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New Development Year-End Report
2017*Available inventory includes all units currently on the market as well as those not yet released.
BROOKLYNMANHATTAN
AVERAGE PRICE PER SQ. FT. CLOSED
$1,343AVERAGE PRICE PER SQ. FT. CLOSED
$2,133
AVAILABLE INVENTORY (UNITS)*
664AVAILABLE INVENTORY (UNITS)*
6,422
AVERAGE PRICE PER SQ. FT. CONTRACT SIGNED
AVERAGE PRICE PER SQ. FT. ACTIVE
$1,490
$1,440
$2,282
$2,610
AVERAGE PRICE PER SQ. FT. CONTRACT SIGNED
AVERAGE PRICE PER SQ. FT. ACTIVE
18% YoY
2.3% YoY
2.2% YoY
0.9% YoY
22% YoY
0% YoY
9.4% YoY
1.3% YoY
Summary Points
In Brooklyn, new development
entering into contract averaged
$1,490 PSF in 2017, a 9.4% increase
from 2016. This also marks the third
consecutive quarter of Avg. PPSF
at $1,400 or higher. Avg. PPSF
for closed new development in
Brooklyn remained essentially flat at
$1,343 PSF. The median price of new
development units entering contract
in Q4 2017 rose 35% to $1.96M
quarter-over-quarter, and 73% year-
over-year. This increase is due to
units above $2.5M entering contract
at Pierhouse, 51 Jay Street, and 251
First Street.
Outside of Billionaire’s Row, Midtown West experienced the largest quarter-
over-quarter increase in Average PPSF at 12.4%, rising to $1,961, due primarily to
closings at Manhattan View at MiMA, The Bryant, and The Sorting House.
In Manhattan, pricing for new
development units entering
into contract in 2017 rose 2.2%
from 2016 to $2,282 PSF. Avg.
PPSF has remained essentially
flat for the past ten quarters in
Manhattan. Avg. PPSF for closed
new development units fell 2.3%
in 2017 to $2,133. The median
price of new development units
entering contract in Q4 2017 rose
nearly 8.3% quarter-over-quarter
to $2.4M, but fell 16.1% year-over-
year as pricing at the top-end has
continued to correct downward.
In Manhattan, just over 1,320 units
entered into contract in 2017, an
increase of 4% year-over-year. In
Brooklyn, nearly 400 units entered into
contract in 2017, an 11% increase from
2016. These numbers include units that
entered into contract and closed within
the same year.
Available inventory in Manhattan
rose 18% year-over-year and 5%
quarter-over-quarter to just over
6,400 units. This total includes
unsold inventory at large projects
such as One Manhattan Square,
Waterline Square, and Gramercy
Square. In Brooklyn, available
inventory fell 22.3% year-over-year,
and 2.8% quarter-over-quarter
to just over 660 units as supply
remains constrained.
$2,282 PSF
12.4%
1,320 Units 6,400 Units
73%
MANHATTAN BROOKLYN
HPDM | HPDMNY.COM | 2017 Year-End Report | 2
MEDIAN PRICE PER SQ. FT.
Active $2,291 $1,423
Contract Signed $2,114 $1,408
Closed $1,942 $1,321
AVERAGE PRICE PER SQ. FT.
Active $2,610 $1,440
Contract Signed $2,282 $1,490
Closed $2,133 $1,343
MEDIAN PRICE
Active $3,900,000 $1,975,000
Contract Signed $2,499,990 $1,775,000
Closed $2,732,754 $1,370,000
AVERAGE PRICE
Active $6,738,010 $2,466,369
Contract Signed $3,849,656 $2,365,056
Closed $4,194,756 $1,663,755
TOTAL INVENTORY (UNITS)
Total 12,280 1,904
Units Available 6,422 664
% Closed or Contract Signed
47.7% 65.1%
HPDM | HPDMNY.COM | 2017 Year-End Report | 3
Introduction HPDM is pleased to present our New
Development Year-End Report for
2017. This report focuses exclusively
on the NYC new development
condominium market, and aims
to be the only report of its kind
presenting a comprehensive picture
of new development activity. New
development is unique from the overall
real estate market in that closings
often do not occur for 12 to 18 months
after a buyer enters into contract.
