More New-Development Condos Doing Nothing to Dampen Prices


    The Brooklyn building boom has finally unleashed a slew of new-development condos: The total number of new-development sponsor sales throughout Brooklyn shot up a whopping 84.5 percent in the second quarter vs. the first. Median sales prices for new-development condos increased 19 percent, while the median per square foot jumped 24 percent in the period, according to a report out Friday from real estate firm MNS.

    No neighborhood is hotter than Williamsburg, where the median sales price for new developments shot up 52 percent, from $821 per square foot to $1,244 per square foot in the second quarter vs. the quarter before, as DNAinfo was the first to report. The median sale price for a new-development condo in Williamsburg is now $1,770,000.

    Lots more inventory is coming online, with an amazing 48 condo buildings currently in development in Williamsburg right now, according to MNS. But more inventory probably won’t do anything to dampen prices there, according to the firm.

    New condos in Williamsburg “will continue to see high growth margins throughout the rest of the year and the next,” predicted the report. “Williamsburg is the hottest neighborhood in the hottest borough in New York, which is the hottest city to be in,” an MNS exec told DNAinfo. “It’s the triple whammy. It’s only going to get higher.”

    Williamsburg New Property Prices Jump 52 Percent in 3 Months, Report Says [DNAinfo]

    What's Happening