Manhattan New Dev. Market Report 2016 1st Quarter mnsManhattan New Development Report 1Q16 page 3 mns.com mns.com Williamsburg 212.475.9000 102 N 6th st, 2nd Fl. Brooklyn, NY 11249

mns.com

Manhattan New Dev. Market Report 2016 1st Quarter

Manhattan New Development Report 1Q16

page 2

mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249

Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211

Williamsburg 718.222.021140 North 6th Street, Brooklyn, NY 11249

TA B L E O F C O N T E N T S

TABLE OF CONTENTS

09 Neighborhood Price Trends

24 The Report Explained

03 Introduction04 Market Snapshot

09 Battery Park City10 Chelsea11 East Village12 Financial District13 Gramercy Park 14 Greenwich Village15 Harlem16 Lower East Side17 Midtown East18 Midtown West19 Murray Hill20 SoHo21 TriBeCa22 Upper East Side23 Upper West Side


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mns.com mns.comWilliamsburg 212.475.9000102 N 6th st, 2nd Fl. Brooklyn, NY 11249



INTRODUCTIONMNS is proud to present the First Quarter 2016 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 First Quarter of 2016 (01/01/16 – 03/31/16). All data summarized is on a median basis.


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Quarter-Over-Quarter Median PPSF

6%

Year-Over-Year Median PPSF

28%

Manhattan New Development Sponsor Sales

6.07% from last quarterNeighborhood with the Most New Dev Sales

Upper East Side - 23.2% of Manhattan New Dev Sales

Total New Development Sales Volume

20.5% to $ 2,346,165,660 from $1,946,380,110 in 4Q15

Quarter-Over-Quarter Median Sales Price

21%

Year-Over-Year Median Sales Price

92%

MARKET SNAPSHOTMarket Snapshot

Largest Quarterly Up-Swing

Midtown EastPPSF $2,298/SF from $1,865/SF Sales Price $5,185,105 from $2,880,932

Highest New Development Sale PPSF

432 Park Ave 67B - $ 6,623 PPSF

Largest Quarterly Down-Swing

HarlemPPSF $793 from $1,143Sales Price $503,500 from $661,863

Highest New Development Sale

33 East 74th Street PH3 – $31,000,000

Manhattan saw an increase of 6.07% in the number of sponsor sales this quarter, from 544 units in 4Q15 to 577 units in 1Q16. Total sales volume increased again this quarter, rising by 20.54% - from $1,946,380,110 in 4Q15 to $2,346,165,660 in 1Q16 in this quarter. Median Sales price grew at 20.71% from $2,262,510 in 4Q15 to $2,731,210 in 1Q16 as the Median Price per square foot increased by 6.14% from $1,840 in 4Q15 to $1,953 in 1Q16.

The following neighborhoods experienced the largest quantities of sponsor units sold in first quarter of 2016; Upper East Side, Midtown West and Greenwich Village. The sponsor sale with the highest price was observed in the Upper East Side, where 33 East 74th Street Unit PH3 sold for $31,000,000. The highest price per square foot was seen in Midtown East at 432 Park Avenue 67B which sold for $6,623.40 per square foot.

Similar to the last few quarters, 3 bedroom units and larger sized apartments accounted for the majority of sponsor sales, at 59%; as Studios made up 3%, One Bedrooms 19% and Two bedrooms 19%, indicating a high demand for larger sized apartments.

Market Summary


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MARKET SNAPSHOT

Highest New Development Sale PPSF

432 Park Ave 67B - $ 6,623 PPSF

The highest quarterly market up-swing was seen in Midtown East where both the price per square foot and sales prices increased by more than any other Manhattan Neighborhood. The median price per square foot increased by 23.2% from $1,865 to $2,298 psf as the sales priced increased by 80% from $2,880,932 to $5,185,105. This was largely the result of various closings at the newly opened luxury condo building at 432 Park Avenue.

