The Real Deal New York

Bargain hunting? Top 10 sales in Bed-Stuy

As prices climb, $2.25 million is the new neighborhood record

August 05, 2014 08:00AM
By E.B. Solomont

  • Print

As prices rise in Brooklyn, brokers in Bedford-Stuyvesant have been breaking sales records left and right since March.

In a sign of how hot the neighborhood’s become, nine of Bed-Stuy’s top 15 residential sales in the past five years are from 2014, according to data from Property Shark. Meanwhile, the median sales price during the second quarter rose to $630,000, up from $425,000 in the second quarter of 2013. In June of this year, the median asking price was even higher, according to StreetEasy data: $895,000, a 50.4 percent increase from June 2013.

“Last year, I had a house on the market and I thought it was aggressively priced at $1.42 million,” said Halstead Property broker Morgan Munsey, who lives and works in Bed-Stuy. “The lowest offer I got was $1.6 million and it went for over $1.8 million.”

In June, Munsey co-brokered the $2.25 million sale of 22 Arlington Place, which shares the distinction of being Bed-Stuy’s top residential sale with 96 Quincy Street, which also sold in June. “That surprised me even, with the price,” he said, of the Arlington Place deal.

Munsey said $1.8 million has become “the new asking price” for four-story brownstones in Bed-Stuy, as buyers push further into Brooklyn looking for relative bargains. “As long as the tonier areas like Park Slope and Fort Greene and Brooklyn Heights and Cobble Hill have $4- and $5-million houses, this is still a deal here in Bed-Stuy,” he said.

Meanwhile, opportunistic sellers are profiting from a hot market, which has rebounded from 2008 and 2009 when the neighborhood had a high foreclosure rate. “There were tons [of properties] that people were just getting on the steps of the courts in Downtown Brooklyn,” noted Douglas Elliman broker Jerry Minsky. Now, he said, sellers are listing their homes “because the iron’s hot.”

Below are the top 10 residential sales in Bedford-Stuyvesant in the past 12 months, according to Property Shark.

  • Sun0flalaland

    6 of the 10 are exactly on the border with Clinton Hill (Classon Ave) or less than a block from Classon, so those 6 are really more Clinton Hill spillover in terms of pricing/neighborhood feel.

  • Adam Dahill

    You guys missed 260 Decatur Street for 1.95mm financed by yours truly.

    http://www.corcoran.com/nyc/Listings/Display/2772677

    • Ban Leow

      Congrats Adam!

  • Ban Leow

    Also, 196 Hancock St, Halstead’s exclusive sold for $2.1M, the highest flip in Bed Stuy. I also co-broke on the sale of 22 Arlington Place.

  • Ban Leow

    Great 2 see 2 of my listings on the top 10 ~ 22 Arlington Pl and 663 Putnam Ave, thank you for the feature.

MENU

Subscribe to our email newsletters

New York Real Estate News
South Florida Real Estate News