brooklyn new development report - mns · brooklyn new development report 1q12 6 mns 115 east 23rd...

1 M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M

TM

B R O O K LY N N E W D E V E L O P M E N T R E P O R T

2 0 1 2 F I R S T Q U A R T E R

B R O O K L Y N N e w d e v e L O p m e N t R e p O R t 1 q 1 2


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

Introduction 3

Market Snapshot 4

Neighborhood Pr ice Trends

Bay Ridge 9

Bed-Stuy 10

Brooklyn Heights 11

Boerum-Cobble Hi l l 12

Bushwick 13

Car rol l Gardens 14

Clinton Hi l l 15

Crown Heights 16

Downtown Brooklyn 17

DUMBO 18

Fort Greene 19

Gowanus 20

Greenpoint 21

Kensington 22

Park S lope 23

Prospect Heights 24

Wi l l iamsburg 25

The Report Explained 26



I N T R O D U C T I O N

MNS is proud to present the First Quarter 2012 edition of our New Development Market ReportTM. 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 2012 (01/01/12 – 03/31/12). All data summarized is on a median basis. We also included quarterly

tracking graphs over a nine quarter look back (1Q10) and will continue to track the trends going forward.



M A R K E T S N A P S H O T

Year-Over-Year Median PPSF – up 14% Quarter-Over-Quarter Median PPSF – up 2%

Year-Over-Year Median Sales Price – up 9% Quarter-Over-Quarter Median Sales Price – down 1%

Brooklyn New Development Sales Inventory - down 47% from last quarter. Neighborhood with the Highest Inventory – Williamsburg (37% of all Brooklyn)

Total New Development Sales Volume – down 38% to $91M from $148M in 4Q11

Largest Quarterly Up-Swing: Downtown Brooklyn PPSF: $716/SF from $622/SF Sales Price: $805K from $563K

Largest Quarterly Down-Swing: Boerum-Cobble Hill PPSF: $578/SF from $682/SF Sales Price: $487K from $1.44M

Highest New Development Sale Price: Love Lane Mews - 9 College Place #4D - $3,327,613

Highest New Development Sale Price per Foot: EDGE North PH2F = $1,135/SF

MARKET SUMMARY:In Brooklyn, it is not surprising that the first quarter of 2012 was straining for inventory. Even though there was a 47% drop in sales numbers from last quarter and a 75% slash from last year, we are still seeing extremely steady pricing across the borough. Some internal neighborhoods have been volatile in their median numbers, which is really a reflection on inventory and the sales analyzed, as opposed to the market overall.

Year-over-year Brooklyn new development condominium sales price per foot numbers are up 14% ($637/SF this quarter versus $559/SF in 1Q11), and median sales prices are up 9% ($538K this quarter versus $494K in 1Q11).

Compared to last quarter 4Q11, Brooklyn new development price per square foot median numbers are up a smidge to $637 from $622 but median sales prices are down 1%, to $538K from $543K.

MARKET UP-SWINGS:Downtown Brooklyn’s median sales numbers this quarter have almost doubled from a year ago and price per foot in this area has soared to over $700/SF. One-bedrooms downtown sold for $550,000, while two-bedrooms sold for over $800,000. Most of the product comes from the high floor condos at the Toren where sales activity has picked up due to lack of competition.




This quarter, DUMBO emerged from a 4 quarter new development hiatus at the same price per square foot from 1Q11, just shy of $800/SF. A few closings at Kirkman Lofts and 192 Water Street pushed the neighborhood to a much higher median sales price of $900K up from $680K in 1Q11.

With the start of closings from Love Lane Mews, Brooklyn Heights finally surpassed the $1M median sales price number after 2 years of hovering just under 7 figures. The Mews had the highest sales price of the quarter in the borough, selling the condo’s largest apartment for $3,327,613.

Williamsburg inched up another 5% this quarter to $782/SF (from $746/SF last quarter) and is up $110/SF from 1Q11 where the median was $672/SF. EDGE, which represented 50% of the number of sales in the neighborhood and $20M of the $32M sold this quarter, boosted the neighborhood up 17% with its median of $890/SF.

