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

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