Therefore, to understand this market
it is critical to track active listings,
listings in contract, closed listings,
as well as total inventory. This report
analyzes 2017 as a whole and is a
snapshot of current new development
market conditions.
In Manhattan, pricing for new
development units entering into
contract in 2017 rose 2.2% from 2016
to $2,282 PSF. Avg. PPSF for closed
new development units fell 2.3% in
2017 to $2,133. In Brooklyn, new
development entering into contract
averaged $1,490 PSF in 2017, a 9.4%
increase from 2016. Avg. PPSF for
closed new development Brooklyn
remained essentially flat at $1,343 PSF.
METHODOLOGY:
§ All data is provided by proprietary
Halstead Property Development
Marketing research.
§ This report tracks new development
projects only, defined as those new
to the market and currently selling
sponsor units. Buildings that have
fully sold out of sponsor units are
not included, even though they may
be newly built. Resale data is not
included in this report.
§ All listings were compiled as of
12/11/17.
§ Total Inventory is defined as all units
within new development projects
that are currently listed as Active,
Contract Signed, or Closed, as well
as those units not yet released
to the market. Available Units is
defined as new development units
that are currently listed as Active
as well as those not yet released
to the market. These numbers
include units released prior to 2017,
provided they are in a project that
has not sold out all sponsor units.
By including currently unreleased
units that are not yet listed as
Active this data provides a unique
and comprehensive analysis of the
current new development market.
TABLE OF CONTENTS
MARKET OVERVIEW ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
MANHATTAN NEIGHBORHOOD INSIGHT ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7
ANALYSIS BY UNIT TYPE ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8
PRICE POINT ANALYSIS ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
TOTAL INVENTORY ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11
FURTHER INSIGHT ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
CONTACT ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
HPDM | HPDMNY.COM | 2017 Year-End Report | 5
Market OverviewDowntown continued to see the most new development activity in Manhattan in 2017 with more than 1300 units either entering
into contract or closing. Next to Billionaire’s Row, Downtown shows the highest Avg. Active Price per Sq. Ft. at $2,636. The
highest Avg. Price per Sq. Ft. for Contract Signed deals in 2017 occurred in Midtown West, with an average of $2,380 PSF, a
14.8% increase from 2016, due primarily to The Bryant at 16 West 40th Street.
CONTRACT SIGNED AND CLOSED
GROUND-UP VS. CONVERSIONS — AVG. PRICE PER SQ. FT.
ACTIVE, CONTRACT SIGNED, CLOSED — AVG. PRICE PER SQ. FT.
* Billionaire’s Row comprised of: 157 W 57th, 20 W 53rd, 432 Park Ave, 21 E 61st, 22 CPS, 53 W 53rd** Brooklyn neighborhoods tracked: Bedford Stuyvesant, Boerum Hill, Brooklyn Heights, Bushwick, Carroll Gardens, Clinton Hill, Crown Heights, Downtown Brooklyn, DUMBO, Greenpoint, Park Slope, Prospect Heights, Red Hook, Williamsburg
NUMBER OF UNITS
GROUND UP CONVERSIONS NUMBER OF UNITS
$1,
26
3
$2,0
98
$1,
98
7
$6
,222
$2,1
18
$2,3
46
$1,
33
1
$1,16
5
92 221
292
234
23
219
1,305
958
1,400
1,200
1,000
800
600
400
200$1,000
$2,000
$3,000
$4,000
$5,000
$7,000
$6,000
HARLEM UWS UES MIDTOWN WEST BILLIONAIRE'S ROW* MIDTOWN EAST DOWNTOWN BROOKLYN**
Ground-Up vs. Conversions - Avg. Price per Sq. Ft.
