Jul 3, 2019
New York Real Estate Market Updates
Welcome to the Brooklyn Multi-Family Sales Real Estate Market Report for the 1st quarter of 2019.
Whether you already own or you’re looking to buy into the City’s most fashionable market, we’ll keep you up to date, so you can make the smartest moves.
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 the rise since the second quarter last year. Brooklyn’s Multifamily market declined a big 34% percent from 2017’s first quarter. With sales volume this quarter coming out a bit low at $885M.
Yet, there is a great value to be found, with square-footage prices decreasing by 1% percent from last year’s quarter. Now standing at $401 dollars on average. Average selling prices went down to just$370,000 per unit –a difference of 1% percent from this time last year. Total transactions slowed down by 13% percent to 390 in 2019’s 1stquarter.
The Multifamily market is trending progressively higher during this time of year for the past several years. Brooklyn’s top sales are still numbers to marvel at. The top sale recorded in the first quarter of 2019 can be found in Williamsburg: 395 Leonard Street sold for $130,442,381 in February. At a $698 a foot.
Even at that high price, however, it doesn’t garner many square feet in the most opulent neighborhood of Brooklyn.
The top ten most expensive neighborhoods this quarter were as follows:
Park Slope, with its townhouses, brownstones & beautiful parks, tops the list at an average of $853 per square foot. Fort Greene comes in second at $820. With Clinton Hill coming in third at $665. Carroll Gardens comes next at $646 per square foot. Followed by Williamsburg at $626, Gowanus at $564, Greenpoint at $538, Kensington at $495, Dyker Heights at $495 and, tenth but certainly not least, the Prospect Heights area averaged in at $490 per square foot.
Bed-Stuy was the winner for the highest volume of Multifamily sales this quarter again at 45 total sales. East New York was the same at 45 sales. Bargain hunters check out Brownsville attractive average price per square foot, at just $218.
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.
Plus, see our report on Brooklyn’s innovative piers, what they have to offer, what’s being built on them, and consider how they may change demand and prices in the near future.
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