Brooklyn Co-op average sq/ft $ ?

HI Everyone,

Was wondering if anybody knows or can point to a source for average price sq/ft for Brooklyn Co-ops right now for a loft conversion building or just in general?

Much appreciated. Thanks so much.

citytime79

in General Discussion 8 years and 6 months ago

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citytime79 | 8 years and 6 months ago

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EJR: This is perfect — thanks so much for sending the link. 🙂

EJR | 8 years and 6 months ago

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> @bored at work
> Corcoron publishes something every quarter with data for much of Brooklyn by neighborhood and housing type.

All the big brokerage firms publish one of these. Here is Corcoran’s latest one :http://media.corcoran.com/pdf/reports/2016_Q4/Brooklyn_Q42016.pdf, but they’re all pretty easy to find with google.

boredatwork | 8 years and 6 months ago

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Corcoron publishes something every quarter with data for much of Brooklyn by neighborhood and housing type. I think they use Miller Samuel data. But I wouldnt bet much on it being completely reliable, but it will show trends and some good data. I get it mailed to me by some broker I have never met, so they may just hand it out.

citytime79 | 8 years and 6 months ago

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Thanks! makes total sense

dorkofwindsor | 8 years and 6 months ago

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New Condo developments must state how square footage is calculated in the offering plans (filed w/ the NY AG). No such requirement for co-ops. Because co-op square footage is totally unreliable, firms like Miller Samuel don’t track it. So you’ll have to do your own, cherry pick the comps and hope the square footage numbers are somewhat accurate. As long as you have a reasonable / consistent PSF discount to where condos are trading, there should be some credibility. But if you are looking for a magic number, I don’t know that one exists because on balance co-op square footage is basically fabrication. If you see such a number, keep that in mind. IIRC I believe there was an article in the NYT about 5 years back or so where a buyer sued Elliman about lying on a co-op square footage (buyer lost deposit when it didn’t appraise), and the brokerage brought its legal guns blazing because loss of that case could open up massive industry liability (i.e. brokerages are serial liars). So…business goes on as usual, and buyer beware. I think a good check is to see where condos are trading, and apply a discount, measure the co-op yourself for square footage, and look at any comps in the neighborhood.