Viewing entries tagged
brownstones

Brooklyn on the Rise

Comment

Brooklyn on the Rise

While things are moving slower in the Manhattan luxury market, Brooklyn’s market is rising. One should note that what defines the luxury market in Manhattan is a price of $10 million plus and in Brooklyn is a price of $2 million plus.

In October alone, 34 contracts were signed for condos, co-ops and townhouse in Brooklyn, priced at or over $2 million. What is interesting to note about October, was the sales market was predominately dominated by brownstones. They tend to sell at a lower price per square foot than their condo counterparts. The average price per square foot is approximately $1200. The stretch of brownstone from Brooklyn Heights to Cobble Hill were the borough’s rising star. Brooklyn Heights led the charge with an average asking price of $3.8 million and a total of $26.6 million in sales. Cobble Hill not to be outdone followed with 18.6 Million in sales.

Even though the L train is shutting down, Brooklyn is still on the rise.

Comment