MARKET DOWN-SWINGS:Except for a few sales at Northpoint Towers and The Pencil Factory, the median for Greenpoint this quarter barely grazed $400,000. Although there was steady pricing on a per foot basis at $637/SF, 50% of the sales in the neighborhood were studio sizes with a median sales price of $350,000. These sales brought Greenpoint’s median price per foot down 11% from last quarter.

With just a sprinkling of new development closings in Fort Greene, this quarter’s $530,000 median sale price is down almost $200,000 (27%) from a peak in 2Q11. The median price per foot however, is up 13% this quarter to $649/SF from $577/SF, showing signs of strength and desirability in the neighborhood. On the market now are 19 units at the boutique condo, Fino122. At $645/SF and high-demand three-bedrooms priced at a median price of $850,000, we will look towards those closings to boost the neighborhood well over its peak.

INVENTORY ANALYSIS:It’s the same story of emaciated condo-inventory from last quarter. But the lack of competition has helped to keep prices holding steady. On the market median prices are $650,000 and a median asking price per foot of $708/SF. With high demand and little supply comes minimal negotiating, so we might expect to see next quarter’s sales prices to be about 15-20% higher than this quarter.

The first quarter of 2012 brought 47% less sponsor sales to Brooklyn’s city registry, compared to 4Q11. Williamsburg still has the highest percentage of all Brooklyn new development sales at 37%, followed by Brooklyn Heights at 11% and Bed-Stuy at 10%. MNS exclusives alone represented $40M of the $90M total new development sales volume in the neighborhoods analyzed.

The neighborhoods that sold the most amount of 4Q11 new development inventory per unit size:

Studios - Williamsburg (56%) One-Bedrooms - Williamsburg (31%) Two-Bedrooms - Williamsburg (35%) Three-Bedrooms (1500+) - Brooklyn Heights (37%)