$2,2
72
$2,3
93
$1,
69
9
$1,
827
$2,4
17
$1,
43
8
$1,
426
ACTIVE CONTRACT SIGNED CLOSED
$1,
921
$2,2
49
$2,0
82
$6
,025
$2,3
02
$2,6
36
$1,
44
0
$1,
54
3
$2,2
01
$2,0
24
$2,3
80
$7,8
95
$1,
826
$2,3
55 $1,
49
0
$1,
25
1
$2,1
23
$1,
89
3
$1,
813
$5
,75
7
$2,0
95
$2,3
73
$1,
34
3
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
HARLEM UWS UES MIDTOWN WEST BILLIONAIRE'S ROW*
MIDTOWN EAST DOWNTOWN BROOKLYN**
$2,3
53
HPDM | HPDMNY.COM | 2017 Year-End Report | 6
Market Overview by Quarter
CONTRACT SIGNED, CLOSED — AVG. PRICE PER SQ. FT.
Q1 2017 Q2 2017 Q3 2017 Q4 2017
$2,5
48
$2,3
25
$1,
24
5
$1,000
$2,000
$3,000
$4,000
$6,000
$5,000
$8,000
$7,000
HARLEM UWS UES MIDTOWN WEST BILLIONAIRE'S ROW*
MIDTOWN EAST DOWNTOWN BROOKLYN**
$1,
09
9
$1,
96
4
$1,
970
$5
,25
9
$2,0
98
$2,4
29
$1,
311
$1,
20
7
$1,
922
$1,
85
0
$7,2
68
$2,2
52
$2,3
35
$1,
36
2
$1,
526
$1,
84
2
$1,
74
5
$4
,95
5
$2,2
16
$2,3
44
$1,
38
6
$1,
46
5
$1,
776
$1,
96
1
$7,6
61
$2,0
22
$2,3
26
$1,
38
8
$2,3
03
$2,0
79
$2,0
15
$1,
95
3
The graph below depicts pricing for Contract Signed and Closed units by quarter. Outside of Billionaire’s Row, Midtown West
experienced the largest quarter-over-quarter increase in Average PPSF at 12.4%, rising to $1,961, due primarily to closings at
Manhattan View at MiMA, The Bryant, and The Sorting House. Downtown remained essentially flat quarter-over-quarter, once
again, while other major Manhattan neighborhoods were down between 3.1% (Upper West Side) and 8.8% (Midtown East).
Meanwhile, Avg. PPSF in Brooklyn remained flat quarter-over-quarter at $1,388.
* Billionaire’s Row comprised of: 157 W 57th, 20 W 53rd, 432 Park Ave, 21 E 61st, 22 CPS, 53 W 53rd** Brooklyn neighborhoods tracked: Bedford Stuyvesant, Boerum Hill, Brooklyn Heights, Bushwick, Carroll Gardens, Clinton Hill, Crown Heights, Downtown Brooklyn, DUMBO, Greenpoint, Park Slope, Prospect Heights, Red Hook, Williamsburg
HPDM | HPDMNY.COM | 2017 Year-End Report | 7
UPTOWN, MIDTOWN. AND DOWNTOWN
Outside of Billionaire’s Row, the highest average Contract Signed pricing in Manhattan for 2017 was $3,746
PSF, achieved in the West Village with sales at 160 Leroy Street, followed closely by the Flatiron District at
$3,476. The highest average Closed pricing outside of Billionaire’s Row occurred in the West Village at $3,230
PSF due to sales at The Greenwich Lane and 275 West 10th Street, followed by West Chelsea at $3,015 PSF,
boosted by deliveries at 551 West 21st Street.
Manhattan Neighborhood Insight
UPTOWN AND MIDTOWN
MANHATTAN — ACTIVE, CONTRACT SIGNED, CLOSED — AVG. PRICE PER SQ. FT.
DOWNTOWN
MANHATTAN — ACTIVE, CONTRACT SIGNED, CLOSED — AVG. PRICE PER SQ. FT.
