Condo Shortage on Brooklyn Waterfront

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The Williamsburg and Long Island City waterfronts are plagued by a shortage of condos, claims Modern Spaces CEO Eric Benaim. The brokerage’s first Brooklyn sales market report separates the Williamsburg waterfront from the rest of the neighborhood to better analyze price trends, explained an article in The Real Deal. Can you guess the average price per square foot along the shore, dubbed “Williamsburg West”? For closed sales in the first half of this year: $917. That’s practically Dumbo and Brooklyn Heights territory. Actual apartment sale prices averaged $617,004 and $939,643 for one- and two-bedroom units, respectively. Developers are eager to respond to demand with condos, according to Benaim, but banks won’t finance the projects. Without tax exemptions, developers can’t afford to build new luxury units, according to The Real Deal. “Everything that’s being developed right now is hitting the market as rentals,” Benaim said. Check out a graph of prices by unit size on the jump…
Prices Rise for Smaller LIC Condos as Supply Wanes [TRD]
Photo by ajfis2

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