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1 M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
TM
B R O O K LY N N E W D E V E L O P M E N T R E P O R T
2 0 1 2 F I R S T Q U A R T E R
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
2 M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
TA B L E O F C O N T E N T S
Introduction 3
Market Snapshot 4
Neighborhood Pr ice Trends
Bay Ridge 9
Bed-Stuy 10
Brooklyn Heights 11
Boerum-Cobble Hi l l 12
Bushwick 13
Car rol l Gardens 14
Clinton Hi l l 15
Crown Heights 16
Downtown Brooklyn 17
DUMBO 18
Fort Greene 19
Gowanus 20
Greenpoint 21
Kensington 22
Park S lope 23
Prospect Heights 24
Wi l l iamsburg 25
The Report Explained 26
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
3 M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
I N T R O D U C T I O N
MNS is proud to present the First Quarter 2012 edition of our New Development Market ReportTM. New Development
Sales data, defined as such “Arms-Length” first offering transactions where the seller is considered a “Sponsor”, was
compiled from the Automated City Register Information System (ACRIS) for sponsor sales that traded during the
First Quarter of 2012 (01/01/12 – 03/31/12). All data summarized is on a median basis. We also included quarterly
tracking graphs over a nine quarter look back (1Q10) and will continue to track the trends going forward.
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
4 M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
M A R K E T S N A P S H O T
Year-Over-Year Median PPSF – up 14% Quarter-Over-Quarter Median PPSF – up 2%
Year-Over-Year Median Sales Price – up 9% Quarter-Over-Quarter Median Sales Price – down 1%
Brooklyn New Development Sales Inventory - down 47% from last quarter. Neighborhood with the Highest Inventory – Williamsburg (37% of all Brooklyn)
Total New Development Sales Volume – down 38% to $91M from $148M in 4Q11
Largest Quarterly Up-Swing: Downtown Brooklyn PPSF: $716/SF from $622/SF Sales Price: $805K from $563K
Largest Quarterly Down-Swing: Boerum-Cobble Hill PPSF: $578/SF from $682/SF Sales Price: $487K from $1.44M
Highest New Development Sale Price: Love Lane Mews - 9 College Place #4D - $3,327,613
Highest New Development Sale Price per Foot: EDGE North PH2F = $1,135/SF
MARKET SUMMARY:In Brooklyn, it is not surprising that the first quarter of 2012 was straining for inventory. Even though there was a 47% drop in sales numbers from last quarter and a 75% slash from last year, we are still seeing extremely steady pricing across the borough. Some internal neighborhoods have been volatile in their median numbers, which is really a reflection on inventory and the sales analyzed, as opposed to the market overall.
Year-over-year Brooklyn new development condominium sales price per foot numbers are up 14% ($637/SF this quarter versus $559/SF in 1Q11), and median sales prices are up 9% ($538K this quarter versus $494K in 1Q11).
Compared to last quarter 4Q11, Brooklyn new development price per square foot median numbers are up a smidge to $637 from $622 but median sales prices are down 1%, to $538K from $543K.
MARKET UP-SWINGS:Downtown Brooklyn’s median sales numbers this quarter have almost doubled from a year ago and price per foot in this area has soared to over $700/SF. One-bedrooms downtown sold for $550,000, while two-bedrooms sold for over $800,000. Most of the product comes from the high floor condos at the Toren where sales activity has picked up due to lack of competition.
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
5 M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
M A R K E T S N A P S H O T
This quarter, DUMBO emerged from a 4 quarter new development hiatus at the same price per square foot from 1Q11, just shy of $800/SF. A few closings at Kirkman Lofts and 192 Water Street pushed the neighborhood to a much higher median sales price of $900K up from $680K in 1Q11.
With the start of closings from Love Lane Mews, Brooklyn Heights finally surpassed the $1M median sales price number after 2 years of hovering just under 7 figures. The Mews had the highest sales price of the quarter in the borough, selling the condo’s largest apartment for $3,327,613.
