Brooklyn Median Sales Price for New Condos Just Shy of a Million This Quarter

As the autumn weather sets in, Brooklyn’s hot real estate market doesn’t seem to be cooling down at all.

A just released report from MNS found that new development sales in north and central Brooklyn are up 173 percent in this quarter (June through September, 2015), with Crown Heights accounting for a whopping 20 percent of sales in the 18 neighborhoods studied.

The most expensive new development sale this quarter was in Williamsburg, where a unit at 201 North 11th Street — a wood-wrapped six story condominium near McCarren Park — sold for $3,330,113.

Together, Crown Heights, Downtown Brooklyn and Williamsburg constituted more than half the sales in the borough, while Dumbo, Brooklyn Heights, and Prospect Lefferts Gardens had no new development sales reported during the three month period.

Many rankings and superlatives in each neighborhood were based on individual developments, like 531 Vanderbilt Avenue, which significantly contributed to Clinton Hill’s status as the neighborhood with the largest median price per square foot increase.

Downtown Brooklyn achieved the highest median sales price by neighborhood, and apartments in north and central Brooklyn had a median sales price just shy of $1,000,000 at $955,358.

The majority of new development sales were two bedrooms.

Of the 18 neighborhoods surveyed in the report, all but Bay Ridge stayed stolidly north of Prospect Park.

[Source: MNS | Photo: Barbara Eldredge]

Related Stories
First-Time Buyer Guide: What $200K Buys You in Brooklyn, Manhattan or Queens
The 14 Most Affordable Neighborhoods in Brooklyn
Tour the 19-Bed Crown Heights House That’s Trying to Disrupt Brooklyn’s Rental Market