Booming Brooklyn Sees 155 Percent Sales Jump
Sales at new developments in Brooklyn have soared from just $91 million in the first quarter of the year to $232 million in the last three months alone.
The median sales price rose 26 percent from the second quarter of 2011, and the sales volume is up 155 percent.
A handful of new buildings – The Edge, Northside Piers, One Brooklyn Bridge Park, and On Prospect Park – are being credited with causing the big bounce in numbers. Together they were responsible for 45% of the borough’s total new development sales, measured by dollar volume.
The Second Quarter 2012 Brooklyn New Development Market Report from MNS discloses that, quarter-over-quarter, there was an 8% increase in median price-per-square-foot and a 15% jump in median sales price.
“In addition to the impressive sales numbers garnered by some of the borough’s heavy hitters in neighborhoods like Williamsburg, the lower end of the market also saw tremendous improvement from last quarter,” said Andrew Barrocas, CEO of MNS.
“This quarter’s median sales pricing numbers in neighborhoods such as Bay Ridge pricing numbers in neighborhoods such as Bay Ridge and Prospect Lefferts Gardens is a significant indicator of Brooklyn’s continued growth in popularity.”
According to the report, year-over-year comparisons reveal a 16% increase in both the median price-per-square-foot and the median sales price.
Williamsburg was home to more than 30% of total new development sales for the borough, and continues to house the most inventory across all unit types of any other neighborhood.
The highest sales price for a new development and per square foot was at On Prospect Park in Prospect Heights for $5.1 M and $1,497 psf respectively. The neighborhood also boasted the largest jump in quarterly sales pricing.
Amid the surge in pricing happening in Brooklyn, Carroll Gardens saw the greatest decrease in median sales price since last quarter.
The Second Quarter 2012 repot was researched based on “arms-length” first offering transactions where the seller is considered a “sponsor.” I was compiled from the Automated City Register Information System (ACRIS) sponsor sales that traded during the Second Quarter of 2012.
Included in the research are walk-up and elevator new development condominium buildings, as well as new conversion condominiums if the sales were applicable sponsor transactions. Excluded from the report are all co-operative sales.Categories: Magazine · Newspaper