Williamsburg inched up another 5% this quarter to $782/SF (from $746/SF last quarter) and is up $110/SF from 1Q11 where the median was $672/SF. EDGE, which represented 50% of the number of sales in the neighborhood and $20M of the $32M sold this quarter, boosted the neighborhood up 17% with its median of $890/SF.
MARKET DOWN-SWINGS:Except for a few sales at Northpoint Towers and The Pencil Factory, the median for Greenpoint this quarter barely grazed $400,000. Although there was steady pricing on a per foot basis at $637/SF, 50% of the sales in the neighborhood were studio sizes with a median sales price of $350,000. These sales brought Greenpoint’s median price per foot down 11% from last quarter.
With just a sprinkling of new development closings in Fort Greene, this quarter’s $530,000 median sale price is down almost $200,000 (27%) from a peak in 2Q11. The median price per foot however, is up 13% this quarter to $649/SF from $577/SF, showing signs of strength and desirability in the neighborhood. On the market now are 19 units at the boutique condo, Fino122. At $645/SF and high-demand three-bedrooms priced at a median price of $850,000, we will look towards those closings to boost the neighborhood well over its peak.
INVENTORY ANALYSIS:It’s the same story of emaciated condo-inventory from last quarter. But the lack of competition has helped to keep prices holding steady. On the market median prices are $650,000 and a median asking price per foot of $708/SF. With high demand and little supply comes minimal negotiating, so we might expect to see next quarter’s sales prices to be about 15-20% higher than this quarter.
The first quarter of 2012 brought 47% less sponsor sales to Brooklyn’s city registry, compared to 4Q11. Williamsburg still has the highest percentage of all Brooklyn new development sales at 37%, followed by Brooklyn Heights at 11% and Bed-Stuy at 10%. MNS exclusives alone represented $40M of the $90M total new development sales volume in the neighborhoods analyzed.
The neighborhoods that sold the most amount of 4Q11 new development inventory per unit size:
Studios - Williamsburg (56%) One-Bedrooms - Williamsburg (31%) Two-Bedrooms - Williamsburg (35%) Three-Bedrooms (1500+) - Brooklyn Heights (37%)
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
6 M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$250,000
$450,000
$650,000
$850,000
$1,050,000
$1,250,000
Bay R
idge
Bed-St
uy
Brookly
n Heig
hts
Bush
wick
Carroll G
ardens
Clinto
n Hill
Boeru
m H
ill-Cobble H
ill
Crown H
eights
Downtown Br
ooklyn
DUMBO
Fort
Gre
ene
Gowanus
Gre
enpoint
Kensingto
n
Prosp
ect Heig
hts
Prosp
ect-Leffe
rts G
ardens
Park Slo
pe
Willia
msb
urg
1Q12 Median Sales Price by Neighborhood
M A R K E T S N A P S H O T
1Q12 MEDIAN SALES PRICE BY NEIGHBORHOOD
1Q12 MEDIAN PPSF BY NEIGHBORHOOD
$250
$350
$450
$550
$650
$750
$850
$950
Bay R
idge
Bed-St
uy
Brookly
n Heig
hts
Bush
wick
Carroll G
ardens
Clinto
n Hill
Boeru
m H
ill-Cobble H
ill
Crown H
eights
Downtown Br
ooklyn
DUMBO
Fort
Gre
ene
Gowanus
Gre
enpoint
Kensingto
n
Prosp
ect Heig
hts
Prosp
ect-Leffe
rts G
ardens
Park Slo
pe
Willia
msb
urg
1Q12 Median PPSF by Neighborhood
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
7 M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
0
2
4
6
8
10
12
