Reports

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.