The Real Deal New York

Brooklyn new development sales rise 31 percent over last quarter

Median price per square foot sets new record, report says

November 06, 2012 12:00PM

The Edge (credit: Brooklyn Paper)

Brooklyn new development sales are on the upswing, with the median price per square foot hitting a historic high, according to an MNS report released today. In the third quarter, total sales volume rose 31 percent over the previous quarter, to a total of $307 million from $232 million.

In addition to total sales volume, the median sales price rose 11 percent to $687,318compared to the previous quarter, and the median price per square foot increased 5 percent, to $723 from $690, in the same period. This is the first time the median price per square foot ticked above $700 since MNS began tracking the numbers, the report says.

Year-over-year, median price per square foot jumped 24 percent and median sales price increased by 19 percent.

“Solid growth in median sales price and volume this quarter indicates a strong market throughout Brooklyn,” MNS CEO Andrew Barrocas said in the report. “While a few developments were responsible for a large percentage of second-quarter sales, the volume of sales in the third quarter came from a more even distribution across the borough.”

For average price per square foot, the Crown Heights neighborhood saw the largest quarterly increase, to $557 from $297 in the second quarter. But on the other hand, the nearby neighborhood of Prospect Heights saw the largest quarter-over-quarter decline: to $782 from $909.

The Edge in Williamsburg took top prize for Brooklyn’s priciest sale in the third quarter, where a penthouse unit sold for $2.8 million. — Zachary Kussin

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