Similar to the previous quarter, most Manhattan neighborhoods experienced noticeable numbers of sponsor sales, with the Upper East Side, Financial District, Midtown West and Greenwich Village accounting for 46.31% of the 577 total sold , namely from the following buildings: 200 East 94th Street in Upper East Side; 135 West 52nd Street and 301 West 53rd Street in Midtown West; 5 Franklin Place in Financial District/ Civic Center, 150 Charles Street and 209 Sullivan Street in Greenwich Village.

The neighborhoods that sold the most amount of 1Q16 new development inventory per unit size:

Market Up-Swings

Market Down-Swings

Market Trends

35.3% 27.7% 35.8% 18%StudiosHarlem

One BedroomsUpper East Side

Two BedroomsUpper East Side

1,500 + SFGreenwich Village


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MARKET SNAPSHOT1Q16 Median Price per Square Foot (PPSF) By Neighborhood

1Q16 Median Sales Price By Neighborhood

$ 1,5

83

$ 2,2

98

$ 1,7

94,0

06

$ 2,0

11$ 2

,304

,838

$ 2,4

81$ 4

,503

,978

$ 1,6

75

$ 1,6

71

$ 2,1

23,8

15

$ 2,5

69,8

09

Upper

Wes

t Sid

e

Upper

Wes

t Sid

e

Harle

m

Harle

m

Upper

Eas

t Sid

e

Upper

Eas

t Sid

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idto

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est

Mid

town

Wes

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idto

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Mid

town

East

Mur

ray H

ill

Mur

ray H

illChe

lsea

Chelse

aG

ram

ercy

Par

k

Gra

mer

cy P

ark

Gre

enwich

Villa

ge

Gre

enwich

Villa

geEa

st V

illage

East

Villa

ge

SoHo

SoHo

Lower

Eas

t Sid

e

Lower

Eas

t Sid

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iBeC

a

TriB

eCa

Fina

ntia

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rict

Fina

ntia

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rict

Batte

ry P

ark

City

Batte

ry P

ark

City

$ 2,2

67$ 6

,652

,839

$ 2,3

30

N/A

$ 3,9

23,3

17

N/A

$ 2,8

45

N/A

$ 6,3

99,5

35

N/A

$ 1,9

24$ 2

,290

,000

$ 1,9

25$ 1

,216

,809

$ 5,1

85,1

05

$ 1,7

84$ 2

,600

,538

$ 793

$ 503

,500


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MARKET SNAPSHOT1Q16 % Of Total Sponsor Sales - Borough-Wide

Number of Units Sold in 1Q16

23.2

2%13

4

11.0

9%64

7.45

%43

0.87

%5

5.20

%30

7.97

%46

3.81

%22

Upper

Wes

t Sid

e

Upper

Wes

t Sid

e

Harle

mHar

lem

Upper

Eas

t Sid

e

Upper

Eas

t Sid

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idto

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est

Mid

town

Wes

tM

idto

wn Ea

st

Mid

town

East

Mur

ray H

ill

Mur

ray H

illChe

lsea

Chelse

aG

ram

ercy

Par

k

Gra

mer

cy P

ark

Gre

enwich

Villa

ge

Gre

enwich

Villa

geEa

st V

illage

East

Villa

geSo

HoSo

HoLo

wer E

ast S

ide

Lower

Eas

t Sid

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iBeC

a

TriB

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Fina

ntia

l Dist

rict

Fina

ntia

l Dist

rict

Batte

ry P

ark

City

Batte

ry P

ark

City

2.60

%15

6.76

%39

N/A

N/A

N/A

N/A

11.9

6%69

8.49

%49

5.72

%33

4.85

%28


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$900$1,000$1,100$1,200$1,300$1,400$1,500$1,600$1,700$1,800$1,900$2,000$2,100

