By Holly Dutton
Midtown West and Williamsburg were hot neighborhoods for new development in the second quarter of 2014, according to a 2Q market report from real estate firm MNS.
In Manhattan, new development sponsor sales jumped up 13.3 percent since 1Q of 2014, with 333 sponsor units sold, up from 294.
Upper Manhattan is again proving to be a booming real estate market with 17 percent of all new development sales having taken place in Harlem — the most in the borough.
Total sales volume for new development were up 43.6 percent in the 2Q, jumping from $763.6 million in the 1Q of 2014 to $1.1 billion in the 2Q.
The most expensive new development sale of the quarter was at the Zeckendorf’s 15 Central Park West, where unit#1818B sold for $48 million. That sale was also the highest new development sale in terms of price per square foot, coming to $8,568.
Year over year, the median price per square foot increased 14.4 percent, while quarter over quarter, that figure was down 8.7 percent, from $1,533 to $1,400.
Year-over-year, median sales price increased 19.9 percent, while quarter-over-quarter, median sales price was down seven percent, from $1,667,556 to $1,550,000.
The neighborhood with the largest quarterly upswing was Midtown West, which saw price per square foot increase from $1,810 to $3,631 from the 1Q of 2014. Sales prices jumped from $1,415,000 to $6,978,513.
Chelsea had the largest quarterly downswing, with the average price per s/f dropping to $1,642 from $1,927. The average sales price dropped to $2,325,000 from $3,575,213.
In the 2Q, the most popular neighborhood for studios was Harlem, where 48 percent of all studios were sold, while 40 percent of all one bedrooms sold were in the Financial District. Harlem was again popular for two-bedrooms, with 32 percent of all sales.
In Brooklyn, the total number of new development sponsor sales in the 2Q skyrocketed 84.5 percent since the 1Q of 2014.
That significant increase is due to a “robust” new development condo market from this past spring, according to the report.
The waterfront neighborhood of Brooklyn Heights was responsible for 13.3 percent of all new development sponsor sales in Brooklyn, while the median price per square foot and median sales price in the neighborhood has increased every quarter since the 4Q of 2013.
One bedrooms and three bedrooms were the most popular unit sizes in the 2Q, representing 25 percent and 44 percent of all sales in Brooklyn, respectively.
Overall in Brooklyn, median sales prices increased 19 percent from the 1Q 2014, while the median price psf increased 24 percent.
Williamsburg had a strong showing in the 2Q, a neighborhood that has 48 new development condominiums being developed.
Price psf in Williamsburg jumped from $821 to $1,244, while sales prices increased from $1,185,761 to $1,767,338 in the same period.
