Feb 19, 2019
New York Real Estate Market Updates
Welcome to the Brooklyn Multi-Family Sales Real Estate Market Report for the 3rd quarter of 2018.
Whether you already own or you’re looking to buy into the City’s most fashionable market, we’re here to 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 Giants and 2.6 million other New Yorkers, Brooklyn’s multifamily market has been on the rise since the second quarter last year. With the market falling 4% from 2017’s second quarter, the multifamily sales volume this quarter came out at a healthy $1.1B.
Yet there is a great value to be found, with square-footage prices decreasing by 18% percent from last year, now standing at $350 on average. Average selling prices went down to just$327,000 per unit –a difference of 13% from this time last year. Two thousand eighteen’s third quarter had 449 total transactions, showing a slowdown of 6%.
The multifamily market has been trending progressively lower during this time of year for the past several years, but it’s still easy to marvel at Brooklyn’s top sales. The top sale recorded in the third quarter of 2018 can be found in Coney Island: 2911 West 36th Street sold for $50,000,000 in July 2018 at a $218 a foot. The 20-story apartment building contains 250 units and five ground-floor retail spaces. The building is surrounded by new development and has a Section 8 affordable housing contract with the Department of Housing and Urban Development that ends in 2034.
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: Cobble Hill, with its townhouses, brownstones, and beautiful parks, tops the list at an average of $972 per square foot; Carroll Gardens comes in second at $902, and Fort Greene coming in third at $855.
Park Slope comes next at $694 per square foot followed by Williamsburg at $614, Greenpoint at $552, Clinton Hill at $528, Boerum Hill at $526, Prospect Heights at $525, and tenth but certainly not least, the Bath Beach area, averaging $517 per square foot.
Bed-Stuy was the winner for the fourth time in a row for the highest volume of multifamily sales this quarter at 64 total sales. East New York was close behind at 40 total sales. Bargain hunters, check out East Flatbush with an average price per foot of $188, and Bay Ridge has an attractive average price per square foot at just $106.
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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