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16$400,000

$1,000,000

$1,600,000

$2,200,000

$2,800,000

MANHATTAN

Manhattan Quarterly Tracking

Median PriceMedian PPSF

PPSF Price

Median PPSF

Median Sales Price

Studios 3%1 Bedrooms 19%2 Bedrooms 19%3 Bedrooms 59%

$1,953

$2,731,210

1Q16 Unit Mix Of New Development Sales

(Excluding Harlem Median PPSF is $1,988)

(Excluding Harlem Median Sales Price is $2,895,830)


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$700

$1,020

$1,340

$1,660

$1,980

$2,300

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16$0

$1,750,000

$3,500,000

$5,250,000

$7,000,000

BATTERY PARK CITY

Studios N/A1 Bedrooms N/A2 Bedrooms $1,4061500+ SF $1,751

Studios N/A1 Bedrooms N/A2 Bedrooms 14%1500+ SF 86%

Battery Park City PPSF By Unit Size ($1,671/SF Median) % Of Sales Within Battery Park City

Battery Park City Quarterly Tracking


PPSF Price


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CHELSEA

Studios N/A1 Bedrooms $1,8172 Bedrooms $1,9471500+ SF $2,089

Studios N/A1 Bedrooms 35%2 Bedrooms 18%1500+ SF 47%

Chelsea PPSF By Unit Size ($1,924/SF Median)

Chelsea Quarterly Tracking


% Of Sales Within Chelsea

$100

$825

$1,550

$2,275

$3,000

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16$700,000

$2,025,000

$3,350,000

$4,675,000

$6,000,000

PPSF Price


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$600

$1,083

$1,567

$2,050

$2,533

$3,017

$3,500

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16$400,000

$1,320,000

$2,240,000

$3,160,000

$4,080,000

$5,000,000

EAST VILLAGE

Studios N/A 1 Bedrooms N/A2 Bedrooms N/A1500+ SF N/A

Studios N/A1 Bedrooms N/A2 Bedrooms N/A1500+ SF N/A

East Village PPSF By Unit Size (N/A/SF Median)

East Village Quarterly Tracking


% Of Sales Within East Village

PPSF Price


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FINANCIAL DISTRICT

Studios $1,2031 Bedrooms $1,5812 Bedrooms $1,4711500+ SF $1,808

Studios 4%1 Bedrooms 30%2 Bedrooms 9%1500+ SF 57%

Financial District PPSF By Unit Size ($1,675/SF Median)

Financial District Quarterly Tracking


% Of Sales Within Financial District

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16$500,000

$688,889

$877,778

$1,066,667

$1,255,556

$1,444,444

$1,633,333

$1,822,222

$2,011,111

$2,200,000

PPSF Price


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GRAMERCY PARK



Gramercy Park PPSF By Unit Size ($2,481/SF Median)

Gramercy Park Quarterly Tracking


% Of Sales Within Gramercy Park

$0

$750

$1,500

$2,250

$3,000

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16$0

$1,800,000

$3,600,000

$5,400,000

$7,200,000

$9,000,000

PPSF Price


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GREENWICH VILLAGE



Greenwich Village PPSF By Unit Size ($2,845/SF Median)

Greenwich Village Quarterly Tracking


% Of Sales Within Greenwich Village

$1,000

$1,625

$2,250

$2,875

$3,500

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16$1,250,000

$2,225,000

$3,200,000

$4,175,000

$5,150,000

$6,125,000

$7,100,000

$8,075,000

$9,050,000

$10,025,000

$11,000,000

PPSF Price


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HARLEM

Studios $8511 Bedrooms $7512 Bedrooms $1,0281500+ SF $788


Harlem PPSF By Unit Size ($793/SF Median)

Harlem Quarterly Tracking


% Of Sales Within Harlem

$300

$400

$500

$600

$700

$800

$900

$1,000

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16$400,000

$550,000

$700,000

$850,000

$1,000,000

PPSF Price


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LOWER EAST SIDE



Lower East Side PPSF By Unit Size (N/A/SF Median)

