Market Report Shows Sales Demand in New Developments


MNS released a market report yesterday focusing on new developments in Brooklyn, and it looks like those properties for sale are in very high demand. MNS reported $307 million of new development sales in the third quarter, a 31 percent increase from the previous quarter. The median sales price is up to $687,318 and the median price per square foot rose above $700. According to MNS, that’s the first time the price-per-square-foot numbers have gotten that high. Not surprisingly, the big condo buildings brought in lots of money this quarter: The Edge in Williamsburg closed $40 million worth of sales, Dumbo’s 205 Water Street closed around $31 million in sales, and One Brooklyn Bridge closed $22 million. (The quarter’s top sale was at The Edge for $2,840,917; Williamsburg, as you can see above, is the neighborhood with the highest new development sales.) No word yet, of course, if worries about the waterfront locations post-Sandy could affect sales at new developments down the line. MNS also reports a market downswing in Prospect Heights, due to lack of inventory, and a rising price per square foot in the Cobble Hill and Boerum Hill areas. And, as The Real Deal noted, Crown Heights saw the largest quarterly increase in price per square foot, from $297 to $557 into this third quarter.
Brooklyn New Development Sales Rise 31 Percent Over Last Quarter [TRD]