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Apr 10, 2018

New York Real Estate Market Updates


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

Home of the Nets and 2.6 million other New Yorkers, Brooklyn’s multifamily market has been on a steep decline year-over year. Brooklyn’s Multifamily market fell 27 percent from 2016’s reports, with sales volume this quarter coming out at $824.6M. Square-footage pricing also decreased, down 9 percent from 2016’s Q4 to $375 dollars on average. Average selling price held fairly steady, if slightly down, at $331,000 – a difference of 7 percent from this time last year. Total transactions were similarly solid, down only 3 percent to 435 in 2017’s final quarter.

The Multifamily market is trending progressively lower than past years, but Brooklyn’s top sales are still numbers to marvel at. The top sale of 2017 can be found in Park Slope: 409-412 14th Street sold for a cool $20,750,000 in December. The mix of 44 rent-stabilized and free-market apartments are located just a block from Prospect Park, making them prime real estate for potential tenants and justifying the price tag of $752 per square 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:

Brooklyn Heights, with envy-inducing promenade views and landmark brownstones, tops off the list at an average of $1,264 per square foot. Gowanus comes in second at $832, with Park Slope coming in third at $798. Boerum Hill listed at $750 per square foot, Williamsburg at $749, Carroll Gardens at $660, Greenwood Heights at $468, Greenpoint at $467, Borough Park at $466 and, tenth but certainly not least, the Sheepshead Bay area averaged in at $457 per square foot.

Bed-Stuy was the winner for highest volume of Multifamily sales this quarter again at 55 total sales, with Bushwick close behind at 43. Bargain hunters, check out East Canarsie’s attractive average price per square foot, just $191.

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