The Real Deal New York

Price per buildable square foot for Brooklyn dev. sites surges

Average jumps nearly 20 percent to $154, while dollar volume hits $6.7B: report
By Mark Maurer | January 20, 2015 02:00PM

The average price per buildable square foot for Brooklyn development sites zoned for residential use jumped by 19 percent in 2014, according to a new report from TerraCRG.

Year-over-year, the price grew to $154 per buildable square foot from $129 per buildable square foot. North Brooklyn saw the borough’s highest price for buildable square feet with a $241 average.

Crow Hill Development, for one, sold a development site at 608 Franklin Avenue in Crown Heights for $231 per buildable square foot, or $17.5 million, in August, as The Real Deal reported. The site offered 75,000 buildable square feet.

Some deals in North Brooklyn were as high as $539 per buildable square foot. That region also had the highest total buildable square footage sold – with 2.4 million buildable square feet. The amount of space comprises 27 percent of total buildable Brooklyn space.

Meanwhile, dollar volume for Brooklyn commercial buildings climbed to $6.7 billion in 2014 from $5 billion. There was a total of 1,964 deals in 2014. The average deal was for $3.4 million, up from $2.6 million the previous year, according to TerraCRG.

Residential rental properties dominated the dollar volume. Deals in that category included more than $2.5 billion. The average price per apartment in multi-family buildings rose by 29 percent – to $210,832 from $163,279.

Brooklyn had a total dollar volume of $940 million. North Brooklyn and Downtown Brooklyn accounted for a total of 65 percent of that volume, the report said.

  • Robert Stillman

    It is a crazy market. This is a good time to find your apartment and sit tight. Have you wondered about no fee apartments in Brooklyn? Or Queens? When you hit on the link it will take you to Kings and Queens Apartments where you can see a variety of apartments, in several different buildings in different neighborhoods. It is possible to have what you want, where you want it, which is unusual. Good luck with your next home.