The Brooklyn new development market is making a strong recovery in the second quarter, with Williamsburg leading condo sales in the borough.
Total dollar amount of sales more than doubled, with a 155 percent increase to $232 million from $91 million in the first quarter, according to a report by MNS Real Estate. About 45 percent of that $232 million in sales came from just four luxury projects: EDGE and Northside Piers in Williamsburg, One Brooklyn Bridge in Dumbo and On Prospect Park in Prospect Heights.
The median price per square foot of new condo sales reached $690, an increase of 16 percent year-over-year. The median sales price also jumped 16 percent to $621,000 in the second quarter, up from $537,000 in the same time period in 2011.
Williamsburg had the highest inventory, accounting for 33 percent of Brooklyn’s newly built condo sales.
The most expensive neighborhood for new housing was Prospect Heights, with the median price per square foot of $900 — a figure boosted by On Prospect Park, which hit $19 million in sales in the second quarter, compared to $1 million in the previous quarter.
“What this really shows is that Brooklyn has arrived; it’s no longer an alternative to other areas,” MNS chief executive Andrew Barrocas told amNY. “Brooklyn is the most exciting place for real estate in New York right now. There’s a lot of growth happening.”
Brooklyn Heights, traditionally an expensive neighborhood in the borough, dropped in median sales price from $1.1 million in the first quarter to $970,000, a decrease that MNS attributed to a lack of inventory, since the largest, priciest homes sold quickly. Carroll Gardens, where just two units sold, experienced the sharpest quarter-to-quarter downswing, from a median price of $700 per square foot to just over $500.