ACTIVE CONTRACT SIGNED CLOSED
$1,000
$2,000
$3,000
$4,000
$5,000
$7,000
$6,000
$8,000
HARLEM UWS UES MIDTOWN WEST BILLIONAIRE'S ROW*
MIDTOWN EAST CHELSEA WEST CHELSEA HELL'S KITCHEN
$1,
921
$2,3
53
$2,2
49
$2,7
46
$6
,025
$2,3
02 $
1,8
26
$2,5
45
$3
,35
3
$1,
64
0
$1,
54
3
$2,2
01
$2,0
24
$2,7
43
$7,8
95
$2,3
19 $2,7
89
$1,
79
1
$1,
25
1
$2,1
23
$1,
89
3
$2,5
49
$5
,75
7
$2,0
95
$2,1
66 $3
,015
$1,
65
2
FINANCIAL DISTRICTEAST VILLAGE LESWEST VILLAGETRIBECANOHOSOHOGREENWICH VILLAGE
FLATIRONGRAMERCYPARK
ACTIVE CONTRACT SIGNED CLOSED
$1,000
$2,000
$3,000
$4,000
$5,000
$7,000
$6,000
$8,000
$1,
98
6
$3
,00
1
$2,6
10
$2,7
52
$2,8
98
$2,8
83
$2,6
54
$3
,63
6
$2,1
59
$2,1
48
$2,6
88
$3
,476
$2,7
42
$2,5
36
$2,1
52 $
3,7
46
$2,1
16
$1,
78
4
$2,1
87
$2,2
31
$2,8
20
$2,6
08
$2,2
33
$3
,23
0
$1,
28
2
$2,0
71 $1,
56
2
$2,2
59
* Billionaire’s Row comprised of: 157 W 57th, 20 W 53rd, 432 Park Ave, 21 E 61st, 22 CPS, 53 W 53rd
HPDM | HPDMNY.COM | 2017 Year-End Report | 8
Analysis by Unit TypeMANHATTAN AND BROOKLYN
MANHATTAN — MEDIAN PRICE PER UNIT TYPE
BROOKLYN — MEDIAN PRICE PER UNIT TYPE
MANHATTAN — TOTAL UNITS BY BEDROOM
BROOKLYN — TOTAL UNITS BY BEDROOM
$25M
$30M
$5M
$10M
$15M
$20M
0
1000
800
600
400
200
1200
5 BED4 BED3 BED2 BED1 BEDSTUDIO
NUMBER OF UNITS
934
120
1066780
32177
ACTIVE CONTRACT SIGNED CLOSED TOTAL NUMBER OF UNITS
$1.
01M
$1.
57M
$3
M $5
.87M
$9
.45
M $15
.6M
$9
25
K
$1.
56
M
$2.8
5M
$5
.36
M
$7M
$24
.25
M
$8
95
K
$1.
3M
$2.7
4M
$5
.23
M
$8
.03
M
$12
.53
M
4 BED3 BED2 BED1 BEDSTUDIO
NUMBER OF UNITS
ACTIVE CONTRACT SIGNED CLOSED TOTAL NUMBER OF UNITS
$6
80
K
$9
70
K
$1.
68
M
$2.7
5M
$4
.45
M
$6
00
K
$9
95
K
$1.
65
M
$2.6
5M
$4
.52M
$3
.69
M
$9
03
K
$1.
55
M $2.2
7M
50
100
150
200
250
350
300
$500K
$1M
$1.5M
$2M
$2.5M
$3M
$3.5M
$4M
$4.5M
87
343327
236
76
5 BED4 BED3 BED2 BED1 BEDSTUDIO
30 44
ACTIVE CONTRACT SIGNED CLOSED
173
228
23
7
153
215
173
168
25
6
94
24
4
5
54
6
64
2
44
2
173
700
600
500
400
300
200
100
19
71
2835
113
4 BED3 BED2 BED1 BEDSTUDIO6
6
ACTIVE CONTRACT SIGNED CLOSED
57
67
48
14
83
1223
1437 1237 6
30
8
276
187
56
350
300
250
200
150
100
50
4
In 2017 two-bedroom units continued to experience the most deal volume by unit type in Manhattan, with over 810 two-bedroom units entering into contract
or closing. In Brooklyn, one-bedroom units saw the most deal volume with more than 310 units entering into contract or closing. Median Contract Signed pricing
for two-bedrooms in Manhattan rose 2.1% from 2016 to $2.85M. In Brooklyn, median Contract Signed pricing for one-bedrooms rose 8.3% in 2017 to $995,000.
