The Real Deal New York

Greenpoint, Bed-Stuy had BK’s fastest-rising condo prices: TRData

Average ppsf numbers trended down hardest in DoBro, Brighton Beach

April 25, 2016 07:00AM
By Ariel Stulberg and Will Parker

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Make (more) way for the well-heeled hip.

In Brooklyn, average per-foot condominium sales prices are rising fastest in neighborhoods on the edges of “greater Williamsburg” — Greenpoint and Bedford-Stuyvesant — according to The Real Deal‘s analysis of transactions recorded over the past year.

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Greenpoint saw sales prices rise fastest on average, climbing about $200 per foot, to roughly $1,150 in March, up from about $950 in April 2015. The apartments sold were relatively small, about 960 square feet on average, and prices on several sales exceeded $1,200 a foot.

In Bedford-Stuyvesant — fast becoming a gentrification case study– the price per square foot average rose from about $500 in April 2015 to $700 in March 2016, a 40 percent average increase.

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This doesn’t mean every Bed-Stuy condo was 40 percent more valuable at the end of the period, but it does show that the amount buyers paid per square foot grew sharply during that period, in which 127 condo sales were recorded.

The condos sold in Bed-Stuy were much larger on average than those in Greenpoint: measuring an average of about 1,200 square feet. They were highly concentrated along the Bedford Avenue corridor that runs through the most western portion of Bed-Stuy, a neighborhood that stretches more than three miles east to west.

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Brighton Beach saw the sharpest price trend in the opposite direction, the TRD analysis found. Average prices there dropped about $170 per foot to $500 at the end of the period, from $670, as recent months saw fewer sales at Muss Development’s 15-building Oceana condo enclave. Units at those buildings sold for as high as $951 a foot, whereas the neighborhood average was about $589 over the entirety of the study period, the data showed.

Prices in Downtown Brooklyn also slid, by about $122 per foot, to $1,078 from $1,200. That coincided with a drop off in sales at Stahl Organization’s mixed rental and condo tower at 388 Bridge Street, where prices hovered around an above-neighborhood-average $1,300 per foot.

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The other neighborhoods in the borough saw less volatile per foot condo sales prices, according to the data.

On Friday, TRD charted out the Manhattan neighborhoods that saw the greatest price swings in the last year.

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