
|---|---|---|---|
| Toll Brothers | $5,403,350 | 90 Furman Street | N1007 |
| Toll Brothers | $4,502,750 | 90 Furman Street | N-411 |
| Toll Brothers | $4,254,605 | 130 Furman Street | S-101 |
| OTL Enterprises | $3,200,000 | 325 Henry Street | 3B |
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
| SPONSOR | SALE PRICE | ADDRESS | UNIT |
|---|---|---|---|
| Purves Development,nSilvercup Properties | $1,323,725 | 27-21 44th Drive | 204 |
| Kenny Liu | $1,206,626 | 97-45 63rd Drive | 7H |
| Onex Real Estate Partners | $1,159,011 | 131-05 40th Road | PH2M |
| Ampiera Group | $1,152,659 | 24-12 42nd Road | 5A |
Source: TRData analysis of NYC Dept. of Finance sales in new development projects in October