$250,000

$450,000

$650,000

$850,000

$1,050,000

$1,250,000

Bay R

idge

Bed-St

uy

Brookly

n Heig

hts

Bush

wick

Carroll G

ardens

Clinto

n Hill

Boeru

m H

ill-Cobble H

ill

Crown H

eights

Downtown Br

ooklyn

DUMBO

Fort

Gre

ene

Gowanus

Gre

enpoint

Kensingto

n

Prosp

ect Heig

hts

Prosp

ect-Leffe

rts G

ardens

Park Slo

pe

Willia

msb

urg

1Q12 Median Sales Price by Neighborhood


1Q12 MEDIAN SALES PRICE BY NEIGHBORHOOD

1Q12 MEDIAN PPSF BY NEIGHBORHOOD

$250

$350

$450

$550

$650

$750

$850

$950

Bay R

idge

Bed-St

uy

Brookly

n Heig

hts

Bush

wick

Carroll G

ardens

Clinto

n Hill

Boeru

m H

ill-Cobble H

ill

Crown H

eights

Downtown Br

ooklyn

DUMBO

Fort

Gre

ene

Gowanus

Gre

enpoint

Kensingto

n

Prosp

ect Heig

hts

Prosp

ect-Leffe

rts G

ardens

Park Slo

pe

Willia

msb

urg

1Q12 Median PPSF by Neighborhood



0

2

4

6

8

10

12

14

16

Bay R

idge

Bed-St

uy

Brookly

n Heig

hts

Bush

wick

Carroll G

ardens

Clinto

n Hill

Boeru

m H

ill-Cobble H

ill

Crown H

eights

Downtown Br

ooklyn

DUMBO

Fort

Gre

ene

Gowanus

Gre

enpoint

Kensingto

n

Prosp

ect Heig

hts

Prosp

ect-Leffe

rts G

ardens

Park Slo

pe

Willia

msb

urg

Monthly Absorption Rate

0%

5%

10%

15%

20%

25%

30%

35%

40%

Bay R

idge

Bed-St

uy

Brookly

n Heig

hts

Bush

wick

Carroll G

ardens

Clinto

n Hill

Boeru

m H

ill-Cobble H

ill

Crown H

eights

Downtown Br

ooklyn

DUMBO

Fort

Gre

ene

Gowanus

Gre

enpoint

Kensingto

n

Prosp

ect Heig

hts

Prosp

ect-Leffe

rts G

ardens

Park Slo

pe

Willia

msb

urg

% of total sponsor sales - Brooklyn-wide


% OF TOTAL NEW DEVELOPMENT SALES BOROUGH-WIDE

1Q12 MONTHLY ABSORPTION RATE



25%

25%

37%

13%

1Q12 Unit Mix of New Development Sales

studios

one bedrooms

two bedrooms

three bedrooms

$200,000

$400,000

$600,000

$800,000

$1,000,000

$300

$400

$500

$600

$700

$800

$900

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

All Brooklyn

Median PPSF

Median Price


3Q11 UNIT MIX OF NEW DEVELOPMENT SALES

MANHATTAN QUARTERLY TRACKING

P R I C EP P S F

1Q12 UNIT MIX OF NEW DEVELOPMENT SALES

BROOKLYN QUARTERLY TRACKING

27%

26%

38%

9%

4Q11 Unit Mix of New Development Sales

Studios

1 Beds

2 Beds

3 Beds

NEIGHBORHOOD PRICE TRENDS

9


13%

13%

37%

37%

% of Sales within BPC

Studios

1 Beds

2 Beds

1500+ SF

M N S 1 1 5 E A S T 2 3 R D S T R E E T , N E W Y O R K , N Y 1 0 0 1 0 2 1 2 . 4 7 5 . 9 0 0 0 I N F O @ M N S . C O M M N S . C O M

0% 0% 0%

100%

% of Sales within Bay Ridge

Studios

1 Beds

2 Beds

1500+SF

$100,000

$300,000

$500,000

$700,000

$900,000

$200

$300

$400

$500

$600

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Bay Ridge

Median PPSF

Median Price

BAY RIDGE QUARTERLY TRACKING

B AY R I D G E

% OF SALES WITHIN BAY RIDGE

BAY RIDGE PPSF BY UNIT SIZE ($366/SF Median)

P P S F P R I C E

$100

$200

$300

$400

$500

$600

$700

Studios 1 Beds 2 Beds 1500+SF

Bay Ridge PPSF By Unit Size ($366/SF Med)


10


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


17%

58%

17%

8%

% of Sales within Bed-Stuy

Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700


Bed-Stuy PPSF by Unit Size ($484/SF Med)

$300,000

$400,000

$500,000

$600,000

$200

$300

$400

$500

$600

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Bed-Stuy

Median PPSF

Median Price

BED-STUY QUARTERLY TRACKING

B E D - S T U Y

% OF SALES WITHIN BED-STUY

BED-STUY PPSF BY UNIT SIZE ($484/SF Median)

P P S F P R I C E


11


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


$500

$600

$700

$800

$900

$1,000


Brooklyn Heights PPSF by Unit Size ($877/SF Med)

0%

14%

43%

43%

% of Sales within Brooklyn Heights

Studios

1 Beds

2 Beds

1500+SF

$500,000

$750,000

$1,000,000

$1,250,000

$1,500,000

$1,750,000

$500

$600

$700

$800

$900

$1,000

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Brooklyn Heights

Median PPSF

Median Price

BROOKLYN HEIGHTS QUARTERLY TRACKING

% OF SALES WITHIN BROOKLYN HEIGHTS

B R O O K LY N H E I G H T S

BROOKLYN HEIGHTS PPSF BY UNIT SIZE ($877/SF Median)

P P S F P R I C E


12


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


50%

0%

50%

0%

% of Sales within Boerum-Cobble Hill

Studios

1 Beds

2 Beds

1500+SF

$500

$600

$700

$800

$900

$1,000


Boerum-Cobble Hill PPSF by Unit Size ($540/SF Med)

$400,000

$900,000

$1,400,000

$400

$500

$600

$700

$800

$900

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Boerum Hill-Cobble Hill

Median PPSF

Median Price

% OF SALES WITHIN BOERUM-COBBLE HILL

B O E R U M - C O B B L E H I L L

P P S F P R I C E

BOERUM-COBBLE HILL PPSF BY UNIT SIZE ($578/SF Median)

BOERUM-COBBLE HILL QUARTERLY TRACKING


13


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


0%

100%

0% 0%

% of Sales within Bushwick

Studios

1 Beds

2 Beds

1500+SF

$200

$300

$400

$500

$600

$700


Bushwick PPSF by Unit Size ($426/SF Med)

