Jul 16, 2018
New York Real Estate Market Updates
Welcome to the Brooklyn Multi-Family Sales Real Estate Market Report for the 1st quarter of 2018. 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.
Home of the Nets and 2.6 million other New Yorkers, Brooklyn’s multifamily market has been on a rise compared with same quarter last year. Brooklyn’s Multifamily market rose 18 percent from 2017’s first quarter reports, with sales volume this quarter coming out at $1.3B. Square-footage pricing also increased, up 18% percent from last year to $397 dollars on average. Average selling price went up, to $366,000 – a difference of 18% percent from this time last year. Total transactions were a bit less, down 7% percent to 436 in 2018’s first quarter.
The Multifamily market is trending progressively higher in the past years first quarter. Brooklyn’s top sales are still numbers to marvel at. The top sale of 2018 can be found in Prospect Heights: 461 Dean Street sold for a cool $156,000,000 in March. At a $468 a foot
Even that enormous price, however, doesn’t garner many square feet in the most opulent neighborhood of Brooklyn. The top ten most expensive neighborhoods this quarter were as follows:
Carroll Gardens, with townhouses, brownstones & beautiful parks, tops off the list at an average of $910 per square foot. Cobble Hill comes in second at $856, with Boerum Hill coming in third at $758. Park Slope listed at $696 per square foot, Williamsburg at $626, Brooklyn Heights at $570, Prospect Heights at $558, Clinton Hill at $483, Greenpoint at $479 and, tenth but certainly not least, the Fort Greene area averaged in at $450 per square foot.
Bed-Stuy was the winner for the highest volume of Multifamily sales this quarter again at 61 total sales, with East New York close behind at 40. Bargain hunters, check out Bensonhurst attractive average price per square foot, just $180.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
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