Brooklyn New Development Sales Inventory: Up 140% from 1Q12 reveals MNS Report

The Second Quarter 2012 Brooklyn New Development Market Report reveals substantial growth, as a handful of developments boosted total sales volume 155% to $232 million from $91 million in 1Q12 and increased the results of a still-very-strong quarter. Presented by MNS, the report discloses that quarter-over-quarter there was an 8% increase in median price-per s/f and a 15% jump in median sales price. MNS' New Development Market Report tracks the market trends with a quarter-over-quarter and year-over-year comparison throughout Brooklyn on both a citywide and neighborhood basis. "In addition to the impressive sales numbers garnered by some of the borough's heavy hitters in neighborhoods like Williamsburg, the lower end of the market also saw tremendous improvement from last quarter," said Andrew Barrocas, CEO of MNS. "This quarter's median sales pricing numbers in neighborhoods such as Bay Ridge and Prospect-Lefferts Gardens is a significant indicator of Brooklyn's continued growth in popularity." According to the report, year-over-year comparisons reveal a 16% increase in both the median price per s/f and the median sales price. Some highlights of the Brooklyn report include the following: * Booming Billysburg- Williamsburg was home to more than 30% of total new development sales for the borough, and continues to house the most inventory across all unit types of any other neighborhood. * Height of Luxury - The highest sales price paid for a new development and per square foot was at On Prospect Park in Prospect Heights for $5.1M and $1,497/SF respectively. The neighborhood also boasted the largest jump in quarterly sales pricing. * Fab Four - The Edge, Northside Piers, One Brooklyn Bridge Park, and On Prospect Park - together were responsible for 45% of the borough's total new development sales, measured by dollar volume. * Looking for a Break? - Amid the unbelievable surge in pricing happening in Brooklyn, head to Carroll Gardens if you don't want to be swept along by the flood: this neighborhood saw the greatest decrease in median sales price since last quarter. The Second Quarter 2012 edition of our New Development Market Report was researched and prepared by MNS. 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). 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, 1-bedrooms, and 2-bedroom units are grouped by s/f ranges. Studios are less than 700 s/f, 1-bedrooms are less than 900 s/f, and two-bedrooms are less than 1,450 s/f. Added to the report is the over-sized unit type that ranges from 1,500 s/f to 5,500 s/f. About MNS: MNS is a leading residential brokerage and sales and marketing firm with offices in Manhattan and Brooklyn, and is the exclusive sales and marketing firm on some of the largest and fastest selling condominium projects in New York, including One Brooklyn Bridge Park and The Edge. MNS is also known for its monthly rental report - the only one of its kind in New York - which has become the premier source of information on rental trends for consumers and the industry alike. The company was created in 2009 with the joint venture The Real Estate Group of NY, a seven-year-old brokerage company and The Developers Group, an eight-year-old sales and marketing company. For more information, please visit MNS.com.