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Jan 5, 2018

New York Real Estate Market Updates


Welcome to the Brooklyn Multi-Family Sales Real Estate Market Report for the third quarter of 2017. Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.


Brooklyn, while home to huge venues such as the Barclays Center and countless shops and restaurants, still remains a primarily residential borough. While not as drastic as Manhattan, Brooklyn’s Multifamily market declined from last year’s reports, with sales volume this quarter coming out at $1.2 billion – a 10 percent decline from 2016. Square-footage pricing did increase to $430 dollars on average, up 18 percent from last year’s quarter. The average selling price per unit across Brooklyn was $390,000 dollars, which is a 20 percent increase from this time last year; however, the total transactions in the third quarter were down 15 percent from last year, recorded at just 473.


While the overall Multifamily market is trending lower than in the past, Brooklyn top sales still don’t disappoint. In 2017’s third quarter, our top sale of $141,500,000 was in Prospect Park South neighborhood at 130 East 18th Street, coming in at $559 per foot for a total of 253,265 square feet.


That price, however, won’t buy you many square feet in the most opulent neighborhoods of Brooklyn. The top ten most expensive neighborhoods this quarter were as follows:


Cobble Hill, home to independent shops, young families and schools, tops off the list at an average of $1,152 per square foot. Carroll Gardens comes in second at $1,065, with Boerum Hill coming in third at $690. Park Slope listed at $690 per square foot, Brooklyn Heights at $684, Gowanus at $652, Williamsburg at $622, Clinton Hill at $620, Prospect Heights at $591 and, tenth but certainly not least, the Bushwick area averaged in at $570 per square foot.


Of all the neighborhoods, Bed-Stuy had the highest volume of Multifamily sales this quarter again at 54, with East New York following up with 38 sales. If you’re hunting for a deal, East Flatbush’s average price per square foot this quarter was a mere $183.


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