BROOKLYN NEW DEVELOPMENT REPORT - MNS · Historically, Brooklyn Heights has been the priciest neighborhood as it is one of the most mature, beautiful and desirable neighborhoods

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 S E C O N D 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 2 q 1 2


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

Prospect-Lefferts Gardens 25

Wi l l iamsburg 26

The Report Explained 27



I N T R O D U C T I O N

MNS is proud to present the Second Quarter 2012 edition of our New Development Market Report. 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 Second Quarter of 2012 (04/01/12 – 06/30/12). All data summarized is on a median basis.



M A R K E T S N A P S H O T

Year-Over-Year Median PPSF – up 16%

Quarter-Over-Quarter Median PPSF – up 8%

Year-Over-Year Median Sales Price – up 16%

Quarter-Over-Quarter Median Sales Price – up 15%

Brooklyn New Development Sales Inventory – up 140% from 1Q12

Neighborhood with the Highest Inventory – Williamsburg (33% of all Brooklyn)

Total New Development Sales Volume – up 155% to $232M from $91M in 1Q12

Largest Quarterly Up-Swing: Prospect Heights

PPSF: $909/SF from $834/SF

Sales Price: $1.8M from $1.0M

Largest Quarterly Down-Swing: Carroll Gardens

PPSF: $505/SF from $680/SF

Sales Price: $576K from $769K

Highest New Development Sale Price:

On Prospect Park – 1 Grand Army Plaza #PH16S - $5,100,000

Highest New Development Sale Price per Foot:

On Prospect Park – 1 Grand Army Plaza #PH16N - $1,497/SF

MARKET SUMMARY:

The Total new development sales dollar volume in Brooklyn more than doubled this quarter which is certainly a positive sign of transaction activity, but when 45% of that dollar volume comes from just four projects (EDGE, Northside Piers, One Brooklyn Bridge Park, and On Prospect Park), what does it really say about the new development condo market of the borough? MNS digs deeper into each deal to uncover the trends.

Year-over-year Brooklyn new development condominium sales price per square foot numbers are up 16%, up almost $100/SF and median sales prices are also up 16% ($621K this quarter versus $537K in 2Q11).

Compared to last quarter 1Q12, Brooklyn new development price per square foot median numbers are up 15% ($690/SF from $637/SF) and median sales prices are up 8%, to $621K from $538K.




MARKET UP-SWINGS:

For the heavy hitters in the borough: On Prospect Park is back in action, closing $19M worth of inventory this quarter, versus just $1M last quarter. Edge closed $44M worth of real estate this quarter, One Brooklyn Bridge Park closed another $20M and Northside Piers closed $18M. All four properties combined, these sales had a median price of $825K and $906/SF. The rest of the borough sits 45% below that at a median sales price of $570K and $617/SF.

It was the lower end of the market that actually showed tremendous improvement from last quarter. Sales in neighborhoods like Bay Ridge at a median sale price of $439/SF and Prospect-Lefferts Gardens at $537/SF is a significant indicator of Brooklyn’s resilience. Even the three quarter upward trend in Clinton Hill to a two year high of just under $600/SF is the result of solid sales at Isabella and Fulton Street Lofts.

MARKET DOWN-SWINGS:

Historically, Brooklyn Heights has been the priciest neighborhood as it is one of the most mature, beautiful and desirable neighborhoods. What we find here is a strain for inventory, and everything large and expensive has not only sold but sold quickly. So the drop in median sales price from $1.1M last quarter to $970K this quarter is not a sign of the market, but again, an indicator of lack of inventory.

The same holds true for Carroll Gardens where just 2 remaining sponsor units closed at Court Street Lofts. The neighborhood’s new development condo inventory typically sells close to $700/SF and this quarter was barely over $500/SF. We expect that the condo product on the market now at projects like 116 3rd Place will boost the neighborhood’s numbers up once they close

INVENTORY ANALYSIS:

This quarter we saw some new inventory hit the city registry, such as Dumbo’s Kirkman Lofts with a median sales price of $700,000 and East Williamsburg’s ID390 with a median sales price of $389,000. Compared to last quarter where Downtown Brooklyn closed just 6 units, the neighborhood had 30 closings this quarter at a healthy $666/SF.

In terms of unit mix in the borough, the make-up of inventory stayed pretty consistent with last quarter, so a steady rise of both median price and median price per foot is a clear sign of strength in the market. The neighborhoods that sold the most amount of 2Q12 new development inventory per unit size:

Studios - Williamsburg (52%) One-Bedrooms - Williamsburg (35%) Two-Bedrooms - Williamsburg (20%) Three-Bedrooms (1500+) - Williamsburg (38%)