$100,000

$300,000

$500,000

$700,000

$200

$300

$400

$500

$600

$700

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Bushwick

Median PPSF

Median Price

BUSHWICK QUARTERLY TRACKING

B U S H W I C K

% OF SALES WITHIN BUSHWICK

BUSHWICK PPSF BY UNIT SIZE ($426/SF Median)

P P S F P R I C E


14


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


$300

$400

$500

$600

$700

$800

$900


Carroll Gardens PPSF by Unit Size ($680/SF Med)

$300,000

$500,000

$700,000

$900,000

$300

$400

$500

$600

$700

$800

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Carroll Gardens

Median PPSF

Median Price

0% 0%

100%

0%

% of Sales within Carroll Gardens

Studios

1 Beds

2 Beds

1500+SF

CARROLL GARDENS QUARTERLY TRACKING

% OF SALES WITHIN CARROLL GARDENS

CARROLL GARDENS PPSF BY UNIT SIZE ($680/SF Median)

C A R R O L L G A R D E N S

P P S F P R I C E


15


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


33%

0% 67%

0%

% of Sales within Clinton Hill

Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600

$700


Clinton Hill PPSF by Unit Size ($456/SF Med)

$200,000

$450,000

$700,000

$950,000

$200

$300

$400

$500

$600

$700

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Clinton Hill

Median PPSF

Median Price

CLINTON HILL QUARTERLY TRACKING

% OF SALES WITHIN CLINTON HILL

CLINTON HILL PPSF BY UNIT SIZE ($456/SF Median)

C L I N T O N H I L L

P P S F P R I C E


16


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


34%

0% 33%

33%

% of Sales within Crown Heights

Studios

1 Beds

2 Beds

1500+SF

$200

$300

$400

$500

$600

$700


Crown Heights PPSF by Unit Size ($406/SF Med)

$200,000

$400,000

$600,000

$800,000

$200

$300

$400

$500

$600

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Crown Heights

Median PPSF

Median Price

CROWN HEIGHTS QUARTERLY TRACKING

% OF SALES WITHIN CROWN HEIGHTS

CROWN HEIGHTS PPSF BY UNIT SIZE ($406/SF Median)

C R O W N H E I G H T S

P P S F P R I C E


17


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


20%

40%

20%

20%

% of Sales within Downtown Brooklyn

Studios

1 Beds

2 Beds

1500+SF

$300

$400

$500

$600

$700

$800


Downtown Brooklyn PPSF by Unit Size ($716/SF Med)

$300,000

$550,000

$800,000

$1,050,000

$400

$500

$600

$700

$800

$900

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Downtown Brooklyn

Median PPSF

Median Price

DOWNTOWN BROOKLYN QUARTERLY TRACKING

% OF SALES WITHIN DOWNTOWN BROOKLYN

DOWNTOWN BROOKLYN PPSF BY UNIT SIZE ($716/SF Median)

D O W N T O W N B R O O K LY N

P P S F P R I C E


18


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF

P P S F P R I C E


$200,000

$400,000

$600,000

$800,000

$1,000,000

$300

$400

$500

$600

$700

$800

$900

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

DUMBO

Median PPSF

Median Price

$400

$500

$600

$700

$800

$900

$1,000


DUMBO PPSF by Unit Size ($798/SF Med)

0%

40%

20%

40%

% of Sales within DUMBO

Studios

1 Beds

2 Beds

1500+SF

D U M B O

DUMBO PPSF BY UNIT SIZE ($798/SF Median)

% OF SALES WITHIN DUMBO

DUMBO QUARTERLY TRACKING


19


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


0%

67%

33%

0%

% of Sales within Fort Greene

Studios

1 Beds

2 Beds

1500+SF

$300

$400

$500

$600

$700

$800


Fort Greene PPSF by Unit Size ($649/SF Med)

$300,000

$500,000

$700,000

$900,000

$300

$400

$500

$600

$700

$800

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Fort Greene

Median PPSF

Median Price

FORT GREENE QUARTERLY TRACKING

% OF SALES WITHIN FORT GREENE

FORT GREENE PPSF BY UNIT SIZE ($649/SF Median)

