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Oct 30, 2017

New York Real Estate Market Updates


Welcome to the Brooklyn Multi-Family Sales Real Estate Market Report for the second 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.


This is our Brooklyn multifamily episode. A significant part of this huge borough is dedicated to multifamily apartment complexes, and Brooklyn’s vibrant residential reputation is well-known.


While not as drastic as Manhattan, Brooklyn’s Multifamily market also declined significantly from last year’s reports. Sales volume this quarter totaled $995 million, a stark 37 percent decline from 2016. Square-footage pricing did increase to $352 dollars on average, up just 12 percent from last quarter. The average selling price per unit across Brooklyn was $322,000, which is a 9% increase from this time last year. The total number of 474 transactions in the second quarter is down 22 percent from last year.


While the overall Multifamily market is trending lower than in the past, Brooklyn top sales still don’t disappoint. In 2017’s second quarter, our top sale was a block of units in the Sunset Park neighborhood of 5301 – 5311 6th Ave, selling for $45,839,605. Part of an affordable housing agreement, the early 20th-century block came with a price tag of $271 per square foot.


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:


Fort Greene, with its namesake park and prime positioning in the heart of downtown, tops off the list at an average of $998 per square foot. Cobble Hill comes in second at $845, with Carroll Gardens a close third at $828. Park Slope listed at $803 per square foot, Brooklyn Heights at $757, Gowanus at $750, Greenwood Heights at $614, Greenpoint at $562, Prospect Heights at $526 and, tenth but certainly not least, the Clinton Hill area averaged in at $469 per square foot.


Of all the neighborhoods, Bed-Stuy had the highest volume of Multifamily sales this quarter at 59, with East New York following up with 49 sales. If you’re hunting for a deal, East Flatbush’s average price per square foot this quarter was a mere $204.


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