2Q12 MEDIAN SALES PRICE BY NEIGHBORHOOD

2Q12 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

2Q12 Median PPSF by Neighborhood

$250,000

$450,000

$650,000

$850,000

$1,050,000

$1,250,000

$1,450,000

$1,650,000

$1,850,000

$2,050,000

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

2Q12 Median Sales Price by Neighborhood




% OF TOTAL NEW DEVELOPMENT SALES BOROUGH-WIDE

2Q12 MONTHLY ABSORPTION RATE

0%

5%

10%

15%

20%

25%

30%

35%

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

0

5

10

15

20

25

30

35

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



$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 2Q12

All Brooklyn

Median PPSF

Median Price


3Q11 UNIT MIX OF NEW DEVELOPMENT SALES

MANHATTAN QUARTERLY TRACKING

P R I C EP P S F

2Q12 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

25%

21% 39%

15%

2Q12 Unit Mix of New Development Sales

studios

one bedrooms

two bedrooms

three bedrooms

NEIGHBORHOOD PRICE TRENDS

9


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

$100,000

$300,000

$500,000

$700,000

$900,000

$200

$300

$400

$500

$600

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

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 ($439/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 ($439

/SF Med)

0% 0%

67%

33%

% of Sales within Bay Ridge

Studios

1 Beds

2 Beds

1500+SF


10


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


$300,000

$400,000

$500,000

$600,000

$200

$300

$400

$500

$600

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

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 ($427/SF Median)

P P S F P R I C E

$100

$200

$300

$400

$500

$600

$700


Bed-Stuy PPSF by Unit Size ($427/SF Med)

25%

25% 37%

13%

% of Sales within Bed-Stuy

Studios

1 Beds

2 Beds

1500+SF


11


13%

13%

37%

37%


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 2Q12

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 ($828/SF Median)

P P S F P R I C E

$500

$600

$700

$800

$900

$1,000


Brooklyn Heights PPSF by Unit Size ($828/SF Med)

0%

29%

46%

25%

% of Sales within Brooklyn Heights

Studios

1 Beds

2 Beds

1500+SF


12


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


$400,000

$900,000

$1,400,000

$300

$400

$500

$600

$700

$800

$900

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

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 ($752/SF Median)

BOERUM-COBBLE HILL QUARTERLY TRACKING

$500

$600

$700

$800

$900

$1,000


Boerum-Cobble Hill PPSF by Unit Size ($752/SF Med)

25%

25% 25%

25%

% of Sales within Boerum-Cobble Hill

Studios

1 Beds

2 Beds

1500+SF


13


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


$100,000

$300,000

$500,000

$700,000

$200

$300

$400

$500

$600

$700

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

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 ($431/SF Median)

P P S F P R I C E

$200

$300

$400

$500

$600

$700


Bushwick PPSF by Unit Size ($431/SF Med)

0%

67%

33%

0%

% of Sales within Bushwick

Studios

1 Beds

2 Beds

1500+SF


14


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


$300,000

$500,000

$700,000

$900,000

$400

$500

$600

$700

$800

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

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 ($505/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

$300

$400

$500

$600

$700

$800

$900


Carroll Gardens PPSF by Unit Size ($505/SF Med)


15


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


$200,000

$450,000

$700,000

$950,000

$200

$300

$400

$500

$600

$700

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

Clinton Hill

Median PPSF

Median Price

CLINTON HILL QUARTERLY TRACKING

% OF SALES WITHIN CLINTON HILL

CLINTON HILL PPSF BY UNIT SIZE ($595/SF Median)

C L I N T O N H I L L

P P S F P R I C E

$100

$200

$300

$400

$500

$600

$700


Clinton Hill PPSF by Unit Size ($595/SF Med)

40%

0%

60%

0%

% of Sales within Clinton Hill

Studios

1 Beds

2 Beds

1500+SF


16


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


$200,000

$400,000

$600,000

$800,000

$200

$300

$400

$500

$600

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

Crown Heights

Median PPSF

Median Price

CROWN HEIGHTS QUARTERLY TRACKING

% OF SALES WITHIN CROWN HEIGHTS

CROWN HEIGHTS PPSF BY UNIT SIZE ($297/SF Median)

C R O W N H E I G H T S

P P S F P R I C E

$200

$300

$400

$500

$600

$700


Crown Heights PPSF by Unit Size ($297/SF Med)

0%

33%

0% 67%

% of Sales within Crown Heights

Studios

1 Beds

2 Beds

1500+SF


17


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


$300,000

$550,000

$800,000

$1,050,000

$400

$500

$600

$700

$800

$900

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

Downtown Brooklyn

Median PPSF

Median Price

DOWNTOWN BROOKLYN QUARTERLY TRACKING

% OF SALES WITHIN DOWNTOWN BROOKLYN

DOWNTOWN BROOKLYN PPSF BY UNIT SIZE ($666/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

$300

$400

$500

$600

$700

$800


Downtown Brooklyn PPSF by Unit Size ($666/SF Med)

17%

14%

55%

14%

% of Sales within Downtown Brooklyn

Studios

1 Beds

2 Beds

1500+SF


18


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


$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 2Q12

DUMBO

Median PPSF

Median Price

P R I C EP P S F

D U M B O

DUMBO PPSF BY UNIT SIZE ($685/SF Median)

% OF SALES WITHIN DUMBO

DUMBO QUARTERLY TRACKING

$400

$500

$600

$700

$800

$900

$1,000


DUMBO PPSF by Unit Size ($685/SF Med)

