2016 THIRD BROOKLYN RESIDENTIAL MARKET REPORT QUARTER
Data Highlights Cover Property: halstead.com WEB# 15363401 Apartment prices reached new records, fueled by a surge of luxury new development closings halstead.com WEB# 15378129 Townhouse prices averaged over $1 million for the first time The average price per square foot rose 18% for townhouses, to a record $469 halstead.com WEB# 15530098
All Brooklyn * Average & $724,978 $570,000 $685,273 $553,500 $669,172 $570,000 $734,950 $577,300 $815,176 $599,000 12% The increase in the average apartment price, to a record $815,176 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 COOPERATIVE Average Price Per Room CONDOMINIUM Average Price Per Square Foot $135,093 $139,026 $834 $880 $140,000 $900 $130,000 $850 $120,000 $800 $110,000 $750 $100,000 $700 $90,000 $650 $80,000 $600 * Includes new development and resale apartments. 3Q16 data is preliminary and subject to revision in future reports. Data from the prior four quarters has been revised to include sales recorded after our initial reports were released. Halstead Property 3
All Brooklyn 1-4 FAMILY HOUSES AVERAGE & MEDIAN SALES PRICE $949,128 $746,000 $938,898 $750,000 $975,289 $815,000 $979,571 $800,000 $1,069,298 $840,000 $1,000,000 Townhouse prices climb 13% from 3Q15 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 AVERAGE PRICE PER SQUARE FOOT $398 $405 $438 $444 $469 $500 $475 $450 $425 $400 $375 $350 Halstead Property 4
Brooklyn Market Areas BROWNSTONE Boerum Hill Brooklyn Heights Carroll Gardens Clinton Hill Cobble Hill Columbia Street Waterfront District Ditmas Park Downtown Brooklyn Dumbo Fort Greene Gowanus Greenwood Heights Park Slope Prospect Heights Prospect Park South Prospect-Lefferts Gardens Red Hook South Slope Vinegar Hill Windsor Terrace CENTRAL Bedford-Stuyvesant Bushwick Crown Heights Stuyvesant Heights Brownsville East New York NORTH East Williamsburg Greenpoint Williamsburg North Side Williamsburg South Side SOUTH Bath Beach Bay Ridge Bensonhurst Bergen Beach Borough Park Brighton Beach Canarsie Coney Island Dyker Heights East Flatbush Flatbush Flatlands Gerritsen Beach Gravesend Kensington Manhattan Beach Marine Park Midwood Mill Basin Seagate Sheepshead Bay Sunset Park Bpage 6 Spage 12 Npage 8 Cpage 10
Brownstone Brooklyn Average & $1,024,354 $849,000 $972,706 $829,000 $930,537 $798,500 $980,603 $840,000 $1,167,607 $850,000 $1,250,000 The average apartment price rose 14%, but the median price was virtually unchanged from a year ago $1,150,000 $1,050,000 $950,000 $850,000 $750,000 $650,000 COOPERATIVE Average Price Per Room CONDOMINIUM Average Price Per Square Foot $211,353 $212,155 $1,089 $1,107 $225,000 $1,500 $200,000 $1,000 $175,000 $950 $150,000 $900 $125,000 $850 $100,000 $800 $75,000 $750 Halstead Property 6
Brownstone Brooklyn 1-4 FAMILY HOUSES AVERAGE & MEDIAN SALES PRICE $2,320,242 $2,100,000 $2,266,683 $1,900,000 $2,284,085 $2,100,000 $2,123,538 $2,000,000 $2,379,740 $2,036,500 $2,750,000 $2,500,000 $2,250,000 3% increase in the average townhouse price from 3Q15 $2,000,000 $1,750,000 $1,500,000 $1,250,000 AVERAGE PRICE PER SQUARE FOOT $811 $835 $880 $801 $861 $950 $900 $850 $800 $750 $700 $650 Halstead Property 7
North Brooklyn Average & $975,015 $805,000 $1,000,884 $900,000 $936,376 $806,000 $941,343 $780,000 $1,015,207 $840,000 $1,100,000 4% Increase in both the average and median apartment prices compared to 2015 s third quarter $1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 CONDOMINIUM Average Price Per Square Foot $926 $1,010 $1,025 $1,000 $975 $950 $925 $900 $875 Halstead Property 8
North Brooklyn 1-4 FAMILY HOUSES AVERAGE & MEDIAN SALES PRICE $1,880,372 $1,725,000 $1,864,571 $1,825,000 $1,904,486 $1,681,250 $2,066,590 $1,737,500 $2,283,136 $1,700,000 $2,500,000 $2,250,000 $2,000,000 Townhouse prices averaged $952 per square foot $1,750,000 $1,500,000 $1,250,000 $1,000,000 AVERAGE PRICE PER SQUARE FOOT $752 $728 $772 $928 $952 $1,000 $900 $800 $700 $600 $500 $400 Halstead Property 9
