The Real Deal New York

Williamsburg residential prices up 174% since 2004

December 28, 2012 11:00AM

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