14
16
Bay R
idge
Bed-St
uy
Brookly
n Heig
hts
Bush
wick
Carroll G
ardens
Clinto
n Hill
Boeru
m H
ill-Cobble H
ill
Crown H
eights
Downtown Br
ooklyn
DUMBO
Fort
Gre
ene
Gowanus
Gre
enpoint
Kensingto
n
Prosp
ect Heig
hts
Prosp
ect-Leffe
rts G
ardens
Park Slo
pe
Willia
msb
urg
Monthly Absorption Rate
0%
5%
10%
15%
20%
25%
30%
35%
40%
Bay R
idge
Bed-St
uy
Brookly
n Heig
hts
Bush
wick
Carroll G
ardens
Clinto
n Hill
Boeru
m H
ill-Cobble H
ill
Crown H
eights
Downtown Br
ooklyn
DUMBO
Fort
Gre
ene
Gowanus
Gre
enpoint
Kensingto
n
Prosp
ect Heig
hts
Prosp
ect-Leffe
rts G
ardens
Park Slo
pe
Willia
msb
urg
% of total sponsor sales - Brooklyn-wide
M A R K E T S N A P S H O T
% OF TOTAL NEW DEVELOPMENT SALES BOROUGH-WIDE
1Q12 MONTHLY ABSORPTION RATE
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
8 M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
25%
25%
37%
13%
1Q12 Unit Mix of New Development Sales
studios
one bedrooms
two bedrooms
three bedrooms
$200,000
$400,000
$600,000
$800,000
$1,000,000
$300
$400
$500
$600
$700
$800
$900
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
All Brooklyn
Median PPSF
Median Price
M A R K E T S N A P S H O T
3Q11 UNIT MIX OF NEW DEVELOPMENT SALES
MANHATTAN QUARTERLY TRACKING
P R I C EP P S F
1Q12 UNIT MIX OF NEW DEVELOPMENT SALES
BROOKLYN QUARTERLY TRACKING
27%
26%
38%
9%
4Q11 Unit Mix of New Development Sales
Studios
1 Beds
2 Beds
3 Beds
NEIGHBORHOOD PRICE TRENDS
9
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
0% 0% 0%
100%
% of Sales within Bay Ridge
Studios
1 Beds
2 Beds
1500+SF
$100,000
$300,000
$500,000
$700,000
$900,000
$200
$300
$400
$500
$600
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Bay Ridge
Median PPSF
Median Price
BAY RIDGE QUARTERLY TRACKING
B AY R I D G E
% OF SALES WITHIN BAY RIDGE
BAY RIDGE PPSF BY UNIT SIZE ($366/SF Median)
P P S F P R I C E
$100
$200
$300
$400
$500
$600
$700
Studios 1 Beds 2 Beds 1500+SF
Bay Ridge PPSF By Unit Size ($366/SF Med)
NEIGHBORHOOD PRICE TRENDS
10
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
17%
58%
17%
8%
% of Sales within Bed-Stuy
Studios
1 Beds
2 Beds
1500+SF
$100
$200
$300
$400
$500
$600
$700
Studios 1 Beds 2 Beds 1500+SF
Bed-Stuy PPSF by Unit Size ($484/SF Med)
$300,000
$400,000
$500,000
$600,000
$200
$300
$400
$500
$600
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Bed-Stuy
Median PPSF
Median Price
BED-STUY QUARTERLY TRACKING
B E D - S T U Y
% OF SALES WITHIN BED-STUY
BED-STUY PPSF BY UNIT SIZE ($484/SF Median)
P P S F P R I C E
NEIGHBORHOOD PRICE TRENDS
11
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$500
$600
$700
$800
$900
$1,000
Studios 1 Beds 2 Beds 1500+SF
Brooklyn Heights PPSF by Unit Size ($877/SF Med)
0%
14%
43%
43%
% of Sales within Brooklyn Heights
Studios
1 Beds
2 Beds
1500+SF
$500,000
$750,000
$1,000,000
$1,250,000
$1,500,000
$1,750,000
$500
$600
$700
$800
$900
$1,000
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Brooklyn Heights
Median PPSF
Median Price
BROOKLYN HEIGHTS QUARTERLY TRACKING
% OF SALES WITHIN BROOKLYN HEIGHTS
B R O O K LY N H E I G H T S
BROOKLYN HEIGHTS PPSF BY UNIT SIZE ($877/SF Median)
P P S F P R I C E
NEIGHBORHOOD PRICE TRENDS
12
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
50%
0%
50%
0%
% of Sales within Boerum-Cobble Hill
Studios
1 Beds
2 Beds
1500+SF
$500
$600