In Manhattan, two-bedrooms show the most Active listings at nearly 260, with three-bedrooms close behind at just over 240. Two and
three-bedrooms comprise the most Active listings in Brooklyn with 37 each, while one-bedrooms follow closely with just over 20 Active units.
HPDM | HPDMNY.COM | 2017 Year-End Report | 9
Price Point Analysis MANHATTAN AND BROOKLYN
38% of all Active new development listings in Manhattan remain priced above $5M,
but well below a high of 52% in Q1 2015. Meanwhile, 15.1% of Active listings remain
priced above $10M, essentially unchanged from year-end 2016.
In Manhattan, the total percentage of new development deals entering contract
under $5M rose to 80.5% from 75.4% at year-end 2016. Conversely, the percentage
of deals over $5M fell to 19.5% from 24.6% at year-end 2016.
2017 PRICE POINT MANHATTAN — ACTIVE
2017 PRICE POINT BROOKLYN — ACTIVE
MANHATTAN — CONTRACT SIGNED
BROOKLYN — CONTRACT SIGNED BROOKLYN — CLOSED
MANHATTAN — CLOSED
Notable in Brooklyn is the rise in $2M - $3M closings (jumping from 9% to 17% in
2017). This reflects delivery of higher price point units that entered into contract in
the previous 6 – 18 months.
$0-1M$1M-2M$2M-3M$3M-4M$4M-5M$5M+
38
.3%
10.1%
11.5
%
7.9
%
15%
17.3
%
$0-1M$1M-2M$2M-3M$3M-4M$4M-5M$5M+
15.3
%
36
.4%
13.8
%
12.7
%
4.2
%
9.3
%
$0-1M$1M-2M$2M-3M$3M-4M$4M-5M$5M+
6.3
%
35
.3%
20
.2%
7.1
%
19.5
%
11.7
%
26
.4%
$0-1M$1M-2M$2M-3M$3M-4M$4M-5M$5M+
15.6
%
46
.7%
17.8
%
6.7
%
6.7
%
6.7
%
$0-1M$1M-2M$2M-3M$3M-4M$4M-5M$5M+
9.5
%
16.3
%
11.4
% 8.5
%
28
.4%
25
.9%
1.8
%
1.6
% 6
.9%
17.6
%
$0-1M$1M-2M$2M-3M$3M-4M$4M-5M$5M+
37.5
%
34
.6%
HPDM | HPDMNY.COM | 2017 Year-End Report | 11
Total Inventory MANHATTAN AND BROOKLYN
The largest amount of available inventory in Manhattan is concentrated in the
Lower East Side with over 900 units, due to One Manhattan Square. Midtown
West is next with over 600 units of available inventory. Neighborhoods with low
available inventory (under 50 units) include Chelsea, Flatiron, and Greenwich
Village. In Brooklyn, the highest available inventory is found in Williamsburg and
Prospect Heights due to the Austin Nichols House and 550 Vanderbilt. Areas of
low available inventory (under 50 units) include Downtown Brooklyn and DUMBO.
The graphs below present total inventory by neighborhood along with the
corresponding percentage of units sold.
MANHATTAN TOTAL INVENTORY
BROOKLYN TOTAL INVENTORY
Total Inventory is defined as all new development units, both currently listed as
either Active, Contract Signed, or Closed, as well as those units not yet released
to the market. Available Units is defined as new development units that are
either currently listed as Active or those not yet released to the market. These
numbers include units released prior to 2017, provided they are in a project that
has not sold out all sponsor units. This data provides a comprehensive look at new
development inventory by including unreleased units.
