Real Estate

Guess Which Brooklyn Sleeper Neighborhoods Outpriced Dumbo in the First Quarter

A report ranking median sales prices in the first quarter in Brooklyn neighborhoods reveals that some unexpected neighborhoods have begun outpacing the typical contenders. The results show “prime” and “emerging” Brooklyn moving closer in price per square foot.

A woman walks her dog in Cobble Hill, where the median sale price per square foot is higher than any other neighborhood in the borough. Photo by Mary Hautman

by Hannah Frishberg

04/12/2016 4 minute 0

Which part of Brooklyn is the most expensive? A report ranking median sales prices in the first quarter in Brooklyn neighborhoods, released Monday by PropertyShark, reveals that some unexpected neighborhoods have begun outpacing the typical contenders. The results show “prime” and “emerging” Brooklyn moving closer in price per square foot.

In a surprise defeat of the usual suspects, the Columbia Street Waterfront District was ranked most expensive, with a median sale price of $1,362,319.

brooklyn most expensive — A home in Red Hook, which surrounds the Columbia Waterfront District. Photo by Mary Hautman

Located between Red Hook and Brooklyn Heights, the Columbia Street Waterfront District is a waterfront area overlooking docks and piers.

Even more surprising, though, is the No. 2 ranking at $1.32 million: Prospect Lefferts Gardens. This Central Brooklyn neighborhood close to Prospect Park is famous for being racially integrated since the 1960s as well as for its landmarked row houses, prewar apartment buildings and longtime Caribbean population.

At one time more affordable than nearby Crown Heights, Bedford Stuyvesant and Clinton Hill, Prospect Lefferts Gardens now outranks them all on a price per square foot basis of $807, the PropertyShark report revealed.

The ranking of neighborhood by price per square foot was slightly more predictable, although it too revealed the narrowing gap between many neighborhoods.

Cobble Hill ranked as the most expensive neighborhood by median price per square foot at $1,203. Dumbo, often considered Brooklyn’s most expensive area, placed third in both rankings, with a median sales price of $1.212 million and a price per square foot of $1,200.

Bushwick, surprisingly, outranked both Prospect Heights and Boerum Hill with a price per square foot of $939.

In another surprise ranking, Mill Basin, a quiet residential neighborhood far south of the brownstone belt, ranked fourth with a median sales price of $1,145, 531 and a total of 11 sales.

Williamsburg, Park Slope and Bed Stuy had the highest number of sales — 127, 89 and 42, respectively.

Median sale price (and number of transactions)
1. Columbia Street Waterfront District: $1,362,319 (14)
2. Prospect Lefferts Gardens: $1.32 million (9)
3. Dumbo: $1.212 million (11)
4. Mill Basin: $1,145,531 (11)
5. Carroll Gardens: $1.1125 million (18)
6. Fort Greene: $1.04 million (21)
7. Cobble Hill: $999,999 (17)
8. Gowanus: $992,000 (14)
9. Park Slope: $918,000 (89)
10. Manhattan Beach: $873,486 (8)

brooklyn most expensive neighborhood — Graphic via PropertyShark

Median sale price per square feet
1.Cobble Hill: $1,203
2. Brooklyn Heights: $1,201
3. Dumbo: $1,200
4. Downtown Brooklyn and Williamsburg (tie): $1,123
5. Greenpoint and Carroll Gardens (tie): $1,086
6. Fort Greene: $1,057
7. Park Slope: $1,038
8. Gowanus: $1,015
9. Columbia Street Waterfront District: $1,000
10. Bushwick: $939