Lower East Side Quarterly Tracking


% Of Sales Within Lower East Side

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

$1,600

$1,700

$1,800

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16$500,000

$690,909

$881,818

$1,072,727

$1,263,636

$1,454,545

$1,645,455

$1,836,364

$2,027,273

$2,218,182

$2,409,091

$2,600,000

PPSF Price


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MIDTOWN EAST



Midtown East PPSF By Unit Size ($2,298/SF Median)

Midtown East Quarterly Tracking


% Of Sales Within Midtown East

$800

$1,025

$1,250

$1,475

$1,700

$1,925

$2,150

$2,375

$2,600

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16$500,000

$1,125,000

$1,750,000

$2,375,000

$3,000,000

$3,625,000

$4,250,000

$4,875,000

$5,500,000

PPSF Price


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MIDTOWN WEST



Midtown West PPSF By Unit Size ($2,011/SF Median)

Midtown West Quarterly Tracking


% Of Sales Within Midtown West

$700

$1,175

$1,650

$2,125

$2,600

$3,075

$3,550

$4,025

$4,500

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16$1,000,000

$4,500,000

$8,000,000

$11,500,000

$15,000,000

PPSF Price


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MURRAY HILL

Studios $1,9251 Bedrooms $2,0642 Bedrooms N/A1500+ SF N/A

Studios 20%1 Bedrooms 80%2 Bedrooms N/A1500+ SF N/A

Murray Hill PPSF By Unit Size ($1,925/SF Median)

Murray Hill Quarterly Tracking


% Of Sales Within Murray Hill

$700

$900

$1,100

$1,300

$1,500

$1,700

$1,900

$2,100

$2,300

$2,500

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16$100,000

$1,075,000

$2,050,000

$3,025,000

$4,000,000

PPSF Price


page 20




SOHO



SoHo PPSF By Unit Size ($2,330/SF Median)

SoHo Quarterly Tracking


% Of Sales Within SoHo

$1,000

$1,750

$2,500

$3,250

$4,000

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16$1,000,000

$3,500,000

$6,000,000

$8,500,000

$11,000,000

PPSF Price


page 21




TRIBECA

Studios N/A1 Bedrooms N/A2 Bedrooms N/A1500+ SF $2,267

Studios N/A1 Bedrooms N/A2 Bedrooms N/A1500+ SF 100%

TriBeCa PPSF By Unit Size ($2,267/SF Median)

TriBeCa Quarterly Tracking


% Of Sales Within TriBeCa

$1,000

$1,500

$2,000

$2,500

$3,000

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16$250,000

$1,937,500

$3,625,000

$5,312,500

$7,000,000

PPSF Price


page 22




UPPER EAST SIDE



Upper East Side PPSF By Unit Size ($1,583/SF Median)

Upper East Side Quarterly Tracking


% Of Sales Within Upper East Side

$900

$1,090

$1,280

$1,470

$1,660

$1,850

$2,040

$2,230

$2,420

$2,610

$2,800

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16$500,000

$1,500,000

$2,500,000

$3,500,000

$4,500,000

$5,500,000

$6,500,000

$7,500,000

PPSF Price


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UPPER WEST SIDE



Upper West Side PPSF By Unit Size ($1,784/SF Median)

Upper West Side Quarterly Tracking


% Of Sales Within Upper West Side

$800

$1,050

$1,300

$1,550

$1,800

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16$500,000

$1,125,000

$1,750,000

$2,375,000

$3,000,000

PPSF Price


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THE REPORT EXPLAINED

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 “Manhattan New Development Report” with a link

back to its original location

http://www.mns.com/manhattan_new_dev_report

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 7,000

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.




Documents

Manhattan New Dev. Market Report 2016 1st Quarter mnsManhattan New Development Report 1Q16 page 3 mns.com mns.com Williamsburg 212.475.9000 102 N 6th st, 2nd Fl. Brooklyn, NY 11249