* Billionaire’s Row comprised of: 157 W 57th, 20 W 53rd, 432 Park Ave, 21 E 61st, 22 CPS, 53 W 53rd
0
10
20
30
40
50
60
70
80
90
100
FINANCIALDISTRICT
LESWEST EASTVILLAGE VILLAGE
TRIBECANOHOSOHOGREEN.VILLAGE
FLATIRONGRAM.PARK
HELL'SKITCHEN
WESTCHELSEA
CHELSEAMIDTOWNEAST
BN.ROW*
MIDTOWNWEST
UESUWSHARLEM
71%
35% 43%
62%
73%
47%
20%
64%
57%
35%
73
6
14
39
1
1,9
03
146
1,20
6
114
26
9
48
3
223
45
2
812
PERCENTAGE SOLD
84% 64%
61%
55%
24%
42%48%
62%
27%
TOTAL UNITS PERCENT SOLD
1,3
74
1,3
02
53
2
51
610
40
1
776
400
200
600
800
1000
1200
1400
1600
0
10
20
30
40
50
60
70
80
90
100
PERCENTAGE SOLD
DOWNTOWNBROOKLYN
48
TOTAL UNITS
0
100
300
200
400
500
600
700
800
PERCENT SOLD
GREENPOINT
193
54%
BROOKLYNHEIGHTS
157
62%
CARROLL GARDENS
49
61%
CLINTON HILLS
115
56%
BOERUM HILL
28
4
81%
DUMBO
89%18
8
PROSPECT HEIGHTS
62%
30
3PARK SLOPE
141
40%
322
WILLIAMSBURG
58%
520
HPDM | HPDMNY.COM | 2017 Year-End Report | 12
Further Insight
Downtown Manhattan continued to experience the most new development
activity by volume in 2017, followed closely by Brooklyn. In Manhattan, just over
1,320 units entered into contract in 2017, an increase of 4% year-over-year. In
Brooklyn, nearly 400 units entered into contract in 2017, an 11% increase from
2016.These numbers include units that entered into contract and closed within
the same year.
Two-bedroom units in Brooklyn remain more efficiently sized than two-bedrooms in
Manhattan, while one-bedrooms are becoming more similarly sized in each borough.
Median size for two-bedroom units in Brooklyn is 1186 sq.ft, while the median for two-
bedroom units in Manhattan is 1422 sq. ft. Median size for one-bedroom units in Brooklyn
is 712 sq.ft, while the median for one-bedroom units in Manhattan is 782 sq. ft.
NEW DEVELOPMENT LISTINGS BY NEIGHBORHOOD MEDIAN SIZE (SQ. FT.) BY UNIT TYPE
MANHATTAN AND BROOKLYN
BKLYN**UPPERMANHATTAN
DOWNTOWNBNROW*
MIDTOWNWEST
MIDTOWNEAST
UWSUES
ACTIVE CONTRACT SIGNED CLOSED
65
66
72 48
43
50
4
54
11846
38 182
21 2
13
5
372
20 8
924
6
183
18
93
3
149
913
37 100
200
300
400
500
1000
900
800
600
700
UNITS
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5 BR4 BR3 BR2 BR1 BRSTUDIO
MANHATTAN BROOKLYN
56
6
78
2
2,2
25
46
8
712
1,70
2
1,4
22
1,18
6
3,2
08
4,5
13
2,4
20
3,5
71
SQ.FT
Contact
445 Park Avenue, 10th Floor | New York, NY 10022
HPDMNY.com
212 521 5757
805 9th Avenue
Hell's Kitchen
805ninth.com
17 + 52 Convent
Harlem
ConventHarlem.com
Prepared by Matthew Petrallia, Vice President of Research and Analytics.The information presented here has been gathered from resources deemed reliable and refined by HPDM internal research, though it may be subject to errors, omissions, changes or withdrawal without notice. This information may not be copied, commercially used or distributed without HPDM’s prior consent.
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