Q1/2023
NYC Real Estate Development Overview / Mid- Year 2023
Development Site Advisors®️ is pleased to present an H1 2023 NYC Real Estate Development Overview. By meticulously researching through ACRIS and DOB job filings, we have compiled sales and development data from January through June 2023. The Number of Sales, Total Dollar Volume, and Total Sold Buildable SF decreased in comparison to H1 2022. Meanwhile, the citywide Average Sales Price and Average price per ZFA slightly increased, especially in comparison to H1 21 where Average Sales Price increased by 74%. Brooklyn led the boroughs in the Number of Sales, Total Dollar Volume, and Total Sold Buildable SF.
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Development Reports
NYC Real Estate Development Overview / 2022
Our 2022 year-end development report for New York City showed 259 development site sales, which is a 10% decrease compared to last year but a 13% increase from 2020. The total dollar volume of these sales was $2.7 billion, representing a 3% decrease from 2021 but a 2% increase from 2020. The sales accounted for 15.7 million total buildable square feet, a 7% decrease from 2021 but a 5% increase from 2020. The average price per zoning floor area (PPZFA) was $208/zfa, which is a 12% decrease from 2021. Broken down by Borough: Brooklyn had the highest number of sales with 117 transactions and the highest dollar volume with a total of $1.148 billion. Brooklyn also had an average PPZFA of $251/zfa and 5.825 million buildable square feet. Manhattan had 17 sales valued at $376 million, with an average PPZFA of $320/zfa and 1.7 million buildable square feet. Northern Manhattan saw 8 sales valued at $76 million and an average PPZFA of $170/zfa, with 712k buildable square feet. The Bronx had 47 transactions valued at $242 million, with an average PPZFA of $86/zfa and 2.6 million buildable square feet. Queens had 70 sales valued at $851 million, with an average PPZFA of $211/zfa and 4.78 million buildable square feet.
NYC Real Estate Development Overview / H1 2022
Development Site Advisors® is pleased to present a H1 2022 NYC Real Estate Development Overview. By meticulously researching through ACRIS and DOB job filings, we have compiled sales and development data from January through June 2022. Total Dollar Volume, Average Sales Price, Total Buildable SF and Average Price per Zoning Floor Area unsurprisingly all increased from H1 2021 to H1 2022. Brooklyn led the boroughs in Number of Sales, Total Dollar Volume, and Total Buildable SF. Sales in Manhattan saw 300% increase approximately on Dollar Volume and Total Traded Buildable SF.
NYC Real Estate Development Overview / Year End 2021
Development Site Advisors® is pleased to present a 2021 NYC Real Estate Development Overview. By meticulously researching through ACRIS and DOB job filings, we have compiled sales and development data from January through December 2021. Number of Sales, Total Dollar Volume, and Total Buildable SF unsurprisingly all increased from 2020 to 2021. Brooklyn led the boroughs in all of Number of Sales, Total Dollar Volume, and Total Buildable SF. Sales in Manhattan saw the highest Average Price per Zoning Floor Area.
NYC Real Estate Development Overview / Q1 2021
Development Site Advisors® is pleased to present a Q1 2021 NYC Real Estate Development Overview. By meticulously researching through ACRIS and DOB job filings, we have compiled sales and development data from Q1 2018 through Q1 2021. Number of Sales, Total Dollar Volume, and Total Buildable SF all decreased in Q1 2021 in comparison to Q1 2020. Brooklyn led the boroughs in all of Number of Sales, Total Dollar Volume, and Total Buildable SF. Sales in Manhattan saw the highest Average Price per Zoning Floor Area, despite a $100 drop from the previous year.
NYC Real Estate Development Overview / Q3 2020
NYC Real Estate Development Overview / MID YEAR 2020
Whitepapers
Whitepaper Spring 2023
Our highly anticipated Spring 2023 Development Whitepaper is here! This issue is jam-packed with must-read content on a variety of development-related topics, including office-to-residential conversions, zoning variances in NYC, FAR expansion through adverse possession laws, legal considerations for not-for-profits and religious organizations when transferring real property, innovative approaches to housing in NYC, and utilizing rescue capital in the current market. We hope you find this invaluable resource useful!
Whitepaper Fall 2022
We are so pleased to present you with our Fall 2022 Development Whitepaper: The Neighborhood Focused Platform® (NFP) Experts Issue. In this issue we will hear from our Neighborhood Focused Area experts on development within their respective territories along with a special report from our in-house architect team.
Whitepaper Spring 2022
In this invaluable and crucial issue of our Development Whitepaper, you will read and learn about the complexities of Completion guarantees on Ground-leases, potential construction impacts of adjacent buildings and city infrastructure, Hotel to Residential conversions, a detailed look at Mandatory Inclusionary Housing in NYC, and how to secure the 421-a abatement for your project before the mid-June 2022 deadline.
Whitepaper Fall 2021
On March 13, 2020, President Trump announced a National Emergency due to COVID-19. On March 28, 2020 Governor Cuomo halted all nonessential construction sites in NYS. On the business front, retail establishments were closing, offices were closing their doors with non-essential workers ordered to stay home. It was a time of great uncertainty and tragedies.
Development Whitepaper Summer 2021- The Experts Take
We have compiled some of the brightest minds in the development space and asked for their take on specific topics relating to this sector; the result is an invaluable whitepaper that will serve as a tremendous resource for owners, developers, brokers, architects, and anyone in the development site sector.
2020 Year End NFP Whitepaper
It has been a very interesting year! During the shutdown, Development Site Advisors® grew the company by 100%, hiring 7 new brokers in addition to more back-office support (and we are now recruiting for our 2nd broker class on Q12021).