Brooklyn accepted condo price falls $900M in Q2: TRData analysis
Only one project with a projected sellout north of $50M was approved this quarter
Developers received the green light to market about $400 million in condominium projects in Brooklyn during the second quarter, which is down about $900 million year-over-year, according to a TRData analysis of condo plans approved by the New York State Attorney General’s office.
In the second quarter of 2016, developers of 48 projects in Kings County shot for the moon with a cumulative accepted price of $1.3 billion, by far the most seen this cycle. (In fact, in the last decade, only the first quarter of 2007 had a higher projected sales volume at $1.36 billion.) In the second quarter of this year, Brooklyn developers have received approval for 37 projects with a total accepted sellout of $403 million. Only one of those projects is targeting a sellout north of $50 million.
Still, Brooklyn’s second quarter’s figures look much better than the first quarter of 2017, where accepted condo volume was just $241 million.
The priciest condominium projects approved in the second quarter is Metropolitan Homes’ Flatbush project at 2100 Bedford Avenue Condominium, which has an accepted sellout figure of $50.19 million. The Next Most Expensive Condos Include 868 Lorimer Street Condominium ($35.4 million), 70 Henry Street Condominium ($32 million), Azrad Condominium at 1404 Ocean Parkway ($16.9 million), and the Presidio Condominium at 17 East 17th Street ($13.51 million)
As The Real Deal previously reported, demand for Brooklyn condos is strong, but sky-high land prices and tight lending could prevent developers from adding supply in the future.
To view interactive charts of the total quarterly price on acceptance and the total number of units produced in Brooklyn over the last 10 years, click here
Click here to view those charts for Manhattan and click here to view them for Queens