$700
$800
$900
$1,000
Studios 1 Beds 2 Beds 1500+SF
Boerum-Cobble Hill PPSF by Unit Size ($540/SF Med)
$400,000
$900,000
$1,400,000
$400
$500
$600
$700
$800
$900
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Boerum Hill-Cobble Hill
Median PPSF
Median Price
% OF SALES WITHIN BOERUM-COBBLE HILL
B O E R U M - C O B B L E H I L L
P P S F P R I C E
BOERUM-COBBLE HILL PPSF BY UNIT SIZE ($578/SF Median)
BOERUM-COBBLE HILL QUARTERLY TRACKING
NEIGHBORHOOD PRICE TRENDS
13
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
0%
100%
0% 0%
% of Sales within Bushwick
Studios
1 Beds
2 Beds
1500+SF
$200
$300
$400
$500
$600
$700
Studios 1 Beds 2 Beds 1500+SF
Bushwick PPSF by Unit Size ($426/SF Med)
$100,000
$300,000
$500,000
$700,000
$200
$300
$400
$500
$600
$700
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Bushwick
Median PPSF
Median Price
BUSHWICK QUARTERLY TRACKING
B U S H W I C K
% OF SALES WITHIN BUSHWICK
BUSHWICK PPSF BY UNIT SIZE ($426/SF Median)
P P S F P R I C E
NEIGHBORHOOD PRICE TRENDS
14
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$300
$400
$500
$600
$700
$800
$900
Studios 1 Beds 2 Beds 1500+SF
Carroll Gardens PPSF by Unit Size ($680/SF Med)
$300,000
$500,000
$700,000
$900,000
$300
$400
$500
$600
$700
$800
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Carroll Gardens
Median PPSF
Median Price
0% 0%
100%
0%
% of Sales within Carroll Gardens
Studios
1 Beds
2 Beds
1500+SF
CARROLL GARDENS QUARTERLY TRACKING
% OF SALES WITHIN CARROLL GARDENS
CARROLL GARDENS PPSF BY UNIT SIZE ($680/SF Median)
C A R R O L L G A R D E N S
P P S F P R I C E
NEIGHBORHOOD PRICE TRENDS
15
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
33%
0% 67%
0%
% of Sales within Clinton Hill
Studios
1 Beds
2 Beds
1500+SF
$100
$200
$300
$400
$500
$600
$700
Studios 1 Beds 2 Beds 1500+SF
Clinton Hill PPSF by Unit Size ($456/SF Med)
$200,000
$450,000
$700,000
$950,000
$200
$300
$400
$500
$600
$700
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Clinton Hill
Median PPSF
Median Price
CLINTON HILL QUARTERLY TRACKING
% OF SALES WITHIN CLINTON HILL
CLINTON HILL PPSF BY UNIT SIZE ($456/SF Median)
C L I N T O N H I L L
P P S F P R I C E
NEIGHBORHOOD PRICE TRENDS
16
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
34%
0% 33%
33%
% of Sales within Crown Heights
Studios
1 Beds
2 Beds
1500+SF
$200
$300
$400
$500
$600
$700
Studios 1 Beds 2 Beds 1500+SF
Crown Heights PPSF by Unit Size ($406/SF Med)
$200,000
$400,000
$600,000
$800,000
$200
$300
$400
$500
$600
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Crown Heights
Median PPSF
Median Price
CROWN HEIGHTS QUARTERLY TRACKING
% OF SALES WITHIN CROWN HEIGHTS
CROWN HEIGHTS PPSF BY UNIT SIZE ($406/SF Median)
C R O W N H E I G H T S
P P S F P R I C E
NEIGHBORHOOD PRICE TRENDS
17
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
20%
40%
20%
20%
% of Sales within Downtown Brooklyn
Studios
1 Beds
2 Beds
1500+SF
$300
$400
$500
$600
$700
$800
Studios 1 Beds 2 Beds 1500+SF
Downtown Brooklyn PPSF by Unit Size ($716/SF Med)
$300,000
$550,000
$800,000
$1,050,000
$400
$500
$600
$700
$800
$900
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Downtown Brooklyn
Median PPSF
Median Price
DOWNTOWN BROOKLYN QUARTERLY TRACKING
% OF SALES WITHIN DOWNTOWN BROOKLYN
DOWNTOWN BROOKLYN PPSF BY UNIT SIZE ($716/SF Median)