Central Brooklyn Average & $590,697 $560,000 $611,202 $565,000 $587,296 $575,000 $692,082 $656,000 $605,970 $590,000 $700,000 $600,000 Both the average and median apartment prices rose modestly over the past year $500,000 $400,000 $300,000 $200,000 $100,000 CONDOMINIUM Average Price Per Square Foot $679 $655 $750 $700 $650 $600 $550 $500 $450 Halstead Property 10
Central Brooklyn 1-4 FAMILY HOUSES AVERAGE & MEDIAN SALES PRICE $754,212 $657,500 $742,991 $627,500 $832,763 $710,000 $807,218 $685,000 $880,471 $725,000 $900,000 $850,000 On average, townhouses sold for $800,000 $750,000 17% more than a year ago $700,000 $650,000 $600,000 AVERAGE PRICE PER SQUARE FOOT $294 $297 $341 $326 $360 $375 $350 $325 $300 $275 $250 $225 Halstead Property 11
South Brooklyn Average & $363,490 $320,000 $368,965 $315,000 $398,301 $349,000 $405,213 $356,500 $401,618 $358,000 $400,000 $350,000 The median apartment price rose $300,000 $250,000 12% from the third quarter of 2015 $200,000 $150,000 $100,000 COOPERATIVE Average Price Per Room CONDOMINIUM Average Price Per Square Foot $73,209 $78,181 $485 $525 $85,000 $525 $80,000 $500 $75,000 $475 $70,000 $450 $65,000 $400 $60,000 $375 $55,000 $350 Halstead Property 12
South Brooklyn 1-4 FAMILY HOUSES AVERAGE & MEDIAN SALES PRICE $798,497 $700,000 $830,508 $732,500 $838,755 $777,000 $853,210 $759,500 $870,780 $785,000 $900,000 $850,000 15% increase in the average townhouse price per square foot from 2015 s third quarter $750,000 $700,000 $800,000 $660,000 $600,000 AVERAGE PRICE PER SQUARE FOOT $374 $392 $416 $436 $431 $450 $425 $400 $375 $350 $325 $300 Halstead Property 13
OFFICES MANHATTAN PARK AVENUE 499 Park Avenue New York, NY 10022 212.734.0010 EAST SIDE 770 Lexington Avenue New York, NY 10065 212.317.7800 WEST SIDE 408 Columbus Avenue New York, NY 10024 212.769.3000 VILLAGE 831 Broadway New York, NY 10003 212.253.9300 SOHO 451 West Broadway New York, NY 10012 212.253.9300 HARLEM 2169 Frederick Douglass Boulevard New York, NY 10026 212.381.2570 BROOKLYN BROOKLYN HEIGHTS 150 Montague Street Brooklyn, NY 11201 718.613.2000 BOERUM HILL 495 Atlantic Avenue Brooklyn, NY 11217 718.613.2090 PARK SLOPE 76 Seventh Avenue Brooklyn, NY 11217 718.399.2222 PARK SLOPE 244 Fifth Avenue Brooklyn, NY 11215 718.622.9300 COBBLE HILL 162 Court Street Brooklyn, NY 11201 718.613.2020 BEDFORD STUYVESANT 316 Stuyvesant Avenue Brooklyn, NY 11233 718.613.2800 CONNECTICUT DARIEN 671 Boston Post Road Darien, CT 06820 203.655.1418 NEW CANAAN - ELM STREET 183 Elm Street New Canaan, CT 06840 203.966.7800 NEW CANAAN - SOUTH AVENUE 6 South Avenue New Canaan, CT 06840 203,966.7772 ROWAYTON 140 Rowayton Avenue Rowayton, CT 06853 203.655.1418 GREENWICH 125 Mason Street Greenwich, CT 06830 203.869.8100 STAMFORD 1099 High Ridge Road Stamford, CT 06905 203.329.8801 NEW JERSEY HOBOKEN 200 Washington Street Hoboken, NJ 07030 201.478.6700 MONTCLAIR 635 Valley Road, Montclair, NJ 07030 973.744.6033 QUEENS LONG ISLAND CITY 47-12 Vernon Boulevard Queens, NY 1110 718.878.1800 HAMPTONS EAST HAMPTON 2 Newtown Lane East Hampton, NY 11937 631.324.6100 SOUTHAMPTON 31 Main Street Southampton, NY 11968 631.283.2883 Prepared by Gregory Heym, Chief Economist, Halstead Property, LLC. 2016 by Halstead Property, LLC. All Rights Reserved. This information may not be copied, commercially used or distributed without Halstead Property s prior consent. While information is believed true, no guaranty is made of accuracy. WASHINGTON HEIGHTS 819 West 187th Street New York, NY 10033 212.928.3805 RIVERDALE RIVERDALE JOHNSON 3531 Johnson Avenue Riverdale, NY 10463 718.878.1700 RIVERDALE MOSHOLU 5626 Mosholu Avenue Riverdale, NY 10471 718.549.4116 SOUTH SLOPE OFFICE 1214 8th Avenue Brooklyn, NY 11215 718.878.1888 HUDSON VALLEY HUDSON 526 Warren Street Hudson, NY 12534 518.828.0181 WESTPORT 379 Post Road East Westport, CT 06880 203.221.0666 WILTON 21 River Road Wilton, CT 06897 203.762.8118 CORPORATE COMMERCIAL SALES 770 Lexington Avenue New York, NY 10065 212.381.3208 DEVELOPMENT MARKETING 445 Park Avenue New York, NY 10022 212.253.9300 GLOBAL SERVICES 770 Lexington Avenue New York, NY 10065 800.765.2692 x6521 Visit halstead.com for access to all of our reports, listings, neighborhood information and more.