Today a report from MNS looks only at new developments in Brooklyn. It’s a glittering picture, fueled by luxury waterfront developments. Total new-development sales dollar volume more than doubled in the second quarter versus the first quarter of 2012. Just four luxury projects — Edge, Northside Piers, One Brooklyn Bridge Park, and On Prospect Park — made up 45 percent of sales by dollar volume. Median price per square foot of sales at new condos increased 16 percent year over year, to $690. The most expensive neighborhood for new developments was Prospect Heights, where the median price per square foot rang in at more than $900 — presumably thanks almost entirely to On Prospect Park. Williamsburg and Brooklyn Heights followed at just under $850. The neighborhood most responsible for all the new-development sales activity was, naturally, Williamsburg, which accounted for 33 percent of new-development sales across the borough. Where can you find the cheapest new builds? Crown Heights, where the median square foot clocked in at just under $300.
Brooklyn New Development Market Report