D O W N T O W N B R O O K LY N
P P S F P R I C E
NEIGHBORHOOD PRICE TRENDS
18
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
P P S F P R I C E
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$200,000
$400,000
$600,000
$800,000
$1,000,000
$300
$400
$500
$600
$700
$800
$900
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
DUMBO
Median PPSF
Median Price
$400
$500
$600
$700
$800
$900
$1,000
Studios 1 Beds 2 Beds 1500+SF
DUMBO PPSF by Unit Size ($798/SF Med)
0%
40%
20%
40%
% of Sales within DUMBO
Studios
1 Beds
2 Beds
1500+SF
D U M B O
DUMBO PPSF BY UNIT SIZE ($798/SF Median)
% OF SALES WITHIN DUMBO
DUMBO QUARTERLY TRACKING
NEIGHBORHOOD PRICE TRENDS
19
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
0%
67%
33%
0%
% of Sales within Fort Greene
Studios
1 Beds
2 Beds
1500+SF
$300
$400
$500
$600
$700
$800
Studios 1 Beds 2 Beds 1500+SF
Fort Greene PPSF by Unit Size ($649/SF Med)
$300,000
$500,000
$700,000
$900,000
$300
$400
$500
$600
$700
$800
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Fort Greene
Median PPSF
Median Price
FORT GREENE QUARTERLY TRACKING
% OF SALES WITHIN FORT GREENE
FORT GREENE PPSF BY UNIT SIZE ($649/SF Median)
F O R T G R E E N E
P P S F P R I C E
NEIGHBORHOOD PRICE TRENDS
20
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
$300
$400
$500
$600
$700
$800
Studios 1 Beds 2 Beds 1500+SF
Gowanus PPSF by Unit Size ($672/SF Med)
100%
0% 0% 0%
% of Sales within Gowanus
Studios
1 Beds
2 Beds
1500+SF
$200,000
$450,000
$700,000
$950,000
$400
$500
$600
$700
$800
$900
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Gowanus
Median PPSF
Median Price
GOWANUS QUARTERLY TRACKING
% OF SALES WITHIN GOWANUS
GOWANUS PPSF BY UNIT SIZE ($672/SF Median)
G O WA N U S
P P S F P R I C E
NEIGHBORHOOD PRICE TRENDS
21
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
50%
20%
30%
0%
% of Sales within Greenpoint
Studios
1 Beds
2 Beds
1500+SF
$300
$400
$500
$600
$700
$800
Studios 1 Beds 2 Beds 1500+SF
Greenpoint PPSF by Unit Size ($637/SF Med)
$200,000
$400,000
$600,000
$800,000
$300
$400
$500
$600
$700
$800
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Greenpoint
Median PPSF
Median Price
GREENPOINT QUARTERLY TRACKING
% OF SALES WITHIN GREENPOINT
GREENPOINT PPSF BY UNIT SIZE ($637/SF Median)
G R E E N P O I N T
P P S F P R I C E
NEIGHBORHOOD PRICE TRENDS
22
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
0% 0%
100%
0%
% of Sales within Kensington
Studios
1 Beds
2 Beds
1500+SF
$100
$200
$300
$400
$500
$600
Studios 1 Beds 2 Beds 1500+SF
Kensington PPSF by Unit Size ($365/SF Med)
$200,000
$400,000
$600,000
$800,000
$200
$300
$400
$500
$600
$700
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Kensington
Median PPSF
Median Price
KENSINGTON QUARTERLY TRACKING
% OF SALES WITHIN KENSINGTON
KENSINGTON PPSF BY UNIT SIZE ($365/SF Median)
K E N S I N G T O N
P P S F P R I C E
NEIGHBORHOOD PRICE TRENDS
23
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
0%
57%
43%
0%
% of Sales within Park Slope
Studios
1 Beds
2 Beds
1500+SF
$200
$300
$400
$500
$600
$700
$800
Studios 1 Beds 2 Beds 1500+SF
Park Slope PPSF by Unit Size ($597/SF Med)
$200,000
$400,000
$600,000
$800,000
$1,000,000
$300
$400
$500
$600
$700
$800
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Park Slope
Median PPSF
Median Price
