For all the boom stories about Brooklyn real estate, the condominium market still very much lags behind Manhattan. A Halstead Property Development Marketing report found that in the third quarter, there were more than four times the number of active new development listings in Manhattan than in Brooklyn.
“I see that disparity continuing, if not widening,” said HPDM’s chief market analyst Matt Petrallia. “Brooklyn has a very lean condo pipeline,” he added, with only about 200-250 future units on the way in prime Brooklyn, based on condominium plans accepted by the New York attorney general that are not yet available for sale.
Additionally, a TRD analysis found over 530 units for all of Brooklyn were submitted for eventual acceptance by the AG during Q3, still far fewer than Manhattan’s 902.
A Douglas Elliman report showed another major gap between the Manhattan and Brooklyn markets, as the average days on the market for condo and co-op sales fell from 92 days each to 73 days and 55 days, respectively, nearing record-low territory.
“This rate of descent is not sustainable,” housing data expert Jonathan Miller said of the change, indicating that this is about as low as it goes. Miller, whose company Miller Samuel prepares the Elliman reports, added that resale inventory in Brooklyn is “chronically inadequate,” as too many Brooklyn homeowners just aren’t looking to sell.