0%

29%

63%

8%

% of Sales within DUMBO

Studios

1 Beds

2 Beds

1500+SF


19


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


$300,000

$500,000

$700,000

$900,000

$300

$400

$500

$600

$700

$800

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

Fort Greene

Median PPSF

Median Price

FORT GREENE QUARTERLY TRACKING

% OF SALES WITHIN FORT GREENE

FORT GREENE PPSF BY UNIT SIZE ($646/SF Median)

F O R T G R E E N E

P P S F P R I C E

$300

$400

$500

$600

$700

$800


Fort Greene PPSF by Unit Size ($646/SF Med)

0%

33%

67%

0%

% of Sales within Fort Greene

Studios

1 Beds

2 Beds

1500+SF


20


13%

13%

37%

37%


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 2Q12

Gowanus

Median PPSF

Median Price

GOWANUS QUARTERLY TRACKING

% OF SALES WITHIN GOWANUS

GOWANUS PPSF BY UNIT SIZE ($706/SF Median)

G O WA N U S

P P S F P R I C E

$300

$400

$500

$600

$700

$800


Gowanus PPSF by Unit Size ($706/SF Med)

50%

0%

50%

0%

% of Sales within Gowanus

Studios

1 Beds

2 Beds

1500+SF


21


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


$200,000

$400,000

$600,000

$800,000

$300

$400

$500

$600

$700

$800

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

Greenpoint

Median PPSF

Median Price

GREENPOINT QUARTERLY TRACKING

% OF SALES WITHIN GREENPOINT

GREENPOINT PPSF BY UNIT SIZE ($653/SF Median)

G R E E N P O I N T

P P S F P R I C E

$300

$400

$500

$600

$700

$800


Greenpoint PPSF by Unit Size ($653/SF Med)

50%

8%

38%

4%

% of Sales within Greenpoint

Studios

1 Beds

2 Beds

1500+SF


22


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


$200,000

$400,000

$600,000

$800,000

$200

$300

$400

$500

$600

$700

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

Kensington

Median PPSF

Median Price

0% 0%

100%

0%

% of Sales within Kensington

Studios

1 Beds

2 Beds

1500+SF

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

$100

$200

$300

$400

$500

$600


Kensington PPSF by Unit Size ($365/SF Med)


23


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


$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 2Q12

Park Slope

Median PPSF

Median Price

PARK SLOPE QUARTERLY TRACKING

% OF SALES WITHIN PARK SLOPE

PARK SLOPE PPSF BY UNIT SIZE ($605/SF Median)

PA R K S L O P E

P P S F P R I C E

$200

$300

$400

$500

$600

$700

$800


Park Slope PPSF by Unit Size ($605/SF Med)

17%

22%

39%

22%

% of Sales within Park Slope

Studios

1 Beds

2 Beds

1500+SF


24


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


$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 2Q12

Prospect Heights

Median PPSF

Median Price

PROSPECT HEIGHTS QUARTERLY TRACKING

% OF SALES WITHIN PROSPECT HEIGHTS

PROSPECT HEIGHTS PPSF BY UNIT SIZE ($909/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

$500

$600

$700

$800

$900

$1,000


Prospect Heights PPSF by Unit Size ($909/SF Med)

18%

9%

18% 55%

% of Sales within Prospect Heights

Studios

1 Beds

2 Beds

1500+SF


25


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF

P P S F P R I C E


$200,000

$300,000

$400,000

$500,000

$600,000

$200

$300

$400

$500

$600

$700

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

Prospect-Lefferts Gardens

Median PPSF

Median Price

PROSPECT-LEFFERTS GARDENS QUARTERLY TRACKING

% OF SALES WITHIN PROSPECT-LEFFERTS GARDENS

PROSPECT-LEFFERTS GARDENS PPSF BY UNIT SIZE ($537/SF Median)

P R O S P E C T - L E F F E R T S G A R D E N s

P P S F P R I C E

$100

$200

$300

$400

$500

$600

$700


Prospect-‐Lefferts Gardens PPSF by Unit Size ($537/SF Avg)

23%

54%

23%

0%

% of Sales within Prospect-Lefferts Gardens

Studios

1 Beds

2 Beds

1500+SF


26


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


$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 2Q12

Williamsburg

Median PPSF

Median Price

WILLIAMSBURG QUARTERLY TRACKING

% OF SALES WITHIN WILLIAMSBURG

WILLIAMSBURG PPSF BY UNIT SIZE ($839/SF Median)

W I L L I A M S B U R G

P P S F P R I C E

$400

$500

$600

$700

$800

$900

$1,000


Williamsburg PPSF by Unit Size ($839/SF Med)

41%

22%

21%

16%

% of Sales within Williamsburg

Studios

1 Beds

2 Beds

1500+SF



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.

Can’t find what you’re looking for? Ask MNS for more information at www.mns.com.

CONTACT US NOW: 212.475.9000

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).

Documents

BROOKLYN NEW DEVELOPMENT REPORT - MNS · Historically, Brooklyn Heights has been the priciest neighborhood as it is one of the most mature, beautiful and desirable neighborhoods