Williamsburg residential prices up 174% since 2004

TRD New York /
Dec.December 28, 2012 11:00 AM

Brooklyn’s gentrified and gentrifying neighborhoods have experienced price-per-square-foot gains, according to PropertyShark’s blog. Between 2004 to 2012, three neighborhoods in particular — Williamsburg, Prospect Lefferts Gardens and Gowanus — have had the most significant growth on a price-per-square-foot basis.

In Williamsburg, residential prices have soared to $736 per square foot from $269 in 2004 — a whopping 174 percent increase. In Prospect Lefferts Gardens, prices increased 63 percent to $382 a square foot, up from $235 eight years earlier. In Gowanus, prices rose 52 percent during the same period to $668 per square foot, up from $439.

Elsewhere in the borough though, prices have fallen. Cypress Hills has seen the greatest percentage decline since 2004: 30 percent. In 2012, prices there averaged $147 per square foot, down from $290 square foot. East Flatbush and Flatbush also posted declines.

Between 2004 and 2012, prices remained relatively stable in neighborhoods such as Red Hook and Windsor Terrace, [PropertyShark]Zachary Kussin

Related Articles

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest

LeBron wanted it and California’s governor signed it. What the college athlete compensation law means to real estate

Racial inequality in homeownership across US is sharpest in New York: report