“Williamsburg West” submarket commands prices significantly higher than elsewhere in neighborhood
Williamsburg West, defined by Modern Spaces in its end-of-year Report As The Area From Wythe Avenue to the East River shore, has been commanding average sales prices several hundred thousand dollars above those traded in other Williamsburg areas. The report tracks the sales of studios, one-bedroom and two-bedroom units, as well as units over 1,500 square feet from July through December 2012.
In Williamsburg West, the average price for which one-bedrooms sold in this period was roughly $700,000. In Williamsburg North — defined as the Williamsburg side of McCarren Park up to Greenpoint — the average price was about $500,000. To the east, out toward Bushwick, the average was approximately $400,000 and on the south side, that average was some $600,000.
More pronounced were the differences in average sales prices of two-bedroom sales. In the waterfront area, two-bedrooms from July to December sold for an average price of just over $1 million. However, in East Williamsburg, average prices were around $500,000 and in South Williamsburg, they were about $800,000.
“It’s really becoming its own little area now,” said Modern Spaces CEO and co-founder Eric Benaim, of Williamsburg West, adding that it will become more defined now that plans for the Domino Sugar plant redevelopment are in the works.
Even the average price per square foot sold in Williamsburg West came in several hundred dollars above those in other Williamsburg areas. In the west, the amount averaged $936 per square foot, whereas in Williamsburg North, it was $778; $587 in Williamsburg East and $656 in Williamsburg South.
The report also features a six-month analysis of the Astoria, Queens market. Here, studios traded for an average of about $300,000 from July through December, one-bedrooms for about $400,000 and two-bedrooms for roughly $600,000. “We get a lot of reverse traffic from Long Island City to Astoria,” said Benaim. “A lot of people who are priced out come over here.”
The report notes that in Long Island City from July to December, studios sold for an average of $300,000, one-bedrooms for nearly $600,000 and two-bedrooms for about $900,000. The greatest share — 48 percent of sales during this time — were for two-bedrooms.