F O R T G R E E N E

P P S F P R I C E


20


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


$300

$400

$500

$600

$700

$800


Gowanus PPSF by Unit Size ($672/SF Med)

100%

0% 0% 0%

% of Sales within Gowanus

Studios

1 Beds

2 Beds

1500+SF

$200,000

$450,000

$700,000

$950,000

$400

$500

$600

$700

$800

$900

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Gowanus

Median PPSF

Median Price

GOWANUS QUARTERLY TRACKING

% OF SALES WITHIN GOWANUS

GOWANUS PPSF BY UNIT SIZE ($672/SF Median)

G O WA N U S

P P S F P R I C E


21


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


50%

20%

30%

0%

% of Sales within Greenpoint

Studios

1 Beds

2 Beds

1500+SF

$300

$400

$500

$600

$700

$800


Greenpoint PPSF by Unit Size ($637/SF Med)

$200,000

$400,000

$600,000

$800,000

$300

$400

$500

$600

$700

$800

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Greenpoint

Median PPSF

Median Price

GREENPOINT QUARTERLY TRACKING

% OF SALES WITHIN GREENPOINT

GREENPOINT PPSF BY UNIT SIZE ($637/SF Median)

G R E E N P O I N T

P P S F P R I C E


22


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


0% 0%

100%

0%

% of Sales within Kensington

Studios

1 Beds

2 Beds

1500+SF

$100

$200

$300

$400

$500

$600


Kensington PPSF by Unit Size ($365/SF Med)

$200,000

$400,000

$600,000

$800,000

$200

$300

$400

$500

$600

$700

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Kensington

Median PPSF

Median Price

KENSINGTON QUARTERLY TRACKING

% OF SALES WITHIN KENSINGTON

KENSINGTON PPSF BY UNIT SIZE ($365/SF Median)

K E N S I N G T O N

P P S F P R I C E


23


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


0%

57%

43%

0%

% of Sales within Park Slope

Studios

1 Beds

2 Beds

1500+SF

$200

$300

$400

$500

$600

$700

$800


Park Slope PPSF by Unit Size ($597/SF Med)

$200,000

$400,000

$600,000

$800,000

$1,000,000

$300

$400

$500

$600

$700

$800

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Park Slope

Median PPSF

Median Price

PARK SLOPE QUARTERLY TRACKING

% OF SALES WITHIN PARK SLOPE

PARK SLOPE PPSF BY UNIT SIZE ($597/SF Median)

PA R K S L O P E

P P S F P R I C E


24


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


0% 0%

100%

0%

% of Sales within Prospect Heights

Studios

1 Beds

2 Beds

1500+SF

$500

$600

$700

$800

$900


Prospect Heights PPSF by Unit Size ($834/SF Med)

$500,000

$1,000,000

$1,500,000

$2,000,000

$500

$600

$700

$800

$900

$1,000

$1,100

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Prospect Heights

Median PPSF

Median Price

PROSPECT HEIGHTS QUARTERLY TRACKING

% OF SALES WITHIN PROSPECT HEIGHTS

PROSPECT HEIGHTS PPSF BY UNIT SIZE ($834/SF Median)

P R O S P E C T H E I G H T S

P P S F P R I C E


25


13%

13%

37%

37%


Studios

1 Beds

2 Beds

1500+ SF


39%

22%

35%

4%

% of Sales within Williamsburg

Studios

1 Beds

2 Beds

1500+SF

$400

$500

$600

$700

$800

$900

$1,000


Williamsburg PPSF by Unit Size ($782/SF Med)

$200,000

$400,000

$600,000

$800,000

$1,000,000

$300

$400

$500

$600

$700

$800

$900

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Williamsburg

Median PPSF

Median Price

WILLIAMSBURG QUARTERLY TRACKING

% OF SALES WITHIN WILLIAMSBURG

WILLIAMSBURG PPSF BY UNIT SIZE ($782/SF Median)

W I L L I A M S B U R G

P P S F P R I C E



T H E R E P O R T E X P L A I N E D

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 5,500 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.

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 “Brooklyn New Development Report” with a link back to its

original location (http://www.mns.com/brooklyn_new_dev_report).

brooklyn new development report - mns · brooklyn new development report 1q12 6 mns 115 east 23rd...

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