MNS Real Estate released the second quarter 2022 edition of its New Development Market report.
New Development Sales data refers to “arms-length” first offering transactions where the seller is considered a “sponsor.” This report was compiled from the Automated City Register Information System (ACRIS) for sponsor sales that traded during the second quarter of 2022 — from April 1, 2022 to June 30, 2022 — and looks at median prices.
According to the report, the quarter-over-quarter total sales volume of Queens sponsor units increased by 46.25%, from $139,752,400 in the first quarter of 2022 to $204,386,604 this past quarter. The total number of sales rose by 43.65%, from 126 total sales in 1Q22 to 181 sales this past quarter.
The QOQ median price per square foot (psf) decreased by 0.1% from $1,363 to $1,362 psf. In that same time, the median price paid for a Queens sponsor unit decreased by 1.5%, from $1,084,141 to $1,068,350. The year-over-year median price paid per square increased by 4.7%, from $1,301 in the second quarter of 2021 to $1,362 in the second quarter of 2022. The median sales price increased by 18.7%, from $900,000 to $1,068,350.
74.6% of all Queens sponsor sales occurred in Long Island City, with 100% of studios, 71% of one-bedrooms, 76% of two-bedrooms, and 71% of three-bedrooms. This equated to 135 of the total 181 closings in the neighborhoods tracked by this report.
The highest sales price and price per square paid in this past quarter were both seen in LIC at Skyline Tower, 23-15 44th Drive, where Apt #2312 sold for $3,188,863 ($1,640 psf) and Apt #3811 sold for $1,948 psf ($2,583,038).
The largest quarterly up-swing was in Flushing where the median price per square foot increased by 32.1%, from $810 to $1,070. The median sales price increased by 20.2% from $685,792 to $758,596.
On the other hand, the largest down-swing this quarter occurred in Astoria, as the median price per square foot decreased by 7.9%, from $1,199 to $1,105, The median sales price decreased by 28.0%, from $885,878 to $571,067, mainly due to the low number of closings in Astoria this past quarter.