PARK SLOPE QUARTERLY TRACKING
% OF SALES WITHIN PARK SLOPE
PARK SLOPE PPSF BY UNIT SIZE ($597/SF Median)
PA R K S L O P E
P P S F P R I C E
NEIGHBORHOOD PRICE TRENDS
24
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
0% 0%
100%
0%
% of Sales within Prospect Heights
Studios
1 Beds
2 Beds
1500+SF
$500
$600
$700
$800
$900
Studios 1 Beds 2 Beds 1500+SF
Prospect Heights PPSF by Unit Size ($834/SF Med)
$500,000
$1,000,000
$1,500,000
$2,000,000
$500
$600
$700
$800
$900
$1,000
$1,100
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Prospect Heights
Median PPSF
Median Price
PROSPECT HEIGHTS QUARTERLY TRACKING
% OF SALES WITHIN PROSPECT HEIGHTS
PROSPECT HEIGHTS PPSF BY UNIT SIZE ($834/SF Median)
P R O S P E C T H E I G H T S
P P S F P R I C E
NEIGHBORHOOD PRICE TRENDS
25
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
13%
13%
37%
37%
% of Sales within BPC
Studios
1 Beds
2 Beds
1500+ SF
M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
39%
22%
35%
4%
% of Sales within Williamsburg
Studios
1 Beds
2 Beds
1500+SF
$400
$500
$600
$700
$800
$900
$1,000
Studios 1 Beds 2 Beds 1500+SF
Williamsburg PPSF by Unit Size ($782/SF Med)
$200,000
$400,000
$600,000
$800,000
$1,000,000
$300
$400
$500
$600
$700
$800
$900
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Williamsburg
Median PPSF
Median Price
WILLIAMSBURG QUARTERLY TRACKING
% OF SALES WITHIN WILLIAMSBURG
WILLIAMSBURG PPSF BY UNIT SIZE ($782/SF Median)
W I L L I A M S B U R G
P P S F P R I C E
B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2
26 M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M
T H E R E P O R T E X P L A I N E D
Included in this research are walk-up and elevator new development condominium buildings, as well as
new conversion condominiums if the sales were applicable sponsor transactions. Excluded from the report
are all cooperative sales. Unit types such as studios, one-bedrooms, and two-bedroom units are grouped by
square footage ranges. Studios are under 700 square feet, one-bedrooms are under 900 square feet, and two-
bedrooms are under 1,450 square feet. Added to the report is the over-sized unit type that ranges from 1,500
square feet to 5,500 square feet.
Presented with a quarter-over-quarter and year-over-year comparison, both city-wide and by neighborhood,
MNS New Development ReportTM tracks the market trends throughout Manhattan and Brooklyn . MNS offers
a unique insight into the new development market by tracking stalled construction sites on a quarterly basis,
a great indicator of where development in general is moving. MNS is your source to find neighborhood price
per square foot analysis, average sale prices, unit type sales trends, overall price movement, neighborhood
inventory comparisons, and absorption rates.
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Note: All market data is collected and compiled by MNS marketing department. The information presented here is intended for instructive purposes
only and has been gathered from sources deemed reliable, though it may be subject to errors, omissions, changes or withdrawal without notice.
If you would like to republish this report on the web, please be sure to source it as the “Brooklyn New Development Report” with a link back to its
original location (http://www.mns.com/brooklyn_new_dev_report).