The state of new-development apartments in Queens, Brooklyn, Manhattan

new-building-lic-queens

Crain’s New York reported on Streeteasy’s August new-development report, released on Monday. It has some interesting statistics, including a decrease in new-development listings, a rise in median listing prices, and the number of contracts signed in the boroughs of Queens, Brooklyn, and Manhattan.

Of the declines in new-development listings, Brooklyn led the way (38.4% drop) with Queens (27.3% drop) and Manhattan (17.2% drop) following. This is in comparison to the same month last year, August 2011.

According to Streeteasy, “the declines have now occurred for 12 consecutive months in Manhattan, 10 months in Brooklyn and five months in Queens.” Right now, this lack of inventory is a concern because it could start to “drive prices higher across all segments of the residential sales market.” This past spring and summer have been active selling seasons.

As for median listing prices rising, Queens led the pack (30% jump), followed by Brooklyn (21.2% jump), and Manhattan (11.1% increase). Regarding the number of contracts signed, Queens also did well, with an increase of over 33% as the same time last year. In Manhattan, there was an increase of 26.3%. However, Brooklyn didn’t fare as well – it suffered a 27.3% decrease from the same time last year.

Sofia Song, vice president of research for Streeteasy.com, says, “With inventory being tight everywhere and as pent up demand grows, the new-development projects currently in the pipeline are becoming more and more highly anticipated.” New developments in LIC around Queensboro Plaza and on Center Boulevard will likely be part of this highly anticipated group, too. Linc LIC (43-10 Crescent St - GMAP) and the newest building of the East Coast development by TF Cornerstone (45-45 Center Blvd – GMAP) both come to mind.

New apartment listings fall steeply in 3 boros [Crain's New York]